Ladies and gentlemen, good day and welcome to Aditya Birla Real Estate Limited Q3 FY26 Earnings Conference Call, hosted by B&K Securities India Private 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 this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Amit Srivastava. Thank you, and over to you, sir. Hello. Hi, good morning, everyone. On behalf of B&K Securities, I would like to welcome you all to the Q3 FY26 earnings conference call of Aditya Birla Real Estate. Joining us today from the management are Mr. R. K. Dalmia, MD, Aditya Birla Real Estate; Mr. K. T. Jithendran, MD and CEO Birla Estates; Mr. Snehal Shah, CFO Aditya Birla Real Estate; and Mr. K. U. Shah, CFO Birla Estates. We will begin the call with the opening remarks from the management, following which we will open the floor for a question-and-answer session. I would like to hand over the call to management for the opening remarks. Thank you, and over to you, sir. Thank you. Good morning, everyone, and thank you for joining us for Q3 FY26 earnings call. India's growth momentum remained strong during the quarter, with real GDP at 8.2%, the fastest in five quarters. Supported by resilient domestic demand, steady services activity, and continued public capital expenditure, the RBI has revised its FY26 growth forecast to 7.3%. This backdrop continued to be constructive for housing demand. In residential real estate, Q3 FY26 saw unit sales moderate across major cities, even as overall sales volume increased. Driven by continued appetite for premium, luxury, and ultra-luxury houses, the MMR market remained a key anchor for high-end demand, with NCR, Bengaluru, and Pune also showing healthy traction. Prices continued to appreciate across key micro-markets, reflecting a clear shift toward higher-value quality housing. Against this context, we are delighted to share robust momentum across our launches and ongoing portfolio. We successfully launched Birla Praha in Sector 71, Gurugram, achieving complete sell-out within 24 hours and delivering over INR 1,850 crores in pre-sales, an outcome that strongly validates customer confidence in our execution capabilities. We also launched Birla Awam in Manjri, Pune, expanding into new micro-markets and reinforcing our strategy to build a more diversified future-ready portfolio. Equally encouraging is our strength: our first-time pre-sales, which continue to provide a solid, dependable base throughout the quarter. Demand across our advancing inventory remained healthy, supported by consistent consumer inquiry, strong site visits, and steady conversions. Birla Niyaara and Birla Alokya continue to lead this momentum, reflecting the enduring appeal of our design-led offering, quality of education, and brand trust. Our operating performance was exceptional this quarter. In Q3 FY26, we delivered pre-sales of INR 2,536 crores, a sharp 276% year-on-year increase, and collected INR 1,290 crores, up 157% year-on-year. For nine months of FY26, pre-sales surged to INR 3,848 crores, up 64% year-on-year, and collections rose to INR 2,347 crores, up 44% year-on-year, underscoring the strength of our execution and continued momentum in our business. We are excited about the quarter ahead, with multiple launches planned across key regions, strengthening our presence in core markets and keeping our growth momentum firmly on track. Operationally, construction progress remains on track across projects. Safety and sustainability continue to be a core to how we build. Our sites have achieved approximately 58 million safe man-hours. Birla Niyaara was recognized with the National Safety Council of India Safety Shield Award, reinforcing our stringent on-site safety standards. It has also received BREEAM certification, a UK-based sustainability standard, and is the only project in India to receive this recognition. On development, we are in advanced discussion with a few societies, and we are optimistic about concluding these engagements soon. To further strengthen brand visibility and considering our key markets, we have also elevated our marketing presence by becoming the principal sponsor of Gujarat Titans in the IPL. We remain focused on design excellence and customer centricity while upholding the highest standards of safety and quality, delivering superior living experiences and creating long-term value for all our stakeholders. Thank you. Hello. Can we start with the Q&A session? Yes, of course you can. Okay, sir. