Ladies and gentlemen, good day and welcome to the earnings conference call of Aditya Birla Real Estate, hosted by MK Global Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Harsh Pathak from Emkay Global Financial Services Limited. Thank you, and over to you, sir. Thank you, Alarik. Good morning, everyone. On behalf of Emkay Global Financial Services, I welcome you all to the Q4 and full year FY 2025 earnings conference call of Aditya Birla Real Estate. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. R.K. Dalmia, Managing Director; Mr. K. T. Jithendran, Managing Director and Chief Executive Officer, Birla Estates; and Mr. Snehal Shah, Chief Financial Officer. I shall now hand over the call to the management for the opening remarks. Over to you, gentlemen. I'm R.K. Dalmia. Good morning, everyone, and welcome to the earnings conference call for the fourth quarter and financial year ending 2025. As you all know, at Aditya Birla Real Estate, we have been on a journey of streamlining our company to build one of India's largest real estate players. In that context, financial 2025 has been a landmark year. This year, the company has taken further steps to reorganize its businesses, delivering superlative growth in its core real estate segment. The board has also approved the divestment of its pulp and paper business, which further sharpens the balance sheet and management focus towards real estate, and will lead to long-term value creation. I'm sure you must have gone through the financial performance, so I can directly move to highlight our real estate business. The Indian real estate market continues to demonstrate resilience and steady growth, supported by stable macroeconomic environment, rising urbanization, and evolving lifestyle aspirations. Projects with right products, right location, and trusted brand names are continuing to witness healthy traction. In parallel, there is a growing emphasis on sustainability and innovation. Green building practices, energy-efficient designs, and smart infrastructure are increasingly influencing both buyer preference and regulatory framework. These are all parameters that we have built in our business model and portfolio, apart from being guided by strong return guardrails. In Q4 2025, financial 2025, the real estate business performed exceptionally well, with stellar sales at our three new projects and two new phases launched across NCR, Bengaluru, and Pune regions. Booking value doubled on the year to INR 5,738 crores. Collection too grew by more than 100% to INR 1,073 crores. For full year financial year 2025, the booking value more than doubled to INR 8,087 crore on the back of our seven project phase launches. Our collection increased by 100% year on year to INR 2,706 crore. The number of units sold and area sold per square foot grew by three times versus financial year 2024. The revenue for the year grew by 11% year on year to INR 1,157 crore. Added projects have a GDV of more than INR 25,000 crore, taking the total GDV of the company close to INR 70,000 crore. These numbers speak to our strong business momentum and trust our customers, partners, and stakeholders have placed in us. Importantly, the Birla brand has been a key success factor in our accelerated journey. This year, we have also elevated our brand visibility like never before. As the principal sponsor of Royal Challengers Bengaluru in IPL 2025, we took the Birla Estates brand into millions of homes. The impact was both emotional and strategic, amplifying our reach and deepening our brand connect. In other updates, we have raised $33 million with Mitsubishi Estate Company for the development of Birla Aurora, Bengaluru. This joint venture is a strong vote of confidence from one of the largest, most respected global real estate business investors. We will explore such opportunities going forward. Building on all these levers, we also strive to achieve over INR 15,000 crore in the next few years in annual pre-sales. In the backdrop of such strong business execution, we are equally proud to have also been conferred the prestigious Golden Peacock National Quality Award for the year 2025, becoming the first real estate company to be honored in the last six years. As we look ahead, we are gearing up for the next stage of growth. We are exploring the redevelopment space in a meaningful way, which we believe can unlock asset-like deals for us. We are also exploring the expansion of our commercial real estate portfolio, which opens new annuity income streams and brings us closer to our vision of being a holistic real estate platform. Given all the factors I've just listed, I believe our real estate business is very well positioned for sustained and high-quality growth ahead. Now, moving on to the paper segment. As mentioned earlier, the board of directors of Aditya Birla Real Estate approved the divestment of the paper business through a business transfer agreement, envisaging a slump sale to ITC, subject to consideration of INR 3,498 crore, subject to the achievement of certain conditions and precedents. We expect the divestment process to conclude by Q2 financial year 2026. With that, I will now conclude our opening remarks, and we can start the question-and-answer session. Thank you, gentlemen. Thank you, sir. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Karan Khanna from Ambit Capital. Please go ahead. Yeah, hi. Thanks for the opportunity, and congrats team on the strong growth in sales, launches, collection. Please go ahead with your question and unmute yourself in case you have put yourself on mute. Hello. Am I audible? Hello? Karan, are you there? Hello. Yes, I'm audible. Hello. Since there's no response from the participant, we will move to the next participant. The next question comes from the line of Akash Gupta from Nomura. Please go ahead. Hello. Hi, am I audible? Akash, please go ahead with your question. Yeah. Hi. So, congratulations on the great quarter. Sir, actually, I had a couple of questions. We will move to the next participant. That is, the next question comes from the line of Amit Srivastava from BNK Securities. Please go ahead. Hi. Am I audible? There is a problem in your line, boss, it looks like. Yes. Okay. Ladies and gentlemen, please stay