Ladies and gentlemen, good day and welcome to the Ashiana Housing Limited Q2 FY27 earnings conference call hosted by Arihant Capital Markets Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please press star 1. Please signal an operator by pressing star then 0 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 for her opening remarks. Thank you, and over to you, ma'am. Thank you so much. Hello and good afternoon to everyone. On behalf of Arihant Capital Markets Limited, I thank you all for joining the Q2 and H1 FY27 earnings conference call of Ashiana Housing. Today from the management, we have with us Mr. Varun Gupta, full-time director, and Mr. Vikash Dugar, chief financial officer. of the company. So without any further delay, I will hand over the call to the management for their opening remarks. Over to you, sir. Thank you. Good evening everyone and welcome to our Q2 and H1 FY27 earnings. We would like to talk about, about our strategy to begin with today. Our strategy rests on 2 clear priorities: scaling our senior living business and strengthening our profitability. These priorities have guided our decisions over the past 2 years. And they will continue to do so in the years ahead. Talking about scaling our senior living business, our senior living, senior living business value of area booked have grown at a CAGR of around 55% from 150 ₹4 crores in FY23 to ₹570 crores in FY26. We now aim to scale this business sustainably and profitably with a target of ₹1,500 crores. in annual value of area booked by 2030. Some of the key recent developments. Value of area booked stood at ₹176 crores in Q2 FY27 and ₹310 crores in H1 FY27. We remain confident of meeting our FY27 target of ₹700 crores plus of value of area booked. We recently added a new land parcel in Gurugram under JDA. The project has an estimated CTV of ₹1,300 crores. Based on 7.25 lakh square foot. With this, we have acquired 5 projects in FY26 and FY27 so far. Senior living now accounts for total GDV of more than ₹9,000 crores. We have a strong pipeline of launches over the next 18 months. The first new project, Ashiana Aranya in Chennai, is expected to launch in Q4 FY27. In addition, we plan 3 new phase launches in S2 FY27. We are running a focused category building program to take senior living from niche to mainstream, reshaping perceptions. And positioning it as an aspirational lifestyle built on independence, community, and well-being. Last quarter, our focus was on influencer-led campaigns, and we will continue to invest in building the senior living category. Now turning to strengthening profitability. Our second strategic pillar Our first milestone was a return on equity of 15%, which we achieved in FY26. Our next goal is to build on this with a target of crossing ₹500 crores of PAT in the medium term. For the current financial year, we expect PAT of over ₹250 crores, and we are on track to deliver this as our project deliveries remain on schedule. Moving towards overview of our performance during the quarter, we delivered a strong operating and financial performance in Q2 FY27, with value of area booked reaching ₹834 crores versus ₹358 crores in Q1 FY27. And, uh, ₹303 crores in Q2 FY26, while collections increased by 20% to ₹487 crores. Revenue from operations at ₹576 crores versus ₹107 crores in Q1 and ₹166 crores in Q2 of last year. This was driven by higher deliveries. For H1 FY27, the value of area stood at ₹1,192 crores, up 62% year on year, while collections increased by 13% to ₹896 crores. Revenue from operations for the first half grew by 49% year on year to ₹683 crores. On the financial strength front, KRH upgraded the company's issuer rating from KR-A to KR-A+. This coupled with company's net cash position further reinforces the strength of our balance sheet and financial position. Q2 bookings stood at ₹834 crores across worth 9.47 lakh square foot and 525 units. Quarterly launches totaled 8.77 lakh square foot, which included Ashiana Uma, in Jaipur contributing ₹402 crores. through 238 units. Q2 average realization was at ₹8,813 per square foot, up 20% year on year. Collection increased 20% year on year and 19% sequentially to ₹487 crores. In H1, booking reached ₹1,192 crores, up 62% year on year. Across 13.07 lakh square foot and 759 units. Area booked rose 30%, average realization increased 25% to ₹9,119 per square foot, and collections grew by 13% to ₹896 crores. We constructed 7.17 lakh square foot during Q2. Deliveries and revenue recognition covered 8.63 lakh square foot with handovers commencing at Ashiana Amara Phase 1 and Ashiana North Phase 3 in Gurugram. Coming to the financial performance, revenue from operations for Q2 FY27 stood at ₹576 crores. Revenue recognition was driven by Gurugram handovers. PADS stood at ₹51 crores in Q2 FY27 versus ₹13 crores in Q1 and ₹28 crores in Q2 last year. For H1 FY27, revenue from operations was at ₹683 crores versus ₹458 crores in H1 FY26. An increase of 49% year on year. 64 crores versus 40 crores, up 59% year on year. Pre-tax operating cash flow grew, was at 138 crores for the quarter versus 123 crores. In Q2 FY26. The same was ₹259 crores in H1 FY27 versus ₹231 crores for H1 last year, an increase of 12%. We remain focused on scaling senior living, disciplined execution, and prudent capital allocation. With this, I would like to open the floor for Q&A. 