Ladies and gentlemen, good day and welcome to Ashiana Housing Limited Q1 FY 2027 Earnings Call. 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Kunjal Agarwal from Arihant Capital Markets. Thank you, and over to you. Hello and good evening to everyone. On behalf of Arihant Capital Markets Limited, I thank you all for joining into Q1 FY 2027 Earning Conference Call of Ashiana Housing Limited. Today from the management we have Mr. Varun Gupta, the Whole-Time Director, and Mr. Vikash Dugar, the CFO of the company. Without any further delay, I would hand over the call to the management for their opening remarks. Over to you, sir. Thank you. Good evening, everyone, and a warm welcome to all of you for joining our earnings conference call for the first quarter of financial year 2027. The real estate sector entered FY 2027 on a more moderated note after the strong momentum witnessed through FY 2026. Residential demand across key markets softened somewhat during the quarter, weighed down by global economic uncertainties and a cautious wait and watch approach among some home buyers. At the same time, developers continued to remain confident in the medium to long-term outlook, with new project launches holding firm and prices remaining resilient across most markets. Premiumization continued to be a defining trend, with buyers increasingly gravitating towards larger, well-designed homes from established and financially disciplined developers, reinforcing the ongoing shift towards organized and branded players. The senior living segment continued to remain relatively insulated from these broader demand fluctuations, supported by structural demographic-led growth drivers. Changing family structures, rising urbanization, and a growing preference for community-based living among senior citizens continue to strengthen the long-term case for this segment. With organized supply still limited relative to the size of India's aging population, the opportunity for established players in this space remains significant and largely unaffected by short-term cyclicality in the broader housing market. I will now take you through our operating highlights for the quarter, followed by our financial performance. Starting with our operational performance for the quarter, the company recorded a booking value of INR 358 crores during the quarter gone by, with 3.6 lakh square feet of area sold across 234 units. While bookings moderated compared to the exceptionally strong preceding quarter, our collections remained healthy at INR 409 crore, registering a 6% year-on-year growth, reflecting sustained customer confidence and strong collection efficiency. Average realization also improved significantly to INR 9,923/ sq ft, representing a 37% year-on-year increase driven by a favorable product mix and continued pricing resilience across our portfolio. During the quarter, we made a significant investment towards our future growth pipeline through acquisition of 28.55 acres of land at Wadgaon Maval in Pune. This is the largest-ever land acquisition undertaken by the company for a senior living project, with an estimated saleable area of approximately 20 lakh square foot and a potential sales value of around INR 1,800 crores. On the execution front, we commenced handover for phase 1 of Ashiana Nitara in Jaipur during the quarter, marking another important milestone in our product delivery. Overall, we continue to make meaningful progress across the key pillars of our long-term growth strategy by maintaining a diversified geographical presence, expanding our senior living portfolio, strengthening our development pipeline, and progressing steady on project execution. Coming to the financial performance, revenue from operations for the quarter stood at INR 107 crores compared to INR 293 crores in Q1 FY 2026. Revenue recognition in Q1 FY 2026 was primarily driven by handovers at Ashiana Nitara in Jaipur. Higher revenue in FY 2026 was attributable to more deliveries. PAT for Q1 FY 2027 was lower vis-à-vis Q4 of FY 2026 due to lower deliveries. Importantly, our operating cash generation remained healthy during the quarter at INR 121 crores compared to INR 108 crores in same quarter last year. This reflects the strength of our collections, disciplined execution, and efficient working capital management despite lower reported revenues. We also commenced the redemption of NCDs issued to ICICI Prudential Mutual Fund during the quarter. INR 31.25 crores, representing 25% of the original issue, was redeemed. Overall, while the reported revenue for the quarter was impacted by timing of project handovers, the company continued to demonstrate healthy operating cash flow generation, maintained a disciplined approach towards capital allocation, and strengthened its development pipeline, particularly in the senior living segment. With this, I would like to open the floor for Q&A session. Thank you. Thank you very much. 