online. We will see if there is an issue, and we'll get back to you. Thank you. Give me a notebook. Yeah, I put the music line on because to check the process with the participants are not all switched. I announce for the music line on. The next question comes from the line of Amit Srivastava. Please go ahead. Yeah, hi. Congratulations on a good set of numbers. Am I audible? Yes, please go ahead. Yeah, hi. Sir, congratulations on a very good set of numbers in terms of the pieces the way we have achieved during the year 2025. Now I just want to take it forward for the next year. How are we looking at the pieces number? Given the context, we are planning to launch around INR 14,000 crore of GDV across eight-time projects during FY 2026. If you can give the sequencing also, how these projects are going to be launched over the next fiscal year and what would be the guidance for pieces as well as the project additions for FY 2026. Yeah. Thank you, Amit, for your question. As we mentioned, we are planning to launch around INR 14,000 crore of new launch phases or new projects. Largely, this is decked up in Q3 and Q4. There may be a couple of launches we are trying to get into Q2. Since it is all largely skewed towards the latter half of the year, I hesitate to hazard a guess on the guidance number for this year. What we are largely looking at is on a more three-year plan in which our aim is to reach around INR 15,000 crore in about three years' time. I think I'll be more confident talking about a larger horizon of time rather than giving you a very short-term annual guidance because of the reason that so many factors are there and launches are all stacked towards the later part of the year. I would say that we will continue to grow in a phased manner, but it could go up and down. I'm largely focusing on a three-year plan in which I think by the end of the third year, we should be having an annual sales of more than INR 15,000 crore per annum. I mean, almost like doubling from what we did last year. Sure, sir. In terms of the projects which we launched, two large projects which we launched during the Q4, one is in Birla Aurora, and the second is in Bangalore. Gurgaon has got a very strong response here, managed to sell everything. Whether the Bangalore project response was slightly lower, can you give us to understand what was the key reason on our different market responses? Is the market lower? One market's location is better? If you can elaborate on that there. What happened in NCR was truly exceptional. Nobody thought in a short period of time of 15 days, we could have kind of cracked 3,000+ bookings in such a short period of time. That was really exceptional. What happened in Bengaluru in Sarjapur is also, in my view, a very remarkable performance in my view because this has been the highest launch for us in Bengaluru. Nowhere in such a short period, we have clocked INR 850+ crore. All our previous launches, the cases were small, so we did INR 500 crore or we did INR 550 crore, etc. This has been a humongous launch. We clocked INR 850+ crore. From our point of view, I think this has been a very, very successful launch. The time allowed us was just about a week there. That was the reason. I mean, that is if you may say that it could not reach what was like INR 3,000 crore or something like that. I think it was also a very, very strong response. We almost launched at the back end of the quarter. Sorry, yeah, Amit, did I stop you? No, no. I was just asking that there is no problem with the demand as such, or the demand is slowing down, or the market is? Amit, demand continues to be very strong. I've always maintained that the right pricing, right location, and combination of right brand, right design, right sizing, I think the market continues to have massive hunger or demand for such kind of products. Okay. Sir, one more question related to our cash flows. How would be the cash flow positioning for the upcoming year, considering that we have done a deal of exiting the paper business? That cash flow taking into cognizance as well as the project collection and also the planned CapEx on a construction scheme, if you can highlight on the cash flow position? Hi, Amit, still here. Yeah, sir. Amit, see, our current consolidated debt stands at INR 3,575 crore, and roughly our net worth is around INR 3,900 crore. The debt-net equity is around 0.92. Now, post the paper business divestment cash flow coming in, we will have to actually repay close to around INR 2,000 crore of debt, which is kind of tied in some way or the other to the assets of the paper business. The balance that comes will be held in treasury to earmark for the future growth capital of our business. Thereafter, we will, of course, be having cash flows from the collections, but I assume that also would be eaten up against the construction costs. Major requirement is only for growth capital, and therefore this balance amount remaining from the paper business will be used. If exhausted, we will probably go for fresh borrowing because our leverage would have improved a lot. Yeah, so just a clarification, sir. So INR 3,500 crore. Amit, if you have any further questions, could you please rejoin the queue? No, I just wanted a clarification on this cash flow only, this performance. No, it's fine because I think most of the others will be also having this question. So Amit, please go ahead. Yeah. So basically, sir, this INR 2,000 crore paper debt, is it included in our net debt of INR 3,500 crore or no? Yeah, yeah, it is included. That's what I'm saying. So out of INR 3,500, INR 2,000 will go. Okay. So [Foreign language] after capital gains and everything, INR 3,500 crore roughly if you are calculating coming from the paper sale. INR 2,000 goes, INR 300 goes, so around INR 1,200 crore will be available to us in our treasury to pay for any growth that happens in the real estate business. If it falls short, we'll go for fresh borrowings. Okay. In terms of the collection versus construction spend, sir, for this year, FY 2026, if you have? Sorry, Amit, what's the question? How much is the projected collection in FY 2026 versus construction spend? Construction spend, yeah. We had a very healthy collection of almost INR 2,706 crore. Construction