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may please press star and one on their touch-tone 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 is from the line of Karan Khanna from Ambit Capital. Please go ahead. Yeah, thanks for the opportunity. Just a couple of questions from my end. K.T., in the last call, you spoke about maintaining the FY26 sales guidance of INR 8,000 crores. Given that Niyaara Phase 3 is now pushed to FY27, do you still maintain that outlook? Also, Niyaara, you were expecting Tower C launch in March, but now, given that it's delayed, can you talk about the market outlook overall, especially worldwide given the plethora of luxury and ultra-luxury launches that were introduced recently? Hi, Karan. Good morning. Yeah, so we continue with our optimism for the current year, and we are confident about exceeding our last year's pre-sales target. We are on track for that. We are queuing up for several launches this quarter, primarily the Thane Birla, the Hindalco land, which is going to be a major launch for us. That will be followed by a new phase of Arika, the one project in Bhosari, a new phase at Pune's Punya. So there are lots of launches. We are also planning to launch the balance phase of Evara in Bengaluru because we have had a very strong run on sales in Evara. So we don't have enough inventory. We are going to launch the new phase in Evara too. So I think we have plenty of inventory, and we are quite confident that we should be able to go by the target that we have planned, despite the delay in Niyaara Tower C. Tower C, because of obvious reasons of delay in approvals, because of that legal, that Supreme Court case, we had to extricate that part of the land outside of the full layout. It took a little more time than what we had anticipated. We got the layout approvals. Now we are awaiting the MoEF and the other balance approvals, including RERA. So therefore, it has got pushed into the new year. But we remain very optimistic about the Worli market, given our product pricing, location, size, brand, etc. I think we are pretty confident that we should be able to do very well in this Birla Niyaara Tower C launch. Sure. So just a follow-up, KT, on the launches that are slated for the fourth quarter. Is it possible to share the exact timelines, or are there any chances of, let's say, a spillover in launches of these projects as well? See, as far as Pune is concerned, we already have the RERA. For Evara, we already have the RERA. We are awaiting the RERA for Thane and Arika, new phase, as well as for Punya, which we are pretty confident that all these RERAs should come to us in the first week of February. There is a little chance of these launches not happening. Sure. And then secondly, we were hopeful of new BD announcements in the third quarter. So can you update us on the status of the same, and do you still maintain the INR 10,000-INR 15,000 crore BD guidance for the year? Yeah, as we have always maintained to this group that we are very careful about what we do. We are not taking any risk other than the market risk, which has actually proven if you see our performance for the last several years and quarters. Each of our BD launches, each of our project launches has been very successful because we have chosen the markets very carefully, and we have paid a very prudent price for the land. So that is, and touch wood, we have not had any issues with any of the past projects in terms of legal zoning or approvals, etc. So we continue with that principle of ours. We are very confident that we have several term sheets done and proposals at a very advanced stage. But it has to happen that sometimes some of the things which we are on the verge of signing, we find out something and fail in due diligence. Therefore, we couldn't launch anything this year. We're still hoping and pretty confident that we should be able to conclude on the lines that I have previously confirmed in the region of about INR 10,000-15,000 crores this year before March. We are trying for that. We also wanted to remind you that we had a wonderful BD success rate last year. We finalized INR 25,000 crores of projects. This year, the process remained the same, but I always maintain that we can't assure that every quarter we'll sign something. It depends on the quality of the deal and the depth of due diligence that we do for each project. I would like to maintain that we are very close to signing some deals, both open lands and redevelopment. We are hoping that before March 31st, we should be able to conclude deals worth at least about INR 10,000 crores. Sure. Just lastly, KT, on the broader macro outlook for FY26. Sorry, can I ask you, sir? May I request? Sure. I'll come back in the queue. Yeah. Sure. Thank you. Thank you, sir. Thanks, Karan. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference call, please limit your question to three per participant. The next question is from the line of Akash Gupta from Nomura. Please go ahead. Hi, am I audible? Yes, sir. Yes, Akash. Please go ahead. Hi, sir. Good morning. Congratulations on the gold execution performance. So I just wanted to follow up on the BD side. How are we thinking on this FY27 growth? I think the way we had guided the market is we'll take a pre-sale from INR 80 billion to INR 150 billion in three years. And then we have not done any BD. So even if we do this BD right now, how confident are we that we'll be able to launch that in FY27? And then we do not have any projects. So what kind of growth should we think in FY27? Hi, Akash. Yeah, as I mentioned, we have a very strong BD pipeline. And of course, you're