Strong start masks cycle maturation; margins won't repeat

Delivered ₹317.6 Cr revenue, ₹97.4 Cr PAT (matches within rounding)

Booking growth of 147% YoY confirmed; presales of ₹432 Cr stated

OPM 49.2% delivered, but mgmt explicitly cautioned this is abnormal; guidance 22-25%

OCF ₹81 Cr, collections ₹336 Cr = 24% conversion. Prior year OCF ~₹47 Cr on ~₹190 Cr — flatter growth trajectory

Mgmt cited 2-3 years for plotted, 4 years for high-rise; mix expected over 4 years. Plausible.

Reiterated ₹2,100-2,200 Cr target (vs FY26 base ~₹1,550 Cr). Q1's 147% presales suggests upper range achievable but not raised.

Already ₹2.6k Cr added in Q1 (Goregaon ~₹1.2k Cr + South Ahmedabad ~₹1.4k Cr). On track, targeting higher band but no upside.

Q1 48-49% is outlier (Orchards). Mgmt advised investors to model 25% average going forward. No change to guidance.

Prior FY26 calls expected 'strong growth.' Now: 'Very difficult to give exact range… OC lining up in Q4.' Explicitly refused to quantify.

Mgmt: cycle demand 'stabilizing' (was 'rapid uptick' 2 years ago). Pricing increases 'moderated' ahead (was strong). Not a formal guidance cut but tonal shift.

Combination of both. Market strong, inventory absorbable. Aqua City also strong due to scale and concept appeal.

This quarter exceptional due to Orchards. Normal guidance 25% EBITDA. Revenue recognition sporadic, approval-dependent, no year-wise guide.

FY27 target ₹400-500 Cr. Construction costs ramping intentionally. Q1 margin conversion in line with guidance.

Goregaon is one of 2 Mumbai launches expected FY27. South Ahmedabad also in pipeline. 6 launches total, ₹3-3.5k Cr GDV.

Very difficult to guide. Some OCs Q3, some Q4. Reasonable growth over FY26, but no exact range due to approval dependencies.

Possibility Mumbai grows faster. ₹4k Cr+ already locked. But won't defocus on Bangalore/Ahmedabad. Incremental growth in all three.

Few years away. Step one is developing assets on for-sale basis to learn. Then later may hold in portfolio.

Cycle demand stabilizing (was rapid uptick 2 years ago). Structural demand very strong. ₹3-4 lakh Cr annual absorption in 3 key cities.

Price increase cycle stabilizing. Appreciation moderate ahead, not large. Mgmt not underwriting on big price hikes.

No. Focus remains Tier 1 (Bangalore, Mumbai, Ahmedabad). All three deliver 22-25% EBITDA margins.

OC timing dependent, approval-linked. Mgmt refused to quantify, citing Q4 OC uncertainty.

Maintained from prior. JD projects lower end, outright projects higher end. Q1 48-49% explicitly labeled unsustainable.

Mix of JD and outright. Funded by ₹400-500 Cr OCF + debt headroom to 1:1 leverage.

Already ₹2.6k Cr in Q1. Mgmt confident on track, targeting higher band.

Revenue recognition is 'very sporadic' and OC-linked. Mgmt refused FY27 revenue guidance; Q4 OC timing could meaningfully swing reported revenue.

Mgmt candidly acknowledged cycle demand 'stabilizing' after rapid uptick 2 years ago. Price appreciation moderating. Structural demand remains strong but cycle tailwind weakening.

Q1 48-49% EBITDA margin driven by Orchards outlier (above-guidance). Guidance 25% EBITDA is company average. JD projects (growing mix) lower margin than outright; margin dilution risk if BD mix shifts.

OCF ₹81 Cr grew 72% YoY while collections grew 76%. OCF-to-collections conversion declining (24% vs prior ~25%). Deliberate construction ramp cited, but margin pressure if cost inflation persists.

Portfolio concentrated in 3 Tier-1 cities (Ahmedabad, Bangalore, Mumbai). Downturn in any city (e.g., tech sector weakness in Bangalore) could impact presales.