GANESH HOUSING LIMITED — Q3 FY26

Ganesh Housing Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=vYkceNoG2ko Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to Ganesh Housing Limited Q3 NFI26 earning conference call hosted by 0:08 8 seconds Go India Advisers. As a reminder, all participant lines will be on the listen only mode and there will be an opportunity for you to ask questions 0:16 16 seconds after the presentation conclude. Should you need assistance during the conference call, please signal an operator by pressing star then zero on 0:25 25 seconds your touchdown phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rajat 0:32 32 seconds Gupta from Going Day Advisor. Thank you and over to you sir. 0:37 37 seconds Yeah, thank you Danish. Uh good afternoon everyone and welcome to Ganesh Housing Limited earnings call to discuss the Q3 FY26 results. We have on the call 0:46 46 seconds with us today Mr. Rajendra Sha chief financial officer, Mr. Nirj Kalawata, vice president finance and Mr. Bavi corporate and financial adviser. 0:56 56 seconds We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risk that the company faces. 1:06 1 minute, 6 seconds I now request Mr. Vira Rai to take us through the company's business outlook and financial highlights. Subsequent to which we'll open the proof Q&A. Thank you and over to you sir. 1:16 1 minute, 16 seconds Thank you brother. Good afternoon everyone and a warm welcome to all of you to the Ganesh Housing Limited Q3 1:22 1 minute, 22 seconds FI26 earnings call. Thank you for taking the time out to join us today and for your continued interest and support. The 1:31 1 minute, 31 seconds third quarter of FY26 has been a period of steady operational progress for the company even as revenue recognition 1:38 1 minute, 38 seconds remained a milestone-driven one and uneven across quarters. While the reported financials reflect the timing 1:45 1 minute, 45 seconds of uh project completions, leasing cycles and the land monetization, the underlying fundamentals of the business 1:53 1 minute, 53 seconds remain strong with healthy margins, a robust balance sheet and clear execution visibility across our key projects. 2:03 2 minutes, 3 seconds Before discussing the quarter in detail and as well as the projects, it's important to place our performance in the broader context of the Ahmedabad 2:11 2 minutes, 11 seconds real estate market which continues to remain one of India's most structurally attractive urban growth stories. 2:20 2 minutes, 20 seconds Ahmedabad today stands as one of the country's most affordable large cities with an EMI to income ratio of around 2:28 2 minutes, 28 seconds 18%. significantly lower than most metropolitan markets. This affordability 2:35 2 minutes, 35 seconds combined with improving infrastructure, strong employment generation and steady 2:41 2 minutes, 41 seconds migration inflows continues to drive end user demand across residential and commercial segments. Over the past few 2:50 2 minutes, 50 seconds years, the city has seen a series of structural triggers. These include expansion of gift city, the ongoing 2:59 2 minutes, 59 seconds metrophase 2 development, improved road connectivity across the western and northern corridors and the expected 3:06 3 minutes, 6 seconds infrastructure push around the commonwealth gains 2030. 3:11 3 minutes, 11 seconds If you have seen the Ahmedabad Mun Municipal Corporation recently announced budget outlines the massive push ENC is 3:20 3 minutes, 20 seconds driving uh to give in Ahmedabad uh on all fronts be it infrastructure, 3:26 3 minutes, 26 seconds tourism, sports, mobility, water, digital governance, inclusivity in housing and urban aesthetics. All this 3:36 3 minutes, 36 seconds will trigger an all round growth in real estate with both residential and commercial projects taking a flight. 3:44 3 minutes, 44 seconds Together these factors are shaping or rather reshaping the city's growth corridors and driving both residential absorption and corporate leasing demand. 3:56 3 minutes, 56 seconds Furthermore, these factors are increasingly influencing home buyers buyers and in investor preferences especially among professional and new age businesses. 4:07 4 minutes, 7 seconds Gujarat itself has been consistently ranked among India's top seven states frequently appearing the top three for 4:14 4 minutes, 14 seconds key developmental parameters including economic growth, industrial output, FDI inflow etc. Also many ultra-l large 4:24 4 minutes, 24 seconds developments are coming up in the next five years and lies in the forefront of all this. Coming to the company's 4:32 4 minutes, 32 seconds performance during the quarter in Q3 FY26 the company reported revenues of 92 crores. ITA was about 72 crores with an IITA margin of 82.3%. 4:45 4 minutes, 45 seconds While profit after tax came in at 54 crores translating a pat margin of 58.7%. 4:51 4 minutes, 51 seconds For the 9th month 9 month period revenue stood at 417 crores and pat at 255 crores. 4:59 4 minutes, 59 seconds Despite the modern moderation complete compared to last year's high base, our margin profile continues to remain amongst the strongest in the sector. 5:09 5 minutes, 9 seconds This reflects the inherent strength of our asset base, the lowcost land bank and our disciplined approach to capital allocation. 5:18 5 minutes, 18 seconds This year there has been as you would notice a decline in absolute revenue and profit both sequentially and year on year. However, I would like to quote at 5:27 5 minutes, 27 seconds this point in time a Sanskrit show which goes this way 5:36 5 minutes, 36 seconds which translates to the sun sets only for a moment and rises again in full brilliance the next morning. This 5:44 5 minutes, 44 seconds applies exactly to what our performance has been. I would say the past quarter represents a temporary pause in an 5:52 5 minutes, 52 seconds otherwise steady trajectory. With structural drivers intact, we are positioned for renewed growth ahead. 6:00 6 minutes While revenue and profits could be lowered yearon year on sequential basis, this is primarily a function of the timing of revenue recognition and the phasing of the land transactions. 