very right. It's really challenging for us to launch, I mean, finalize these projects and launch in the same financial year or within 12 months unless we have a project which is ready for launch. So we are on the lookout for all sorts of projects, provided the title, the legal issues, the location, the size, everything is okay. But however, having said that, we also have a strong series of projects lined up for next year, projects where new phases of these projects. For example, Niyaara itself, which will come up next year, that should give us a good fillip. Then we have projects of Trimaya, new phase coming up. We will have Pune, a new phase coming up. This year, we are doing phase two, maybe phase three. Navya will also, in NCR, will come up. Even in Thane, I think a new phase we can launch. Similarly, Awam in Pune, we can launch a new phase. We may attempt to put all our efforts to launch the India Hume Pipe project in NCR in Delhi. So we have enough of projects, and we haven't firmed up what kind of growth or what is that. But I think we have enough projects for us to launch in the next year, which keep us busy, and we'll also focus a lot on business development. Thanks. Any developments in the India Hume Pipe project? Is there any progress there? Yeah. So we are hoping that we'll be able to resolve the approval issue now. We've got some hold on it, and we are in the process of doing that. And we're trying to launch it in the next financial year. Okay. And then my final question is on the leasing income. That leasing income is down 11% on a year-over-year basis. What's the reason behind that? That's just the mathematics. Yeah. Akash, the property is 100% occupied. If you see nine months, there's a small reduction because some of the space which has been occupied by our own company gets eliminated in the consolidation. We have expanded some of our office space. So that's why the leasing income is slightly lower. 100%. Thank you so much. I'll join back in the queue. Sure. Thank you, sir. The next question is from the line of Harsh Pathak from Emkay Global. Please go ahead. Yeah. Hi, good morning, team. First of all, congratulations for the strong operational performance. KT, my first question was on the commercial portfolio. How are we thinking of the ramp-up there? I understand we have planned 1 million sq ft of commercial development at the Niyaara site. What are the other developments that we are thinking of? And if you can touch on some geographic view and the kind of development, maybe whether it's an office or a retail or a mix of both, please. Yeah. Hi, Harsh. So yeah, as I mentioned, because of the intensive capital required for commercial, I've mentioned that we are on the lookout for a partner. So that is still a work in progress. However, we are progressing with the design for our project in Niyaara, the commercial project of approximately 1 million sq ft. We have started progressing on that. We are also on the lookout for similar parcels of land in prime commercial areas, districts of Mumbai and NCR. Once we have a strong partner, we'll further move ahead with it. But on other areas, like progressing on the design and planning, etc., we are already moving ahead. Harsh, also, do we have any, yeah, rental target in mind that some rental income we are looking to achieve maybe in the next five years or so? As I mentioned, we are looking at least about INR 1,000 crores. Right now, we have about INR 144 crores of gross rentals coming up from a current project annually. We would like to expand it to at least INR 1,000 crores in the next four years, four to five years. That thing should very much easily be possible. Right. And any plans of expanding the team or onboarding management personnel to grow this commercial business? Yeah. So already we have a team. We have a very core team which is focused on managing the commercial portfolio design, etc. At the appropriate time, we will expand that team. Okay. My last question is on the ITC deal. What is the progress there? When can we expect conclusion and receipt of the cash flows? Yeah. So we would probably—we have already got the CCI approval earlier, and we are now awaiting the transfer of the lease of the land on which the plant is. So part of the requirement of the lease transfer is an MoEF approval, fresh MoEF approval. So we are pursuing both the MoEF approval, and thereafter, the lease would be transferred. We are very hopeful that in the next two months, we should be able to close both these issues. So we are very hopeful of receiving the money before the end of this year. Okay. So that answers my question. Thanks a lot. Thank you, sir. The next question is from the line of Rishith Shah from Axis Capital. Please go ahead. Yeah. Thanks for the opportunity, and congrats on a good set of numbers, sir. So two questions. So firstly, on the Thane, if we see the project launch, so we have increased the GDV from about INR 1,700 crores-INR 2,700 crores. So is it more related to maybe RERA, or are you seeing a better demand expectation