40% growth masks 15% profit decline—margin pressure needs clarity

Delivered ₹197.5 cr revenue; ₹217 cr is gross including other income (~Futurex rental)

PAT ₹52.4 cr is down 14.8% YoY despite 40.3% revenue growth—margin compression

Confirmed in call; represents strong premium residential demand for well-located projects

Tower A has OC, Tower B completed to 45th floor; TAT ~3 months on collection

Stated as existing; merger will add 400+ acres and multiple ongoing projects

Confirmed post-₹900 cr QIP; net cash position after capital deployment

Versova (₹450 cr GDV) & Sewri (₹450 cr) acquired in Q1; first major society redevelopment milestone

PAT -14.8% YoY (₹61 cr → ₹52.4 cr implied prior) despite 40% revenue growth; prior call guided "continued momentum"

₹200 cr acquisition capital now live (post-₹900 cr QIP); targets 30-35% EBITDA margins on new deals

Ready-to-move inventory (Tower A, B, Futurex, NeoSquare OC) supports collections trajectory; 3-month TAT on premium units

Existing portfolio totals ₹8,000 cr. New acquisitions add ₹900 cr. Pipeline is very large but selective—we're evaluating opportunities on location, viability, approvals, capital efficiency.

Won't answer future-looking guidance. But demand in Monte South footfalls increased dramatically, commercial strong. Bhandup new phase launched, Panvel launched. Outlook seems positive, much better than last year.

Ready-to-move inventory (Futurex, Monte South Towers A-B, NeoSquare) has 3-month TAT on sale. Collections will be on heavier side this year. Tower C already at 28th floor (40% completion).

Futurex investment property: one floor's sale did not happen this quarter. Non-operating item.

All stakeholder meetings in Sep (first week). Second hearing post-approval. Completion timing depends on NCLT availability; benches heavily loaded. No certainty on Dec vs 2027.

Redevelopment opportunity is very huge in Mumbai. Selectivity critical—prime location most important. Many deals are expensive; we apply strict financial metrics and profit margin hurdles. Won't enter every deal.

Yes, many offers are high. But we've seen projects stuck when occupant asked too much. Better to have balanced approach. Developers offering very high percentages—we have strict financial metrics.

EBITDA margins of 30-35% target for new acquisitions. Surplus capital (~₹200 cr) will be fully deployed in FY27.

Bhandup-based. Permanent Transit Camps = developers sell FSI to neighboring developers. Kanjurmarg land acquired Q4 FY26. Huge demand from redevelopment projects nearby needing FSI. May see PTC presales next few quarters.

Ready-to-move inventory (Monte South A/B to 45th, Futurex, NeoSquare) TAT 3 months. Tower C 40% completion for % collections

New phases launched; booking recognition deferred to registration; expect Q2-Q3 visibility

Disciplined capital allocation hurdle; applies to Versova, Sewri, future redevelopment deals

Surplus funds from ₹900 cr QIP; selective acquisitions at margin hurdles

PAT -14.8% YoY (₹52.4 cr) despite 40% revenue growth (₹197.5 cr). NPM 24.2%, OPM 23.6%. Management did not explain the delta. Cost inflation or unfavorable project mix could persist.

NCLT second hearing date uncertain; benches heavily loaded. Slippage from Dec 2026 to 2027 could delay 400-acre land consolidation and ₹8,000+ cr portfolio integration.

Management acknowledged many redevelopment deals in market are "very pricey." Versova (₹450 cr) and Sewri (₹450 cr) just acquired; occupant cost escalation or delayed FSI approval could compress margins below 30-35% hurdle.

Collections dependent on occupancy certificates and % completion milestones. Any construction delays (Tower C, Monte South Tower C) cascade to collection push-outs; impacts FY27 cash generation.

PTC (Permanent Transit Camps) segment just entered post-Kanjurmarg acquisition (Q4 FY26). Depends on neighboring redevelopment demand scaling. No presales yet; addressable market size and durability unproven.