spend was what? You had INR 500 crore or plus? About INR 1,600 crore construction. If you can give it for the FY 2026 also, sir, what is the projection if you have? As I mentioned, you all know that this is largely dependent on sales. Since I'm not giving a number for sales, I don't want to hazard a guess, but I can assure you that it will be a very, very healthy and strong growth in collections also, largely based on our bookings so far and the progress we are making on construction. Okay. Sure, sir. Thank you very much. I'll have one more question, and we'll come back in a queue. Thank you. The next question comes from the line of Karan Khanna from Ambit Capital. Please go ahead. Yeah, hi. Thanks for the opportunity. Am I audible? Yes, Karan, you are audible. Thanks for your question. Yeah, thanks for calling out. Sure, Katie. Firstly, Katie, if you can give some qualitative thoughts on the footfalls, conversions, and the booking that you're seeing in this quarter. Specifically on Nyara, can you please share the number of units that were sold last quarter? As a follow-up, what is the outlook going into FY 2026? Are you still looking at year-end launch for phase III, or will you look to move it to third quarter? Yeah. First of all, as Nyara is concerned, we all know that we have launched two towers. The first tower, we have sold 401 apartments out of the 414. It is almost a case of there is hardly any inventory left. In Tower B, we sold 96 out of 148. We had a very strong last quarter. We did about 9 or 10 apartments the last quarter. We are at 96. I think the demand remains steady. Despite that, most of our very prime inventory is sold. The demand remains steady. We are very excited and looking forward to our launch of the third tower. Most likely, this will happen in Q3 end or early Q4. Sure. In one of the slides, K. T., you mentioned that Birla Aurora is the only project that is expected to be delivered this financial year. Given the kind of growth and the business development that you've done in the last few years, will FY 2026 focus be towards more of BD and launches, or will you shift gears and focus towards execution of the existing projects? Thank you, Karan, for this question. Let me tell you that our focus always has been and will continue to be on execution. I think good BD and sales happen on the back of very strong execution. We have delivered three projects so far. One is at Birla Aurora in Kalyan, Birla Alokya in Bengaluru, and the first phase of Birla Navya in NCR. All these phases have been delivered well within the RERA timeline and have been very well appreciated with very strong NPS scores. It only so happens that the timing of it is not happening now. I mean, Alokya and Navya, both NCR and distinct projects, have been completed and largely delivered and profits booked. One year, we have some flats yet to be sold, and for that, our income recognition will come in for that residual part for this year. Some part of our customers are not paid fully. There is some more than 80%, more than 20% to be paid. That kind of will come this year. We have not scheduled for any kind of handovers this year. There will be a modicum of handovers from Birla to SIA and a new phase of Navya coming up in the next financial year. I think largely the big delivery will be of Nyara Tower One in FY 2028. Just because there is no delivery in a particular year does not mean that focus is not there. If you mentioned in Mr. Dalmia's speech, we have got the Golden Peacock Award for Quality Systems, the only real estate company in the last several years. We have been conferred upon that as a company. That speaks well about our execution, quality, timelines, everything we're extremely focused on. We are also very proud to say that we have met all of our budget costs during this period of time. I don't think there has been any lack of focus. In fact, there has been extreme focus for us has been execution. Execution and design have been our focus. Yeah. It's been absolutely. Sorry, I interrupted you. Yeah. Yeah. No, I think this is helpful. I think thanks for the clarification. My second question on Bengaluru, given you have exhausted most of the launches here, barring Trimaya phase IV, which is expected this fiscal year, what are the expectations on business development in this market for FY 2026 and any guidance on FY 2026 business development that you'd like to share overall? Yeah. So I think we are totally focused on continuing to build our GDV bank because our sales, as you mentioned, have been very strong, and we have a very strong pipeline of launches lined up for this year. I think our focus will continue to be in BD. Last year, we did GDV, added GDV worth about INR 25,000 crore. This year, we are looking at at least about INR 15,000-20,000 crore new GDVs, new BD to be added. It will be focused in all markets wherever we get the right deals, be it Bengaluru, be it NCR, be it Mumbai, or Pune. Our focus is in all these four markets, yeah, equally. Sir, and then last question on Noida Sector 150, any development post the intervention by regulatory authorities? Do you see this project getting added to your portfolio in the next four or five years, given the complications that are associated with it? It looks a little dicey because it has not made much progress from where we were at during the time we signed. It's still hanging in balance. So it's 50/50. I'm not too confident about concluding this deal. The agreement expires in some time later this month. So we'll have to evaluate it in a fresh manner. Sure. This is helpful, K. T. Jithendran. I'll come back in the queue for any follow-ups. Thank you and all the best. Thank you. The next question comes from the line of Akash Gupta from Nomura. Please go ahead. Hi. Am I audible? Yes, Akash. Yes, you are. Perfect. Sir, my question was, first question was on the Niyara Tower launch. So there is Godrej coming up, and then there is also Prestige. I just wanted to understand your plans for the Niyara third phase. How will this tower be different from the first two phases? Are you planning to change dimensions or anything? That's my first question, sir. Okay. Akash, yeah, the competition has heated up in this region. There are a lot of