over there? Sorry, what is that, Rishith? I didn't understand. For Thane? So Thane, we had initially kind of, we were looking at a launch of about INR 1,700 crores. But now, in this time's presentation, we have increased the GDV to about INR 2,700 crores, the launch GDV. We are seeing good prospects for Thane. Therefore, we feel we can consider a higher launch area, considering the prospects which we are expecting for Thane. I think it's a very strong market, Rishith. It's a very strong demand market, and we're pretty excited about this launch. The product has also come out fine. We are waiting for the RERA clearance. I think the feedback is that we need to launch much more because there's so much demand. So that's why, after the planning, we have decided to go ahead with a larger inventory. Sure. Makes sense. Makes sense. And just to follow up on the previous launches that you said, so the next wave of Evara also, which we are looking to launch, what kind of GDV are we looking at? That's about INR 1,600 crores. INR 1,600 crores is the new balance phase we have, which we already have the RERA. So I mean, we have almost run out of inventory because we sold more than INR 1,400 crores from the first phase. So I think it's the right time for us to open up the new phase. Perfect. Perfect. And just if you can place any timelines for the Niyaara next tower, maybe you can give a quarter-wise? Yeah. Yeah. Yeah. Just to be prudent, I think considering all the approvals and the preparation required, I think H1 is a reasonable assumption for us for the launch of Tower C. Perfect. Thank you. Thank you, Akash. There are no more questions. Thank you, sir. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors Private Limited. Please go ahead. Yeah. Thanks for the opportunity. So some of my questions have been answered. One thing, so you mentioned that why we have increased the GDV of Thane. But there are a couple of projects, the Birla Arika and Birla Vanya, where we have scaled down the GDV, which was mentioned in Q2. So why we have reduced the size of those two projects? That's my first question. See, Birla Arika, as you know, in the first phase, we had a complete sellout. This is the last phase, I mean, the second phase. So we thought we'll divide into two parts because the project is so well placed, so well located. I think there's a huge opportunity for us to redesign and create a huge margin on this project for the balance inventory. So we wanted to actually keep one tower for redesigning and get an exceptional return on that. Because in that market, that location, in that size of a project, there is nothing nearby anywhere, no land availability. So I said there's a huge opportunity for us to create huge value, tremendous upside value. So that's why we kept one project aside, one tower aside, which we can launch at a much later date because financially, we have done very well. The returns are very healthy. Cash flow is very strong. So we thought we can do with these two towers and wait for exceptional value creation for the last tower. Which was the other one you mentioned? The second one is Pune. Pune, which is what we have done is that we want to kind of launch the particular phase, and thereafter, we want to launch the subsequent phase. We want to break it into phases. Our earlier plan was to do it both together, but we want to phase it out. But is it because you are seeing the demand pressure in Pune? No. Our launch at Birla Awam, in one month, we've sold over 35% of the inventory. So we are not seeing that. We just want not to kind of have two multiple launches going on at the same time. So we want to complete one and thereafter launch the second phase. Okay. My second question is regarding the progress on Tower 1 and 2 in Niyaara. So by when we are targeting delivery and revenue recognition in which year? Yeah. So that is as per our plans. FY28 is when we'll recognize revenue for Tower 1 and a year later in Tower 2. Okay. My last question is, last year, if we see we have done whatever launches we have done, most of the launches were done in Q4. Even this year, most of the launches are skewed toward Q4. Will this be the kind of trend, or from next year onwards, we can divide the launches more in every quarter? Ideally, Dixit, we would like to do launches in every quarter, evenly spread, nicely sliced out. But the reality is much different. We were planning to launch the Thane project in Q3. However, because of the NGT ban and all other situations, it got pushed to Q4. Similarly, we had designs to launch Tower C of Niyaara also much earlier, but it didn't happen. It so happened that all of them got clubbed in Q4. And the pattern looks like it will take some time for us to break out of it. As we do more BDs and spread this thing out, we hopefully will have equated launches in all quarters. Our attempt is to reach there, but I think it will take a few more quarters to achieve that balance. Have we finalized the specifications for Tower C? Specifications? So in terms of size per flat or? We