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 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 Rohan Joshi, an individual investor. Please go ahead. Hi, sir. Thank you for giving me the opportunity. My question was on the line that the quarter one booking suggests a back-ended year versus a full-year target. I just wanted to know that which specific launches are expected to drive the bookings in H2? What gives the confidence in hitting the FY 2027 guidance that you have given in the previous con calls, given this soft start? Varun, are you there? Yeah, I am there, Vikash. Why don't you take it up, though? Yeah. You are right that the Q1 has been relatively softer, but we have got launches lined up. There are a couple of launches lined up in Q4 that we have in the present year. No. I will just come in. Sorry. In July, we took out an operational update. In July, we had a great launch of a project called Ashiana Amarah. As of 31st July, our full-year sales had reached about INR 859 odd crores, if I were to say. If you look at the July month, it was better than actually all the entire first quarter. I would say in the first half itself, exit September 30th, we should somewhere be between INR 1,050 crores and INR 1,100 crores of sales. Run rate will be maintained from there on. In the second half of the year, the big launch that is lined up is Ashiana Aaroham's phase 3 in Gurgaon. That will be critical in taking us through to the guidance. That will be in either Q3 or Q4 of this year. Okay. Got it, sir. My second question was regarding the pre-sales growth that we will have. Pre-sales grew very well last year as we have seen. What is the sustainable pre-sales trajectory from here on onwards for the next three to five years? On that front, we are not looking for sustained pre-sales growth in the near term. I think what we are planning is what do we do in the long term thing. We might have actually a little bit of dip in pre-sales this year or the next, and then let's say let's get back to a certain number in 2028, 2029 or 2029, 2030. A little bit of that is being driven by a little lack of inventory to sell coming up in Gurgaon, in Jaipur, in Bhiwadi, some of our key markets in the regular housing space. This is primarily happening because the company is shifting more and more capital towards the senior living space, where we see a much longer, deeper opportunity. I think in the senior living space, we are looking for about 25% CAGR to be maintained over the long term, though at a low base. We had started about INR 100 crores five years ago and pre-sales of about INR 570 crores last year in senior living. We are looking to really actually expand that even at a faster CAGR than that. For a couple of years, we may not have very large pre-sales growth or that, but we are comfortable with that because we are seeing margin expansion and ROEs now. As we had guided earlier, we are looking to get to at least 15% ROE. We can see 15% ROE sustaining going forward and with an increasing capital base because we don't intend to dividend out most significant amounts of capital. Dividends will remain the way we are or growing a little bit. I think the company's focus would be on maintaining that ROE trajectory doesn't fall below 15% and sustains above 15% year on year, every year with a little bit of fluctuation here or there in the pre-sales or top line and stuff like that. There is compounding of the net worth happens over a long period of time. I think that's the intent. I just thought I'll put that out there. That said, I think senior living, as I articulated, we expect to see strong momentum in senior living sales going forward. Sure, sir. That was informative. Thank you so much. Thank you. Thank you. The next question is from the line of Rohit Balakrishnan from iThought PMS. Please go ahead. Yeah. Hi, good afternoon. I am sorry I just joined when you were answering the question, Varun, so I am sorry if I missed it. When you were giving the update on the July month, that was for pre-sales. Is that correct? Yes. Then just following on from there. This year you are confident of holding on to that INR 2,500 crore kind of pre-sales for FY 2027. Is that correct? Because I think you said there could be a dip in the near term. Yeah, INR 2,200, we are confident of holding it this year. At this moment of time, it looks good. We should exit H1 at about INR 1,100, as I indicated, between INR 1,050 and INR 1,100, given that we hit INR 850 by July. Right. Okay. That's good to hear. And, sorry, just one, two small things. So one was on this Bangalore CP that you were looking at. Anything further on that? We haven't heard any update, so just wanted to check. There has been progress, Rohit, on the CPs being resolved in Bangalore. I am hoping that we should have the final definitive documentation signed off sooner than later. There has been progress there, and we have actually put a team deployed, two people there on team who are gearing up to make things ready to get the project launch going. I am quite confident that South Bangalore should happen soon. Okay. This is in South Bangalore. Okay, got