Ladies and gentlemen, good day, and Welcome to the Ashiana Housing Limited Q4 FY 2026 Earnings Conference Call hosted by Valorem Advisors. As a reminder, all participant lines will remain 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 the Operator by pressing star then zero on your touch-tone telephone. Please note that this conference is being recorded. I will now hand the conference over to Ms. Hena Khatri from Valorem Advisors for opening remarks. Thank you, and over to you. Morning, everyone. A very warm welcome to you all. My name is Hena Khatri from Valorem Advisors. We represent the Investor Relations of Ashiana Housing Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings conference call for the fourth quarter in the financial year 2026. Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's belief as well as assumptions made by and information currently available to management. Audiences are cautioned not to place any undue reliance on these forward-looking statements and making any investment decisions. The purpose of today's earnings call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. Now let me introduce you to the management participating with us in today's earnings call and hand it over to them for opening remarks. We have with us Mr. Varun Gupta, Whole Time Director, and Mr. Vikash Dugar, Chief Financial Officer. Without any delay, I request Mr. Vikash Dugar to start with his opening remarks. Thank you, and over to you, sir. Thank you. Good morning to everyone, and a warm welcome to all of you for joining our earnings conference call for the fourth quarter and the financial year 2026. The Indian real estate sector witnessed strong momentum during FY 2026, supported by resilient residential demand, premiumization trends, and increasing preference for branded and organized developers. Industry consolidation continued to benefit financially disciplined players with strong execution capabilities and established market positioning. The Senior Living segment also continued to gain traction, driven by changing demographics, rising urbanization, and increasing preference for community-based living among senior citizens. With limited organized supply and rising awareness, the segment offers a strong long-term growth opportunity for developers focused on this category. FY 2026 was a landmark year for the company, driven by strong demand momentum, healthy launches, robust execution, and disciplined business development across key markets. I'll first take you through the operational highlights for the quarter and the full year, followed by financial performance. Starting with operational performance for the quarter, the Value of Area Booked stood at INR 1,290 crores, reflecting strong growth of over 225% sequentially, and 124% year-on-year growth. The performance was primarily driven by successful launch of Ashiana Aaroham phase I and phase II in Gurugram, which contributed booking value of around INR 833 crores at launch. Average realization during the quarter improved significantly to INR 11,566 per sq ft, up 71% year-on-year, largely driven by high realization from the Gurugram launch. Execution momentum also remained strong, with Equivalent Area Constructed at 6.65 lakh sq ft, increasing around 60% year-on-year and remaining broadly in line with committed timelines. The company also maintained healthy cash flow generation with pre-tax operating cash flow of INR 167 crores during the quarter, up around 7% year-on-year. In terms of business development, the company further strengthened its Senior Living portfolio during the quarter through acquisition of 8.83 acres of land in Raigad, Maharashtra, with estimated sales potential of around INR 450 crores. Additionally, the company entered into an agreement for another land parcel in Panvel, Maharashtra, with estimated sale potential of around INR 1,000 crores. Moving to full-year operational performance, FY 2026 was one of the strongest years in the company's history. The company achieved its highest-ever booking value of INR 2,421 crores, reflecting growth of 25% year-on-year. The Senior Living segment also delivered record bookings of INR 570 crores during the year, registering growth of around 55% year-on-year and reflecting sustained demand momentum in the category. Execution remained robust throughout FY 2026, with EAC increasing 30% year-on-year to 226.19 lakh sq ft, in line with project commitments and execution schedules. Customer collections reached an all-time high of INR 1,762 crore during the year, supported by Timely Execution, Successful Launches, and Strong Collection Efficiency. The company also maintained strong launch momentum across Jaipur, Bhiwadi, Gurugram, Chennai, Pune, Jamshedpur, further strengthening its project pipeline and market presence. The company expanded its Senior Living portfolio through Strategic Land Acquisitions in Chennai and Maharashtra, adding development potential of over 26 lakh sq ft, with estimated sale potential of around INR 3,200 crore. Ashiana Aaroham Gurugram received funding support from IFC through allotment of INR 100 crore of listed unsecured redeemable NCDs. During the year, the company also settled a long-term dispute relating to Project Maitree, Kolkata, and received INR 18.5 crore as F&F against the security deposit and related expenses incurred. Coming to the financial performance. Total income for the quarter stood at INR 335 crore, registering growth of around 46% year-on-year, primarily driven by handovers across projects in Jaipur, Pune, and Chennai. EBITDA for quarter stood at INR 35 crore, registering growth of around 19% year-on-year, while EBITDA margin was at 10.43%. PAT stood at INR 21 crores, remaining broadly stable on a year-on-year basis, with margin around 6.26%. For the full year FY 2026, total income increased to INR 1,187 crore, more than doubling compared to FY 2025 in the wake of higher deliveries. EBITDA stood at INR 176 crore, registering growth of 281% year-on-year, while EBITDA margin at 14.85%. PAT for FY 2026 stood at INR 118 crores compared to INR 18 crores in FY 2025, while PAT margin improved to 9.93%. Further, pre-tax operating cash flow for FY 2026 stood at INR 577 crores, which also was highest ever, registering growth of 34% year-on-year, reflecting strong sales momentum and healthy collections. Overall, FY 2026 was characterized by strong operational execution, robust demand across segments, disciplined expansion in the Senior Living business, healthy cash flow generation, and significant improvement in profitability, positioning the company well for sustained long-term growth. With this, I would like to open the floor for Q&A session. Thank you. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use their handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Sucrit D. Patil from Eyesight Fintrade Private Limited. Please go ahead. Good morning to the team. I have two questions. The first question to Mr. Gupta is, what type of strategic levers are you prioritizing in FY 2027 to expand Ashiana's residential housing footprint across tier 2 and tier 3 cities, and to strengthen customer engagement in Senior Living projects, and manage risks from regulatory changes and construction cost inflation? That's my first question. I'll ask the conclusion after. Thank you. Hi, Sucrit. I see sort of three questions in there. I will take the last part first with respect to construction cost and regulatory compliance. On the construction cost piece, inflationary increases will be impacting costs going forward. I don't think there is much to say with inflation increasing in wholesale prices. We hope that some of those might cool down if geopolitical situations improve. That said, I think the price points that we have been able to achieve in our projects leave sufficient room that even if costs increase, our margins will actually continue to improve on the reported basis because, we've been able to lock in good prices on those projects with relatively low land costs. That has kept margins in check. The other thing on construction is the faster we execute, lesser inflation hurts us. Fortunately, last year was a good year where we improved execution by 30% year-over-year. We are blessed to execute going forward in terms of deliveries in what is locked as compared to we would have if construction would have been poorer in the year. I think that's one way to really hedge against inflation. Regulatory risk in this business is part of the business. The way to ensure that is we are disciplined, compliant, don't overstretch ourselves, and keep our things in. Building that into the DNA as we move along, improving our processes for compliance, improving our systems for compliance, that more and more of that becomes more formalized in the company, and we have been doing that. Second, on the Senior Living piece, around what we intend to do, I think the Senior Living piece, we are intending to grow across markets. We have picked up five projects that we need to launch in the next 12 to 24 months, having a GDV of more than INR 6,500 crores in those five projects across Chennai, Bangalore, and the Bombay-Pune region. We look for more projects in the NCR region. We are looking for more in Chennai and Bangalore as well, and the Bombay-Pune region as we speak. What we plan to do is have Senior Living at multiple price points, where we straddle a larger variety of price points catering to different socioeconomic category of customers with different projects. On the Tier 2, 3 on Premium Homes, I don't think we intend to do more new cities of Tier 2, 3. We will continue to do work in the existing markets of Jaipur, Bhiwadi, and Jamshedpur, whereby Bhiwadi to us is really an extended part of NCR. If you consider Kalyan to be a part of Bombay from MMR market, Bhiwadi is effectively an NCR market. In Jamshedpur and in Jaipur, we'll continue to keep looking for JVs and executing as we've been doing earlier. Thank you. My second question. Sorry, go ahead, Sucrit, please. Yeah. You've pretty much answered all the questions. My second question to Mr. Dugar is, what type of capital allocation and risk management framework have been applied in 2026/2027 to balance working capital requirements with funding for new housing projects? Any hedge against interest rate and raw material volatility? Any buffers put into place to sustain liquidity for long-term cycles in real estate development? Thank you. Sucrit, Varun Gupta here again. Vikash and I looked at it. We don't look at capital allocation from such a complicated perspective at all. I think, there is, Vikash has put together a very robust capital allocation framework of, in two things. In one, location-level measurement of our returns to make sure that our capital, sorry, excuse me, is performing, and also where we are allocating capital, we look to not land bank, launch our projects as quickly as we can by making our design, going for approvals, and launching. We are not land banking, so that's not something. The second bit is to make sure that construction is mostly financed from customer advances, so we don't have really interests to work with or liabilities to handle on that nature. Also go through a project within a five to six-year framework once it's launched. If we do that, I think we are more or less okay. Just to add to what Varunji mentioned, I think we always chase profitable growth, so the ROE remains the single most and the strongest metric [inaudible], and of course, the GP margin, roughly 30% that we have talked about in the past, remains the single most critical metric basis which we evaluate the project economics. Based on that only, we look at allocating capital, and we have spoken about this. We are allocating more and more capital towards the Senior Living segment. We want to increase that segment of the business more and more. Coming back on working capital thing, I think we have got a strong momentum going as far as generation of operational cash flows are concerned. Most of the working capital requirements are being met through our customer advances. Any need-based requirement, if at all it arises, then we go for construction funding. We are pretty well placed as far as working capital management is concerned. Thank you very much. Thank- Thank you, and Best wishes. Thank you, Sucrit. Thank you. We take the next question from the line of Rohit from ithought PMS. Please go ahead. Yeah, hello. Good morning, Varun, and Vikash. One question I think I've asked this many times, and I think I continue to ask this. Sir, if I look at your presentation on page 26. We have this land available, right? You've been selling around 2.5 million sq ft every year. The land that is pretty much 25 lakh sq ft. Of course, I know that you have ongoing phases and existing products as well. Just from continuing the growth perspective, and I think we had a few things which were under, I think there were CPs and all going on, for the land that we had initially signed up. If you can maybe talk a bit about that, because I think next two, three years, the next phases will all get over, and given land buying is a very long-term kind of a thing. How do we think about that? Thank you, Rohit, for pointing that out. Two things. Along with that 26 odd lakh sq ft that we have on page 26, you're excluding Milakpur in that, and rightly so. We have another 40 lakh sq ft, which is of ongoing phases, which is 66. What is also not included in this deck is, in April, we signed up another 2 million sq ft in the Mumbai-Pune near our Ashiana Amodh project in Wadgaon. That adds another 20 lakh sq ft, so that takes it to 86. There is another project of about 11 lakh sq ft in Bangalore, which we have sort of done title diligence, done MoU, and there were some CPs for the landlord to do. On that, there has been progress on the CP movement. The CP that needed to be resolved, the tricky issue of the CP has been resolved. There is only procedural matters left in it. I think maybe another couple of months for that to get resolved, and then we will execute the definitive documents. In my head, I consider now that project very much 99% likely. With that, I think we get to about 96 lakh sq ft in total, which is about four times of our annual throughput right now. 4x is just enough to sort of maintain the annual capacity. We will need to improve this by adding more this year, and we are targeting to add more lands this year. I think the Senior Living pieces is where we will continue to focus and add more opportunities. As I've already mentioned earlier, in Senior Living, we see land opportunities, we see places where we can find viability. We are in active discussions in multiple places, and hopefully we'll add more and get that going. Okay. That's good to hear, sir. I hope the Bangalore project sort of also gets you a new geography, which will really help us in the coming years. The other question was, sir, now next two, three years. We will probably report very decent profits in the next two, three years, given all the deliveries will now be reported in the numbers. Any broad thought process in terms like, how much will you sort of look at from a land point of view? Let's say that is your CapEx. How much is