Strong Q1 affirms luxury moat; FY27 guidance on track but not raised

Delivered revenue INR 132.3 Cr, YoY 115.8%

Delivered PAT INR 45.7 Cr, YoY 77.3%, margin 34.5%

Delivered OPM 36.4%

Q1 delivered 34.5%, well above range; suggests compression coming

From transcript; no alternative data to contradict

Q&A clarification: CFO stated 33–36%, a softening from presentation range

INR 1,800–2,000 Cr restated unchanged from FY26 call. Q1 delivery INR 409 Cr (22.7% of range) on track vs sequential ramp-up.

55–60% both reaffirmed. Q1 delivered 116% revenue, 77% PAT (ahead of range) but from low prior base.

Presentation: 35–40%. Q&A CFO clarification: 33–36%. Effective downward revision of margin band, no formal walk.

Juhu commercial redevelopment (INR 1,600 Cr GDV) newly won. Combined with four planned launches, FY27 new GDV ~INR 6,450 Cr.

INR 1,600 Cr GDV shopping centre redevelopment in central Juhu. Start FY28 after plan approvals. 3–4 year build.

Four new launches in FY27, strong response on Trident/Aquaria/Celestia (>INR 400 Cr from last two quarters already). Confident of INR 1,800 Cr.

Sky Plaza H1-end/Q3 (INR 1,500 Cr), Odyssey Q4 (INR 1,000 Cr), Portofino 3–4mo (INR 500 Cr), Aurelia TBD (INR 600–700 Cr).

Mostly for sale (high-value ticket). May pursue rental in other areas, not this project. Expect 40% EBITDA, 25–30% net profit.

300-acre land included in Gift zone. Government processing mixed-use zoning change. Expect all approvals by FY27-end; immediate start after.

Target INR 1,000 Cr (vs INR 150 Cr Q1). Arcadian 90%, Varun 90%, Amalfi 60–70% completion by year-end. EBITDA margin 33–36% (not 35–40%).

5–10% YoY price rise. Launch: 20–30% sold, then gradual ramp. Within 3 years typically 30% offloaded per annum. 10–15% premium to Lodha/Oberoi.

Plinth just completed. 20 slabs ongoing. RCC work complete before January; 90% total by March.

March ~INR 16,500–16,700 Cr. Juhu adds INR 1,600 Cr → total ~INR 18,000 Cr.

~INR 350 Cr from existing FY26 launches (sustenance); ~INR 25 Cr from new Q1 launches (Trident/Aquaria). Trident alone INR 150 Cr achieved post-quarter (Jul–Sep).

Six projects total in FY27 (2 commercial, 4 residential). Four launches in next 9 months; others start construction, launch next quarter or beyond.

Already have three sea-front projects in Versova. Excellent response. In talks with more societies. Versova has good momentum.

Three-year SEBI mandate. One year passed; two years remaining. Plan to dilute within that window. Very premature to discuss investor talks now.

INR 800 Cr is company part only. GDV excludes tenant area (free to existing tenants). Pricing ~INR 85,000/sq ft.

Appreciation not our business, but demand strong for ultra-luxury (move-up buyers). 'B and G' (sea/garden view) products always scarce. Considerable appreciation by project completion.

Paperwork in progress. Many stakeholders involved. Process ongoing; no ETA given.

Walk-to-work trend: residential buyers want offices/back offices nearby. Juhu client profile similar to residential (wealth creators wanting integrated workspace). Differentiation: quality, micro-market edge.

Spend ~1% of pre-sales. Three reasons: post-IPO investor visibility, entering new micro-markets, direct client acquisition (reduces brokerage). Net-net no impact on profitability.

Q1 already achieved 116% growth; four launches (Sky Plaza, Odyssey, Portofino, Aurelia GDV INR 3,500–4,000 Cr) will sustain momentum. Conservative relative to Q1 execution.

Q1 delivered EBITDA 36.4%, PAT 34.5% (both above or above range). CFO clarified EBITDA guidance to 33–36% in Q&A—effective downward revision. PAT margin 25–30% below Q1, signaling compression expected as higher-margin sustenance sales mature.

Q1 benefited from pent-up post-IPO demand and luxury segment resilience. Global rates, wealth destruction, or broader real-estate slowdown could depress high-ticket sales.

FY27 guidance hinges on four new launches (Sky Plaza, Odyssey, Portofino, Aurelia totaling INR 3,500–4,000 Cr GDV). Launch quarters not fully firm (Sky Plaza 'H1-end or Q3'; Portofino 'within 3–4 months'). Delays would push pre-sales target shortfall risk.

Lotus Monarch (Juhu commercial project) in 'paperwork phase' with multiple stakeholders; no ETA. Gift City project awaiting government zoning approval for mixed-use (commercial, residential, retail). Delays could compress FY27 pipeline addition and FY28+ revenue visibility.

Q1 PAT margin 34.5% exceeds FY27 guidance 25–30%; EBITDA guidance softened mid-call (35–40% → 33–36% clarified by CFO). Compression likely as sustenance sales (lower-margin mix) ramp and new launches mature. Pricing holds 10–15% premium to peers but vulnerable if luxury demand cools.

SEBI mandate to reduce 82% promoter stake to 75% within three years (one year elapsed). Management 'very premature' to discuss investor talks. Delayed or contested dilution could frustrate minority shareholders or limit future fundraising flexibility.