it. I just wanted to check where you are in Bangalore. I just came to know that. This is on Kanakapura Road. Right. I figured. I think I just remembered the listing that you had posted when you were given this notification. Sorry, one more question, Varun, was, if we were to look at the presentation where you give quarterly delivery, of course, it can change here and there a bit. But it seems that if you said 15% ROE. I think we were 15% ROE last year also. Or just about there. I think based on what you are saying and what given the margins can significantly increase from here, given the projects that we have for delivery, they must have very good margins going forward because of the realization growth and in general operating leverage. Is it not fair that we will probably cross 20% ROE this year on a reported basis? Yes, that is fair. When I say 15%, the goal of the company is to make 15% ROE the floor ROE on a long-term basis, yeah. Okay. That's great. Have years higher than that. The first was to get to 15%, but the strategic objective is to make that the floor a nd figure out how do we do that. Good starting point. That's a very well-taken point, given the fact that it's a very cyclical industry. If we are able to do it, then I think it will be a phenomenal achievement. Varun, I understand and I think we have spoken on this in the past few con calls, that you're not so much driven by the pre-sales growth, at least in the near term. But even if you were to, let's say, one, two years, we are not going to grow because we do not have that much inventory. Yeah. I was just saying that while I understand your point on not going for pre-sales immediately, and you may not have the inventory. How do we, in the quest of trying to balance that 15% ROE aspiration and also grow, because ultimately that is what all of us also want as a company? How do we balance that? I am not saying that we should. Of course, we do not have land. We will probably get land in the next one, two years and subsequently launch. But just to understand from your perspective, let us say, three, four years out, how do we sort of ready ourselves to grow from this INR 2,200, INR 2,300 pre-sales that we will be at, given the inventory position. How do we go from that level to the next level whenever that happens, let us say, three, four years? Any thoughts on that? Rohit, two things. If our capital base is not reducing, if we are not dividending out our capital or doing buybacks, which we do not intend to do. We are looking to increase our capital base, there is no way ROEs can sustain without earnings growth, right? That is sheer mathematics. For ROE to sustain, we will have to have a long-term earnings growth. From a long-term perspective, we do want to get to, let us say, in the medium term, maybe INR 3,000 crores, INR 4,000 crores of pre-sales we will need to hit. All I was saying was momentarily for some quarters of challenge we could go through if that sustained momentum will take to get there. I think the strategy of the company is, okay, let us invest more and more in senior living because we see that as a structural business. The change is s econd, less cyclical because it is a structural change because of the change in the demographics. It is less cyclical because it is less competitive with less supply on the table as of June. We have a significant advantage of being a pioneer there and having our brand placed and everything. The long-term earnings growth and also pre-sales growth is going to be driven by how senior living does. Right now it is a small base, but as we increase the senior living piece and the pie, and when that increases, when it becomes a larger part of the business, it will just keep driving the growth of the business is where we are coming from. Let us say at 2029, 2030, financially, our target is actually to look at INR 1,500 crores of pre-sales from senior living itself. Once that has kicked in, I think senior living and then pre-sales growth will happen. We are looking at couple of quarters of maybe not as much top-line growth. Through those quarters, I think, we will continue to have earnings. Reported earnings are doing well. We will continue to have reported ROEs doing well. We will continue to generate positive cash and deploy into senior living. We have already deployed into five projects. Four right now, 51 lakh square feet odd, which we have in the future pipe. The Bangalore one coming up. We are in active discussions for a few more. I think maybe get to a first place would be to get to about INR 10,000 crores of GDV in senior living. Once we have that, I think then we can see just senior living driving the momentum of the company going forward. I think that is the basic key. I think we will need to get to INR 3,000, INR 4,000 crores of GDV, of pre-sales, probably closer to INR 4,000 crores in the medium term to be able to sustain those ROEs. Instead of just saying that instead of a straight line path that there is, there is maybe a little bit of a dip for a couple of