Indiabulls Ltd — Q4 FY26

Indiabulls Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=WDSFcmaM88c Published: 2 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to the India's Bull Limited Q4 FY26 earnings conference call hosted by MUFG. 0:12 12 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask question after the presentation 0:20 20 seconds concludes. Should you need assistant during the conference call, please signal an operator by pressing star then 0:28 28 seconds zero on your touchstone phone. Please note that this conference has been recorded. I now hand the conference over 0:35 35 seconds to Miss Aayushi Gupta. Thank you and over to you. 0:40 40 seconds Thank you. Good evening ladies and gentlemen. I welcome you to the Q4 and FI26 earnings conference of India Bul 0:47 47 seconds Limited. To discuss this quarter's performance we have from the management Mr. Gurban Singh executive chairman, Mr. 0:54 54 seconds Dh Sha, executive director and CEO, Mr. 0:57 57 seconds Rajiv Baggharwal, CFO, Mr. Sorup G, finance director, Mr. Manish Rasto, VP account and finance and Mr. Natani, head 1:07 1 minute, 7 seconds IR before we proceed with the call, I would like to mention that some of the statements made in the today's call may be forward-looking in nature and may 1:15 1 minute, 15 seconds involve risk and uncertaintities. For more details, kindly refer to the investor presentation and other filings that can be found on company's website. 1:23 1 minute, 23 seconds Without further ado, I would like to hand over the call to the management for their opening remarks and then we can open the floor for Q&A. Thank you and over to you sir. 1:37 1 minute, 37 seconds Thank you Aayushi. Good afternoon everyone and thank you for joining the Q4 and FI26 earnings update call of 1:44 1 minute, 44 seconds India Boos Limited. After a long gap, we are assuming our earnings call from this quarter and this is to share a vision and the way forward for India Booth 1:52 1 minute, 52 seconds Limited. To provide a quick recap, in past the company ventured into digital consumer lending and e-commerce business 2:01 2 minutes, 1 second which at that time appeared attractive and scalable. 2:04 2 minutes, 4 seconds However, over time we recognize that fintech lending to faceless customers suffers from structurally weak unit economics, challenges in underwriting 2:13 2 minutes, 13 seconds and collection and an inability to generate sustainable profits. 2:17 2 minutes, 17 seconds Recognizing that profitability and preservation of capital is non-negotiable at India, we exited these businesses. 2:25 2 minutes, 25 seconds We went through an extensive restructuring exercise spanning nearly three years resulting in merger of 17 group entities including Dhani Services 2:34 2 minutes, 34 seconds Limited and India Enterprises Limited into Yari Digital Integrated Services Limited following multiple regulatory 2:41 2 minutes, 41 seconds approvals including NCT approval granted in Q3 FI25. 2:46 2 minutes, 46 seconds The merge entity was subsequently renamed India Limited and was listed in December 2025. 2:53 2 minutes, 53 seconds The essence of this merger was to simplify the group structure, improve operational efficiency and ensure capital is deployed in the most 3:01 3 minutes, 1 second productive manner. Today the structure is clean, transparent and built for speed. The balance sheet is net cash 3:09 3 minutes, 9 seconds positive with no loss making entities, no hidden liabilities and no legacy impairment beyond the ones which could occur in the normal traditional 3:18 3 minutes, 18 seconds business. and at the same time retaining the 25 years of deep expertise in real estate and financial service along with 3:25 3 minutes, 25 seconds the relationship and institutional knowledge that cannot be replicated. 3:30 3 minutes, 30 seconds We have a proven history of building three large profitable listed institutions. 3:35 3 minutes, 35 seconds Let me now begin with the financial performance for Q4 and FI26. 3:40 3 minutes, 40 seconds FI26 was a transformational year for the company following the merger. For the full year, we delivered revenue of 879 3:48 3 minutes, 48 seconds crores supported by improving operating performance with profit after tax of 346 crores. The fourth quarter marked a star 3:56 3 minutes, 56 seconds strong finish to the year with Q4 FI 26 revenue of 417 crores and pad of 195 4:03 4 minutes, 3 seconds crores driven primarily by contribution from a real estate operation giving us profit of 143 crores. 4:12 4 minutes, 12 seconds This year's performance provides a steady starting point as we move into FI27. 4:18 4 minutes, 18 seconds Going forward, the company operates with a clear focus on profits across two primary verticals, real estate and 4:25 4 minutes, 25 seconds financial service. Every rupee of capital is now allocated to areas where we have demonstrated compounding advantage. 