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 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Shubham Karla from SITC Mehta Investment. Please proceed. Yeah, thank you for the opportunity. Uh, so I would like to seek the management's clarification on the matter which I, uh, you know, held upon. So Apollo Hospitals actually disclosed in its annual report for FY25-26 And also, what would be the current status of this matter? Has there been any material developments in this regard? Thank you. Uh, so thank you for asking that. There is, uh, there has been no material development, uh, on this, uh, on this regard. The matter is sub judice. Uh, we have been— it's been alleged that we have encroached. We haven't encroached any parcel. We were allotted parcels from Lavasa Corporation, and I guess it's a little bit of a boundary dispute, if that's the way to put it. You see on page number 198 of the annual report that Ashiana Housing Limited has allegedly encroached upon some land that Lavasa belonging to the Apollo Hospital company and that the matter is currently subject to the legal proceedings. So, uh, see, I don't track, uh, Ashiana. I track Apollo Hospitals, and that's how I came to know about this. So could you please give some context on the background of this matter? So If you would need more color, uh, can I request you to write us an email separately and we can talk about it separately, please? Uh, sure. So I had written the email to the investor relations department. But anyways, I just wanted to know, so the matter is still, uh, in the legal proceedings, correct? And any legal opinion that your legal team has given I don't have, uh, uh, you know, clear information on this regard. We'll get back to you later on this. Uh, if— what's your name again, sir? Uh, can I request you to write to varun.gupta@ashianahousing.com as well, please? Uh, we'll take it from there. I don't know if the investor relations got the email. Uh, we'll revert back to you. Sure, thank you. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and 1 to ask a question. The next question is from the line of Aditya from Securities Investment Management. Please proceed. Uh, yeah, hi sir, thanks for the opportunity. Uh, so my question is on EBITDA margins. So there has been a 10% increase in realization, you know, on a year-on-year basis for us, but even then our margins on percentage basis have actually fallen from 18% to 10%. So firstly, just wanted to understand the reason for the same. And secondly, now if I look at the deliveries, you know, which we are expected to make in the second half of this year. So the average realization would be more or less in a similar range as that we did in Q2. And if that is the case, what would help, you know, improve the EBITDA margins, uh, uh, so that we could achieve, you know, a targeted PAT of ₹250 crores this year? Uh, so, uh, 2 things. One, my understanding is the H1 EBITDA margin is slightly better than, uh, last year's H1 as per my data. We can Uh, but it depends on, on quarter on quarter, I think, a little bit for us because it depends on what project we deliver. Uh, this particular quarter had Ashiana Unmold as deliveries. Ashiana Unmold is is a historical land cost project for us, so therefore, uh, it dragged, uh, continues to have a drag on our margins. So if you look at, uh, going forward, our margins are improving because we will have newer projects for delivery. So except for Ashiana Malhar, which is still a lower margin project because of, again, high land costs, very high percentage of revenues that we have given to the landlord there. And as in Anmol, but other lands and projects like Ashiana, Advik, Tarang, Ekansh, Amode, they are better margin, they're more normalized margin projects for us, I would say, and, and don't have the same drag on margins that some of these, a couple of these projects that I've had. So this particular quarter was also concerned with that. So going forward, the margins will improve. Okay, so just to follow up here, for my understanding, uh, so this quarter our average realization was around ₹6,600. And, uh, if, if I look at the delivery schedule which we give in our presentation, uh, average realization for the deliveries for the second half is also around the similar levels of ₹6,200-6,300. So if the realization is going to be similar, uh, then how the EBITDA margins improve then? I explained it's a cost side issue. Like in Ashiana, Advik, our land costs were Uh, you know, 35% revenue share to the landlord plus other costs in the land. So our land cost percentage was very high. Ashiana Advik, for example, in which is a historically owned, uh, acquisition, uh, from, uh, back in 2011. Land costs here probably would be 5%, uh, I, I'm not sure exactly what it is because they're actual, uh, actual land costs here. So the, the, these things translate into margins directly, right? So Similarly, Ashiana Anmol is a high construction cost, uh, ambit for that, uh, sale price as compared to, let's say, some of the other projects, uh, within that regard. So I think those had a— that has had a role to play. So if you