Guidance at Risk; Q1 Numbers Contradicted on Call

Revenue ₹218.3 Cr, 19.4% YoY growth delivered

PAT ₹62.7 Cr, 7.6% YoY growth delivered

PAT growth 7.6% YoY is weak; below 25% guidance target

Q1 at 7.6% growth, implies full-year risk of missing 25%

Q1 at 19.4% YoY; full-year trend well below prior guidance band

Portfolio doubled YoY; ₹6.6K Cr of launches FY27 (vs ₹5.6K Cr prior guidance). On pace for ₹35K Cr by 2031 'much prior to schedule'.

Delivered 7.6% YoY growth vs 25%+ FY27 guidance. Management claimed 29% on call (false). Full-year FY27 guidance now at material risk.

Now planned FY27 (Mar 2027) vs FY28 Q1 initially. FSI & plot acquisitions completed, adding revenue forward.

No further USD repatriation to Miami intended; $35M invested, exit targeted by 2031. Currency hedge (INR 75 → 95 to USD) delivering accidental forex gain.

De-risking philosophy: JVs allow portfolio expansion, lower leverage. ₹78 Cr debt mostly partner contributions. Flexibility maintained; future projects may or may not have partners.

No near-term plans. Mumbai per-sq-ft margins (20–25K on ultra-luxury) exceed sale prices in other cities. Focus on quality (20%+ bottom line) over volume.

Real estate is lumpy, not Netflix subscription. Pali Hill 30% sold in 2 months; Marine Lines (₹3K Cr) and Berkeley House (₹1K Cr+) upcoming. Even 50% of Tardeo 2.0 (₹2K Cr) hits the target.

₹35M invested, exiting by 2031. Forex hedge accidental: INR 75 → 95 to USD = 26% hedge gain. Margins equivalent to Mumbai. Local JV partner mitigates risk. No further repatriation planned unless opportunity.

₹9–10K Cr internal portfolio execution (in-house builds). Port project in multi-phase; no firm order yet, ~2Q timeline. Vague on external order book.

Deferred to post-call.

60 years contracting heritage. Burj Khalifa wind engineer hired for Aavan. Hafiz contractor (top architect) + J+W consultant (structure). Maivan technology. All plant/labor in-house. 40 stories done; 100% RCC by Aug 2027.

Per-sq-ft margin higher (₹1L+ ticket size vs ₹20–25K Dahisar). Bottom-line percentage similar due to in-house EPC and no debt. DM projects yield 2.5–3x returns on capital.

0% price appreciation assumed in underwriting. Already targeting 10–15% discount to market, expecting 20%+ margins. Even if market slows, costs (steel, marble, tiles) up 13–15% YoY, so price pass-through inevitable. No impact seen.

Yes, ambition to reach ₹500 Cr, but will take 2+ years. Significant jump expected this year already due to project quantum. In talks for next 'future icons'.

Q1 shows 19.4% YoY growth; well below 35–40% band. Unless Q2–Q4 average >40%, guidance will be missed.

Q1 ₹290 Cr. At ₹1.25K Cr/quarter average, reachable. ₹6.6K Cr launch pipeline provides cushion if sales velocity 50%+.

Q1 at 7.6% YoY. For full-year to hit 25%+, Q2–Q4 must average >33% growth. High bar given Q1 base.

Q1 NPM 26.7%, OPM 32.8% support this. Execution track record (Aavan 2 yrs early) validates.

De-risking through JVs + in-house EPC reduces capex. ₹78 Cr debt (mostly partner) sustainable.

Claimed ₹72 Cr PAT, 29% growth; delivered ₹62.7 Cr, 7.6%. ₹9.3 Cr delta (14.8%) and 21.4 ppt growth discrepancy signals data error or deliberate misstatement.

Q1 PAT growth 7.6% YoY; guidance 25%+. For full-year to hit 25%, Q2–Q4 must average >33%. Current trajectory suggests miss.

Goregaon: 40+ private societies + MHADA plot; ₹10,000+ Cr GDV; 2-yr legal/regulatory stabilization horizon. Delays in land assembly, society approvals, or demolition could slip timeline.

₹6.6K Cr GDV launches compressed into FY27; Q1 pre-sales ₹290 Cr. Pali Hill at 30% in 2 months suggests 2–3x monthly volatility. If absorption slows (rates, market cycle), sales target ₹5K Cr over 2 years at risk.

Portfolio increasingly tilted toward ultra-luxury (Pali Hill ₹20–25K/sqft, Mount Mary ₹1L+/sqft, Tardeo >₹75K/sqft). Vulnerable to NRI flows, rate hikes, or macro slowdown in high-net-worth demand.

₹35M USD invested in Miami; projected $35M exit by 2031 with 'significant profit'. Forex hedge is accidental (INR 75→95/USD). INR appreciation reverses gain. Real estate cycle in Miami (2028+) uncertain.