that CapEx, and how much are you sort of going to keep? Any other thing, let's say, buyback or anything else? Broadly- It will be a substantial amount. It will be a substantial amount. Right now the thought is deploy as much as we can in growing the business, rather than returning back capital to shareholders, either by form of buyback or dividends. That's the intent as of now. As I said, the Senior Living is a place where I think we'll deploy a bulk of this capital, and we will like to keep some, otherwise also available for opportunistic things. As I said, let's say in Gurgaon, I think we are quite confident that we'll be able to build a decent brand and a good brand with premium pricing when we deliver our projects. We've got into, let's say, We are in the bottom of the top tier of brands in Gurgaon. We want to get into a higher tier there for the product we are in. As we deliver our product, we think we'll be able to get pricing. When that starts to happen, I would like to have the opportunity of doing large transactions in these large markets. We would like to keep cash on the books for that as well. Given sort of that thought, I think it's not something that we'll do large buybacks or large dividends. Dividends will remain, on absolute terms will grow. I don't [inaudible] they will not grow. But capital allocation will be focused on growing the business, if that's the way to put it. No, I absolutely endorse that. I think that's the right way to do it. Sir, just one question. Go ahead. I would request you to join back the queue for follow-up questions. Fair enough. Sure, sure, sure. Okay, cool. Thank you. Thank you. Ladies and gentlemen, in the interest of time and fairness to others, we request you to restrict to two questions per participant. We take the next question from the line of Ishita Lodha from Svan Investment. Please go ahead. Hello, sir. Thank you for the opportunity. My question is with respect to the recent announcement that we made on Mahindra World City, that we decided to terminate the lease. Can you please explain why did we not go ahead with this? Yeah. Hi, Ishita. The Mahindra World was a subject to some Conditions Precedent that Mahindra World City in Jaipur had to get done. They needed to get their, what is their social infrastructure layout approved so that they could carve out the residential parcels that they wanted to sort of sell to other developers. Unfortunately, that's been, it's been.. It took like, I think over 18 months we were with them. We were not able to get those approvals due to, I would say, exigencies outside of their control as well, given the situation on approvals there. Since we were not able to get those approvals, we were not able to go ahead with the transaction. We thought since there was not enough timelines also, visible timelines on approvals, we thought it was better to sort of right now terminate the lease with an agreement sort of, w ith a view that in case that happens in the future, we can always restart discussions with them, given that we enjoy very good relationships already. We have done two transactions with them in Chennai prior to this transaction. Okay. In the presentation on page 26, the title is Land Available for Future Development, which shows 22.7 acres of Aranya project, and the [inaudible], Chennai. Is this different from the one that got canceled? Yes, this is different from what got canceled. The one that got canceled was for Jaipur. Mahindra has two of these World Cities, one in Jaipur and one in Chennai. We have done one transaction already in Chennai, which is going on, which is a project called Ashiana Vatsalya. Aranya is right next to Vatsalya, and that transaction is fully concluded. We are in the land to launch phase that we call within the company. That is going on. Okay. Thank you so much. Yeah. Thank you. Thank you. We take the next question from the line of Sinclair D'Souza from Lalkar Securities. Please go ahead. Hello, sir. Am I audible? Yes, Sinclair. Sir, as Senior Living projects grow across India and people get more familiar with Senior Living, so as competitors will also increase, right? How is Ashiana planning to differentiate itself from other competitors? Sinclair, Vikash here. Senior Living, the way we look at it, is more of a structural story, the way it is unfolding gradually with it gaining more and more acceptability among the senior urban living population of the country. I think that's where the opportunity lies, that if more and more players participate, I think the overall size of the industry grows. Rather than thinking it through a lens that more and more competition will arise, I think more and more serious players join in. I think the industry overall, the size will increase, it will gain, and players like us, or for that matter, any other serious player, will also stand to gain. That's the way we look at it. I would add for the Sinclair that we enjoy a very good brand equity and have a track record of delivery. And, I think people, when they are buying off-plan, their confidence on the brand and its capability to deliver not only the ready product but also the capability to operate and maintain and manage the development later on. We have that, right now also the competition that is coming in. We are now seeing outside of a couple of developers, we are not seeing very large-scale developments, the kind we do with the amount of amenities, the quantum and the quality of amenities that we are doing. The size generally is not prevalent. More it's prevalent to do two acres, three acres, four-acre developments, which by nature of land size, amenities get comparatively lesser than, let's say, a 12, 15-acre project. I think that is also something I would just bring to light, that the kind of projects we are doing right now, nobody else is doing because you have to commit a lot more capital and take a lot more risk, where we have sort of now figured out what to do. We are more and more comfortable doing larger projects thereafter. Got it. Sir, one more question is, how do you all see this war affecting people's perception for buying houses currently? Sinclair, very difficult to comment. I think we have no capabilities to analyze impact of such geopolitical situations and say what will happen in the future. We just look at what is happening today and anything else we see which is more factual and structural. What impact of the war, I don't know. What I can definitely say, though, from a Senior Living perspective, and one of the reasons why we are shifting more and more our business towards Senior Living, aging in India and increasing in dependent financially, independent seniors in India is a fact and given. Okay? That's just how demographic profile is. People are living longer, health is better, fertility rates are lower, financial savings have increased. So, seniors who retire now will have wealth rather than financial dependence on the next generation. All of this is sort of clear and a fact today. It's a fact today, and that's what we are relying on. We have no capabilities to say what the real current geopolitical situations or any future geopolitical situation, the impact that will have on our business. We'll end up quoting news sources and opinion makers, otherwise we read that you have access to as well. Nothing further. 