Merger upside masks sharp Q1 decline; execution path tight

₹156 Cr Q1 revenue -17% YoY due to limited OCs. Pre-sales ₹535 Cr Q1 (flat YoY area). Contracted pipeline ₹11,583 Cr awaits OC/handover.

Collections ₹320 Cr is 3.2x pre-sales (₹535 Cr), confirming prior-year receivables drawdown. Not new demand signal.

Walk-ins confirmed strong for luxury; mid-segment muted. Price escalation cited but not yet achieved ('this year we see…scope'). Stock market headwinds acknowledged as dampener H1.

Portfolio expands 7.13 MSF → 34 MSF post-merger (approved in principle, NCLT approvals pending). GDV >₹1 lakh Cr is aspiration, not committed timeline.

MD stated 'refinancing options have gone up drastically', but no term sheets finalized ('till we have final term sheets, we cannot make any cash work'). Savings quantified as 'substantial' only.

First two merger schemes now have key approvals, awaiting NCLT sanction. Third scheme in progress. Portfolio will expand from 7.13 MSF to 34 MSF, supported by 347 acres.

₹11,583 Cr of ₹14,835 Cr total pre-sales already collected but not yet recognized as revenue (₹3,252 Cr recognized to date). Represents multi-quarter revenue visibility.

Identified OC expectations: 25 South (2 towers in FY27, 1 in Mar '27), Rising City Phase 1, Premiere, Royale (Ahmedabad), Northstar (Mehsana) all in FY27. De-risks revenue recognition vs vague prior guidance.

₹6,000 Cr pre-sales FY27 maintained; ₹3,000 Cr collections maintained. No cut or raise, but Q1 ₹535 Cr (flat YoY, only 9% of target) puts H2 execution pressure very high.

25 South: +₹25k/sqft in <1yr, expecting another ₹15-20k/sqft. 25 West: +₹30-40k/sqft in 1.5yr. But mid-segment walk-ins muted; mix shift to luxury only.

Strategically opened very shortly (Oct onwards) to maximize price on higher floors; enhanced revenue per flat targeted.

25 Estates Q4 FY27 (awaiting statutory approvals). 25 Chalets Q4 FY27 (advanced planning). 25 Downtown Tower 5 Oct-Nov 2026 (awaiting strategic launch). 25 West timing not stated.

Rising City Phase 1 (Ghatkopar), 25 South towers 2 & 3 (North & Central), Premiere Tower 1C (Bel Air, Andheri), Royale (Ahmedabad), Northstar (Mehsana) buildings.

Refinancing options gone up drastically; exploring options on ₹2,800 Cr (14-20% cost). Substantial savings expected but no term sheets finalized yet; cannot commit timing.

₹2,800 Cr portfolio at 14-20% cost targeted for refinancing. Cannot quantify savings yet without term sheets.

All surpluses ring-fenced by project; cash from each project goes to repay project debt only. No cross-project redeployment until debts cleared.

Yes, enabling resolutions in place (preferential/QIP/FCCB). Awaiting right time to launch; no timeline given.

30+ MSF existing portfolio sufficient for next 2-3 years. New projects will come but on partnership basis (capital light) vs owned development.

25 South: +₹25k/sqft achieved in <1yr; expect another ₹15-20k/sqft rise. 25 Downtown: scope for ₹15-20k/sqft within year on higher floors. 25 West: +₹30-40k/sqft over 1.5yr.

Luxury side no demand slowdown despite stock market/global headwinds H1. Bookings, collections, walk-ins solid and strong. Good pipeline. Mid-segment relatively muted.

Expect to exceed ₹1 lakh crores over period as projects complete.

Range of around 68% post-merger.

₹6,000 Cr pre-sales guidance. Major chunk from 25 Downtown Tower 5. ~₹500 Cr from 25 Chalets (Thane). ~₹500 Cr from 25 Estates. ~₹300-400 Cr from Chembur Phase 2.

Commercial assets launch shortly in 1-2 projects, completed over 2-3 years. Annuity portfolio / rental income flows into Hubtown financials ~2.5 years onward.