very high-end apartments coming around in this micro market. However, our attraction, as I mentioned a little earlier, has been very strong for Tower B. It is always good to bring in something new. We are still not in a position to disclose that, but we are bringing in a changed format for Tower C. Okay. Okay. My second question is with respect to the Mathura Road project also. What is the status of that project? My third question is with respect to Sarjapur. We launched that in the second quarter. Can we expect the balance Sarjapur sales in this quarter of the financial year? Okay. About the India Hume Pipes project, Mathura Road project in Delhi, unfortunately, it is still stuck in the approval stage. We have not been able to make much progress there. We need a standing committee to be appointed and the project to be cleared by that. We were hopeful with the formation of the new government, this will speed up. Unfortunately, it has not happened. We have not taken it in this year's launch calendar also. We are trying our level best to sort of get it going. The good part is that because being a JV, there is not much capital locked in it, hardly anything. However, our efforts are full on because we think it's a very attractive and very strong market. All efforts are going on to circumvent the challenge that we are facing. That is about India Hume Pipes project. Sarjapur, yes, we are, it was launched the flag end, and we are expecting sales continues to happen. Only thing is that the new phase, the team, the challenge, the channel partners, the recoup is happening at the beginning of the new quarter. I think that sales continues to happen, and we expect a reasonable amount of traction continuing in this project. Understood, sir. Best of luck for the new financial year, sir. Thank you so much. Thank you, Akash. Thank you. The next question comes from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah. Thanks for the opportunity. First question, continuing on this Sarjapur, it mentions that we have launched it fully, but it seems like we did not open much of inventory. Just wanted to understand how much we opened to have this INR 860-odd crore kind of a sales there. Yeah, I mean, you can answer that, and probably then I will take my second question. Yeah. I think barring three towers, we opened four towers. In the beginning, we just focused on that because time period was very short. Right now, we are focusing on those. Once we get reasonable volumes there, we will expand into the others, open up the other towers also. Four towers would have value in terms of GDV of INR 4,000 crore or more than that? Yeah. I think I do not have the number here. We can take it. I think about 1,500 is the common thread. Yeah. I think closer to 15, but I will have to come back to you. Maybe we can give you those numbers offline. The first four towers in Sarjapur. Okay. Just trying to understand the cash flow details that you have given in slide 34. We did a project development cost of around INR 6,000+ crore. You mentioned earlier that INR 1,600 crore is what we spent for construction. The rest is the FSI purchase that we did. That is the right understanding? It includes BD, and it includes other major one. Other than construction finance, it includes BD cost of the projects that we have acquired. A significant part of that, about close to INR 1,300 crore, is towards the Worli acquisitions, 10 acres of Worli acquisitions. We can give you a breakup of the other costs. K. T., do we have the other costs other than project or something? Yeah. Other costs. Yeah. Roughly, that is where rest is, I mean, INR 2,000 + what do you call it? 1,600. Construction, how much did we spend on construction? 1,600 is what you meant. We spent INR 1,600. INR 1,600 + INR 300. That is close to INR 3,000 crores, right? The rest INR 3,000 is for the other projects that we have acquired. Okay. Okay. So basically, it also includes the BD cost that we have incurred. Yeah. That's what I wanted to understand. Okay. Okay. And just one last on the launches slide, you have given GDV estimate of 26. This, I suppose, also includes the inventory which is there in the project, or INR 14,000 crore is all new projects that we are looking to launch? Fourteen is the new launches plus the sustenance inventory is also there. This is just the new ones we are bringing to the market. Okay. Okay. Fair enough. Okay. Thank you. That's all from my side and all the rest. Thank you. Thank you. Thank you. The next question comes from the line of Hitesh Doshi from Nirzar Securities. Please go ahead. Yeah. Good morning to everyone and congratulations on great sales numbers. Yeah. Thank you. This is my question. Yeah. So my question is, what is the sustenance inventory, as K. T. Jithendran suggested? Roughly about INR 6,000 crore, sir. 6,000? 6,700 crores. In a way, you will make projects available worth INR 20,000 crore in the entire next 12 months. That's right. Yeah. Okay. How far are we from receiving money from the ITC deal, or there may be some negative surprise over there in case of some approval? We do not expect any negative surprise as of today, Hitesh Bhai. We expect the closure to happen somewhere by end of July. Maybe at the most a month or so for if it happens in July, then a month or so to receive the money. Hopefully in August, we should be closed. There can be no negative surprises other than maybe slight delay in the closure of the deal. Okay. I mean, we have INR 20,000 crore worth of goods to be sold in the current year, which will be launch plus inventory. We should be hopeful of at least crossing what we have done last year. No comments, Hitesh Bhai. Okay. Wish you all the best. Thank you. Thank you so much. Thank you. The next question comes from the line of Dixit Doshi from Whites tone Financial Advisors. Please go ahead. Hello. Yeah. Thanks for the opportunity. My first question is, in our earlier interactions, in some of the calls you have mentioned that the Worli project, the cost of construction is around INR 20,000 per square feet. Broadly, I wanted to confirm this is on a saleable area you mentioned or it is on a carpet basis? I have always mentioned costs on saleable areas. Yeah. I have not mentioned, I said in the region