6:11 6 minutes, 11 seconds As we have consistently communicated, FY25 was an exceptional year driven by large Budavi land monetiz monetization 6:19 6 minutes, 19 seconds deals too and FI26 was expected to be more execution led. 6:25 6 minutes, 25 seconds Our balance sheet continues to be a key strength. Uh we remain debtree as of now for over 3 years supported by strong 6:32 6 minutes, 32 seconds internal Accur and prudent financial management. 6:36 6 minutes, 36 seconds This provides us the significant flexibility to fund ongoing developments, pursue new opportunities 6:43 6 minutes, 43 seconds and navigate market cycles without any pressure. Now the more important point is the operational updates on our key projects which are going on very well. 6:55 6 minutes, 55 seconds First million mind spec. 6:59 6 minutes, 59 seconds The Million Mine Tech Park building is now fully constructed with a total buildup area of about 13.5 lakh square 7:06 7 minutes, 6 seconds ft. It also includes a state-of-the-art visitor center spanning about 25,000 square ft designed to showcase their project and host corporate engagements. 7:17 7 minutes, 17 seconds The visitor sector center would be a common expenditure for all the faces of the project. 7:25 7 minutes, 25 seconds The leasable carpet area is about 7.2 2 lakh square ft. We will shortly be applying for the BU or the occupation 7:33 7 minutes, 33 seconds certificate. On the leasing status, I would I'm glad to state that the total of the total leasable area of 7.25 lakh 7:42 7 minutes, 42 seconds square ft. Lois already receives are to the tune of 4 lakh square ft. Average agreed rentals are more than 100 rupees 7:51 7 minutes, 51 seconds per square feet on the carpet and several tenants have already commenced the interior fit out. Final negotiations 7:59 7 minutes, 59 seconds are ongoing for the balance area and we are confident of achieving 100% leasing before end March. Once operational, 8:08 8 minutes, 8 seconds billion miles will not only provide predictable lease income starting from FI26 first month itself, but also 8:16 8 minutes, 16 seconds position the company more firmly in the commercial development and annuity segment. Over time, with multiple 8:23 8 minutes, 23 seconds phases, this project has the potential to become a meaningful contributor to our overall earnings profile. 8:30 8 minutes, 30 seconds The second project which is Malabar retreat on the housing front. It is a premium residential project and the con construction thereon continues to 8:39 8 minutes, 39 seconds progress steadily. The project overall is completed about 74%. In fact, the construction of the structure is almost 8:46 8 minutes, 46 seconds 100% complete and work on finishing has started. As the structures advances and the visibility improve, we are seeing 8:56 8 minutes, 56 seconds sustained buying interest which is typical for any projects approaching completion. We expect this fraction to translate into stronger conversions as we move closer to delivery. 9:07 9 minutes, 7 seconds As you know, we started this project in March 2024, less than two years back and the project is projected to be completed 9:14 9 minutes, 14 seconds March 27, probably could be even earlier. uh looking to the schedule and looking to the completion which have 9:21 9 minutes, 21 seconds received till now on the uh updation of the actual sales. The total sale value as you know is 450 crores 9:29 9 minutes, 29 seconds and it could be more because the pricing only improves as we uh as a dates progress. As of now the bookings done 9:38 9 minutes, 38 seconds are a sale value of almost 155 crores or more which is about 35 to 40%. 9:45 9 minutes, 45 seconds The third third project which is planned is 191. At this point in time the as I can say that the plans have been 9:53 9 minutes, 53 seconds submitted for statutory approvals and the approvals are expected in the next one one month or so. The project launch will follow immediately post approvals. 10:03 10 minutes, 3 seconds This is a premium office as you know and retail also built into it and this will have a good uh you know numbers going 10:13 10 minutes, 13 seconds forward in the coming two or three years. The fourth project is million mines phase 2 plans have already been submitted for 10:22 10 minutes, 22 seconds approval again in this and we expect approval timelines to be end of February this month or early March itself and the pre-launch preparations are already 10:30 10 minutes, 30 seconds underway. The fifth project is Dodavi Township. As you are aware, the strategic land monetization was already 10:39 10 minutes, 39 seconds initiated 9 months ago and is going on smoothly. The current year about 28 acres till now have been successfully 10:47 10 minutes, 47 seconds sold with an average realization of about 14.5 crores per acre. Total 10:55 10 minutes, 55 seconds monetization till now is about 35 38 or 40 acre. As a summary, let me state that 11:01 11 minutes, 1 second our strategy remains focused on value maximization rather than volumedriven sales. With a fully paid land reserve 11:11 11 minutes, 11 seconds across multiple growth corridors, we have multi-year visibility across plotted development, residential projects, and mixed use assets. 11:22 11 minutes, 22 seconds First, our business model is evolving into a balanced platform across land monetization, development income and 11:29 11 minutes, 29 seconds annuit revenues. Land sales remains a capital efficient vertical with while projects like Malabar retreat, million 11:36 11 minutes, 36 seconds mines and 19 month represent the next phase of development growth. Second, with our million miles phase one nearing 11:44 11 minutes, 44 seconds completion, we are approaching our first meaningful annuity stream uh income stream over multiple phases. This uh 11:52 11 minutes, 52 seconds development has the potential to bring us a a substantial recurring revenue base over the next five to seven years. 11:59 11 minutes, 59 seconds And third, the land monetization approach remains discipline and value figure focused. So therefore, on all 12:05 12 minutes, 5 seconds fronts, the way the projects are at this point in time, we have built in uh a strong base and going forward in the 12:14 12 minutes, 14 seconds coming years is only going to be built there on. With that, we can now open the floor for questions. Thank you. 12:21 12 minutes, 21 seconds Thank you so much sir. Ladies and gentlemen, we'll now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. 