36061. Yes, I got it. Thank you. Thank you, thank you. Thank you. We take the next question from the line of Saurabh Kumar from Scientific Investing. Please go ahead. Hello. Sir, I have two questions. First question is on Senior Living, and my understanding is new to the company, so correct me if I'm wrong. Right now, I think we build apartments and we sell it. From a service perspective also it is going to be a very big market. In long run, do we have any plans? I know we are doing some kind of services, but I don't think that is very significant. But over five to 10 years, do you see annuity-based services kind of model where the company will be participating? That is one. Second is, I think we have done very well in terms of how the balance sheet has scaled up. If I take a number, I think our inventory is four times up in last seven years without taking much risk on the balance sheet side, which is a commendable performance in the commoditized sector. When we look four, five, six years down the line, how do you see this inventory again going up from current levels given the kind of plans we have? These were the two questions. Honestly, on the second part, we never thought about how our balance sheet would be today, five years ago, in these terms of how inventory would scale up. Overall, hopefully we continue to scale at a good pace, because our overall construction momentum has sort of built up, and we should add to inventory. I believe that the Senior Living business will add to growth in the organization, and we believe Senior Living can be a really big play in the country. At the moment of time, we don't think the annuity-based, leasing-based model is the way for us to go, given the low yields that are there in the country. Therefore, they're just not attractive from a return perspective. Indians much prefer to own their own properties. I think, given the lack of a proper leasing structure in the country, if you're older, you actually would want more permanence for your house. You are less willing to move. If I'm 70, I don't want to be shifting homes and moving. The propensity to rent from that perspective becomes lesser because we don't have a long-range leasing deposit kind of a structure and a model yet evolved, which is financially viable. In the medium term, which is, let's say, up to the five-year term, I don't see leasing to become a big business for us or a services-based business which becomes a large driver of profitability. The profitability in the next five years will continue to come from home sales. How it will change after five years, I really do not know. Sure. With all the best, sir. I'll come back with you. Thank you so much. Thank you. We take the next question from the line of [Shovan De] from RWA Private Wealth Managers. Please go ahead. Hi, sir. Good morning. Hello, am I audible? Hi. You are audible. Sir, regarding the path to a 20+ reported ROE in FY 2027, which project handover is the primary driver for this target? What is the biggest execution risk to those specific sites today? I would say that in general, we need to break most of these numbers, right? Even if one or two slips, it can be a large dent. What I would say is, probably Ashiana Malhar phase II, and Anmol phase III have the least impact because they are lower margin projects. Other projects are all decent margins. Depending on their revenue contribution, you can decide which one is more important. That sheet is more in front of you. Let's say, Ashiana Malhar phase II, with INR 290 crores of revenue is a lot more important than, let's say, Ashiana Prakriti in Jamshedpur with INR 102 crore of expected revenues. I think we are on track to get to more than 20% reported ROEs for the year. There is some room for slippage here as well, given if we maintain even the tax margin that we have gotten this year. I think with a lower revenue, we'll hit 20% ROEs. Yeah. Thanks. We think year-on-year margin should improve actually this year. There is a little bit of room there from a 20% ROE perspective. Okay. Got it, sir. Next question. You recently acquired 38 acres in Chennai and Maharashtra, adding to an estimated of INR 3,200 crores of sales potential for the Senior Living portfolio. What are the margins on these new parcels, and what do you expect back per square foot structurally expand as this vertical scales up? Let me put it this way, including the one more project that we have done in Wadgaon in Maharashtra and the Bangalore parcel, which put together have a GDV of INR 6,500 crores in Senior Living. I would say these projects at the project level, before, let's say, general administrative expenses of the corporate, should operate at about 30%-35% of margins. How the corporate fixed costs will behave as a percentage will depend on total top line. That's what we would expect to do that. We can look at about gross profit margins of between 35%-40%, and you're looking at about 5%-6% of selling costs and therefore about 30%-35% of margins at the project levels on average. Some of them would be higher, some of them would be lower, depending on our pricing power within those markets and our ability to position the product correctly. Okay, got it. Sir, what are the. [Shovan], I would request you to please join back the queue for follow-up questions. Okay. Thank you. We take the next question from the line of Anubhav Goel from Cosma Ventures. Please go ahead. Hi, sir. Sir, congrats on the recent large deal done for Senior Living. Sir, I just wanted your thoughts on various state government policies. I think there is this Maharashtra Housing Policy of 2025, which brought out attractive terms for Senior Living for developers and buyers. Just wanted your color if, do they materially improve your economics? Are you now seeing more and more players enter this sector? Are other state governments also now following up on these lines? Other governments have not followed on the lines of Maharashtra yet. People are coming up with different regulations for Senior Living. Some of them is also tightening these regulations around services, so people, they are more consumer-oriented, which is also a good thing, because the more confidence that customers will have that developers will actually deliver, the more the business sector will do well. The policy of Maharashtra is also not yet notified, in the sense the rules are not framed. The policy framework that need to be incorporated in the development control regulations have not yet been incorporated. The policy is right now, I would say, more of an intent and less of an operational policy that you can actually utilize. As and when it becomes operational, I think what it will do for us is it makes it easier for us to look for parcels which are more suitable for Senior Living. Because we are looking for a little bit more scenic areas, more neighborhoods which have a different charm, if that's the way to put it, for seniors, because they don't have to be in the city anymore. Those neighborhoods will become a little bit more easier to work with and more parcels might come up for development if this policy goes through. The other thing that Maharashtra has also done within MahaRERA, they have defined what all you need to fulfill to be able to market yourself as a Senior Living project. Which is also a good thing because that regulation also creates a little bit of regulation which will give more faith to the customer that this Senior Living will be actually what it is. I would say overall, the policy framework right now is encouraging for Senior Living. Yes, there are some places where over-regulation, overambitious regulations are a concern in some states. I think those will also get resolved as things move along. Got it, sir. Sir, just a follow-up on the previous question someone asked of slow-moving projects. You have mentioned we can expect 35%-40% growth going ahead. Previously you have said that FY 