4:33 4 minutes, 33 seconds Real estate are deepest domain expertise and engine of near-term earning. 4:38 4 minutes, 38 seconds Financial service is capital light profitable platform with long runway for growth. 4:45 4 minutes, 45 seconds Realist is a dominant earning driver and is expected to contribute nearly 80% of group profit. 4:51 4 minutes, 51 seconds This is no longer a pipeline story but an active contracted revenue engine consisting of both own projects and signed up with JV partners with total 5:01 5 minutes, 1 second JDV potential of approximately 21 plus,000 crores and a sellable area of exceeding 1.1 cr lakh square ft spanning 5:10 5 minutes, 10 seconds residential commercial plotted and mixeduse development across Gurugram, Mumbai and Ludjana. 5:17 5 minutes, 17 seconds Key launch projects in FI26 include India's estate and club sector 104 the first phase where over 75% of inventory 5:26 5 minutes, 26 seconds has been already sold. India heights sector 104 which was nearly 100% sold within a week of launch. India willower 5:34 5 minutes, 34 seconds in Pravadi, Mumbai. A commercial asset to be developed as a lease property that is expected to generate stable annuity 5:42 5 minutes, 42 seconds income of approximately 1,000 crores per year and India was green avenue a plotted development in the NCR region. 5:51 5 minutes, 51 seconds The testimonial of a project is actually seen in our buildings which were created by group company. If you look at a projects which are quite visible in 6:00 6 minutes Mumbai and Delhi and many other cities, you will see that these buildings are still today the landmark buildings of those cities. These building actually 6:09 6 minutes, 9 seconds command attention for the scale, design and finish and that is what our brand India stands for. 6:16 6 minutes, 16 seconds Going back to the FI26 numbers, we sold about 21.6 6 lakh square ft throughout the year and Q4 FI26 marks the first 6:25 6 minutes, 25 seconds quarter of real estate revenue recognition in the company's books. 6:30 6 minutes, 30 seconds What follows is not a one-time event and this is the beginning of a sustained earning cycle with real estate profits 6:36 6 minutes, 36 seconds of in FY27 expected to grow at least 2x from what it is today and FY28 will be 6:43 6 minutes, 43 seconds at least 3x from what it is here. It is difficult to give a quartertoquarter guidance. knowing the nature of the 6:50 6 minutes, 50 seconds business but this is a trajectory and it is grounded driven by already signed and approved projects upcoming launches of 6:59 6 minutes, 59 seconds approximately 40 lakh square ft in current financial year with a GD of GDV of 6,000 plus crores and a strong future 7:07 7 minutes, 7 seconds pipeline of 42 lakh square ft valued at 11,900 crores 7:14 7 minutes, 14 seconds taken together the company's total GDP potential stands at 21,000 plus crores representing the cumulative 7:22 7 minutes, 22 seconds value of launch projects plus current year planned launches and the future launch pipeline. 7:28 7 minutes, 28 seconds Alongside real estate, the financial service vertical operates as a capitalized profitable platform compromising stock broking, asset 7:36 7 minutes, 36 seconds reconstruction, SMB and digital payment platforms. 7:40 7 minutes, 40 seconds The broking business is profitable and continues to grow steadily with a clear and visible path to further expanding market share. We're actively scaling our 7:49 7 minutes, 49 seconds presence in dist and discount broking with addition of 28,000 customers in Q4 FI26 particularly building new age platforms 7:58 7 minutes, 58 seconds such as Algo which was now among the early movers in offering Algo trading solution to retail customers. Our 8:06 8 minutes, 6 seconds offline business which is a branch operated model continues to give strong profitability to the business via assisted model. 8:13 8 minutes, 13 seconds The asset reconstruction business currently manages fee paying assets under management of 622 crores with 8:20 8 minutes, 20 seconds asset under allocation totaling 3,794 crores. Our portfolio sourced across a diversified set of banks and NBFCs with 8:28 8 minutes, 28 seconds a clear focus on assets that offer high recovery potential. 8:34 8 minutes, 34 seconds The business is supported by strong on ground recovery infrastructure including a team of approximately 2,200 collection professionals on the company's payroll 8:43 8 minutes, 43 seconds which enable effective control over resolution timeline and outcome. The company is built by a solid team. 8:51 8 minutes, 51 seconds The team manages these businesses are highly experienced. 