years. We can live with that and pick that up and get there. I think that is the basic thing is. Fair enough. All the very best and yeah, thank you. Thank you. Thank you. The next question is from the line of Chetan Thacker from M3 Investment Private Limited. Please go ahead. Good afternoon, sir. Just a question on the ROE. I think earlier you were highlighting a 20% plus ROE, and today you have commented that long run it remains 15%. So what has changed between those two assumptions? Okay. Chetan, maybe I am wrong, but whatever I remember, we have been talking about getting to 15% for the longest time, and we hit 15% last year in reported earnings. Maybe I will go back and check the transcripts if I have said otherwise. But that said, as was on the current call, previous question, I think this year we will hit 20% ROE and we should hit 20% ROEs for a few more years given the plan that we have in place. I think that is something that we can do. But like I said, 15% ROE has been the long-term goal. That is the minimum rate that capital sort of compound at going forward. That has been the intent. At 15%. Sir, structurally, how should we look at the ROEs when we build it up from a project to the ROE perspective? How does the project margin change for you more longer run, not just for a year or two? But how does the project margin change for you, which gets you to 15%? I'll just continue. As said, we generally target about a 30% gross profit margin at the project level, about 18% PBT margin, about a 12% SGA and a 18% PBT margin and 13.5% PAT margin. If we are able to sustain that, whenever, whichever year, I think overall, generally, our ROEs should translate into the teens. If we are able to improve the margin profile further from here, then that takes us above 20. That's the general view for me. Levers to improve the margin, would it be more pricing power given the brand and given how we are placed in the senior citizen market? That could be one key lever or are there any other levers as well there? One, for pricing power is definitely a key lever. Senior living used to enjoy pricing power in senior living. What we are also intending to do in senior living is increase our product profile into a little bit more higher-end segment. Our pricing has been increasing on a ticket size basis. Also, we are going up to more premiumized products. As Vikash had mentioned in his opening, premiumization remains the thing. As we more premiumize our products and enter higher category of products, there also margin should improve. If I may just add to that, Varun, I think the other factor is the operating leverage fully playing out in the long run. Because if you are talking about the senior living, which is relatively more resilient towards the cyclical fluctuations, if that attains a critical mass, something like INR 1,500 crores of pre-sales that you talked about, the kind of operating leverage which will flow through will also give a sustained kind of impact on the margins in the long run, and hence the ROEs as well. Understood, sir. Thank you, sir. That's helpful. All the best. Thank you. The next question is from the line of Ankit Shah from White Equity Investment Advisors. Please go ahead. Thank you for taking my question. Sir, apart from Bangalore, any other business development near closure, particularly in Jaipur, Gurgaon, if you can share something? On business development front, we have active conversations going on in Jamshedpur, something in Chennai, something in Bombay, Pune, in NCR. I think we should get something done, a small thing in Jamshedpur, hopefully sooner than later. Outside that in Bangalore, things are in advanced stages of discussion, but they are still in discussions. I do not think we will have any announcements in the coming quarter, but hopefully in the third quarter of this year, we should announce those transactions as well. Okay. That is it from my side. Thank you. Thank you. The next question is from the line of Aditya Banerjee, an individual investor. Please go ahead. Yeah, hi. Thank you for the opportunity. I have few questions on the side of the revenue quality. My first question is, what is the underlying run rate for bookings? Is Q1 FY 2027's INR 358 crore closer to steady state, or is a big launch due later in FY 2027 to normalize the number? Aditya, one thing, numbers in the deliveries are not driven by launches. When you are talking about quarters, that is depending on handing over and that is driven on OC. For this year, I think we give a delivery schedule and a revenue schedule that is in slide- He is talking about pre-sales. He is talking about launches. Are you talking about pre-sales when you said INR 50 crore for the quarter, or are you talking about revenue in the financial statement? Value in the financial statement. You are talking about the financial statement. You are talking about reported revenue, correct? Yeah. Yes. Sorry. So yeah. Reported revenues in slide 15 of the deck. We have given an indication of how much we expect to report