2027 margins should be better than FY 2026, and FY 2028 should be materially better because all the low-margin projects, and I think Malhar is the only slow-moving project which can impact this. Sir, as of now. Slow-moving is the wrong word. Low margin is the better word. Right? Low margin. It could be moving fast with. Yeah. Go ahead. Sir, apart from Malhar. Sorry, go ahead. Apart from Malhar, is there any other one, two projects you see where this can marginally impact the improvement in margins? Different projects have a different margin profile. So, Anmol is the other one which I said, which is the last phase is getting delivered in this year. Where the margin profile is significantly lower than what we generally underwrite. Now, there are some projects which will be at our general levels, and some projects going forward. As we have had some projects which have been below our general levels, there are now projects which are significantly above our general levels. There will be volatility in the margins, I would say, on a quarterly basis for sure, but the margin profile for a full year basis in 2027 will be better than 2026. The margin profile in FY 2028 will be better than 2027 overall. That's the general expectations right now. Thank you. We take the next question from the line of Ankit Shah from White Equity Investment Advisors. Please go ahead. Sir, thank you for taking my question. My first question is, you mentioned that we acquired a land parcel in Mumbai, Pune belt, maybe Wadgaon in April. I missed that part. Can you substantiate that a bit? We have acquired about a 28.5 acres parcel on the old Mumbai-Pune Highway, in a place called Wadgaon. It's very close to our current project, Ashiana Amodh. We'll do a Senior Living project here, about 20 lakh sq ft, approximately, let's say INR 1,800-2,000 crores of GDV. yeah. Okay. That's helpful. Sir, if you can share guidance for pre-sales for FY 2027 and the launch pipeline, the phases and new projects. New projects we are looking to launch Ashiana Oma, Ashiana Tattvam and Ashiana Aranya. Ashiana Oma is a premium housing project in Jaipur where all approvals have been received. We should launch in the next couple of months. Ashiana [inaudible], And Ashiana Tattvam are slated for launch in the Q4 of this year. Phase launches, it's hard to say, but basically we have phases. [Inaudible] phase III should get launched this year. Phases in all our Senior Living projects like Advik, Amodh, Vatsalya, Swarang, we should be launching at least one phase in each of the Senior Living projects is what I would expect this financial year. We should have decent launches in the financial year. The pre-sales target for this year is INR 2,200 crore, that we are targeting. I would say more importantly, I think we are really looking to grow Senior Living. Senior Living is targeted to cross INR 700 crore. I think Senior Living sales have been growing at a CAGR of more than 50% for the last five years. If that's the way to put it. We have gone from INR 100 crore to INR 570 crore in a five-year period in Senior Living. I think the key metric that we are looking for pre-sales is to really rev up Senior Living. The more it does well, the more the long term is defined because to me, it's a structural story. It's a structural change in India's demographics, particularly in the western and the southern part of the country and some of it in the northern part of the country. I would say the eastern part of the country still, eastern and central part of the country still remains very young demographically. These parts of the country are changing structurally, both in financial independence of seniors and overall percentage of seniors and urban seniors. That's the pre-sales I think we are really, even though it's a smaller subset, I think that's taking a larger attention of the management team, if that's the way to put it. That's where the future lies for us, according to us. Perfect. Sir, in this context, we were planning a project with Epoch in Bhiwadi. Can you update on that too? Okay. With Epoch Elder Care, we have signed up our assisted living part of the business. Senior Living has two pieces in the business. One is what we call independent living, active living, or they are called active adult communities in the world. These are for folks who are seniors, but they're active. Okay? They don't need assistance in day-to-day life. You are creating amenities for socializing, for wellness, for companionship, for activities, for constructive, purposeful living. This is 99% of our Senior Living business, if I were to say, and which is basically where we make our profits. In our Senior Living projects, we throw in a tad bit of assisted living because our independent living customers might, in the future, at some point of time, require assistance in care home care services and caregiving. We've built these at our projects. They're not necessarily our focus for our customers from a profit perspective. It's a sort of a value-added service that we're providing. In one of our projects, instead of doing it ourselves, we have tied up with Epoch Elder Care, who specialize in doing this, to see if we can outsource these activities to free up management bandwidth to focus on the active piece itself. Right now, we are running two large care homes. One will be this in Bhiwadi called Nirmay Care Home, gone to Epoch, and the other will be in Chennai in Ashiana Shubham. That care homes we plan to manage ourselves, and to see what the difference we have when we have outsourced one of the projects out to see. Then take a call on future strategy of care homes. Thank you. We take the next question from the line of Shubham Sehgal from SIMPL. Please go ahead. Hello. Hi. Am I audible? Yes. Hi, Shubham. You are audible. Thanks for the opportunity. You previously mentioned the launch timing of Aranya. I do apologize to interrupt you, Shubham, but your audio is not coming in clear. Could you please use your handset? Yeah. Is it better now? This is better. Please go ahead. Yeah, sure. Okay. Yeah. Could you just provide any rough timelines for the Pune, Karjat one, the Bangalore one, and the Pune, Vadgaon one? If we see the delivery timelines, currently for FY 2029 and 2030, and let's say 2031, we are roughly around INR 800-1,000 crores each. Will these new land banking projects be getting delivered in those financial years? Are we planning on any other projects to be delivered then? Just these two questions. Okay. I'll walk you through. Ashiana Oma, Ashiana Tattvam, and Ashiana Aranya are to be launched within this financial year. I clarified earlier as well, Oma within the next couple of months. Aranya and Tattvam in Q4 of this financial year is what we're targeting. The other three projects, which is Wagholi, Wadgaon, and Bangalore, we are targeting to launch in FY 2028. There will be build-up in FY 2030 and FY 2031 deliveries and values there. Most of it will be built not through new launches of projects, but launches of existing phases. I would say all the phases that we have that we are looking to launch, which would be around, I think, 25-odd lakh square foot, we would probably look to wrap them by FY 2031, whether it's Ashiana Vatsalya, Ashiana Advik, Swarang, Ashiana Aaroham. All of those launches by FY 2031, we would look to launch that up. That will definitely add up there. Of these new project launches, I would say Ashiana Oma definitely should get delivered within FY 2030 or FY 2031. Partly, not the full project, but the phase which we will launch in the next couple of months should definitely get delivered by FY 2030, I