8:55 8 minutes, 55 seconds The company is led by chairman and the group CEO and each business vertical is run by dedicated CEO or a seasoned business head running the vertical. 9:05 9 minutes, 5 seconds Over the past two years, we have added senior professional from the industry and we plan to continue strengthening the leadership team in select areas going forward. 9:15 9 minutes, 15 seconds We are entering FY 2027 with a net cash positive balance, zero lossmaking entities and a strong real estate pipeline. 9:24 9 minutes, 24 seconds The period of hard work, restructuring and closure is behind us. The focus ahead is firmly on execution. 9:31 9 minutes, 31 seconds We expect profits to grow year after year led by real estate revenue. 9:37 9 minutes, 37 seconds Financial service will continue to build steadily adding to the base in a capital efficient and low risk manner. 9:48 9 minutes, 48 seconds With a strong foundation in place and a clear growth trajectory forward, India Bulls has returned with renewed strength 9:55 9 minutes, 55 seconds and focus. We are building the business for the long term. 10:00 10 minutes Thank you everyone and uh we can now begin the Q&A session. 10:06 10 minutes, 6 seconds Thank you. We'll now begin the question and answer session. Anyone who wishes to ask question may press star and one on their touchtone telephone. 10:17 10 minutes, 17 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use 10:24 10 minutes, 24 seconds handset while asking a question. Ladies and gentlemen, we'll wait for a moment while the question Q assemble. 10:51 10 minutes, 51 seconds The first question is from the line of Gunit Singh from Counter Cycl PMS. Please go ahead. 10:59 10 minutes, 59 seconds Hi uh congratulations on the numbers and thank you for this opportunity. So I would like to understand we have about 11:06 11 minutes, 6 seconds 17 subsidiaries. Uh so what uh what are the litigations that going that are 11:12 11 minutes, 12 seconds going on against us currently or better if you can understand the potential financial impact of these litigations 11:21 11 minutes, 21 seconds that we can face overall if you have any internal assessment for the same. 11:28 11 minutes, 28 seconds Hi Gunit. Uh the 17 subsidies which I spoke about have already been uh you know uh shut down because they were not 11:36 11 minutes, 36 seconds doing any business. This was during the merger. We do not have any litigations going on and there is no financial implication to India limited. 11:47 11 minutes, 47 seconds Okay. So going forward in future we do not expect any financial impact any exceptional items to come in like any uh 11:56 11 minutes, 56 seconds previous uh litigation or no no nothing nothing nothing at all India limited has no 12:03 12 minutes, 3 seconds litigations no financial liabilities or anything from any litigation coming in we are not fighting any except for the 12:11 12 minutes, 11 seconds normal business cases which comes in there are no other cases which we are fighting in in the courts. Got it. So when you say India Bulls limited that 12:19 12 minutes, 19 seconds means the entire consolidated entity right? 12:22 12 minutes, 22 seconds Yes. Today we are just one single unified company under the brand India BS limited. 12:28 12 minutes, 28 seconds Got it. But in your result it says that there are about 17 subsidiaries. 12:34 12 minutes, 34 seconds That is the current subsidiaries which we have. The numbers are the same but there are current 17 subsidiaries like my broking companies one subsidiary. ARC 12:42 12 minutes, 42 seconds is another subsidiary. Real estate projects are in different subsidiaries. 12:46 12 minutes, 46 seconds So even currently these subsidiaries and the whole core company do not have any code litigation nor any financial liabilities. 12:55 12 minutes, 55 seconds Okay. So all the legacy cases have been uh resolved basically. Yeah. All completely. 13:03 13 minutes, 3 seconds Got it. Now uh you mentioned that we would be doubling our PAT in uh the next year and then doubling again in FY28, 13:12 13 minutes, 12 seconds right? So that means around 600 700 CR of part next year. So can you help me understand the drivers of growth segment 13:21 13 minutes, 21 seconds wise when you say 600 CR pack and 1200 CR pack. So which uh segments would be 13:28 13 minutes, 28 seconds would we uh be expecting to drive growth? 