have a fair idea on what we are going to do. I think we would like to talk about it more closer to the launch. Okay. Fine. That's it from my side. Thank you. Thank you so much. The next question is from the line of Taran Agrawal from Old Bridge. Please go ahead. Hi. I've got three questions. Sorry to interrupt you, sir. Your voice is not audible. Is it audible now? No, sir. It is very low. Can you please use your handset? Yes, sir. Hello. Is it audible now? Yes, sir. Yes. You are audible. Yeah. Okay. Okay. Yeah. We can hear you correctly. Good morning. Good Good morning and thanks for the opportunity. Three questions for me. If I look at your GDV of INR 70,000 crore, for your ongoing projects, what is the margin that you're working with? And for your upcoming projects, how would the margin profile work? And how much cash has already been invested between land approvals, designs, and all the other activities around them? Hi, Karan. So as the margins we have mentioned, it's always in the range of about 25%-30%. Some of our projects, which are our own projects, are clocking more than 40%. Some of these projects which we had signed earlier, which are JV projects, again, we have very healthy margins, north of 30%, 35%. As far as cash is concerned, most of our projects are working at negative working capital because of very strong sales and very strong collections. So hardly we have taken any construction loans. So from that point of view, we are in a very, very healthy position cash-wise. But given that you have some projects which are yet to be launched, while I understand that the overall business is working with a negative working capital, it's really specifically for those INR 44,000 crore worth of launches. Between the entire background work, how much would have been invested till date? Broadly, some of the land is the historic land which we have. Overall, we would have invested approximately INR 4,500 crores-INR 5,000 crores in the land acquisitions and approvals. Everything. Yeah. All put together. And as we stand. ₹45,000 crores. Yeah. As we stand, all the land payments have been made. We have some small amount of land payments due for two of our projects, which is the Thane project and the Pune project. But both are in SPVs, and the SPVs are fully funded because that is a joint venture with IFC. So both the SPVs are fully funded. So the balance land payments which are to be made are already provided for. So as we stand, there's no further commitment required for land payments. Got it. The second question is, how are you seeing the health of the South Mumbai real estate market, particularly in the areas you're focusing? Because it's almost 55% of your overall GDV and, more importantly, almost two-thirds of your upcoming GDV. So Karan, so far, we had a wonderful run for our project Niyaara. We have a wonderful run for a project Teen Batti in Walkeshwar. Depending on the sort of locations that we are pursuing, the kind of sizing and pricing, and backed by a very strong brand, I think we have no cause to worry. If the product is right, pricing is right, and we understand the consumers, I think we'll have a healthy sales velocity. We have experienced that, and I think the market continues to be robust and in good demand. So we're not too much worried about that. Okay. And the last question, slightly basic, but typically, how does the developable is to saleable is to carpet area split work for your projects? It varies from region to region, project to project. So largely to the consumer, we go by carpet areas. And if developable area, what you're talking about, we mentioned here, these are all saleable areas. But typically, for example, for in Mumbai, it is about 60% on carpet. 60% of saleable is carpet, is it? No. Yeah. 60% on carpet is saleable. Got it. 1.6 times carpet is saleable. Got it. Okay. Thanks. Roughly, yeah. Thank you, sir. Ladies and gentlemen, to ask a question, please press star and one now. Participants who wish to ask questions, may please press star and one at this time. The next question is from the line of Akash Gupta from Nomura. Please go ahead. Hi. Thank you for taking my question once again. I just wanted to just revisit the 25% growth guidance. I mean, the guidance of INR 150 billion by FY28. My question is that balancing between risk and growth, and we are being too conservative on the BD itself that we are trying to minimize the risk itself. So should we still hold that guidance that you have of INR 150 billion by FY28? That's my first question. Yeah. Akash, I think given our current pipeline, current GDV, what we have balanced to launch, and also that confidence on continuing to do strong BD for the rest of the period of this year and next year and the year following that, I think we are reasonably confident that we'll be able to achieve that target. Okay. My second question is, I think in this quarter's presentation, we did not put in the cash flow, the cash flow slide. So what was the operating cash flow generation this quarter, and how are we thinking