look at the future projects, the percentage of revenues and revenue shares are more reasonable, uh, wherever we have like Ashiana Ekansh would be around I think 22.75% that we give to the landlord. So those kind of things will be there. We as a developer tend to report the percentage of revenues as a land cost there. So both those combinations, either we are having, uh, now historically owned or currently bought, owned cheaper land or revenue share, which are more reasonable as to what we do. In general terms, we'll normalize our margins. Right now our margins are understated as compared to what our normal margin should be, and you will see that improve in the next over H2. Got it, got it. So I just wanted to confirm, there hasn't been any material cost escalation, you know, between booking of our flats and the delivery which you are now giving? No, there was no material construction cost escalation. This was a historical poor land transaction that we did. Okay, got it. And lastly, sir, uh, on the delivery side, we are confident of delivering, uh, the flats for Q3 and Q4. Or any postponement you expect? So the only one, uh, right now all but Ashiana Swarang seem on track to deliver. So I— except for Ashiana Swarang, we are on generally on schedule. Got it, got it. Thank you, sir, for answering the question. Thank you. Thank you. Next question is on the line of Rahul Ayat, an investor. Please proceed. So, uh, I just have a couple of questions. So firstly, Malhar Phase 4 is under a third sold, and Pune Premium has never earned the margins you underwrite to. Yet another Malhar phase is still in the pipeline. Why launch it rather than redirect that capital to senior living in the same region? So, uh, hi, hi Rahul, uh, I get your point. The new phases don't really require incremental capital from our end. Uh, whatever capital we had to put in the project has already been put in, uh, and once you have taken up a project, we want to complete the project unless and until there are exigencies that are completely, uh, not possible. So even though margins are not good, we would like to complete this project and exit the project fully by completely building it out. And it doesn't really take significant— any material incremental capital. to do the project. I hope that answers your question, Rahul. The next question is from the line of Rohit, an investor. Please proceed. Hello. Yeah, hi Rohit. Yeah, hi, good afternoon. So, uh, so my question was, uh, twofold. So first of all, I think Uh, good to see some, uh, land, uh, that you bought on Induldao. Uh, I still haven't seen Bangalore yet, but I— you had— you're very confident that we'll get through that, but just wanted to first quickly ask, we are on track? Maybe, uh, timing-wise it's fine, but in general, are we on track? In general, we are on track. Okay, got it. So, uh, so my, uh, the other question was, uh, just, just the previous participant asked in terms of the Margins, of course, you clarified, but, uh, from what we were earlier saying that financial year '27, at least on the reported numbers basis, we'll see a very strong growth. on profits, which means the heavy lifting will have to do on H2. And in terms of deliveries, uh, I mean, in terms of top line, I think we are— it's not going to be that difficult from a run rate basis. We are— I mean, whatever we've done will probably be similar to that in H2, but from a profitability standpoint, it's almost going to be Uh, double or more than double of what we intend to achieve. So is that— I mean, uh, I mean, of course I know that the quarterly margins, unlike other businesses, accounting here doesn't work. But just from a mathematical point of view, is that how it will be? Assuming all deliveries are in line, etc. So assuming all deliveries are in line, uh, as I said, we expect to cross ₹250 crores of PAT this year. Uh, you guys can do the math on the margins, uh, on that, uh, as well. So, and we are, we are quite confident of crossing that figure for sure. And just leading up from there, so then I mean, uh, we had this point of going to accumulate a profit of about ₹2,000 crores. So assuming we do that ₹250 crores, we would have done close to 16-17% of that number up to FY27. The, the remaining year, then FY28 and FY29 will be like Uh, 30, 40, 50% kind of growth. I shop, uh, So let's— we have— we, we had guided that till up till FY30. Uh, I think, uh, yes, so, uh, I As the medium term, as I said right now, we were discussing, so a Uh, there seems to be a little bit of slippage on that 2,000. Some of it is slipping into, uh, FY31, okay? Because a couple of projects that we— I thought will come in by FY30 is Uh, going into the Q1s of FY31, and we are not able to sort of bring it back, uh, according to me. So there is a little bit of a slippage there, but I think by FY30, I think we should get to about ₹500 crores of PAT right now. That's, that's, that's the plan. And, uh, between 27, you know, 28, 29 being higher than 27, and 30 getting to 500 is, is, is what it looks like, uh, right now as per our delivery schedules. Okay, and so just one clarification. Sorry, I understand that maybe it will get slipped into a few quarters post FY30, but what did you mean by saying that ₹500 crore part in