13:31 13 minutes, 31 seconds Yeah. So the pack which I was saying reflected to real estate business that's our enabler and that's our driver for the next few years. So as I said we are 13:40 13 minutes, 40 seconds already having about 40 lakh square ft² being launched in this financial year and after that we have a pipeline of 1 13:47 13 minutes, 47 seconds cr 1.1 cr square ft in hand which we are planning to launch. So this is the inventory which we have as of hand. We 13:56 13 minutes, 56 seconds will keep adding more projects going down the line which is not accounted for today but this is where the growth will come for the company and these projects 14:05 14 minutes, 5 seconds are already signed up. It's in our kitty. It is just going through phases of uh approval, designing, planning etc. 14:13 14 minutes, 13 seconds Once they are ready, they will be ready for launch. Got it. Uh and we recognize the revenues on uh completion 14:20 14 minutes, 20 seconds certificate basis or on a percentage completion basis for for these real estate projects on percentage completion basis. 14:29 14 minutes, 29 seconds Got it. So I mean it's likely that there would be high receivables uh but uh numbers uh would would would not reflect 14:37 14 minutes, 37 seconds that. I mean the Got it. Yes. 14:44 14 minutes, 44 seconds Got it. So in a balance sheet we have assets of loans about 1,000 cr. So uh what is that? 14:52 14 minutes, 52 seconds So these are loans which our NBSC has lent out earlier. So we are not doing any fresh disbbursement now but whatever 14:59 14 minutes, 59 seconds loans are there we are just collecting them as and when they get matured. 15:05 15 minutes, 5 seconds Got it. So uh do we have any ECL or any loan that you think would would would uh 15:12 15 minutes, 12 seconds not be recoverable out of this thousand CR? 15:16 15 minutes, 16 seconds So as of 313 whatever was ECL or not recoverable we have accounted for whatever rest are today they are 15:23 15 minutes, 23 seconds standard loans going ahead we'll have to see what happens but we are sure that we should be able to recover most of the outstandings. 15:32 15 minutes, 32 seconds Got it. So uh my last question would be regarding our other businesses apart from real estate. So uh basically I mean 15:40 15 minutes, 40 seconds can you just throw some light on exactly what the other businesses are? So uh I understand that we have a broking part 15:47 15 minutes, 47 seconds and an asset reconstruction part. Apart from that there's some payments uh system in the US. So if you can just 15:55 15 minutes, 55 seconds help us understand uh all the other business apart from real estate and their percentage contribution to revenue 16:02 16 minutes, 2 seconds and I mean the outlook for them that will be very helpful for the the Sure. So our capital market business is 16:10 16 minutes, 10 seconds an broking business. We've actually just focusing now on our online broking platform. We have got a team from 16:18 16 minutes, 18 seconds another online broking company joined us about a year back and we are preparing those platform but right now our profits from broking business are roughly about 16:27 16 minutes, 27 seconds 28 crores of PBT what we have got this year. This is purely coming in from our offline broking business uh which is a 16:34 16 minutes, 34 seconds branch platform. We are an asset reconstruction company as I said where we buy portfolio stress portfolios from banks and NBFCs. 16:43 16 minutes, 43 seconds So that's a business we started about a year back. Uh we are just in the mode of collection. So the first year we'll go 16:50 16 minutes, 50 seconds in getting adjusting the collections to the cost of our uh acquisition and then the profits will roll in from ARC which 16:58 16 minutes, 58 seconds will start from next year. Uh the investment what we have done in another company which is SMB business spring cash it's just an investment over there. 17:08 17 minutes, 8 seconds uh we've invested at at a very good valuation and as that business grows we will expect India bulls also to make profits of those valuations. So that's 17:15 17 minutes, 15 seconds not a P&L business for us but that's an investment for us over there. Uh the UPI and the PPI licenses are to come in this 17:24 17 minutes, 24 seconds quarter but as you all know UPI does not make any money but it's just as a you know a nodal to connect all our online 17:31 17 minutes, 31 seconds businesses and payment gateway etc for that. But our major driver unit is coming mostly from real estate. 17:40 17 minutes, 40 seconds Got it. So last question just if I can squeeze in what what is the current valuation of that investment in the in 17:46 17 minutes, 46 seconds the US and what is the uh what what what is the valuation of the land bank that we hold and the interest that we earn on these,000 cr loans. 17:56 17 minutes, 56 seconds So typically the our investment in the US company was done at $30 million where the company was valued at $30 million 18:03 18 minutes, 3 seconds and we traded about 6 months back and that's at a very uh the company is doing very good with whatever reports we have got from them. They have done aboutund 18:12 18 minutes, 12 seconds and 100 millions of disbburusal through the 150 B2B businesses. They're doing very well and um we are very confident 18:20 18 minutes, 20 seconds that those investments will pay off for us in the next couple of years. Our land bank is a mix of uh JV and our own uh uh assets which we have procured over here. 18:32 18 minutes, 32 seconds So typically I can put a value overall as I said in a in my presentation we look at a total GDP of about 21,000 18:40 18 minutes, 40 seconds crores in the next few years from this business. 