about operating cash flow in FI27? We've got around INR 2,300-INR 2,347 of collections, as we mentioned. Our overall project development-related costs are around INR 1,300. We have a very strong positive cash flow in the nine months ended, December 25. Understood, sir. Yeah. I think that's all the questions I had. Thank you so much. Thank you, Akash. Thank you, sir. The next question is from the line of Prithviraj from Unifi Capital. Please go ahead. Yeah. Thanks for taking my question. I'd say this is more on macro. How are you looking at the demand cycle? Which are the markets where the demand is resilient and which are the markets where there is stress? And also the price points where you are seeing pressure in the demand. It's more from a market, not just for your company. Just for our company? No, it's not just for your company. It's more from a macro. Yeah. Yeah, Prithviraj. So I think in these four markets that we are currently operating in, we are reasonably confident of, very, very confident of the resilience in all these markets. They're all doing well. Be it Mumbai, be it Thane, suburb of Mumbai, a very reliable market in Pune. Bengaluru is doing very well. All our projects have shown good traction. NCR has done exceptionally well. One market, Gurugram, has done very well for us, and we have continued to have very positive feelings about this market. Delhi, of course, there is no supply. So I think we're looking eagerly at launching our Delhi project. I'm sure we'll do very well. Noida is one market we would love to have. There is so much demand. There's lack of supply there. It's a great market, growth market. We are trying very hard to get into that market. So all of these markets where we are there today, these four markets, we are very bullish about it in general, not just for us, but as a feature. As I mentioned, if you do your product well, design well, understand the consumer requirements, and design according to that, I think, and price it accordingly, I think we have very good opportunities in all these markets. I think the India story is very strong. As mentioned in our speech by Mr. R. K. Dalmia, the economy is growing well. Infrastructure is growing very well. Airports are coming up in very strong locations. Connectivity is improving in all cities. So on the back of which real estate, I am very, very confident that it'll grow very strongly. As of now, even with the mortgage rates coming down, I think the story which was largely concentrated in the luxury segment now will also expand to the mid-segment. I think we are very positive about the whole real estate market expanding, not only in the luxury segment, but also in the mid-premium and the mid-segment. Okay. Just a bookkeeping question. Will there be any revenue recognition next year, or bulk of the revenue recognition will start only from 2028? There will be some kind of revenue recognition. Our project in Bengaluru, Birla Tisya, we'll definitely hand over next year. We are expecting a top line of about INR 650 crores from there. We also will be handing over in Navya, in a new phase in Navya. So I think that much will be there next year. And after that, it will be when Niyaara gets completed. All right. That's all from my side. Thanks. Thank you. Thank you, sir. Ladies and gentlemen, to ask a question, please press star and one now. Participants who wish to ask questions, may please press star and one at this time. The next question is from the line of Taran Agrawal from Old Bridge. Please go ahead. Hi. Just wanted to check for your upcoming launches, how would you segment? I mean, what percentage would you segment as luxury projects, and what percentage would you segment as, so to say, slightly mid-market-ish? And second, as you replenish your pipeline, is there a conscious effort to sort of move away from luxury going forward? Hi, Karan. Yeah. So we have always maintained a certain price threshold below which we are not willing to look at because we also want to make sure that whatever we deliver, we deliver the best of quality within the requisite time. So we need to work with the best of contractors and consultants. So we have said that below INR 9,000 per sq ft, we'll be reluctant to look at in any market. Maybe Bombay could be slightly higher. But I think when we choose luxury, also, we'll be very careful about which micro-markets, which product, which location, and what's the kind of supply and demand in those markets. But I think given the right locations, real estate is all about micro-markets being location, that region. The competition is very localized. So in every location, even in the higher luxury segment, there will be enough and more locations where if the right circumstances are there, the right characteristics are there, we can really do good projects and can have very super demand. So we would not consciously kind of decouple from that area. I think we'll continue to look at micro-markets with high potential. It could be in the high luxury segment. It could be in the mass premium segment. But