FY30? You mean FY30 we are looking at ₹500 crore part? Is that what you mean? Yes, yes, yes, yes, yes. Yes, yes. Okay, so I mean, uh, then when— I mean, I'm just doing math here, sorry, but we will— yes, go ahead, do the math. No, I'm saying then FY20, uh, yeah, I mean then FY28 and FY29 would be of course bigger than FY27, but, uh, the miss could be like, uh, 20-30%. Not, uh, yeah, about 15-20% is what I think would be the miss on that because there are a couple of projects that seem to be moving there seem to be very heavy. Okay, maybe I'll probably just understand this math, uh, with you on a separate basis because, uh, uh, the, the last question Is, uh, again, I mean, uh, from a 9. So this, I mean, we are going to get whatever, 1,700-1,800 crores of cash flows, uh, I mean profits. Cash flows could be Uh, before also. So I mean, how are you thinking about allocations? Or I mean, you talked about that you don't want to be too aggressive. And we are seeing some sort of commentary from other players also that in some cities sales are slowing but that's not yet reflected in the land prices, etcetera. So, uh, how do you see, uh, do you see dividend, do you see buybacks, or, uh, how, how would you— I mean, how are you thinking, let's say for the next 5-6 years, how are you thinking about building this company? Okay, so I don't think we'll have substantial dividends or substantial buybacks, which is— which will be, let's say, out of the general course of the business. We might have it. I don't know if we change our minds right now. I think we will push to scale the business, uh, as I've commented earlier, I do see opportunities to scale the senior living business. I find lands and deals are still viable and valuable there. And a differentiated competitive position for us. As we stay— as Vikashji had stated, uh, on the call earlier also, I think the key thing is to keep growing the senior living pie. So a large part of that capital will keep getting deployed towards that. Bangalore should happen soon, as we spoke about. We are in the midst for discussions for senior living parcels. elsewhere as well, and we would like to do more. So I think a large part of the capital will get deployed into land. And, uh, What we intend to do as a management team is find those pockets, uh, where we still think there is, uh, uh, there is still value. And, uh, and have flexibility in where we go. So sometimes you might— some cities which might be seeing very strong sales for now, and we might be avoiding that because land prices have not are not conducive, uh, give— even though sales are very, uh, going very well, we might say somewhere else, oh, right now might be the sales spike by every week, but, uh, we see the land prices are conducive and we think the sales will, uh, get better, so we might take that call. So there are a few, uh, pockets where we are seeing opportunities and we'll continue to invest in that. And the second bit is Uh, we are also to see which market we have a bigger right to win, and if we do that, then we might take a call on land anyway, thinking that we have enough margins due to the premium we can charge, and we don't see volumes getting stuck. So there are these 2, 3, 4 calls that we are taking, but in that large— in that piece, I think the biggest piece is the senior living piece. I think we are, we are going to keep doing more deals in senior living, and you'll keep seeing that. And we still— and we see pockets of opportunity there because land prices remain conducive because we are not in city centers, right? So we are a little bit outskirts, so then it becomes, uh, still viable. Or do JDA, like in Gurgaon, even though we are in the city, we did a JDA. So, uh, so the deal still works. Got it. And just one small, uh, uh, question. So if you were to sign the CP within the next— we just mentioned here, uh, uh, in Bangalore— when do you plan to, uh, by when can you launch it? Uh, either late next financial year or H1 of FY29. Okay, got it. Okay, see you. Thank you so much. All the very best. Thank you. Thank you. one more like a clarification. So the ₹2,000 crore pack, uh, cumulative pack that we were hoping to do by 2030, we are saying we will still do it, but that will slip into 2031. Thank you. The next question is on the line of Rajat Sethia, iThought PMS. Please press 1. Hi, thanks for the opportunity. Just one quick Yes, yes. Absolutely. Thank you so much. That was the only— thank you. Thank you. Thank you. A request to all participants, please restrict your questions to 2 per participant. The next question is from the line of Ayush Shah from Essentra Capital. Please proceed. Yeah, hi, good afternoon. So I have a slightly question from a medium-term perspective. So do you think that we are firmly on track to achieve our guidance of ₹10,000 to ₹12,000 crore of sales and ₹2,000 crore of PAT? I understand that you have already explained in the previous question. What I wanted to understand in terms of committed timelines, because I remember last year you had mentioned that FY26 and FY27 are actually very important years for us because the launches in these periods would set the platform for us to achieve the FY30 guidance, right? So, and I understand that there have been some