of about 25,000. Starts 20, then it may go up by the finished projects that include it into about 25,000. Okay. So 25,000. Twenty-five thousand rupees approx cost on saleable, whereas the realization would be around eighty thousand. No. I said realize the I think what I have said always is that by the time we complete this construction over the next six, seven, eight years, we would achieve an average price of about INR 50,000 and a cost approximately about INR 25,000 every year, including all inflation. So we should get close to about 50, maybe 45%-50% margin. That's what I have maintained. When we say this INR 25,000 cost, the entire cost, this will include marketing and everything. This entire cost will come when the revenue recognition will happen or some of this cost is even recorded currently because we are showing losses in the current quarters. Dixit, what happens is there is certain cost, of course, a significant cost is always put in work in progress, but there are certain launch costs, advertising costs, etc., which we incur during the year for all the launches. Those costs get written off in the P&L account. You will see a large portion because we had a lot of launches in this year, particularly in the last quarter. Therefore, we had a significant amount of expenses which we had to charge to the P&L account. That is one of the reasons why we have a little softer EBITDA margin. All these recurring, I mean, launch costs, etc., those things are written off in the P&L. Okay. And one last question. We have given nine projects for FY 2026 planned launches. If you can give a GDV-wise the different projects. I think I can name which are the projects. GDV project-wise will take a lot of time. We can do it offline. We are doing a new phase of Birla Thirumaya, a new fourth phase. In Mumbai, we are going to do the first phase for our Thane project, which is signed with Hindalco. New tower in Birla Niyara we are planning to launch. We signed a large project, plotted development in Boisar near Mumbai, which also we are planning to launch. We are planning to launch two phases in Pune, Birla Punya, which we launched the first phase in March. We are hoping to launch two more phases there. Then the other project in Pune, which is located in Manjari, we are planning to launch that too. There will be three launches in Pune. In NCR, Birla Arika phase I is literally sold out. Now we are gearing up to launch the next phase of Arika. The new project which we had signed last year in Gurgaon, which is Sector 71, that also we are planning to launch. Okay. Recently, there was some regulation regarding the NGT approval. They've mentioned that around the Vikroli Thane area, the NGT will require, I mean, the environment clearance will be required from central government. Can that impact our Thane project? Yeah. Yeah. Our projects, we have applied to central government. Our project has come under that. That is why it has got little impact. Although we were planning to launch it last financial year, we have applied to Delhi for our clearance. Okay. Okay. That's it from me. Thank you. The next question comes from the line of Siddhant Chabra from Mainvera Asset Advisors. Please go ahead. Siddhant Chabra. Siddhant, please go ahead with your question. Hello. Hello. Hello. Yeah. Yeah. Thank you. Thanks for the opportunity. My question is, I know that we have divested the pulp and paper business, but I just have a small question on some intricacies there. Firstly is regarding the wood price. I've seen that in the presentation, there has been a decline by 6% quarter on quarter and as well YOI. So what is the kind of expectation? I know that we have divested it, but some kind of expectation of this price going forward maybe over the next 6-12 months? Right now, particularly on the pulp and paper business in terms of input price as well as imported pulp price, we expect it to stabilize, but we do not expect it to come down drastically. Any range you could provide, possibly what your expectation would be from here? It will be difficult to provide a range at the moment because you see the markets, they're all volatile. It is very difficult to predict right now. What we can only do is keep a close watch. If there is some significant change, we can look at market correction of our realization. Okay. So we are expecting some further downward movement in input prices like food and pulp? Yeah. Okay. Secondly, I wanted to ask regarding the market outlook that you've written in the investor presentation. There is increased competitive intensity from Indonesia and Thailand. Would this be in board and tissue, or could it be in the uncoated paper as well? Mostly in board. Okay. This is mostly in board. Is this expected to, in your understanding, is this expected to continue to be a factor throughout the year going forward, or is this maybe a short-term kind of headwind? It is expected to continue. We are talking. The association is talking to the government to have some sort of a minimum import price and, what do you call it, even the anti-dumping, etc. Let's see how that progresses. Right. I just had one small thing. It is a data point that I would need. Maybe I could reach out to you post the call. I just wanted to know in terms of the input price by area, what the kind of wood price would be by area. I mean, if you would not have it now, I could possibly reach out to you after the call is done. Yeah. Please reach out. Okay. Thank you. Thank you. Thank you. The next question comes from the line of Amit Srivastava from BNK Securities. Please go ahead. Yeah. Good morning, sir. Am I audible? Yeah, you are. Congratulations, sir, for blockbuster sales. Thank you, man. My question was regarding to the Mitsubishi tie-up. You have raised INR 275 crore. It's a JV or a loan taken from them? No. It's not a loan. It's an equity participation by them. What can we ask here? Fifty-fifty here. Fifty-one, forty-nine. Fifty-one is ours, forty-nine. It's like a platform. It's not a platform. It's a project-level investment equity participation. Structuring is done in a certain way, but actually, it's a 51, 49. We get 6% DMV. 8% DMV, yeah. And some promotion. One more question about, can you share some outlook on EBITDA margins for