18:46 18 minutes, 46 seconds Got it. And the interest that we earn on our loans. So interest on our loans what we earned is roughly it's a very small 18:53 18 minutes, 53 seconds number because this a th00and cr book but say roughly we should be running over the entire year about roughly 120 crores stop line on this business. 19:02 19 minutes, 2 seconds All right got it. Thank you very much and I wish you all the best. Thank you. 19:08 19 minutes, 8 seconds Thank you. The next question is from the line of Amit Mendali from Robo Capital. Please go ahead. 19:16 19 minutes, 16 seconds Thank you. Uh thanks for the opportunity. Am I audible? Yeah, you're audible. 19:22 19 minutes, 22 seconds Great. Thanks. So my first question is on the NBC book. Uh what is the I mean I understand the book is about 1,000 crores. What is the debt for NBC business currently? 19:32 19 minutes, 32 seconds So no NBFC has no debt. It's zero. 19:36 19 minutes, 36 seconds Okay. So whatever uh so basically the entire interest is in a way the entire uh is basically the full spread. You're not uh there is no liquid. 19:45 19 minutes, 45 seconds There is no Yeah, there is no debt off. 19:47 19 minutes, 47 seconds There's a thing in that whatever comes comes to the company, right? And on a net basis now what is the cash available at the with the company? 19:56 19 minutes, 56 seconds Uh yeah. 19:58 19 minutes, 58 seconds Yeah. I mean there may be some debt in the broking business as well. I'm not sure. So what is the like the debt on total basis and debt uh and cash on total basis gross basis? 20:08 20 minutes, 8 seconds So let me tell you the group has no debt. We we all our businesses do not have any debt. Uh the broking business 20:16 20 minutes, 16 seconds also does not have any debt. It is running from its own capital. Uh the cash on hand for me as of right now which is available uh you could say cash 20:25 20 minutes, 25 seconds and um equivalent of cash is about 750 crores. 20:30 20 minutes, 30 seconds Right. And effectively the loan book will also run down. So that will also keep generating. 20:34 20 minutes, 34 seconds Yeah. As and when that also will come down to us. 20:38 20 minutes, 38 seconds And what is the gross and net for that book? 20:42 20 minutes, 42 seconds uh so whatever we've recognized over the period of time we've written that off even in the last year we actually wrote 20:49 20 minutes, 49 seconds off uh uh you know as I said in my call call that we have written off lot of our uh loans which were not doable and we've 20:57 20 minutes, 57 seconds cleaned up so right now our uh loans whatever there has been sold out to ARC's and other companies so typically 21:04 21 minutes, 4 seconds Dhi loans does not have any loan outstand given to any other companies except what is on their books 21:13 21 minutes, 13 seconds Right. So you mean gross NPS is like you know fairly low less than 1%. 21:19 21 minutes, 19 seconds Fairly fairly low hardly anything at all. It should be about 1% or around that. 21:25 21 minutes, 25 seconds Okay. Perfect. And the last comment is on the last question is on the profit uh guidance or you know the you know the 21:33 21 minutes, 33 seconds aspirations that we have. So you know is it on profit before tax basis or profit after tax basis? I mean the earlier 21:40 21 minutes, 40 seconds participant also mentioned some numbers you know those are the same numbers that you have. 21:46 21 minutes, 46 seconds Yeah the same numbers. So also let me tell you is what happened is during this merger the company actually inherited a tax shield of about roughly 3,000 crores 21:54 21 minutes, 54 seconds in revenue. So by PBT and PAT is going to be the same. 22:00 22 minutes All right. So till we hit 3,000 crores of PBT the PAT and PBT will be the same. Is that what you're saying? Yes. Yes. Yes. Right. 22:08 22 minutes, 8 seconds Okay, perfect. That's it from my end. Thank you. Thank you. 22:16 22 minutes, 16 seconds Thank you. The next question is from the line of Vikas from Ramdio Securities. Please go ahead. 22:24 22 minutes, 24 seconds Yeah. Hi, congratulations on the super set of numbers. I just wanted to know what's the lease rent which we are expecting from the worldly properties. 22:35 22 minutes, 35 seconds So we expect roughly about 1,000 crores of annual rent from the worldly property,000 cr. That's amazing. 