12:31 12 minutes, 31 seconds If you wish to remove yourself from the question cube, you may press star and two. Participants are request to use handsets while asking a question. Ladies 12:40 12 minutes, 40 seconds and gentlemen, we'll wait for a moment while the question Q assembles. 12:48 12 minutes, 48 seconds Our first question come from the line of Bavi Patel from Abinina Mentor Research. Please go ahead. 12:59 12 minutes, 59 seconds Baravi you may please proceed with your question. Good afternoon sir. Am I audible? Yes you are. 13:07 13 minutes, 7 seconds Yes you are. 13:09 13 minutes, 9 seconds Uh thank you sir for giving me the opportunity. I have a couple of questions to ask. Uh so my first question is for the 191 project is 13:18 13 minutes, 18 seconds demand visibility largely pre-commitment driven or will the project rely on speculative absorption post launch? 13:26 13 minutes, 26 seconds Can I take the answers or you're going to finish the question also? Uh so shall I ask the second question? 13:33 13 minutes, 33 seconds Yeah you may do that both. Yes I can answer both together. Uh so my second question is how much of the expected demand uplift around the 2030 13:42 13 minutes, 42 seconds commonwealth games you think is already reflected in the land pricing and investor interest also which micro markets within the Aabad stand to 13:50 13 minutes, 50 seconds benefit the most and how exposed companies land down to these zones. Yeah. Okay. I I'll take both. 13:59 13 minutes, 59 seconds 191 Tate uh it it's always a mix that such kind of projects generally what we have seen for especially for Ganesh 14:06 14 minutes, 6 seconds housing uh continuously uh quite a bit of them are always having an interest even before the project has been 14:13 14 minutes, 13 seconds launched but obviously this is a very big project and not uh the entire thing can always be driven by that. So though 14:20 14 minutes, 20 seconds there is a good amount of interest in that quite a bit of that would would have to be post launchdriven only. So uh 14:29 14 minutes, 29 seconds maybe the filling up of these things that be much faster than normal projects but still it will be driven uh by both the pre-sales as well as uh the post uh 14:38 14 minutes, 38 seconds launch sales. On the other side you know the uh I would say that just an announcement of 2030 has yet been 14:47 14 minutes, 47 seconds completely absorbed in the existing land price growth or for that matter in investment interest completely. I would 14:54 14 minutes, 54 seconds see that the moment work starts which will it just hap started to happen very slowly right now but and when the 15:02 15 minutes, 2 seconds momentum picks up that's when you will actually see uh a lot of traction in the line prices as well as the investors 15:09 15 minutes, 9 seconds interest in that. So I I would want to wait for another 6 to 9 months to see in which all pockets this been happening to 15:16 15 minutes, 16 seconds really say that whether it is the uh the prices have been already factored in or not. The same goes for any micro uh you 15:24 15 minutes, 24 seconds know the the factor other microeconomic factors. Definitely the infrastructure push and especially what the AMC Andad 15:32 15 minutes, 32 seconds missile corporation has announced recently definitely looks that a lot of uh things are going to happen on the 15:39 15 minutes, 39 seconds connectivity and the and and also the uh you know that's just communication part itself and therefore yes in all those 15:46 15 minutes, 46 seconds places where we have learned we do see uh good development happening in those areas in the coming months. 15:54 15 minutes, 54 seconds Anything I missed? 16:02 16 minutes, 2 seconds Understood sir. Thank you for giving such an elaborate answer. All the very best to you. Thank you. Thank you. 16:09 16 minutes, 9 seconds Thank you. 16:12 16 minutes, 12 seconds Our next question come from the line of Kish Bhya from Anandraati Sharon Stock Brokers Limited. Please go ahead. 16:19 16 minutes, 19 seconds Hi uh thank you for taking my question. 16:21 16 minutes, 21 seconds Uh so in Q2 you have indicated that clarity on guidance will emerge post Q3 and uh based on current execution what 16:30 16 minutes, 30 seconds are the keying factors that could materally alter FI27 guidance? 16:37 16 minutes, 37 seconds Yeah so FI27 I would definitely want to wait for the next quarter also to be completed and I'll give it along with the final 16:45 16 minutes, 45 seconds results of this year. But at this point in time I would definitely want to add one thing and that is the way the projects have been completed. Let's say 16:54 16 minutes, 54 seconds especially the Malaba retreat as you know is about 450 crores project that is likely to be completed within the next 17:02 17 minutes, 2 seconds financial year itself and also probably you know even the possession handle it's the way it is going to be completed well before March the way it looks at this 17:10 17 minutes, 10 seconds point in time like in all other projects also. So I'm surely uh [clears throat] that entire sales will come up and also 17:18 17 minutes, 18 seconds the way the the goavi land has been having traction at this point in time and yes it can always have a quarteronquarter changes but on on 17:27 17 minutes, 27 seconds long-term basis that's going to be one more very big addition to uh the entire sales for the next year. Third, very 17:36 17 minutes, 36 seconds importantly, the lease rentals which we are looking at and which are more than what we had earlier projected that's also going to be adding as a almost a 17:44 17 minutes, 44 seconds full years if not full maybe at least 10 11 months of lease rental into this 17:50 17 minutes, 50 seconds revenue. So I do see FI27 to be 100% uh driven by all these projects more than 17:58 17 minutes, 58 seconds of course and we will give you the exact guidance maybe in April or May 26. 18:04 18 minutes, 4 seconds Thank you. That's helpful. And second question is uh how does the expected EV from million mines compare with similar 18:10 18 minutes, 10 seconds grading assets in G city and perhaps as future phase roll out? Will the sales strategy tilt more towards leasing of 18:18 18 minutes, 18 seconds selective asset monetization to recycle capital? 