Strong margins delivered, but growth guidance withdrawn—execution over assertion

Revenue ₹49.1 Cr, EBITDA ₹18.7 Cr = 38.1% (close alignment)

Delivered ₹15.1 Cr PAT, 30% margin, 382% YoY—exact match

Delivered revenue growth 71% YoY—8pt understatement in call

If true: ~₹41.7 Cr from Imperia 2, rest legacy/Imperia 1 at lower margins—reasonable

Q1 FY27: 37% EBITDA, 30% PAT vs prior Q4 FY26 (likely lower on vertical mix). Imperia 2 (60% gross) dominance the driver. FY26 guidance for 'margin improvement' validated.

Collections ₹131 Cr, +68% YoY. FY26 call promised 'collections focus'—delivered. Outpacing bookings by ₹25 Cr validates execution.

₹105.7 Cr Q1 bookings vs ₹745 Cr full FY26 (~₹186 Cr quarterly needed). Post-Q4 launch peak, Q1 booking momentum weaker. FY26 'record bookings' base was exceptional.

Trinity Faith launched but weak uptake (6k sqft Q1, late launch June). Imperia Avenue (44 units, ₹14.6 Cr) on track. Mixed execution vs timeline promises.

No explicit FY27 revenue/PAT target despite strong Q1. FY26 call had quantified 'record bookings, collections' goals (vague); FY27 call only vague 'reasonably strong growth' and FY28 'pivotal change'—no numbers.

City Courtyard is small component within Eldeco City integrated township for development norms. Small % of salable area. Good reception to such products like Imperia Avenue.

Q1 2026 was vertical development with lower margins. Q1 2027 dominated by high-margin Imperia (horizontal). Seeking horizontal opportunities; 50-acre new land also horizontal (higher margins). Management balancing vertical/horizontal.

Lucknow under development wave. Gomti Nagar, Shaheed Path steady rates, upward incline. Unorganized supply finding organized developments. Residential rates self-sustaining ecosystem. Cannot give exact rates without verified data.

Approximately ₹170-180 Cr inventory available. Predominantly yes for FY27, but cannot predict timing exactly.

40-60% liquidation target for current year on legacy projects. Concentrated push internally.

Plan to bring completed towers to revenue recognition in FY27 or April-May 2027. Internal estimates 15-20% of GDV March-May 2027 (could slip to FY28). Middle East delays granted 4-month RERA extension.

85% from Imperia Phase 2, delivered ~60% gross margin.

Almost 100% of forthcoming projects (serial 4-7) will launch within FY27, subject to approvals.

Three elements: tail unsold inventory (ongoing month-on-month sales, liquidate this year), group housing phase (hopefully this year), extension (attempt this year, no commitment).

Launched mid-June (fighting timelines). Sample ready 10-15 June. First intermediaries invited 3-4 week June. 2-3 initial bookings, pipeline 20-25 converting in July-Aug. Q2 will show real traction.

Comparing booking (presales) with allotment (customer in system). Allotment always follows booking. Sometimes booking allotted later in quarter. Area booked in Q1 vs area allotted different metrics.

Strategy: focus initial launch to book large % and deliver, then sell tail at market rates. Future launches to deploy free cash efficiently. Will not make forward prediction.

Focus on execution. Market will appreciate sooner than later. All options (buyback, etc.) under active consideration but no commitment. Will optimize capital structure where best deployed.

FY27 reasonably strong growth from FY26. FY28 onwards pivotal change, better things in store. Will not make forward-looking statements. FY28, FY29 potential significant.

Still debating vertical/horizontal split. By order of magnitude, very large, prime project. Hope distinct change to trajectory.

FY27 should show strong growth. FY28-29 much larger uptick. Will not quantify. Leave to audience imagination based on historical performance and slides.

Vague quantum. Q1 run-rate ~₹196 Cr annualized; if sustained, ~11% growth (not 'strong'). Depends on new project launches and Imperia 2 velocity.

Q1 EBITDA 37%, PAT 30%. Sustainable if Imperia 2 continues dominance and new horizontal launches (50-acre land) execute as planned.

Q1 vertical projects have lower margins; management targeting more horizontal (higher margin). Mix-dependent.

Imperia 2 ₹170-180 Cr inventory management hopes to 'predominantly' realize in FY27. Once exhausted, revenue highly dependent on new launches (Latitude 27 at 15-20% recognition best case March-May 2027, others unproven). Risk of 50%+ revenue drop if launches delayed.

Trinity Faith launched mid-June (delayed), showing weak early uptake (6k sqft). Latitude 27 pushed by Middle East commodity/labor (4-month RERA extension granted). Risk that other launches (Solano, forthcoming) similarly delayed, compressing FY27 revenue visibility.

100% of operations in Lucknow. No geographic diversification. Manan Patel flagged this as reason for market undervaluation. Risk: Lucknow property market slowdown, regulatory changes (land acquisition, commercial zoning), or supply glut would directly impact all projects.

Q1 bookings ₹105.7 Cr are 28% of ₹745 Cr FY26 annualized (~₹186 Cr quarterly need). Booking normalized after Q4 FY26 launch-led peak, suggesting Q4 was exceptional, not sustainable. Trinity Faith only 6k sqft in full quarter despite new launch. Risk: current run-rate inadequate for stated growth targets.

Despite strong Q1, management refused to provide FY27 revenue or PAT targets. Repeatedly stated 'won't make forward-looking statements', 'won't be soothsayer'. Post-call, analysts left without specific FY27 booking, revenue, or margin forecasts. Risk: hidden concerns about Q2-Q4 momentum, project delays, or demand softness.