22:46 22 minutes, 46 seconds Yeah, it's actually a prime location and uh it will be one of a very good marquee buildings of our India boo limited and 22:56 22 minutes, 56 seconds we expect at least 1,000 crores of uh rental coming in from there and we have no plans of selling it out just on the rental lease part. 23:05 23 minutes, 5 seconds Yeah, it's just on the rental. 23:07 23 minutes, 7 seconds Yeah, you're right. It's just lease income. No plan to sell it out. Fine. That's great. Thank you. Sure. 23:16 23 minutes, 16 seconds Thank you. The next question is from the line of Reandir Kumar Singh from Reandir HUF. Please go ahead. 23:31 23 minutes, 31 seconds Hello. Yeah. Hello. 23:37 23 minutes, 37 seconds Sorry. Hello. Yes, sir. Thanks for the opportunity opportunity. 23:50 23 minutes, 50 seconds Advances growth existing 27 24:13 24 minutes, 13 seconds of existing growth. 24:25 24 minutes, 25 seconds Broking business 24:52 24 minutes, 52 seconds trading. 25:06 25 minutes, 6 seconds They will give you more details about it. 25:19 25 minutes, 19 seconds But more specific details Okay sir. 25:34 25 minutes, 34 seconds Okay. 25:37 25 minutes, 37 seconds Real estate business 25:55 25 minutes, 55 seconds driver of growate. 26:14 26 minutes, 14 seconds A reminder to all participants, you may press star and want to ask question. 26:22 26 minutes, 22 seconds Thank you. The next question is from the line of Quesel Goyel from Grey Hill Capital. Please go ahead. 26:31 26 minutes, 31 seconds Yeah. Hi, good evening Di. First of all, many congratulation on the stellar set of numbers and finally starting the corn calls again. Uh so my question is in 26:40 26 minutes, 40 seconds line with the worldly project. Uh what is the timeline and the capex we're looking at because as you mentioned the rental deal is almost 5x the past you've 26:48 26 minutes, 48 seconds done this year in real estate. So what is the capex that will be needed for it and what will be the timeline be? 26:55 26 minutes, 55 seconds See the project is already construction is already started and I think in the next between 3 to four years the project 27:02 27 minutes, 2 seconds will be ready. It's actually a project which uh uh you know is of totally commercial building. So shouldn't take long for us to construct and take it up forward uh from the ground level. 27:15 27 minutes, 15 seconds uh we looking at it's a roughly 2 and a half lakh salailable square ft area and the going rates are anywhere between 400 27:22 27 minutes, 22 seconds to 450 rupees rent per square ft. So I'm just catching the lower band of the price of 400 rupees in 2 and a half lakh 27:29 27 minutes, 29 seconds square is 1,000 crores. So we we should expect from the fourth year onwards this u rental deal to start flowing into our balance sheet. 27:39 27 minutes, 39 seconds No sir I mean to know the capital expenditure how much we'll be spending to develop the asset. This asset spend would be roughly about 600 crores. 27:49 27 minutes, 49 seconds Perfect. That's it. And many many congratulations again. Thank you. 27:57 27 minutes, 57 seconds Thank you. The next question is from the line of Vun Mishra from KP Associate. Please go ahead. 28:04 28 minutes, 4 seconds Uh yeah, hi sir. Thank you for the opportunity. I had a couple of questions. Uh so firstly what would be the current level of unsold inventory across all launch projects and how are 28:13 28 minutes, 13 seconds we committed to see the pricing discipline versus like accelerating the sell through. So could you just throw some light on? 28:20 28 minutes, 20 seconds Sorry actually your voice was not audible. Could you please repeat the question? 28:23 28 minutes, 23 seconds Uh sure. Uh the current levels of inventory the unsold inventory across all launch projects. I wanted to understand how committed are we in terms 28:31 28 minutes, 31 seconds of the pricing discipline versus the acceleration of the sell through of those projects. 28:37 28 minutes, 37 seconds So what we've already launched initially to now a project has appreciated by 28:43 28 minutes, 43 seconds approximately 15% from a launch price and when we launched initially it was you know there was no groundbreaking 28:51 28 minutes, 51 seconds nothing was there but now our project is always started the work is seen so definitely you we don't see any price downward revision happening as and when 29:00 29 minutes the project building starts being um you know constructed we will only see price appreciation happening happening over there also. There are very few projects 29:09 29 minutes, 9 seconds who already have you know are on the construction stage in that locality. So typically you know we uh have a very strong edge over it. 29:19 29 minutes, 19 seconds All right sir and like say in terms of recoveries we had a strong recoveries in FI26 and how repeatable is this performance? I mean what portion is 29:27 29 minutes, 27 seconds driven by like the vintage assets versus the let's say the newer acquisitions? You're talking of the real estate. 