delays in the previous few quarters by a quarter or year in there because there are some exigencies like the approvals are not in our hand. So we completely understand that, but So what I wanted to understand that do these delays kind of affect our profit target of like you mentioned that FY Uh, the some profit pool would slip to FY31 of Q1 of FY31. So, and again, then these numbers are going to get shifted. So let's say like FY20, FY21, FY30, and so on, the numbers are going to get shifted and so on. So do you think that, uh, it can go well beyond Q1 or Q2 of FY31 as well? Uh, so just needed a qualitative perspective from you on this. Right now, I usually think we should— I, my expectation is that we are on track for, let's say, H1 of FY31 to get there. Uh, in terms of the— this year being critical from profitability perspective, in this financial year, one critical aspect is launch of Ashiana Aroham Phase 3, which is on track for launch. We have all approvals, so we should launch in the next quarter. We are doing the buildup the marketing buildup right now, and we should launch Ashiana Aroham in, uh, in, in Q4 of this year. So I think that was the— our Phase 2 and 3 have been the critical projects which are sort of slipping away into, uh, FY31, uh, basically, uh, and, uh, that was one piece of it. Other than that, in terms of being critical years, I think, uh, The other bit of critical years from a long-term perspective on FY27 is the kind of buildup we have towards senior living. So in FY26-27, we did sign off on a lot of senior living projects. As Vikash ji said, we have about ₹9,000 crores, over ₹9,000 crores plus of GDV in senior living now. And that was the other critical piece that had to happen this year to lay the foundations to get to there. I think we have gotten at some path in that piece of senior living by getting these projects acquired. I think the next step is on launches. Uh, as Vikas ji also said, the first of those, these newly acquired projects. So I think after After, I think, a 2-year gap or a 3-year gap, we'll be launching a brand new senior living project, and that will be Ashiana Aranya in Chennai. So I think that's been— that was the other thing. So I think overall 2 years has so far— we have 4-5 months to go. The 2 years have gone as per plan. Except for a little bit of slippages here or there, uh, in terms of construction. I think we are also— I'm also a little bit gotten more concerned on construction bans happening in the NCR. I think the government is being more preemptive on the pollution thing. So a little bit of slippages I also expect because I think NCR will see more ban on construction than previous, given at least the, uh, preemptive intent that we have seen in this year. Right, right, understood. That was helpful. Thank you so much. Thank you. Okay. Thank you. Next question is from the line of Sahil Jain, an investor. Please proceed. Uh, hi sir, good evening. Uh, I just had a couple of questions. So my first question is So you have previously talked about a pre-sales dip for a year or 2 before this Senior Living carries the growth. And if you see the first half, so that has run ahead of your own guidance. So like, has that changed the shape of the dip or what exactly? It never— I didn't have an exact shape of the dip. I still don't know what it would look like, uh, exactly. So Uh, the first half did go a little bit better than I expected it to be. Um, I, I exactly can't say how it will be, Sahil, unfortunately. Uh, you know, let's see how senior living sales go, uh, go through and how we are able to launch more senior living projects. I think the more we need to get the senior living pipe out there and we are at it. So as we get more variety of senior living products out there, I think that would also help. But I do see, I do see a dip in '27-'28. At least. Okay, so understood. And my second question is regarding the, the kid-centric homes. So they are now the largest part of your ongoing book by value, if I'm not wrong. Yeah, but almost all of it is in this, uh, Gurugram region. And, uh, you have said that the concept is still being refined. So like, what exactly are your plans before you take it to a second city? We've— we refined the product. Uh, we have done kid-centric homes elsewhere as well, uh, in, uh, in Bhivadi and in, uh, in Jaipur, uh, before. Uh, but those were, let's say, more retrofits, uh, to existing projects. Uh, the first actually, uh, kid-centric homes from scratch, uh, just got handed over, which is Amara Phase 1, which is first handover, which is now— I think, uh, The question is not whether we take it to more cities. The question is how do we scale it up, whether it can be in Gurgaon itself or where it goes to more cities. That's the second bit. I think we are still refining, uh, Uh, we are now— we have refined the services which, which has started to get delivered, and I think there is a refinement in the marketing The way we market kid-centric homes and the value proposition that we provide, and I think that is still a work in progress, and I don't have a timeline on as to when it will get done. Uh, hard to say, but, uh, we, we are starting to see glimpses of it. Uh, we were able to increase prices in Ashiana