18:23 18 minutes, 23 seconds Well see uh if I've understood it correctly see gift city and what we have they are very complimentary. uh gift 18:31 18 minutes, 31 seconds city has got uh it's a financial center so it's mostly driven by all the financial companies and the financial businesses which are run there with the 18:39 18 minutes, 39 seconds tax holidays whatever has been given and and the other ones which we have let's say the one million minds is driven by 18:46 18 minutes, 46 seconds pure IT play both 50% is S's and 50% is non SS right so both these are 18:54 18 minutes, 54 seconds effectively actually quite complimentary to each other while one caters to the financial one this will cater to IT and IT related services and that's the kind of attraction we have been seeing also. 19:04 19 minutes, 4 seconds So but put together Ahmedabad as a whole both these what we have in SZ and there 19:11 19 minutes, 11 seconds and this G city the kind of development is happening will catapult Ahmedabad into the IT sector and IT related 19:20 19 minutes, 20 seconds services uh whether it is financial or non-financial and I think that all very well for uh for us especially as as a company and for Ahmedabad in general. 19:32 19 minutes, 32 seconds Sure. Thank you so much. That's helpful. That's it from my side. Thank you. Thank you. 19:39 19 minutes, 39 seconds Thank you. Our next question comes from the line of Arubind Mahadi one from Equenture Capital Advisor. Please go ahead. 19:48 19 minutes, 48 seconds Uh hello sir, am I audible? Yes, you are. 19:52 19 minutes, 52 seconds Uh okay. Uh so thank you for giving me the opportunity. Uh my question number one is uh out of the total revenue 19:59 19 minutes, 59 seconds generated out of this water uh how much of it belongs to land monetization sir uh see it's I would call it it's a 20:08 20 minutes, 8 seconds project of godi it is 100% that 100% project driven of land land only which 20:14 20 minutes, 14 seconds is as you know has got both uh the plotted and the land itself plus the development is going to happen as I 20:22 20 minutes, 22 seconds mentioned earlier from September or for this year that is FI27. So this quarter like the earlier ones also it is related to that project only. 20:33 20 minutes, 33 seconds Okay sir. So we were planning to monetize around 50 acres of land for the current financial year out of which we had already monetized 33 acres. So the 20:43 20 minutes, 43 seconds balance 17 acres how much of that is left s on date about see as of now 38 acres have been 20:51 20 minutes, 51 seconds monetized and about 12 acres are still left for the phase one so that would be done by Q4 right 20:59 20 minutes, 59 seconds well I'll be giving you too much of an advanced guidance for that I'll need to wait and watch for that let let us 21:06 21 minutes, 6 seconds complete the year please and I'll tell you all right but prospects are good prospects okay sir Yeah. 21:12 21 minutes, 12 seconds Okay sir. And last question being uh what is the timeline for the saltage project? Uh when when can we expect it to be completed by 21:21 21 minutes, 21 seconds completion is 3 years from the date of launch and maybe a maximum three and a half years. 21:27 21 minutes, 27 seconds Yeah. Idle time is four years for this kind of icon square of the development. So idle time will be the four years. 21:39 21 minutes, 39 seconds Okay. Okay. Okay. Fine. Fine. Yeah. Thank you. And last last sorry sorry last question. 21:45 21 minutes, 45 seconds Uh we had already received 50% of LOI for the la in the in in the last quarter itself and by Q4 expected to 100%. 21:59 21 minutes, 59 seconds Yeah. Yeah. See by Yes. By March we expect 100% 22:07 22 minutes, 7 seconds alloys to be issued for leasing. At this point in time it is four out of 7.25 lakh which is almost like 60%. 22:16 22 minutes, 16 seconds Okay. Thank you sir. Thank you all. Yeah. Thank you. 22:21 22 minutes, 21 seconds Thank you. Our next question comes from the line of Hil Bardia from Equop. Please go ahead. 22:28 22 minutes, 28 seconds Thank you for the opportunity sir. So I just got some questions related to the cast part. Since we uh since we are going to launch the one cultage project 22:36 22 minutes, 36 seconds uh in the FI27 and it's going to take about 3 years so by FI30 also we have got certain other launches that is on the million mind SCZ parts we have got 22:44 22 minutes, 44 seconds other launches on the commercial part and the residential part and we just have about say 12 acre land parcel that is yet to be monetized. So how do we 22:52 22 minutes, 52 seconds manage how do we see the cash flows going ahead and for the Malabar have we are at about 30 to 40% project sold out right or has the number gone up beyond 50%. 23:03 23 minutes, 3 seconds Yeah, I'll tell you Malabar to answer the last one, Malabar is about 35 37% at this point in time and uh that's around 23:11 23 minutes, 11 seconds 160 crores of uh sales value and the the total sales value is 450 that is one of the uh one of the cash flows which are 23:19 23 minutes, 19 seconds going to be coming in uh in this year itself because the project as I said is structures are almost 100% complete and 23:25 23 minutes, 25 seconds we expect completion by in the next 6 to 8 months right six or six to 10 months let's say So that is going to be one of 23:33 23 minutes, 33 seconds the main cash flows obviously that's going to be used for the projects some of them but the land is already been paid for so that will come as a over 23:41 23 minutes, 41 seconds cash flow inflows for that. The second one uh it's not just you know 12 acres frankly that was the first phase in the 23:50 23 minutes, 50 seconds land monetization we talked about in the first phase was 50 and maybe 50 in the second phase also get rolled earlier. So 23:58 23 minutes, 58 seconds uh in terms of the value which we can realize from that is tremendous and therefore I it will not be restricted to only this acres it can go beyond that 24:05 24 minutes, 5 seconds also provided we get the right kind of traction in that and the kind right kind of prices and a lot of movements are happening in that area. So obviously we 24:14 24 minutes, 14 seconds we are very not just hopeful but we believe that the kind of a waiting which has happened will only give us more value to that land with all these 24:22 24 minutes, 22 seconds developments. So that's