29:34 29 minutes, 34 seconds Yeah. No. So typically we are very strong discipline that once a customer has booked his apartment or his uh unit, 29:43 29 minutes, 43 seconds he has to make the payment within a certain period of time. Maybe we could give a little bit grace of days to him. 29:49 29 minutes, 49 seconds But if he's not making his payment, then you know we actually get the unit canled. So typically we are sitting on a very strong recovery and the same 29:56 29 minutes, 56 seconds discipline will continue to go across it. So in terms of percentage roughly we have about 8% recovery on all the sold units. 30:07 30 minutes, 7 seconds Okay. And so in terms of the regul like what regulatory or maybe funding or distribution gaps are still there like which needs to be addressed before the 30:16 30 minutes, 16 seconds SMB platform which can scale like in India are there any certain things which need to be taken care of? 30:22 30 minutes, 22 seconds No nothing at all. I think um over the years the regulators have made it very simple and easy and seamless for 30:29 30 minutes, 29 seconds companies to actually start a tech platform. So once we are ready we will just have to get that tech stack ready 30:36 30 minutes, 36 seconds and then we will be able to launch the products. It's a you know matter of time. 30:42 30 minutes, 42 seconds Okay. Sure. And in terms of guidance you mentioned the fiveear growth. So could you look uh just throw some light on the 30:48 30 minutes, 48 seconds guidance? I mean what could we see next in the next 5 years? 30:53 30 minutes, 53 seconds So I think next five years you know god willing and doing everything well we should be you know hitting new highs and 31:00 31 minutes uh you know I maybe I may sound very optimistic but I think we should be easily crossing,00,500 crores of pat in the coming five to seven years easily. 31:11 31 minutes, 11 seconds Okay sure sir that's all from my answer. All the best. Thank you so much. 31:19 31 minutes, 19 seconds Thank you. The next question is from the line of Abino from Share India. Please go ahead. 31:25 31 minutes, 25 seconds Hi. Uh I congratulations on a great set of numbers. uh just wanted to understand what are the timelines you are looking 31:32 31 minutes, 32 seconds at to convert the entire GDV uh into the P&L and uh including future launches and 31:39 31 minutes, 39 seconds when we mention the GDV we include the element of uh the JV as well as in the JV partners is included in the GDV numbers. Thank you. 31:48 31 minutes, 48 seconds So we're looking at roughly from today we're looking at seven years to actually accumulate everything uh uh into our balance sheet. uh since we've already 31:57 31 minutes, 57 seconds launched a few projects last year. This year also a pipeline is fixed and ready to go. Next year also in the next 6 32:05 32 minutes, 5 seconds months we'll know what the next year is going to be there. So I think by 3031 or max to max 32 we should complete all 32:12 32 minutes, 12 seconds this entire construction project and the money should come into our balance sheet. Yes, this GDV also this GDV does 32:19 32 minutes, 19 seconds not include the JV partners. This is completely what belong includes this includes everything. is including JD partners is included this 32:27 32 minutes, 27 seconds JD JD uh sorry could you please repeat I was not able to uh understand so this does not include 32:34 32 minutes, 34 seconds GD also includes the JV partners and what would be the element of JV partners it gives us a ballpark number around this 32:41 32 minutes, 41 seconds so roughly you could say an benchmark of 20% or so okay got it thank you 32:52 32 minutes, 52 seconds thank you the next question is from the line of Aijit Marajan from AB Capital. Please go ahead. 33:00 33 minutes Please uh good afternoon and thank you for this opportunity and uh thank you to the indust 33:07 33 minutes, 7 seconds pulsing started after a long time and getting back into the profits. I've got a few things to ask um and it is 33:15 33 minutes, 15 seconds primarily regarding uh the broking business and the sting cash uh business which is run in the US or which is where 33:22 33 minutes, 22 seconds we are party to it. the broking business. I have a question. So this has been the origin for India bull's group. 33:28 33 minutes, 28 seconds Uh and it started 25 years back. Uh in this 25 years lot of newcomers have come in. Zeroda came and grow came in I think 33:37 33 minutes, 37 seconds just two I'm listing down but then then the others they came and took market share build revenue profits and look at the market cap today at least from for 33:45 33 minutes, 45 seconds grow they have it's a listed company. So what is there uh from an indu perspective is it um we don't want to 33:54 33 minutes, 54 seconds grow this business because the market power is big. So what has kept this business from growing and achieving its uh potential? That is my first question. 