would say. The other projects of Aranya and Tattvam, FY 2030 would be difficult, but I would expect some part of it to come in 2031. The other three projects which are going to get launched in the next financial year will probably go to 2032. Some part of Aranya and Tattvam should also come into FY 2031. These two financial years will build up. You will see every quarter something or the other getting added to these two financial years, is what I would say. Okay, got it. Thanks for the answer. Just one last question. Currently, our realizations are on a higher end just because of our launch of Aaroham. Going forward, how do we see our realization trajectory moving up? Like blended one, because Senior Living would be higher, but on a blended basis. On a blended basis, I think our realizations, if you look at what our full year realizations of quarter realization is what Aaroham has really impacted because of the significant there. Right now, I think we are at INR 9,000 for the full year. Let me just open this up. Yeah, we are at INR 9,000 for the full year. I would say our realizations should be in this INR 9,000- 11,000 kind of a range. I would say maybe hopefully it should move to about INR 10,000 on a blended basis as Senior Living starts becoming a larger profile and, let's say Jamshedpur and Jaipur, which are relatively lower price markets also become a little lesser in quantum, though even Jamshedpur and Jaipur have now moved to INR 7,000 plus for us as markets, I think. In Senior Living also, now Vikash is just pointing me out to add that we're premiumizing as well. The Ashiana Aranya and Ashiana Tattvam are a lot more premium products than what we have historically done in Senior Living. There is a premiumization story playing out. I would say INR 10,000 a square foot is definitely something we should look to get to. Okay, got it. Thanks a lot. Thank you. Thank you. We take the next question from the line of Gatha Jain from Anantnath Skycon Private Limited. Please go ahead. Hi, sir. Thank you so much for the opportunity. Just wanted to know the land area and price for Oma. Say that again, please. I just wanted to know the land area and price for Oma, the project. Land area of Oma is around 11 odd acres, I would say. 10 acres is Ashiana Oma. We're not launching the entire project, I think. Roughly the pricing should be, we haven't, I think, closed the exact pricing. In the INR 7,500- 8,500 range, it will land somewhere. About INR 7,500- 8,000 it will land. Exact pricing is yet to be concluded fully, I think. All right. Thank you so much, sir. Thank you. Thank you. We take the next question from the line of Varun Bang, an Individual Investor. Please go ahead. This is Varun Bang from Bandhan Life Insurance, actually. This first question with respect to our Panvel project, what is the upfront investment in the Panvel project, what could be the realization assumption for Panvel? Given that this is our first project in Panvel, do we have to rely on channel partners for sales or w e can drive direct sales how we are doing in other Senior Living projects. Hi, Varun. We don't generally give out individual project investment details like this publicly, so I'll refrain to do that. I think, the pricing of Panvel has also not been concluded yet. I think they'll launch in Q4. I think there the pricing will get more and more ascertained closer to launch. We give some GDV ideas basis some pricing, but I don't want to get into the exact sort of pricing as of the moment. We will be doing it at the highest end of any Senior Living that we have done, that we can tell you. Will we have channel partners? I think Senior Living we have started using channel partners, but the reliance on channel partners is very limited. The Senior Living market is sold mostly directly because it's more of a specialized sale to a specialized customer, we already have a lot of customers from Bombay. Ashiana Amodh in Pune, 50% of our customers there have been from Bombay recently, even Utsav Lavasa has had significant Bombay customers historically. I would say majority or nearly all material sales should happen directly, and the channel partners should contribute some parts in the beginning. Got it. Just to my first part with respect to our upfront investment, if that is not possible, if you can just broadly share, if we are targeting 15% PAT margin, 15%-18% PAT margin, can you share ballpark breakup of this 82%-85%, the remaining portion, that would be helpful. I wouldn't like to share that on a project-specific basis. That's the only thing, Varun. Let me put it this way. As I said, we were looking at about 35%-40% at the gross profit level of projects in general, about 5-odd percent of sales and marketing. You're looking at a project-level margin of 30%-35%. You take out general and administrative costs after that, any financial costs we have, and take out tax effectively to get to PAT margins. I said, general administrative costs will vary depending on actually what the revenue would be in a particular year. On the direct costs, which is, let's say about excluding sales costs, about 60%-65% of revenue, typically, we would look at about 5-odd% of what I call project overheads, which are approval costs, architect costs, we have construction cess, environmental fee, OC fees, all of that put together, which is like soft costs of about 5%. Hard construction costs would vary between the 40%-50% ranges, and land costs will vary between the 10%-20% range. That's the breakup that you will have. Some projects might have a 10% land cost with a 45% construction cost. Some might have a 20% land cost with a 40% construction cost. It will vary a little bit depending on that. Depending on the deal structure also. Outright purchases generally have a lower land cost component as a percentage of revenue, and revenue share projects have a higher component of land cost because you're paying overhead effort basis. That's the basic breakup. I hope that was helpful. Yeah, that was helpful. With respect to the Wadgaon project, back of the envelope calculation suggests that we are assuming realization of around INR 9,000 for this project. If I see our Malhar project, it is giving us roughly INR 7,000 a square feet. Amodh is giving us probably another INR 7,000. Is this going to be slightly premium versus Amodh and Malhar and which is why INR 2,000 premium? Or, I mean, just to understand this better. Just one second. If I can. There is no benchmarking to Malhar at all. There is benchmarking to Ashiana Amodh. My understanding of Amodh is it is about north of INR 8,000 sq ft in the newer phases. We are at INR 8,200, INR 8,300 sq ft. If I can look that data up, just give me one second. Amodh phase III. Yeah. Amodh phase III, I was doing the maths on the deck only at slide 12. It's at about INR 8,500 a square foot. There is no real more premiumization right now planned. We are planning as if it is similar to Amodh in its thought process in that working. As we plan the project, can that change? Yes, it can change a little bit. And then, our prices might go up if we premiumize the product even more. Right now, it's just expectation of Amodh plus inflation, and little bit for the delay of launch from current Amodh price. Thank you. Participants are requested to restrict to two questions per participant. We take the next question from the line of Rohit from ithought PMS. Please go ahead. Just a couple of questions. I think, just on Pune, sir. You mentioned earlier that, Gurgaon, you are going deeper and probably in the pecking order at the bottom of premium brands, you want to increase