On guidance, but Q1 miss and Morgan Heights risk cloud near-term

Q1 sales INR 1,061 Cr down 5% YoY; requires INR 7,939 Cr in remaining 3 quarters (avg INR 2,646/q); prior YoY run-rate INR 1,115 Cr/q now slowed

Supported by disciplined pricing in existing projects; positive product mix shift toward higher-value homes evident

EBITDA absolute: INR 150 Cr vs ~INR 103 Cr implied Q1 FY26 (45% increase confirmed); margin lift driven by higher-margin project recognition

Environmental clearance revoked by SEIAA; High Court directed counter-affidavit filing. 0.7 Mn sq ft, ~INR 650 Cr value. Removes ~1 Mn sq ft from original 11.5 Mn guidance

Absolute PAT growth supported; but ADR +7%, occupancy +2%, RevPAR +9% shows modest growth; 10% business lost to crisis (MICE/events); low prior-year base inflates %

Morgan Heights (1 Mn sq ft, ₹650 Cr value) removed due to SEIAA environmental clearance revocation; additional 1 Mn sq ft from 'sales phasing methodology refinement' per mgmt; presales guidance ₹9,000 Cr maintained despite 2.2 Mn sq ft shortfall

Now expecting 'into 20s' by year-end FY27 vs. prior 'late teens'; 5-6% contribution margin improvement from higher-pedigree inventory recognition expected retained through year

Large RFPs (1-2 Lakh sq ft) postponed; pivoting to smaller 20-40k sq ft leases; rental uplift 10-15% offsetting. WTC Bangalore 375k sq ft vacancy extended, closure timeline 3-4 quarters now vs. prior near-term

Four Points Kochi → Courtyard Marriott rebranding caused Q1 occupancy blip; recovery to 70s occupancy in Q2, expecting 15-20% ADR uplift from rebranding; West Asia MICE loss (-10%) expected to recover in Q3

12.36 Mn sq ft is rolling 4-quarter pipeline (with slip into FY28). For FY27 balance: 2.36 Mn in Q2, 7 Mn in H2, 3 Mn in Q1 FY28. Approvals always pose risk; Morgan Heights removed (litigation). No demand issue.

We've approached High Court; status quo ordered. Project land doesn't fall in marshland per our view. Committed to relaunch once issue addressed. Next quarter will remove if unresolved.

More sales velocity expected from Q2 launches onward. Run rate per quarter will definitely be increasing.

Expecting 1-2 large clients; but West Asia crisis delayed larger RFPs. Now doing 20-40k sq ft leases. Can achieve 10-15% rental uplift. Expect to close out leasing in 3-4 quarters with strong demand.

Expecting business bounce-back H2 fiscal year. ADR growth taking precedence. Four Points Kochi rebranding expecting 15-20% ADR uplift. Q1 was temporary challenge.

Bangalore 2.6 Mn (65%), Chennai 1.3 Mn (31%), Kochi 0.2 Mn (4%). All held on balance sheet; rental potentials to be shared closer to launch.

Sales phasing methodology refined for FY27. Last year we included full project approval; now only actual sales phasing. That's the 1 Mn adjustment. Presales ₹9,000 Cr maintained.

Prior year muted margins were 3-4 year old sold inventory (lower pedigree). That's cycled. Now seeing 5-6% contribution margin improvement; should be retained. Expect margins into 20s by year-end.

Q1 achieved ₹1,061 Cr; requires ₹7,939 Cr in remaining 3 quarters. Launches back-ended (2.36 Mn Q2, 7 Mn H2). Execution risk on Morgan Heights and approval slippages.

Q1 at 21%; expected 5-6% contribution margin improvement from higher-pedigree inventory recognition. Assumes consistent project mix through year.

Construction spend front-loaded; 2.5 Mn sq ft completions by FY28, 6 Mn by FY30. Financed through internal accruals + debt <1x leverage target.

SEIAA revoked environmental clearance citing Pallikaranai marshland concern. High Court directed counter-affidavit filing; status quo maintained. Litigation timeline and outcome uncertain.

Q1 delivered ₹1,061 Cr sales vs. implied ₹2,250 Cr quarterly run-rate for ₹9,000 Cr FY27 target. Remaining 3 quarters need ₹7,939 Cr (47% above Q1). Launches back-ended into H2 with approval risk.

WTC Bangalore 0.71 Mn sq ft Brigade share; 0.375 Mn sq ft vacant. Expected 1-2 large clients (1-2 Lakh sq ft each); RFPs disappeared/postponed due to West Asia crisis. Now pivoting to smaller 20-40k sq ft leases. Closure timeline 3-4 quarters.

West Asia conflict caused 10% business loss in Q1 hospitality (MICE cancellations/postponements). F&B impacted. Management views as temporary; expects recovery in Q3.

Q1 EBITDA margin expansion (21% from 12%) driven by recognition of 3-4 year old sold inventory (higher pedigree). CFO notes 5-6% contribution margin improvement expected through year; implies normalization risk if mix shifts.