going to be one other cash flow for sure. 191 is something which will be not it's not 24:30 24 minutes, 30 seconds going to be a lease one. So therefore the there again the land has been paid for and the construction would begin with a very small requirement of money 24:37 24 minutes, 37 seconds from our own side in terms of construction beginning but the as and when the sales of of that happens the 24:45 24 minutes, 45 seconds cash flows from the sale also will start coming in. So at this point in time as we see there is a strong cash flow for 24:53 24 minutes, 53 seconds the projects as such but always there is a any the development of any new land and all that which could be always 25:02 25 minutes, 2 seconds something which can come up any point in time. So we are planning at this let us see how the all the attraction which is 25:10 25 minutes, 10 seconds we're doing on land acquisition as well as all the project monetizations going ahead that will tell us whether we do have a cash flow requirement a shortage 25:19 25 minutes, 19 seconds if at all for projects or for or temporary cash flow all that will happen in the next 3 to four months so the next year's guidance next year's numbers we 25:28 25 minutes, 28 seconds will be able to spell out every aspect of this at this point in time I can say the the cash flow are very well balanced. 25:37 25 minutes, 37 seconds Okay, just to add to what what Ravi just said, we will have almost 90 95% lease up tied 25:47 25 minutes, 47 seconds up for phase one of SEZ and we can always go go for lease rental 25:55 25 minutes, 55 seconds discounting in respect of those those leases which are tied up. This will be 26:01 26 minutes, 1 second in case we we require uh uh in case there is a shortfall in liquidity, we we can always bank on that and without 26:10 26 minutes, 10 seconds having any without creating any burden on our corporate cash flow, we can have this debt. 26:18 26 minutes, 18 seconds Just to get a little more clarity here. 26:20 26 minutes, 20 seconds So if if will we be able to sell the complete Malaba project in FI27 that is about 60% about 60%. That is that comes about 300 crores. 26:30 26 minutes, 30 seconds Yes, that's that's what we are planning and that's what we are hopeful because the project is very well visible at this point in time and we do see traction 26:39 26 minutes, 39 seconds while we are making this numbers when we had the board meeting we had after that uh you know the last three four days we got about five to seven bookings 26:47 26 minutes, 47 seconds additional so that it's going on well so the management definitely is hopeful of completing the entire sale and handing 26:55 26 minutes, 55 seconds over in a 527 okay so If I just put some uh numbers to it. So we we it is about 300 crores that 27:05 27 minutes, 5 seconds we might get from the Malaba project. If I see the cost based on a construction since you said the land is already paid, it would it could be about say 400 27:12 27 minutes, 12 seconds crores. And if we actually see the Gavi land parcel based on the current salary, it comes to about say 200 crores. So uh 27:18 27 minutes, 18 seconds on a macro level uh I think uh the cash won't be a problem. Just the timing effect could be a little bit of an issue if I'm not wrong. 27:26 27 minutes, 26 seconds Yeah. So you know what you just summarized we have to put it in one sentence. There could be a temporary requirement. There could be you know some quarter or the other 27:34 27 minutes, 34 seconds quarter which can be a mismatch but I think overall the corporate cash flows the way it has gone about uh there will be a very good balance that we will 27:43 27 minutes, 43 seconds manage for all the projects without any difficulty. So many times you know Yes sir. 27:49 27 minutes, 49 seconds Yeah. Many times we do hold back certain uh inquiries too looking to a better opportunity and better sale value. So 27:58 27 minutes, 58 seconds and if you want to really uh monetize on that at that point in time if there is a requirement of money you'd as well do that rather than just wait for it. So 28:06 28 minutes, 6 seconds these are all things which are very flexible in nature. 28:10 28 minutes, 10 seconds Yeah please go ahead. You saying something? uh if you see that December 2025 uh and the municipal corporation actually came out with a higher F for 28:17 28 minutes, 17 seconds certain areas around 10 roads or so if I'm not wrong so from 4 to 4.5 does it impact us in any way or we've got neutral impact 28:26 28 minutes, 26 seconds see most of these development and favorable things have been done for the western Ahab and if you are well aware 28:34 28 minutes, 34 seconds that most of our land banks are located in western Ahmedabad only so keeping that keeping the commonwealth development in mind they have proposed a 28:42 28 minutes, 42 seconds lot of lot of uh infrastructure development as well as a new facility. 28:48 28 minutes, 48 seconds So definitely that will add to our volume case. No sir uh so there is a specific transit oriented zone which 28:55 28 minutes, 55 seconds actually came during the board meeting of Ahmedabad urban the order authority. 29:00 29 minutes So from for that particular notification the FSI was increased from 4 to 4.5 for about 6 hours and this is this is what 29:09 29 minutes, 9 seconds the major decision which has been taken in the meeting they will come up with the actual guideline and actual uh actual actual survey numbers and all 29:19 29 minutes, 19 seconds number where this this will be applicable. So further details meaning minute details are yet to be known. This 29:27 29 minutes, 27 seconds is policy decision which is taken at order. 29:31 29 minutes, 31 seconds Now okay which which all landers will get benefit is something which which 29:38 29 minutes, 38 seconds lies in detail. However, we are meaning uh we are hopeful that we will be biggest beneficiary because our most of 29:46 29 minutes, 46 seconds the land bank is located in areas where uh we which are transit zones and which are 29:54 29 minutes, 54 seconds in in the heart of development which is taking place. 