it. In terms of Pune, which means I think about five, six years that we are now in Pune. How are you seeing that? Do you want to go deeper into Pune or how? I just wanted to get a sense on that. Rohit, we are going deeper in Pune in terms of Senior Living. We look at Bombay and Pune sort of fused together because the projects are serving both Bombay customers. Half our customers are Bombay, and half our customers are Pune. 40% in Bombay, 40% in Pune in Ashiana Amodh, 20% is from rest of the country or NRIs were booked. That is the place where we are going deeper. We have done three transactions between Panvel, Wadgaon, and Wagholi in the last, let's say, three months, those projects put together have a INR 3,500 crore GDV basis. That is us going deeper in that market. We are not looking to go deeper for premium housing yet. As we said, Malhar has been a low-margin project, we still haven't figured how to get a decent margin project in premium housing in Pune. What happened in Gurgaon was, even though Anmol was a low-margin project, we learned from Anmol that to make money in Gurgaon, this is what we need to do. We understood that. In Pune, we still haven't been able to understand that yet. In Senior Living, we are doing well. We are profitable, margins are good, volumes are good. We decided this is where we are doing well, let's just go deeper in this product profile and do multiple price points here. It was that. We are going deeper, I would say. Got it. And similarly, in Chennai, of course, we've done three or four Senior Living now. We are going to be again, only in Senior Living there, or do you think there is an opportunity for something which can go beyond Senior Living also there? There is an opportunity to do non-Senior Living. I wouldn't rule that out. Are we actively looking for it? Not very active. If something comes within what we call our relationships where we have comfort, we would do a non-Senior Living project there. Again, in Chennai, the kind of Senior Living projects that we have taken. Now, Aranya, to me, the way we have decided the product is probably a INR 8,900 crore kind of a GDV project. If we can do that, itself that adds a different kind of depth to the Chennai market for us. Selling Aranya and Vatsalya together next door to each other with differentiated and more premiumized product in one, versus the other, that's the strategy we are going to go deeper in Chennai as well. Thank you. We take the next question from the line of [Shovan De] from RWA Private Wealth Managers. Please go ahead. Yes. Hello? Yeah. Hi, [Shovan]. Yes, [Shovan]. Hi, again. As we allocate heavier capital towards premium and Senior Living land banks, what are the primary macroeconomic or operational scenario stresses against the balance sheet over the next three or might be five years? Like the challenges? The macroeconomic scenario, sir, I don't know what the macroeconomic scenario would be. As I said, from a Senior Living piece, we see a structural shift in the demographics of the country, in the western and southern parts of the country, and northern parts of the country. To me, that's the macroeconomic protection towards Senior Living and going there. The other bit is we are low debt, high cash. That keeps us, so even if shocks come along, we can absorb those shocks based on that. Okay. Any major wrong things that can happen to the senior portfolio? What are the, like, scenarios that I can think of, you can think of on an immediate basis, that these are the wrong thing can be happened? One, excess competition could come in, but right now belief is competition should actually grow the market. Second, we might take up more than we can chew, so Senior Living will grow but may not grow at the pace that we expect it to grow. Third, we may not be able to handle it managerially in the number of projects that we want to handle, if that's the way to put it. Fourth, maybe our choice of markets could go wrong. They are very different markets. Like, you know, our Senior Living in Jaipur didn't do so well. Our Senior Living in Chennai did extremely well when we launched. Maybe our choices might go off. I don't know. I can list out 20 different things that could go more wrong. I'm constantly worried about what all can go wrong. Approvals can get delayed, construction costs can go up. I don't know. There's numerous things which could go wrong. Okay. The next, another final question would be, FY 2030 guidance of INR 2,000 crore cumulative PAT, what are the biggest bottlenecks to achieving it? Achieving delivery timelines right now. I think the supply of materials, our scaling up of execution, some labor shortages that people are talking about. Meeting the delivery timelines will be our biggest thing. Launching Aaroham phase III this year, launching Oma, and, as I said, Tattvam and Aranya. If we launch within this year, there are parts of it which can come on track. Those were the sort of, to me, bottlenecks. As of now, we are on track to achieve that number. Overall, we seem to be on track. Thank you. We take the next question from the line of Varun Bang from Bandhan Life Insurance. Please go ahead. Yeah. Just two follow-ups. Firstly, on the cost of construction, which you said is probably rising. Broadly, can you share the sort of rise that we are seeing in cost of construction, both on QoQ or YoY basis? And second part to this question in terms of when we underwrite the project, how much do we typically build in for cost of construct increase, the inflation part? Can you share some thoughts? Okay. When we underwrite a project, when we pick up a land, we don't underwrite any inflation, either in the sales price or in the construction cost. Substantially, if it is, it's 4%, 5% here or there, till launch inflation. Post-launch, we just don't know how prices will behave, how construction costs will behave. If anything, we'll then just underwrite CPI for both the construction cost and for the sales price, if that's the way to put it. I think the assumption is that cost of construction and sales both will go up on a consumer price index level. This year, probably, CPI will be more than what has been historically in CPI. I think we are expecting about 8%-10% increase in construction costs in this financial year on a year-on-year basis, as of now. Got it. Given the information we have. If things change in the next couple of months, anything more or less can happen. As of now, the information that's with me. Just one request. I had shared an email with Vikash regarding a compliance requirement wherein we needed some data for our internal filing. It would be helpful if you can share that information. Okay. We'll have a look at the mail and then come back. Okay. Yeah. Varun, in case you don't get a reply, can you resend the email again tomorrow, please? Seems like it might have slipped in our inbox for some reason. Okay? Sure. Just checking. Thank you. Thank you. We take the next question from the line of Rahul Jain, an Individual Investor. Please go ahead. Yeah. My question was, so if I look at the presentation, I see the value of units delivered in FY 2026 is about INR 988 crores, but the revenue that we have recognized is around INR 1,140 crores. I wanted to understand from where is this extra INR 150 crores of revenue coming from? You're looking at the consolidated accounts, if I'm correct, Rahul? Yes. In the consolidated accounts, one, we consolidate the maintenance services business, which is an annuity business, so the revenues come in. The other reason why the revenue would be a little different is that we already would have some inventory