the FY 2026? FY 2026, there is no handover happening up. So there is not too much emphasis on EBITDA. Collections are going to be strong. Sales we are focusing on. The bulk of the EBITDA will happen in the future years. We do not expect much of EBITDA because of the way the project completion method, booking is, accounting is done. We do not expect too much of EBITDA to come in in FY 2026. Thank you for answering, sir. All the best for the future. Thank you. Thank you, Amit. Thank you. A reminder to all participants, please press star and one to ask a question. The next question comes from the line of Biplab Debbarma from Antique Stock Broking. Please go ahead. Good morning, everyone. Good morning, KT sir and Snehal sir. My first question is regarding Pune projects. Pune is a new market to us. My understanding is they have launched the first phase in Pune of around INR 400 crore. How is the response and how is the Pune market when you compare to, say, Bengaluru and Mumbai and NCR market, where you have done exceedingly well? Compared to that, how is the Pune market? How is your response regarding the first phase of Pune launch? Thank you, Biplab. Again, the story of the last quarter has been that most of the launches were stacked up towards the end of that year. Of the 400 limited inventory that we launched because of certain approval changes which happened in the Pune development rules, we could launch only 400, but we sold 75% of that inventory. It has been a very, very strong response for us. We continue to expect that kind of response in our upcoming launches in Pune. About the market, sir? Market is very strong, holding very strong. I think it's a very resilient market, very strong demand, much like the Bengaluru market. It is the third largest market in India. We are very bullish about this market. My second question is on the deals. I'm sure you are getting a lot of deals and producing all the deals and amazing all the deals. If you could give us some insight in terms of deals in the next few quarters, do we expect a few large deals or something that can be closed? Yeah. I mean, at any point of time, we have a certain amount of term sheets signed, and we are looking at converting them. We are also attempting to convert something this quarter. There are lots of them in the coming quarters. We are also now largely focused on getting redevelopment deals in Mumbai. We are making good progress there. Hopefully, either in this quarter or maybe next quarter, we may be able to announce our first successful. I'm hoping to do that. Yeah. I am expecting maybe we may do something this quarter, or it may spill over to the next quarter. I think we have a healthy pipeline, and we expect to close some good deals very soon. Sir, third question and final question. Since you broached the topic of redevelopment, see, most of the Mumbai developers, all the reputed developers, most of them are focusing, they are also focusing on redevelopment projects. Do you see a lot of supply from redevelopment project itself, or there would be stiff competition in redevelopment projects amongst the greater developers? How is the redevelopment market? Is it really happening at a faster pace? I think South Mumbai is really opening up because of the infrastructure development and connectivity, which has substantially improved towards that area. There is increased competition in that market. Top developers are all aiming to do that. However, I feel there is enough room because the size of these are relatively much smaller. The inventory which will come out of each of them will be limited. I think one can play, one can create a strong market share positioning there. Trust plays a very significant factor. I think we definitely have an edge over there. That is what we are seeing also. We are experiencing that. Our brand works very well. Brand equity works very well in that segment. Thank you. Congratulations and all the best, sir. Okay. Thank you. A reminder to all participants, please press star and one to ask a question. Participants may press star and one to ask a question. The next question comes from the line of Amit Srivastava from BNK Securities. Please go ahead. Yeah. Thank you for the follow-up. There's just one clarification we're looking for. You had mentioned that Birla Niyara, the per square foot cost would be around INR 20,000-INR 25,000. Just wanted to understand what are the costs we are including in that for that INR 20,000-INR 25,000? All costs. We're including almost all costs. The development cost, cost of land, cost of premium FSI, overheads, marketing and sales costs. Of course, the construction cost, approval cost, design costs, overheads, inflation, material inflation, all of that. Okay. Perfect. Next is in terms of one clarification related to our provision, which we have done for around INR 114 crore for our JV in Birla Niyara Advanced Needs site. Considering that we have a city investment of only INR 25 crore in that business, and we have recently commissioned that project, what does this pertain to, this liability of more than that? Is it operational liabilities or any other item which has been done? I'm being here to push a little edge. It will be around INR 114 crore. Yeah. Basically, the JV which we had, that JV was depended a lot on our existing textile business, which used to supply yarn to it, as well as certain utilities were shared. Post-closing of our textile divisions, it became unviable for the JV also to continue. We have to now, therefore, decided to close, I mean, sell the JV away. We right now have estimated its liabilities to be in the region of close to around INR 228 crore, etc. Both the partners will be contributing equally to that particular liability. Also, we already have INR 50 crore of capital. We'll have to invest another INR 89 crore each into the JV. That particular INR 89 crore is what we are considering as a provision. We have already accounted for a loss of about INR 8-9 crores in the first quarter. The net amount that we have to provide is about INR 81 crores. If you see the number of INR 124 crores, INR 81 is this, and the next INR 43 crores is with respect to the carrying cost we had of the property, the Worli lease land, which is now, as per the