30:00 30 minutes Okay. So if probably the talage if they if at all they come with a particular CTS numbers palage Malabar could be the 30:07 30 minutes, 7 seconds biggest beneficiaries or even or if does million minds also fall under that particular uh possible zone 30:17 30 minutes, 17 seconds million miles definitely will be the one of the beneficiar 30:26 30 minutes, 26 seconds expressed two very vital roads SP ring road and SG highway both these are accessible from million miles. 30:38 30 minutes, 38 seconds Okay. Uh thanks for this. So lastly uh uh so lastly there is a premium exemption that real estate developers 30:47 30 minutes, 47 seconds get on using uh I mean on green initiatives and using more ESG friendly material or type of construction and since we have also got the platinum 30:55 30 minutes, 55 seconds award so are we seeing a significant benefit pass on because I think so the exemptions have moved in recently about 7 to 12% exemptions uh from the Gujarat 31:05 31 minutes, 5 seconds government on the surely we surely we will be biggest beneficiary Because all these nuances of 31:14 31 minutes, 14 seconds sustainability which are implemented by uh local authorities in fact we Ganesh 31:22 31 minutes, 22 seconds being in forefront of development we are also in forefront of implementing all these new new things which are being 31:31 31 minutes, 31 seconds helpful to environment and people at large. So if you if you see our corporate presentation in fact 31:40 31 minutes, 40 seconds in fact if you see our corporate presentation we have developed meaning uh public garden we we have provided 31:50 31 minutes, 50 seconds green spaces we have uh we were uh in fact when authorities had not laid down 31:58 31 minutes, 58 seconds we started rainwater harvesting and all those things meaning we are kind kind of 32:05 32 minutes, 5 seconds ahead and uh just to just to give you a uh uh further details. Uh a forestation 32:14 32 minutes, 14 seconds of uh meaning a forestation of western western hills in India is is the project 32:23 32 minutes, 23 seconds wherein we have donated uh uh our our corporate uh Ganesh housing corporation has donated 5 crore rupees. 32:34 32 minutes, 34 seconds So we are in forefront of uh meaning care taking care of uh uh environment 32:42 32 minutes, 42 seconds and uh uh benefit to people at large. 32:48 32 minutes, 48 seconds Okay. So we it will it will definitely benefit us. 32:52 32 minutes, 52 seconds Okay. So lastly is after the completion of million mines at first tower. So do do we see the new towers actually coming up in 2027? 33:05 33 minutes, 5 seconds on the residential part any uh do you plan to begin construction out there? Uh at least the commercial side as I just 33:13 33 minutes, 13 seconds said earlier we are looking at launching the the second tower there just next to this on the residential at this point in 33:20 33 minutes, 20 seconds time we would we would we have not yet finalized on which when and what how much of the area we'll be doing on that 33:29 33 minutes, 29 seconds but maybe in the next six months we'll come up with plans of that also. 33:33 33 minutes, 33 seconds So since 50% of the customers are actually from the IT or IT background uh do uh is there any demand or any potential we can put up any data centers 33:41 33 minutes, 41 seconds or the land is too valuable for a data center project to actually come up there? 33:46 33 minutes, 46 seconds The land of course is a um a huge amount there at this point. Masapan doesn't contain any specific data center as such 33:54 33 minutes, 54 seconds but you know it's all always demanddriven and uh specifications if we believe that it's going to be beneficial 34:01 34 minutes, 1 second to us and also at large you know it's beneficial to the occupants occupants as well as the let us say the 34:08 34 minutes, 8 seconds state itself then we might look at it uh I would want to add that at this point in time our master plans do not have any 34:16 34 minutes, 16 seconds specific data center but tomorrow it could be another Okay. Any anything can happen. Yeah. 34:24 34 minutes, 24 seconds Okay. Thanks a lot for the opportunity sir and wish the team all the best. Thank you. Thank you. 34:31 34 minutes, 31 seconds Thank you. Our next question comes from the line of Chanha from wealth fineiser. Please go ahead. 34:38 34 minutes, 38 seconds Thank you for the opportunity sir. I have a couple of questions. As we discussed in this call looking at 2526 34:46 34 minutes, 46 seconds we might end a bit lower than 2425 and the current Q3 uh the revenue has 34:52 34 minutes, 52 seconds come down to 91 crores out of which 80% um is the margin. So again as we assume that is from the land sale of Kodavi. So 35:01 35 minutes, 1 second my question was that when the shift happens from just land sale to the sale of projects going forward in the next 2 35:09 35 minutes, 9 seconds three years would it be good to assume that the margin which is currently at 80% would be like something like 30ish 35:18 35 minutes, 18 seconds because the sales would also like increase many fold. 35:23 35 minutes, 23 seconds Well, see 30 years has never been the kind of even for the developed projects that's that's never been our margin. 35:29 35 minutes, 29 seconds It's been much higher than that. And on on top of that, see the whole thing is about it's a good combination of all those projects where there will be margins around let's say around 37 40%. 35:40 35 minutes, 40 seconds As well as another as well as the land by itself. See Godzi has got 430 35:48 35 minutes, 48 seconds it was 450 now we got about 430 420 acres or so or 480. So that aspect where 35:55 35 minutes, 55 seconds where the big fraction is happening will always be there. So if at all there has to be a number given it would be in between what you said and the 80%. 