I think we'll continue to look at the right micro-markets. Got it. Typically, when you look at micro-markets, how do you define micro-markets? I mean, is there a certain fixed radius, certain fixed time that it takes to navigate? How does it work? Yeah. So some micro-markets are large. For example, Thane, there are several micro-markets in the district of Thane. Within Thane West, there are several micro-markets. So it changes from each region to region, mostly about addresses. Locations is largely the address. So between Worli, Prabhadevi, Lower Parel, I mean, it's not one single micro-market. These markets change. Worli Sea Face could be another micro-market. I'm just trying to give you a nuance of how micro-market works. So there is no very clear definition. It's largely the address and where people like to belong. Right? Got it. Got it. Thanks. Thank you. Thank you. Thank you, sir. The next question is from the line of Ayush from Choice Institutional Equities. Please go ahead. Hello, Mr. Ayush. Your line has been unmuted. Please go ahead. Hello, Mr. Ayush. Your line has been unmuted. Please go ahead. Please move to the next one. Okay, sir. The next question is from the line of Janvi Shah from Share India Securities. Please go ahead. Hello. Yes, ma'am. Thank you so much for letting me ask the question. Hello. Hi. Sorry. Just have one question on the debt side, if you can give us some look on how the debt situation is going to look moving forward. And also, second question is, for the next year's launches, we have a lot of pipelines, but all of them is and post that we don't have much. I think someone else also asked the same question. For FY27, how are we looking at the cash flows and everything? If you can just give some guidance on the same. Our net debt has come down substantially QoQ. Our net debt currently is INR 3,500. It's around 0.8x, which is broadly the net debt to equity. We have significant capacity to take on more, but our cash flows are strong. Our net debt will remain very, very comfortable. Out of the net debt which I mentioned, this includes some of the construction finance and the LRD which we have taken for the rental assets, which are 100% leased out. The debt position is very comfortable. We have additional dry powder to kind of take on more debt. In January, we are also not considering right now the money to be coming from the sale of paper business. That's an additional. So that when it comes, it will be extremely comfortable. Okay. So that will help our cash flows. Thank you so much. Also, I know you answered the question, but when I was looking at other people's calls in this quarter, there was some slowdown in the sales. We had a very good sales velocity, I feel. Moving forward, what do we think is going to happen? It is a very mixed opinion in the industry as to only the industry will work or segment will work. On our end, what do we think is going to happen? Second, any more approval delays which are unseen or that we think is going to happen? So Janvi, we are not expecting anymore. We are awaiting some RERA clearances. I think the rest is on track. Tower C, anyway, there are a few approvals to come, but that's therefore we have kind of pushed it to the next year. As I mentioned earlier, also, we are extremely confident about the market, the micro-markets we are launching. We have to be very prudent about the product, designing of the product, sizing, etc., pricing, all of that. So we have done a lot of work on that, and we are hoping that we should be hoping to deliver a very good performance in Q4. Thank you. Thank you so much. That's it. Thank you, ma'am. Ladies and gentlemen, to ask a question, please press star and one now. Participants who wish to ask questions, may please press star and one at this time. The next question is from the line of Dixit Doshi from Wildstone Financial Advisors Private Limited. Please go ahead. Yeah. Thank you for the opportunity again. Sir, many projects were stalled because of this EC clearance issue, which is now behind us. So because there were many projects which were stuck, so do you think there'll be a lot of supply coming in Bombay going forward because all of these projects will get EC clearance and they can come simultaneously? So how do you see that supply pressure in Bombay? Hi, Dixit. As I mentioned, largely these launches and the success of launches remains on the concentration of supply in that micro-market. So I think largely these projects which you are mentioning must be off-spread all over. I don't know of any project launches in our micro-market in Thane or in our micro-market in Gurugram. So we are not really too much bothered about that. I think we have a good product. We have good demand. And with the right pricing, we should be able to perform very well. Okay. Any specific reason for this delay? Because we did not anticipate it earlier because we were guiding for Q4 launch of Niyaara 3, and now we have just. I just mentioned. Dixit. Yeah. I just mentioned this was because of that Supreme Court