left in already delivered projects. Some of that inventory also gets sold, so that top-up also comes in. Okay. Those two have to be added to the numbers that we are showing in the presentation, and that's how the revenue overall is stacked up. Okay. When you say handover done, does that mean that all the units of that project has been accounted in revenue or something is still left, which may get recognized in the next quarter? When we say that the project is scheduled for handover, that means when we are going to complete the project, issue OCs and recognize the revenue to the extent we manage to sell the units. The units which are unsold, they remain in our stock and gradually get sold. As and when that delivery starts or we start the handover, that's when we broadly mention that this is the year in which the deliveries will happen. Just to clarify further on that, it only is for the sold units and not for the unsold units, clearly. In sold units, if anything is slipping to the next quarter, then we write "started handing over" instead of "handed over." When the word "handed over" is there, everything has been recorded which is sold. Only the unsold portion when it gets sold will be recorded for revenues specifically. If it says "started handing over," then it means that some of it is coming into the next quarter as well. Thank you. We take the next question from the line of Arpit Ranka, an Individual Investor. Please go ahead. Yeah, hi. Thanks for the opportunity. Hi, Varun. It's great to see the increased commitment towards Senior Living. All the best for the sale. I had just one quick question on the class action suit that was filed last year in October. Given the customer centricity with which we work, it was a little surprising, actually. If not mistaken, this was a project which was delivered almost five, six years and above before the case was filed. Yes. What led to that? Was there no possibility that both the parties could have managed to settle it without going the litigation route? Second, what is the latest on that? Just in continuation, generally you are saying if it was filed in October, how much time does a case like this typically take? Because it would be good to know how it kind of concludes, actually. There are two aspects to the case. One, there is a consumer complaint been filed. Okay. In the consumer complaint, they have made the consumer complaint a class action by taking it from just the consumers who have filed a complaint to everybody in that project. Whether there is a class action applicable on this suit or not, we have gone to the High Court in Delhi to say that there is no class action applicability on this matter. Our lawyers have opined that we should get something favorable from the High Court, and therefore, we have gone and litigated in the High Court. High Court is still going through dates because we have to service a lot of customers' notices and everything. There is some process going on. I hope that the High Court decision should come in sooner than later. Maybe, let's say, within this financial year we should have something. It would be my expectations. In the consumer forum matter, even if High Court rules, the consumer complaint will go on at least to the extent of the customers who have actually filed consumer complaints. We would have preferred if we can settle the matter out of court, we would love to settle with our customers. The last thing as an organization we want to do is litigate with our customers. Somehow, though, on the post-handing over period during maintenance, there has been some increased litigation from some consumers, particularly here. Even though when we check back with our consumer satisfaction, when we check on NPS scores, we take feedback, even in this project, our overall levels of customer satisfaction seem very high. The other things, rents in the project are up, prices in the project are up. General levels, when we visit the project, the upkeep and the maintenance, with our eyes we are satisfied with. Unfortunately, this litigation has happened up to this extent. How long can the consumer forum matter take? Completely don't know. It's very hard to comment on the judicial system in India. It can go for years sometimes earlier. We really don't know. I've had a matter in a consumer forum where the matter got argued, and it got reserved for judgment. All the judge had to do is write the order and pass it on. That took seven years from the date of reservation of order to date of actually pronouncing the order. Okay. When you see something like this, you just don't know when it will get done. You have seen things which have gotten addressed in six months, eight months as well, completely, fully. I really don't know how long it will take. My suspicion is that it'll be longer than shorter given the number of parties involved. Sure. No, just that, I mean, for somebody who's tracking the company for 15 plus years, right? It just doesn't add up. I mean, it's one of those things which if you didn't see it coming from the company, you'll wonder, right? Like given the customer centricity with which we work, right? From customer to sales to everything. Unfortunately, if you go into that project and you spend time with the customers, you will say in that project also, this does not add up. As a company, we might be customer-centric, and you might say, "Okay, they've scaled up, and they will mess up somewhere, and they've really messed up here, and that's why it should add up here from a customer dissatisfaction perspective." Right? The litigation doesn't add up to me, that the customers are litigating with us and that we are not able to resolve this on an out-of-court basis. Even if you go to the project, it doesn't add up for some reason. Thank you. It is what it is. At the end of the day. Thank you. We take the last question from the line of Rahul Jain, an Individual Investor. Please go ahead. Yeah. My second question was on that. Are we seeing any pricing pressures in, or higher oversupply in any of the markets that we are operating in? There is no oversupply yet. Signs of some oversupply in Gurgaon and Pune are visible, whereby in last two quarters in Gurgaon saw very heavy launches. Absolute unsold inventories increased substantially for two quarters in a row. If that trend continues for another, let's say, four quarters, we'll definitely be oversupplied. We will see how the next couple of quarters go, where to that is. Pune also has some signs of oversupply. That's what I would say. Bhiwadi, Jamshedpur and Jaipur, I don't see any oversupply yet. Okay. Thank you, [inaudible]. Thank you. As there are no further questions from the participants, I now hand the conference over to the management for their closing comments. Thank you all for participating in this earnings conference call. In FY 2026, we are encouraged by the strength of our sales momentum, launch pipeline, and operational cash flows. We remain focused on timely handovers in FY 2027 and on building long-term value through disciplined execution and customer-centric development. If you have any further questions or would like to know more about the company, please feel free to reach out to us directly, or you can alternatively reach out to our investor relation managers at Valorem Advisors. The investor presentation and relevant materials are available on our website, and we'll be happy to provide any further clarifications you may need. Wishing you all good health and a productive year ahead. Thank you. Thank you, sir. On behalf of Ashiana Housing Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.