36:05 36 minutes, 5 seconds Definitely it will not be 80% in all the projects that that would be wrong to assume but you what you said is also on the lower side. Having said that, I 36:13 36 minutes, 13 seconds would not want to put a number to it at this point in time. We will rework this when we are giving the guidance for FI27. We would have rework these things 36:22 36 minutes, 22 seconds and we will be able to tell you what could be the proportion because a good portion of our sales are also going to be from a development project let's say 36:30 36 minutes, 30 seconds Malaba retreat itself. So therefore I think uh we'll work this out and tell you right sir. Sir my second question was 36:37 36 minutes, 37 seconds that like uh in the year 2627 can we assume that the 70 cr annuity 36:44 36 minutes, 44 seconds income from million mine project one uh would start and it would 36:51 36 minutes, 51 seconds okay that is great and what would be according to you what would the benefits of common wealth games 2030 as we have 36:59 36 minutes, 59 seconds the largest land bank in god well see that that's precisely what we are also trying 37:07 37 minutes, 7 seconds evaluating at this point in time not much of work has started on and and therefore uh there has been unless the 37:15 37 minutes, 15 seconds work on the commonwealth it all starts with the government doing various announcements right which they already have done once they once the budget is 37:23 37 minutes, 23 seconds done on the announcement has been made they have to actually put that into an order government order 37:30 37 minutes, 30 seconds city order and all that so once that happens and when the entire uh let's say opening up of all these roads and all 37:37 37 minutes, 37 seconds are more uh clearly pronounced that [clears throat] is when we think that the value of that will be increasing 37:44 37 minutes, 44 seconds definitely it'll have an impact in the six to in the coming six to seven months where a lot of traction will happen in the goavi and all because a lot of land 37:52 37 minutes, 52 seconds has been acquired for 2030 gains itself the by the others and and the government 37:58 37 minutes, 58 seconds so I think we'll I had already said earlier too that from September 26 onwards the real project of uh what is 38:07 38 minutes, 7 seconds going to be done in terms of the Gzavi total land will be much clearer because by then we believe that all these announcement and all these things would 38:16 38 minutes, 16 seconds have come uh to a little more clarity and a very specific way of going about it. So yes a short answer would be 38:26 38 minutes, 26 seconds definitely the commonwealth will have a lot of ups through on the land which we have going be a positive through us how 38:34 38 minutes, 34 seconds much uh can be the benefit we'll really have to wait for so many things to be coming about to be announced by the 38:41 38 minutes, 41 seconds government itself right so my last question being that because of this are we going deliberately slow because we want to 38:50 38 minutes, 50 seconds have the benefits of the commonwealth games And is the saltage one and 191 the same project? And the other question. 38:59 38 minutes, 59 seconds Okay. Okay. Sir in the and in the PPTs like we are like looking at like the 191 39:06 39 minutes, 6 seconds and also about the Gavi being launched but like we are waiting since a long time. Any specific month in 2026 which 39:16 39 minutes, 16 seconds any of the two would be launched like a railway concrete launch? 39:22 39 minutes, 22 seconds Yeah, first a slight correction on what you have said Janak and that is the Godavi Godavi won the monetization and 39:31 39 minutes, 31 seconds the development and what we have been doing it it has already been done for the last 15 to 18 months already last September October I think we started so 39:40 39 minutes, 40 seconds we have begun work but the project work on godzi that's what has not started but the the land monetization which a part 39:49 39 minutes, 49 seconds of the goavi projects has been already done which is a very significant part of it. So that is it's already in place and 39:56 39 minutes, 56 seconds uh yes there was a slight wait involve till last December or October to December that is 24 I'm talking about 40:05 40 minutes, 5 seconds because we saw these announcements and we we saw these things coming up and therefore we had definitely deliberately 40:11 40 minutes, 11 seconds put the project itself till September 26 but till then whenever we saw traction we started to monetize the goavi 40:19 40 minutes, 19 seconds projects land and that has been coming in as I said 38 acres has already been monetized of the total 450 acres. So 40:27 40 minutes, 27 seconds that's the fact of it 191 I just said we expect the plans to be there in place by March and therefore 40:36 40 minutes, 36 seconds that project if I have to put a date to it in all probably in March 2026 this project would be launched. 40:44 40 minutes, 44 seconds Thank you so much sir and all the best. Thank you. Thank you Jenna. Thank you. 40:52 40 minutes, 52 seconds Our next uh question comes from the line of Nirj from Kulki ventures. Please go ahead. 40:58 40 minutes, 58 seconds Hi. So since uh you mentioned that uh you know how four lakh square feet of the million miles project has already 41:06 41 minutes, 6 seconds been laid out uh will it be possible for you to share names of some of the tenants who have signed the LOI because 41:13 41 minutes, 13 seconds since they started fit out I think it'll be good if you can know the kind of occupiers you're getting. 41:20 41 minutes, 20 seconds See uh we are actually waiting for the uh occupation certificate to come in. 41:26 41 minutes, 26 seconds Many people you know how we want the uh the declarations and all to happen once the occupation certificate is there and that's the reason where we are unable to 41:35 41 minutes, 35 seconds tell you the names but I have given you uh uh I can give you that it's it's a very good combination of IT IT related 41:42 41 minutes, 42 seconds services working spaces and the like and therefore uh I think we have to wait for a maximum one month before we can 41:51 41 minutes, 51 seconds actually tell not only launch it in terms of telling the public telling everyone that you know this OC has been 41:58 41 minutes, 58 seconds received and these are the names who are going to come in just we have to hold on for another one month or so please okay and uh just for my knowledge I 42:07 42 minutes, 7 seconds wanted to understand the gift city since you know there is a tax already that has been extended uh but are you sure that 42:15 42 minutes, 15 seconds no IT companies or IT services companies can actually take part in the gift city area because that will be like a very big dampener for millions minds 42:24 42 minutes, 24 seconds no uh I I will definitely not say that because the the uh companies who are there on in 42:31 42 minutes, 31 seconds IT and IT related services are a much larger portion than those who are there in financial services as such and and 42:40 42 minutes, 40 seconds that's what is going to happen in G city. It's all related to uh uh you know uh financial services sector and that's 42:48 42 minutes, 48 seconds going to be benefited by in terms of like the banks and the various other you know uh the financial uh uh the let's 42:55 42 minutes, 55 seconds say the instruments and everybody dealing in that but it is far beyond that and IT related services especially 43:02 43 minutes, 2 seconds are beyond that and therefore I would say as I told earlier in my speech that it will be a very good complimentary 43:09 43 minutes, 9 seconds aspect that in both these will go together and probably it will be beneficial overall and both is being 43:16 43 minutes, 16 seconds beneficial definitely help the residential for where we are only there and gift is only for their participants. 