34:05 34 minutes, 5 seconds What are we if if there is focus then what are we going to do in the future or if it is going to be lagard like it is 34:12 34 minutes, 12 seconds right now and second is regarding spring cash what valuations are currently 34:20 34 minutes, 20 seconds being fetched for this business because recently I think there was a fund raise which was concluded um so I would like to understand the valuations on that side. Yeah. Thank you. 34:31 34 minutes, 31 seconds So the broking business uh you know we were uh as I said it took us about 3 years for restructuring and setting 34:38 34 minutes, 38 seconds everything in right and that's how the broking business suffered a bit. Uh so hence and as you rightly said broking business was the starter of this group. 34:47 34 minutes, 47 seconds So our focus is completely on the broking business and as I said we've got a new team for focusing on the online discont broking side. So we will drive 34:56 34 minutes, 56 seconds this businesses. uh there are there are number of players in the market but I'm definitely sure that the market is so 35:04 35 minutes, 4 seconds big that a player with a good product and a great tech stack will do wonders and I'm sure that India boos will do the 35:11 35 minutes, 11 seconds same there. So our focus is also on the broking business uh of the management over there. Springache as a business is 35:19 35 minutes, 19 seconds you know we've invested about 6 months back I think at a valuation of $30 million. they are raising cash or they must be raising they will do a multiple 35:27 35 minutes, 27 seconds series of fund raise over a period of time and I hope and I expect that they will keep doing it higher valuation which is actually good uh sign for us 35:36 35 minutes, 36 seconds also and for our investment uh so maybe we'll have more clarity on the numbers in the next couple of months over there but the last number what I 35:44 35 minutes, 44 seconds said is they dispersed aboutund million dollars plus of disperses that already done 35:52 35 minutes, 52 seconds okay thanks for that so are saying that we are going to grow the broking business because it has been 25 years 35:57 35 minutes, 57 seconds and and uh it's a very long time right yeah we are growing the broking business 36:04 36 minutes, 4 seconds but as I said our restructuring of these entities all took us actually three years and these three ways are very valuable that's when the entire rally 36:12 36 minutes, 12 seconds happened and we did not participate in that whole business rally so right now our focus is there and I'm sure that you 36:20 36 minutes, 20 seconds can if you become a client of a broking company and try the product you will appreciate the product and how things are there. So you know you will see in 36:29 36 minutes, 29 seconds the next one year good amount of growth coming in from this business and yes we will grow this business. 36:35 36 minutes, 35 seconds Thank you m I'm expecting I think we should be the number one here in the market and not give any space to any newcomers. I think that should be the 36:42 36 minutes, 42 seconds goal of this company because 25 years is very long time to dominate the market. 36:49 36 minutes, 49 seconds You're right and that will happen and when we have well wishes like you we will definitely achieve these things. 36:55 36 minutes, 55 seconds Great. Yeah. Thank you. I'm just looking forward to that and very patiently holding on to this uh to this talk of this and it has been something an 37:04 37 minutes, 4 seconds emotional connect but then I think somewhere I think reality has to dawn that what is going on. Yeah. Thank you. 37:11 37 minutes, 11 seconds Sure. Thanks. Thank you. 37:13 37 minutes, 13 seconds Take one last question and then close the call. 37:20 37 minutes, 20 seconds Thank you ladies and gentlemen. That would be the last question for the day. I would be handling over the call to Aayoshi for closing comments. 37:32 37 minutes, 32 seconds Thank you. I would like to thank the management for taking the time out for their conference call today and also thank all the participants. If you have 37:40 37 minutes, 40 seconds any queries, please feel free to contact us. We are MUSG in time private limited investor relation advisers for India BS Limited. Thank you so much. 37:51 37 minutes, 51 seconds Thank you on behalf of India Bulls Limited. That concludes this conference. 37:56 37 minutes, 56 seconds Thank you for joining us. You may now disconnect your lines.