order, which is not anticipated. We thought it will be the case will be in our favor. However, when it went the other way, there was some time, some standoff between us and BMC. We had to extricate that land out of our approval system. It was all combined. And there were some challenges around that. Then it took some time for us to resolve it, as always it takes. So that was unanticipated. Okay. Thank you. Thank you, sir. The next question is from the line of Biplab from Antique Stock Broking. Please go ahead. Yeah. Thank you. Good afternoon, everyone. Sir, my first question. Yes, sir. Sir, my first question, I saw some news article on BMC land, that they floated a tender to auction that land parcel, 30-year lease. So they also put a base price. Any comment on that? Are we going for that land parcel, bidding for that land parcel, or what is your view on that? Yeah. I mean, yeah. So that's the same parcel that the Supreme Court had decided to go in favor of the BMC. BMC has come out with a tender. Now they extended the tender date. We are also exploring participating in that either directly or through partner because currently, as we stand, we are not qualifying for the tender conditions to participate in that. They will ask for a very, very high level of completed projects, which we, as a young company, are not qualifying. So we are looking at it constructively whether we can participate in that. Oh, okay. As of now, we are not qualifying technically for that. Okay. Okay. Okay. Okay. And my second question is, you mentioned, sir, that you expect to close you're hopeful to close some deals before March amounting to GDV of INR 10,000 crore or INR 15,000 crore. Just wondering how many deals and in which markets, if these get closed, how many deals do you think would amount to this INR 10,000-15,000 crore GDV and in which market? Yeah. So I've been kind of guiding the whole of this year. So to tell you any specific number, I wouldn't be doing justice. It could be, I'm sure it's not just one deal. It could be more than a deal. And it could be largely in NCR, Mumbai, Pune, Bengaluru, these four markets within these markets only. I don't want to guide you beyond that because we are chasing quite a number of deals. It could be a combination of any of this. So just keep our fingers crossed and hope that we kind of conclude it. I'll be very happy. And it will not be before March. It will be before March 31st. That's what you're aiming to do. Oh, yes, yes, yes. No, no, sir. We are hopeful that you'll be able to close. Thank you, sir. Yes, sir. Thank you. Yeah. Thank you, sir. The next question is from the line of Amit Srivastava from B&K Securities. Please go ahead. Yeah. Thank you for the opportunity. Congratulations on the good operational performance, sir. Sir, my question is more toward our numbers. One is, sir, what would be the construction spend during the FY26? And if we look at. Construction what? Construction expenditure? Hello? Sir, the line for Amit, sir, is disconnected. Sir, give me a moment. The next question is from the line of Taran Agrawal from Old Bridge. Please go ahead. Hi, Jishwanath. I understand for the sale of paper business, what's the post-tax cash that you'll receive? So basically, we have a lot of MAT credit available to us. So technically, there won't be a significant impact of cash flow due to the tax element. So we expect the entire amount to be a cash flow event. Okay. When I look at your leverage, you call out the INR 420 crore of IFC funding separately. Is the structure slightly different from your other sources of debt? Just to clarify, this includes the IFC funding. That's why we've just put it in the note. That's why we've called it out. Okay. Okay. Thanks. Thank you, sir. The next question is from the line of Akash Gupta from Nomura. Please go ahead. Actually, just on the BMC land, I mean, the land which BMC has floated, do you think that any other developer will likely bid for that one? Because we already have a lot of tower projects coming in. So don't you think we already have some competitive advantage there? And would it be a disadvantage to any other competitors? Because it's just a small land parcel. Yeah. It's 6 acres of land. So yeah. So I mean, there are about 500 tenants on that land. We need to re-accommodate them, and the balance land is available for exploitation. Yeah. So I mean, if we have, we definitely get it. We have great competitive advantage for us. That's why we would like to explore all legal means of some tying up for a land like that. Okay. Thank you, sir. Thank you, sir. Ladies and gentlemen, that was the last question for today. I now hand the conference over to management for closing comments. Thank you, everyone, for taking out time to attend today's call. We are very excited for the times to come and hope to come to you with a lot of news in the next call. Thank you very much for your interest in our company. Thank you. Thank you, sir. On behalf of B&K Securities India Private Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.