43:25 43 minutes, 25 seconds So I think overall both these will be complimentary and we uh we would be able to get a very good uh traction on the IT and IT related services for our IC. 43:36 43 minutes, 36 seconds Okay. Thank you sir. Thank you. 43:41 43 minutes, 41 seconds Thank you. Our next question comes from the line of Adit, an individual investor. Please go ahead. Uh hello. Am I audible? 43:50 43 minutes, 50 seconds Yes, thank you. 43:51 43 minutes, 51 seconds Uh yeah. So uh sir, thank you for giving the opportunity. So I have two questions. Uh first is uh will we have revenue uh generating out of land sales 44:00 44 minutes next year as well? And if yes, then to what extent? 44:05 44 minutes, 5 seconds To what extent? uh I would uh be it will be difficult to say but yes it's a very very important part of the total 44:12 44 minutes, 12 seconds vertical that uh you know Ganesh housing has one is the lease rentals the second is the residential and commercial and 44:20 44 minutes, 20 seconds third is the uh the alliance so incidentally we happen to have the development happening in 64 acres of 44:27 44 minutes, 27 seconds where the billion mines as well as uh you know residential projects will come or Malabar which is very close by but on 44:35 44 minutes, 35 seconds the Bodhavi side it's basically land at this point in time. It's a project which is having a huge land bank and that monetization would always happen 44:43 44 minutes, 43 seconds whenever there is a a good opportunity which we come because that's a good part of our vertical. 44:50 44 minutes, 50 seconds All right sir thank you and uh uh my next question is uh forecast revenue overall for the Q4 as well as for the next financial year. 45:01 45 minutes, 1 second uh next both these things forecast revenue surely the way we had guided I think it will be lower than what it was 45:08 45 minutes, 8 seconds for Q3 which we have seen it could be lower than what it was there in FI25 that's that's quite visible at this point in time for FI27 I'll have to give 45:17 45 minutes, 17 seconds a guidance only when we finished complete year of FI26 and when we have the board meeting let's say AP April or 45:24 45 minutes, 24 seconds May of 2026 uh uh all right uh sorry sir can you can you repeat again so you you mentioned it 45:31 45 minutes, 31 seconds will be less than the Q3 or you have mentioned it will be less than the Q4 of the last year. 45:37 45 minutes, 37 seconds No, I said FI26 as compared to FI25 the revenues and the profit looks to be 45:44 45 minutes, 44 seconds lower the way the three quarters have functioned. So we believe that that is that's how it will end up with. But FI27 we'll give the forecast in April or May. 45:55 45 minutes, 55 seconds That's what I saw. are all right sir sir if possible can you just provide estimation figures in in terms of 46:02 46 minutes, 2 seconds figures if if it's possible see when we have non non developmental one you know this when such kind of 46:11 46 minutes, 11 seconds revenues it becomes very difficult to really project how much of the god land 46:18 46 minutes, 18 seconds you know demand can come up and we believe that it is you know it's a good price to be selling at so that is always going to as per the opportunity. So well 46:27 46 minutes, 27 seconds we had very good opportunity in Q1 Q2 of this year itself. Q3 we didn't get that opportunity and we were not happy with the kind of a sales value which was 46:36 46 minutes, 36 seconds coming in. So we we did not but in this quarter it can come up. So to lay a hand on saying how much will happen would be 46:44 46 minutes, 44 seconds you know erring or rather inductance or trying to say something which may not necessarily be proved right. So I would 46:51 46 minutes, 51 seconds not venture to do that. I think we'll have to wait for this FI 26 to get completed to know Q Q4 numbers. But I 47:00 47 minutes still said that the way it is going FI25 was higher than FI26 will remain that. That's what I said. 47:08 47 minutes, 8 seconds All right. So, thank you for answering all my questions. Thank you. 47:13 47 minutes, 13 seconds Thank you ladies and gentlemen. Is there no further question from the participant? I would like to hand the conference over to the management for 47:21 47 minutes, 21 seconds the closing comments. Thank you and over to you team. 47:25 47 minutes, 25 seconds So thank you everyone for the great interest that you have shown and continue to ask. All the questions are also extremely relevant and very good. 47:33 47 minutes, 33 seconds But I'm I can definitely say that I'm excited to say that uh FI26 uh has seen a significant stream of 47:41 47 minutes, 41 seconds projects income and profits in million wines coming up in uh FI27 I mean will from lease income red projects and 47:50 47 minutes, 50 seconds everything including of course land monetization as I just said. So with a strong land bank, high margin projects, 47:57 47 minutes, 57 seconds a debtfree balance sheet and an improved execution momentum that we have been seeing in all these projects, we believe that Ganesh housing is well positioned 48:04 48 minutes, 4 seconds for a steady and sustainable value creation in the coming years. That's what I can say. Thank you for the interest and see you again soon. Thanks. 48:14 48 minutes, 14 seconds Thank you so much sir. Ladies and gentlemen, on behalf of co India advisor that conclude this conference. Thank you for joining us. And you may now discrete your lines.