Q1 loss masks order momentum; execution on track but pricing pressure emerging

Confirmed; ₹1,329 Cr vs ₹1,249 Cr prior year

Confirmed; primarily from prior-year receivables, marginal from Q1 bookings

Loss of ₹29 Cr; revenue down 72% QoQ; NPM -5.9%; contradicts narrative

Pre-sales +6% but realization per sqft fell materially (area +48%, value +6%); demand present but pricing pressure real

Quantified target newly stated; FY26 baseline ~₹5,285 Cr implied (23% growth math)

₹6,500 Cr target (23% growth over FY26). Prior FY26 call explicitly deferred FY27 guidance due to macro; no prior numeric baseline to compare change against.

₹1,800 Cr refinanced in Q1 alone (₹55 Cr annual savings); cumulative ₹5,300 Cr since IPO. Cost of borrowing now 11% pa, down 200 bps vs. IPO. Prior guidance: ₹1,300 Cr refinance for full FY27; tracking ahead.

Ashok Nagar: 5-society redevelopment, 2.8 acres, ₹1,250 Cr GDV. First material land addition quantified this call; prior calls did not detail new BD pipeline.

0.79M sqft OC received in Q1; on track for 5.5M sqft full-year target (guided in prior year). Milestones being met; no guidance miss or upgrade.

Project mix (lower-value units in recent launches). Pricing not discounted; stable.

Marginal from Q1; vast majority from units sold in prior quarters.

Capex on ongoing projects + new BD acquisitions. YoY trend downside; quarterly fluctuations normal.

Yes, 25% new-launch contribution expected for full FY27 (Q1 was front-loaded).

Well-spread next 3 quarters: Blossom Q2, Estella 1 Tower & Hari Neketan this quarter, Ardene & Suman Nagar next quarter.

Positive walk-in/conversion trends. Pricing stable and strong. Will quantify increases by Q2.

Based on ₹5M sqft (₹7,800 Cr GDV) launch pipeline, strong pre-sales momentum, Thane acceleration. Q1 achieved ₹1,329 Cr (20% of annual target); on track if Q2-Q4 average ₹1,724 Cr.

Lumpy recognition via project completion method. ₹-29 Cr Q1 loss attributed to minimal completions; H2 should deliver 4.71M sqft + profit realization.

Capex on ongoing projects and ₹5M sqft new launches; funded via pre-sales and ongoing refinancing. Debt/equity improvement dependent on H2 profitability.

Company follows project completion method; revenue/profit recognition depends on project handovers. Q1 delivered only 0.79M sqft (14% of target). H2 must deliver 4.71M sqft to meet guidance. Delays would defer profits, worsen debt/equity.

Area sold +48% YoY but pre-sales only +6%; implies realization fell ~28% per sqft. Management attributed to project mix but did not quantify impact. Pricing guidance deferred to Q2; suggests uncertainty.

Gross debt ₹9,189 Cr; net debt ₹8,229 Cr; net debt/equity at 2.0x (company's stated target ceiling, not improving yet). Q1 loss and -₹29 Cr PAT show leverage challenge. WACC 11% pa; H2 profit recognition is critical.

Q1 saw global turbulence (Middle East geopolitics, inflation/rate questions, supply chain disruption). While Mumbai residential showed resilience, extended decision cycles noted in developed markets; India spillover risk.

Pre-sales ₹1,329 Cr but collections mostly from prior receivables; Q1 booking contribution 'marginal'. Suggests forward conversion risk; actual buyer commitment less visible.