Supreme Court, we have handed it over to the BMC. We have to write off that particular carrying cost of that particular property. These are the two major exceptional items. INR 81 + INR 43 is INR 124 crores is what we have provided. Hope that helps. Yeah. Yeah. Sure. Sure. Thank you for the clarification. That's it from me. Thank you. The next question comes from the line of Akash Gupta from Nomura. Please go ahead. Hi, sir. Thank you for taking up my follow-up question. With respect to our launch guidance of INR 140 billion, sir, do you think there is any downside risk to this launch guidance? For example, we are waiting for central government approval for that Thane project. My first question is, how confident are we of this INR 140 billion launch guidance? Akash, see, we are at this point of time, we are very confident and quite positive. All of this is going to happen as we have planned it. Seeing approvals, things do crop up, and this may get more jacked up towards the last quarter. There may, theoretically, some of them may get spilled over to the Q1. As of today, there has been no such sign. In approval things, you cannot be totally, totally assured it will happen in time. Everything is progressing as planned as of today. We expect all of them, and we are fairly confident. It's possible that some of them may, one or two of them may get spilled over to the following quarter of the next year. Having said that, Akash, I wanted to do one clarification. Akash and Pratish, both of you had asked about Sarjapur, how much we launched, etc. I have said four towers, but actually, it is four blocks which we have launched. Four blocks, each block is of two towers. We have launched about seven towers. What we have balanced, we have kept for a later launch, is six towers. The overall is 13 towers divided into four or five blocks. I wanted to give that clarification. Okay. I see. Because in the PPT for Sarjapur, we saw that I think the entire project was launched. That's what the PPT showed for the Sarjapur project. Akash, you're right. We have one RERA number for the entire 13, this thing. One RERA. We have planned to launch the whole thing. Being it is, we decided to focus more to maximize our revenue, etc., on the first seven towers because of the paucity of time as the RERA came in at a very late stage. Okay. Okay. Sir, one final question from my side. What were the project level, the EBITDA margins for the fourth quarter revenue that we booked? Yeah. Around 25%. Between 25%-30%, 33%, depending on various projects. I think our NCC projects had a very high margin. Kalyan being where it is, the pricing, Kalyan had a lower margin. That's the range. Understood, sir. Great. Thank you so much, sir. Thank you so much, sir. Thank you. The next question comes from the line of Ronald Siyoni from ICICI Securities. Please go ahead. Thank you, sir, for the opportunity. Congratulations on a great set of numbers. I actually had a query on the business development guidance which you had given about INR 15,000-INR 20,000 crore. Does this include redevelopment projects? Because redevelopment projects will not need much of the capital. Another related question would be, are you being a little bit conservative considering generally around 10% of land cost is there, and you will have about INR 1,200 crore to invest in the coming financial year? This BD guidance, is it conservative? Yeah. I mean, I think it's realistic. I would like to say, as I said, our approach towards new deals is a little conservative in terms of what I've always mentioned is that we don't take any risk other than the market risk. Very particular about location, title, access, zoning, and all that. And even the land prices, the micro markets we choose, the kind of competition there is. From that point of view, we are a little more choosy about our BD deals. This also includes the new segment that we are planning to enter, which is the redevelopment sector. Having said that, I think, yeah, I mean, funding has been never a constraint. I think we are reasonably confident that we should be able to achieve this. Yeah. Thank you. Last question would be on your three-year target of reaching INR 15,000 crore annual basis. As you are, your overall vision is to be in the top league of the developers. What we are currently seeing is that local unlisted but organized players are also moving at a very fast pace and trying to cross INR 10,000 crore of basis. How do you stack up versus organized and unorganized large players in terms of your overall vision of being in the top league? Yeah. I think what we are talking about is almost like doubling our current booking in a short period of three years. I think that stacks up very well. We have been growing pretty strongly. We also have to take the cycle into consideration. We have been going through a very, very strong cycle. We have to assume that the cycle will continue in the same fashion. Market is definitely tuning more towards more organized, branded corporate players who are more committed on execution and quality of delivery, timely delivery of. I think we are very well placed, I think. We are very well placed to take advantage of this. I've always mentioned that we want to proportionately grow with being most customer-centric as well as the most reputed developer. We won't be going too aggressive after signing new deals. We are very choosy about the deals because real estate is a multi-year cycle business. We have to be careful about that. We have to be prudent about growth. We will take our time to grow. We are very confident given the opportunity, given the brand, given the kind of skills we are building up in our team, etc. I think we will be on a very robust growth path. Thank you very much, sir, for answering the question and best of luck. Thank you. Participants, please restrict yourselves to two questions. If you have any more questions, kindly rejoin the queue. The next question comes from the line of Sagar Shah from FIN Research. Please go ahead. Sagar, please go ahead with your question. Since there is no response from the participant, we will move to the next participant. The next question comes from the line of Isha Shah from Nirzar Enterprise. Please go ahead. Good