Getting good traction on price escalation; expect situation to continue for next 2 years. (Referenced prior answer on pricing.)

Preferably single tranche with commitments flowing in. Waiting for markets to improve before launch.

Pre-sales timing driven by launch cadence, typically H2 weighted. Will see uptick in later half of FY27.

Largely Q3 and Q4 FY27. Launch timing of Thane, new homes (25 Estates), Chembur planned for Q3-Q4.

Collections linked to construction progress & project completions (RERA mandate). This year expect collections from 25 South, 25 West, Ghatkopar completions (Q2-Q4). Collections start when plinth comes up (Q2-Q3). Target ₹3,000 Cr FY27.

Mainly luxury segment drove sales. Collections from completed projects (Ghatkopar & 25 South).

Yes, expect same trend to continue for FY27.

Working on refinancing at lower rate (work started, will reflect in ROE). Prices increasing, deliveries happening; ROEs bound to improve.

No rental revenue expected next 2 years. Planning commercial projects (rent vs sale). Completion over 2-2.5-3 years; rental income starts post that.

Two pledges continuing; planning to get released. Expect removal by FY27. All pledges in company history only for funds to Hubtown (collateral, not personal use).

Walk-ins very strong throughout Q1 (typically lull period). Strong luxury walk-ins. Mid-segment (Ghatkopar, Andheri) muted. Walk-in quality very good.

Policy: will concentrate on MMR for next few years.

Heavily dependent on Q3-Q4 project launches (25 Downtown Tower 5, 25 Estates, 25 Chalets, Chembur Phase 2, etc.). Only 9% achieved in Q1; 91% back-loaded to H2.

Linked to construction progress (RERA mandate). Expected from 25 South, 25 West, Ghatkopar, Chembur completions Q2-Q4.

Management cited refinancing ₹2,800 Cr (14-20% cost) as margin driver, but no term sheets finalized. Price escalation momentum acknowledged but quantification vague.

Histor ROE <10% acknowledged as concern. Improvement dependent on refinancing execution (uncertain) and margin expansion (not yet visible in Q1).

25 Estates & 25 Chalets awaiting statutory approvals (expected within FY27). Chembur Phase 2 already cleared. New projects on partnership basis (capital light) vs owned development.

Enabling resolution in place; awaiting 'right time' to launch. No quantified capex plan tied to this.

Revenue recognition tied to OC receipt + customer handover. Q1 ₹156 Cr reflects only 3 projects with OCs. Next major OCs (25 South towers, Rising City) expected Q2-Q4 FY27, but any slip delays recognition to next quarter.

₹2,800 Cr portfolio at 14-20% cost awaits refinancing. Management claims 'refinancing options have gone up drastically' and expects 'substantial savings', but no term sheets finalized. If refinancing fails or delays, high debt cost persists; ROE stays <10%.

Three merger schemes underway. First two have key approvals, awaiting NCLT final sanction. Third still in regulatory approval process. If any scheme stalls or is rejected, planned portfolio expansion (7.13 MSF → 34 MSF) is delayed; >₹1 lakh Cr GDV target pushed back.

FY27 ₹6,000 Cr pre-sales guidance requires 91% realization in H2 (Q3-Q4). Q1 only ₹535 Cr (flat YoY). Dependent on 5+ new project launches (25 Downtown Tower 5, 25 Estates, 25 Chalets, Chembur Phase 2, etc.). If launches slip, approvals delay, or market sentiment softens, ₹6,000 Cr target at risk.

Q1 sales driven mainly by luxury segment; mid-segment walk-ins muted. Luxury is exposed to HNI sentiment, stock market volatility, global macro. Khilen acknowledged 'stock market headwinds' as H1 price-rise dampener. If broader macro downturn occurs, luxury demand & pricing power could evaporate.

Two pledges on promoter shares continuing as of Q1 FY27. Management states pledges taken only for collateral to company (not personal use) and plans to release by FY27. However, any liquidation risk or covenant breach could trigger forced selling.