this year, and this year is expected around about INR 2,000 crores of revenue is expected this year. Definitely Q1, and that number was not at all normal. I would also say quarterly revenues for a real estate company and quarterly profits are not so valuable because our revenues keep fluctuating depending on delivery. So two projects, Ambience stage 3 and Ashiana Amarah phase 1, totaled about INR 532 crores of revenue. We got those OC, occupancy certificates, in the middle of July. So they are coming in July, August, September. We gave that update. If that occupancy certificate had come in on, let us say, 25th June, we would have been able to recognize that entire revenue in June itself. But since it came in on 15 July, everything is or the middle of July, not 15, everything is coming in the second quarter. That kind of fluctuation, I do not have any ability to control in our business, and that will remain. So neither Q1 was reflective, and I would say Q2 may not be reflective as well. We should look at revenues and reported profits on a year-on-year basis. Therefore, in our slide decks, we have given a sense of what kind of annual revenue should we expect. What we are trying to do is make sure those get met out in the year, that things do not slip from one year to the other. I think that is the endeavor that the company has at this point in time. Okay. Got it. So my another question is that according to my understanding, the units sold fell from 407 to 234 year-over-year, even as ticket sizes rose. Is this deliberate or a genuine volume slowdown? Again, difficult to say. It is not deliberate. But also, as I had indicated earlier, we have some lesser inventory in some markets. So that had an impact. So the launch happened in July. I clarified earlier, by July 31, our overall sale presales for the year was INR 859 crores. We have guided for about INR 2,200 crores this year, and I think we are on track to meet that guidance as of now. As I said, H1 we should achieve probably INR 1,050 crores, INR 1,100 crores of presale. Things are going all right. Okay. Sir, on the portfolio mix side, the ongoing portfolio mix has shifted to elite and premium homes at 36% versus senior living at just 23%. Given Ashiana's brand is built on senior living leadership, is this a deliberate strategic pivot toward higher ticket premium homes? No. Actually, if you look at our company, even though we were known for senior living, senior living was probably 10% of our business five years ago. Okay. Let's say FY 2022 or 2023 would've been 10% of our business, which has become 23%. If you look at deliberate pivot, again, on the deck, I would urge you to go to slide number 19, which is our land available for future development. If you see, the entire 5 million square foot is senior living. Bangalore, which I just spoke about on the call, which will get added to this land available for future development hopefully soon, is also senior living. A large part of the pivot is happening towards senior living. Even in slide 18 of future projects, which is phases of existing developments a bout 40%, 45% of that is also senior living. This mix will change decisively in favor of senior living in the next two to three years. Okay. Sir, I have this last question, that the kid-centric homes is concentrated almost entirely in Gurugram. How are you thinking about the geographic concentration risk there versus diversifying to other cities? We have done kid-centric homes in Jaipur as well, and Bhiwadi as well. Then we have done Gurugram. Kid-centric homes as a concept, we are still sort of fine-tuning the recipe, if that's the way to put it, where we are learning how to differentiate the concept better as we go along. Like the senior living concept, we have differentiated, we have understood the model, we are in this zone of scaling it up. Senior living, our first two really differentiated kid-centric homes projects are in Gurugram. One in Ashiana Amarah, we have just delivered phase 1. The Ashiana Aaroham we have just launched. I think it will take us a few more years, I would say two, three more years to sort of figure out kid-centric homes better. Once we have figured it out better, I think we'll take the path of really scaling that up and taking it to more and more cities as we move forward. Okay, sir. Thank you so much. Thank you. Thank you. The next question is from the line of Khushi Solanki, an individual investor. Please go ahead. Yeah. I wanted to ask about the Wadgaon, Pune acquisition. Can you walk us through the payback assumptions on the INR 1,800 crore Wadgaon project? What type of square foot and absorption pace are you underwriting currently? Khushi, I will say what I understood. Please say yes or no if I understood the question correctly. You said the new Wadgaon parcel that we have taken up, you were asking what are our assumptions to be able to do INR 1,800 crores of revenue, and what kind of annual absorption do we expect in that project. Right. Okay. It's a 20 lakh square foot project. We are