afternoon. Congratulations on a good set of numbers in NCR and Bangalore. I'm audible, sir, right? Hello? Yes, please go ahead with your question. I'm audible, right? You are. Yeah. Okay. So I have two questions. First one, in financial year 2025-2026 and 2026-2027, how many and which projects will be getting completed and delivered? Second question, in financial 2025, projects that we have added but not launched, how much money have we invested on our own projects and in JDA, say the upfront investment and advance? These are my two questions. Okay. Isha Sohb, I think I had mentioned to you about the projects which are getting completed. I think there is not much happening in 2026. Only the balance inventory, which is to be sold and some spillover from the last year, units which are completed, but customers have not taken possession and not paid up to 80%. Those are the ones where we are going to recognize EBITDA for the current year, which is not very substantial. The following year, I think we will be attempting to recognize revenue for our projects in Bengaluru, Birla Tissia, and also for a new phase of Birla Navya. That is in the year following this year, the next financial year. Okay. So they will be completed and delivered? That's right. Okay. Okay. For second question, sir? Sorry. Second question was the launch, yeah. There is a list we have for project, sorry, the projects we have added. We have added the. Yeah, but not launched. I want to know, basically, there are projects that we have added, but we have not launched. How much money have we invested on our own projects and in JDA, like the upfront investment and advance that we have invested? Birla Arika, of course, we have launched. I will not speak about it. That was a project which was launched, which was acquired this financial year itself, and we turned around in less than nine months. Manjari is the other project we launched last year, which was an outright deferred outright, not even outright. Deferred is a long payment schedule. I think we have paid about, what, INR 200 crore or something? Yeah. Roughly about INR 200 crore there. Boisar is an outright project. There we have invested about INR 72 crore, one and a half years. How much is it? One and a half. Maybe we can get you these numbers offline. Sector 71 was there, which is again an outright. Then Worli, the new land, 10 acres we acquired, we invested about INR 1,200 crore. Yeah. Yeah. This comes to approximately INR 1,500 crore like we would have invested upfront? Roughly, yeah. That's right. Okay. We have invested, and we have not yet launched. Okay. Okay. Thank you, sir. Yeah. Thank you. The next question comes from the line of [Sagar Shah] from FIN Research. Please go ahead. Yeah. Hello, sir. Am I audible? Yes, please go ahead. Hello. Yeah, Sagar. We can hear you. Yeah. So two things, sir. I mean, so major deliveries, is it safe to assume that major deliveries would be booked from FY 2028 onwards, sir? Yeah. I mean, Birla Arika will start from FY 2028, Tower A. Tower 8 and Tower. That will be a big completion, significant delivery milestone for us. FI 2029, sir? 2028, I said, no? No, that's Tower A. So both are FI 2028. There is a gap of a year between them. I heard your comment on redevelopment. Is it safe to assume, I mean, to understand from what you said, you're very oblivious on the prospects of redevelopment in South Mumbai where peers have been very aggressive, sir? I mean, the Walkeshwar, South Mumbai area. That's one of our target markets. South Mumbai, Bandra, Juhu, Santa Cruz. These are some of our target markets. Because I believe Valkeshwar is one project. That includes Malabar Hill. I mean, also you're fairly aggressive, right, sir? Yes. Could you, I mean, mention, I mean, what's the outlook, sir, on that redevelopment and that? I'm excited. I think we will be able to secure a few deals. Does that answer your question, Sagar? Thank you. Yeah. Thank you. The next question comes from the line of Ankit Bajaj from Care Ratings. Please go ahead. Ankit, please go ahead with your question. Yeah. Hello. Am I audible? Yeah, you are. Yeah. Good afternoon, sir. First of all, congratulations on a strong set of sales and collection. Sir, just wanted your guidance on debt going ahead and net debt to equity, sir. As I said, I think in the beginning, I mentioned that right now it is about 0.92. Correct. I think to give you an estimate of future net debt equity would depend on when I get my payment from the sale of the real estate of the paper business. Probably that time, as I mentioned, we would be retiring about INR 2,000 crore of debt from the amount that we received. Hopefully at that time, the debt would come down to about INR 1,500 crore. That would be almost less than half of our equity. Plus, of course, we would have cash balance. We would technically be almost zero debt at that particular time. Okay. Sir, just wanted to understand because there are substantial projects that you'll be launching in this current financial year. You'll be tying up some new debt for these launches as well. Is that a factor? That would, as I said, we have from the INR 3,500 crore outstanding debt, we'll be repaying INR 2,000 crore of debt from the INR 3,500 crore that we received from the paper business. We would be, I mean, even if you consider some capital gain tax payment, etc., etc., we would still have some INR 1,200-INR 1,300 crore in our treasury. That probably will be used for any acquisitions that we plan in the near future. If we still require a more amount, at that time, we'll be doing fresh borrowings. It all depends on how much in the near future for acquisitions, over and above the amount lying in our treasury from the money that we receive from the sale of paper business. Okay. Okay. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to the management for the closing comments. Thank you all for participating in this evening phone call. If you have any further questions or would like to know more about the company, please reach out to our IR manager at Alvoraum Advisor. Thank you for all your interest in our company. Thank you. Thank you, sir. Ladies and gentlemen, on behalf of Emkay Global Financial Services, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.