estimating about INR 9,000-INR 10,000 of revenue per square foot on saleable area. That translates into about INR 1,800-INR 2,000 crores. That is our estimated at underwriting. We expect to sell about 2 lakh square foot a year, so that takes about a 10-year development timeframe. It's a little longer development timeframe, but we hope to enjoy good margins here. That should take care of overall returns from that perspective. If things go better than expected, then I would say we could do probably 3 lakh square foot a year and wrap up the project in about seven odd years. Okay, got it. Another thing. Why is the NCD funding for this land parcels specifically, while internal cash accruals given our INR 785 crore net cash positioning at FY 2026. The NCD financing was actually done by the landlords itself. The landlords wanted to have a partial revenue share position in the project. They didn't want to sell it fully. But they were keeping a very minority stake overall. Therefore, in our view, we wanted to take the title of the full land. We didn't want to do a part JDA. We said we'll do a full acquisition, and we'll issue you debentures to basically mimic that. Basically, they wanted to keep a 25% equity, so they've contributed 25% of the purchase value back through the debentures. We had agreed on a 6% revenue share for the remaining, so they're getting 6% revenue share, which actually to structure the transaction in getting. Okay. What is the expected launch time for this? About 18 months. Let's say this H2 of next financial year is when we expect to launch this. Okay, sir. Thank you. Thank you. Thank you. The next question is from the line of Himanshu Upadhyay from Bugle Rock PMS. Please go ahead. A small query. See, on the five, six projects what we are trying to acquire, what type of CapEx we are expecting and in FY 2027 or let's say FY 2027, 2028 on the projects which are very near to completion? We have a total budget of deploying about INR 800 crores in this financial year, including about INR 180 that got deployed in the last quarter. We are looking to deploy INR 800 for the year total. This includes all the deals we are talking right now. Or there can be something which will- Yeah. It includes the deal we have done in the last quarter and all the deals that we are in active conversations with, in serious conversations with. And one more thing. In some of the projects, historically, IFC also used to come, okay? Or we had an agreement with IFC. Those agreements with IFC only for residential means, can they also be partner in senior living, or they will be always on the other side and those agreements still continues or it is over? They are partner in senior living. They are actually a partner in Ashiana Vatsalya. They have provided capital there as well. Their first platform we had fully exhausted. In the second platform, we were only able to deploy INR 100 odd crores into Aaroham. But the platform timeline has been over. We have not been able to deploy the rest. Just because by the time we timed some of the projects and what their criteria for investment in these other cities outside of Gurgaon were, we were not able to meet on the ticket sizes. So they have an upper cap of ticket size that they can finance of a unit. Gurgaon, we had some relaxations in place. But like in Chennai, Aranya, or in Tatvam in Panvel, which were there where we could have deployed, we were not able to meet the ticket size requirements. Unfortunately because of that, we were not able to go through. Okay. Now there are no more, let's say, funds or agreements with them? There is no active agreement with them. We are discussing with them how we can work together in the future. It's a partnership I think both of us have enjoyed. Yeah. We are open to future deals. We enjoy IFC's. The kind of capital that IFC brings to the table, I think it works really well for an organization like us, and I think they have also enjoyed good returns on the projects that we have been able to do. So we are actively discussing if we can do further capital deployment together. Okay. Thank you from my side. Thank you. Thank you. The next question is from the line of Nikhil, an individual investor. Please go ahead. Yeah, thank you. Just two questions. First, that you said that you are trying to make the business less cyclical. Just wanted to have a broad understanding that what could be the low and high of pre-sales year on year? Just a broad understanding, if you could. Second is, in case of multiple projects, how does operating leverage work? I got a sense that if it is a big project then it will work, but you are across so many geographies. How would operating leverage work? That is all. Nikhil, two things. One, I do not know what the high and the low of a cycle would be. I think at some point in time, couple of years back, we were looking at this number, and the idea was to look at the higher top and higher bottom, what we typically call in case of a capital market cycle as well. That was a while ago. We looked at a number of something like 10 lakh square foot. That is the minimum that we need to kind of break even. After that, our product portfolio has changed. The component of senior living has been increasing. So I think we need to take a fresh look as to what is the kind of number that we look at, the minimum number in any kind of cycle, and the maximum number we can go to. Nikhil, the intent has become that how do we get to a place where we can make 15% ROEs a floor in the organization? I think at first it was an aspiration to get there. We got there on an economic basis, two, three years ago, on a reported basis last year. I think what we are looking to do is create a floor in the business of 15% return on equity. Therefore, we are trying to get more structural products in the portfolio where we think senior living has got structural tailwinds behind it as India's demographics change. I would say also the first real private sector children of liberalization start retiring. Economic liberalization of 1991. I think that is what we are playing at. I would be very hard to give a bottom or a top. In terms of operating leverage, I think operating leverage plays out in two ways. One, at the company level, I think Vikash, when he was talking about operating leverage, he was talking about at the company level, as there are a lot of fixed costs at the company level. The second way it also plays out is at the location level. If you see for any developer, they have a lot of location strength, location brand. So for us also, as we do more products in a location, our marketing costs fall. So let us say Chennai, it used to be around 8% in Ashiana Shubham, and we are now down to about 4%-5% of sales and marketing costs. So as we get steadier in a location, those things also come down. Larger projects also help where approvals are one time, designing is one time. As the phases get delivered later, we should capture some value that we have created in the product through increasing prices. There are three sort of different levels playing out at different points of time. That is what is happening there. Yes. Thank you. Thank you very much. Thank you. Thank you. The next question is from the line of Varun Yadav, an individual investor. Please go ahead. Hello. Yes, Varun. Sir, I just wanted to know how much approximately net margins are there in Anmol phase 3 and Amarah phase 1, sir? I am not sure, but they are not p roject individual margins will be there, but both are low margin. Anmol phase 3 also has a lower margin. Amarah phase 1 also has a relatively lower margin because Amarah as a project has very good margins, but phase 3 onwards, margins are substantially better than Amarah. It would be hard to comment a net margin. I do not know how to define a project level net margin, but gross profit margin blended between Anmol and Amarah should be in the mid-20s. That is pre till selling cost and general administrative, we should be in the mid-20s. I do not think they are at the 30 level also that we expect to get. Blended across both those projects, we should be in the mid-20s. Anmol 3, what we can tell you is that our margin gradually improved phase over phases compared to Q1, then in Q2 and Q3, pricing got a little better, improved, but still they were at p hase 1, 2, 3, I am talking about Anmol. In phase 3, the margin was better than the previous phases, but still overall it was lower. Yes. Now that we have possession of phase 1 of Amarah, there is still inventory left in phase 4 and phase 5. Will there be any difference in that? In what way? Selling will become hard if there is a resale in phase 1. But the other value of that is that phase 1 is ready, so our actual visits have increased. Our clubhouse is ready to show, landscape is ready to show, our learning hub is ready to show. So what we were earlier selling only with the plan, with the model, we are now selling with reality. The second thing is that we have more end users because we had not allowed resale without registry in the Gurgaon market, or without possession. So in the beginning, the actual investors who wanted to sell in resale were less. Some came, but less. So overall, the resale stock as a proportion of phase 1 should be not more than 20%, I would say, as compared to 80%, 90% of Gurgaon sales by other developers used to be traded later. So I do not see that much pressure actually. Okay, thanks sir. Thank you. Thank you. L adies and gentlemen, that was the last question. I would now like to hand the conference over to the management for closing comments. Thank you all for participating in this earnings conference call. 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 relations partners at Valorem Advisors. The investor presentation and relevant materials are available on our website, and we will be happy to provide any further clarifications you may need. Wishing you all good health and a productive year ahead. Thank you. Thank you. On behalf of Arihant Capital Markets, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.