Aroham. In the last, uh, 7-8 months in Gurgaon, even though Gurgaon market has not remained as strong in the last 7-8 months as it was before, and we continue to increase prices. and get sustained month-on-month sales, uh, which was a great sign. And I think that needs to get strengthened further where we start seeing the differentiated pricing capability because we are able to add a different value to the customer. And it, it remains a work in progress for now. ओके सर अंडरस्टूड थैंक यू सो मच थैंक यू सर Thank you. The next question. Is from the line of Rajat Sethia from iThought PMS. Yeah, thanks. Uh, so one, if you can lay out your thoughts about the senior living as your overall business proposition. I mean, what, what are your thoughts about that over the next 4-5 years? Where do you want to take that part of the business? And also, if you can share some numbers, uh, in terms of the business mix of senior living in the last 4-5 years versus the next 4-5 that you see. Okay, uh, So I'll start with the mix and then I'll articulate. I will not like to articulate the mix in a percentage basis, it just becomes a little bit complicated. I— my head thinks in absolute terms. Uh, in FY23, we did ₹154 crores of pre-sales in senior living. In FY30, we are targeting ₹1,500 crores of pre-sales in senior living. In that, and I think we will continue to grow further, I believe is that the senior living business, we have an early mover advantage. We understand the consumer well over there, we understand the product well over there. I think it took us a while to refine what I would say is the recipe of senior living. I think we have gotten our recipe correct. The second piece therefore has been to take it to more cities. Take it to more price points and And in that regard, there has been I think 3, 4 steps that we have had to take. First step has been to define different kinds of products. We have created 2 senior living products. One is active senior living. The other is sophisticated senior living. Our second— our first sophisticated senior living was launched in Chennai. The second one is also getting launched in Chennai. The third one will be in Panvel. These are higher price point senior living products. We are going to do even higher one in Gurgaon. And so basically creating breadth, we're going to launch one in Bangalore as well. And the second bit had been to increase sales during the year. So we scaled up to 570-something last year. We are looking to cross 700 crores this year. And, uh, Uh, the third angle had to be get, get the projects, uh, signed up. We have, uh, as we have 9,000 crores of GDP signed up, I think, uh, 9,000+ crores of GDP, I think we are looking to sign off on another 8,000-9,000 crores over the next 24 to 30 months. I would say that would be the initial target to get more GDV in, and most of that sooner than later. We are in active discussions, uh, there a lot. I think we can make senior living, uh, sort of the the biggest part of the business in terms of profits. Okay, so going forward, I think even beyond FY30, I see it to grow, uh, quite rapidly and therefore take in larger shares of incremental capital and larger shares of management bandwidth. Sure. And, uh, in terms of margins What's the— what's the broad delta between construct housing that we are doing and senior living as well as the sophisticated senior living. Okay, so I would say broad, uh, gross margin differentials would be around 5 percentage points, uh, would be where I would say broad differential margin would be. That said, uh, you know, the regular housing part of the business has seen a very upcycle, so there will be margin expansion that has happened over the last few years in terms of pre-sales, which is now going to get reflected into the books as we go year on year. I think that reflection in reported profits will come. That margin expansion happened. A, because we premiumized, and B, because of the upcycle in senior living. We expect the margins to be a lot more stable as we go because we don't expect the business to be as cyclical in nature. Simply because our view is that cycles are run through supply-side expansions. Supply-side expansion in senior living is more difficult to do, and therefore right now, at least for the time being, we don't see an oversupply situation happening in senior living. And therefore that basic thesis there. So I would say Over, over cycles, over let's say up cycles and down cycles, senior living should give about 5 percentage point higher margins. And so on the gross one, we Sophisticated one will also give similar ones. You know, they will— they will— sophisticated ones will have higher land cost, have higher construction cost, and have higher sale prices, but I don't see margin profiles on the overall being very different, uh, in the long term, maybe 2-3 percentage points extra as well. But like, let's say when we look at it on a per square foot level or a per acre level, we'll get better margins. Got it. So basically higher ticket size and let's say similar or couple of percentage more, uh, margin, which means on absolute basis bigger profit pool. Yes, on an absolute basis, yes, correct. And which are some of these cities like where you see Maximum potential at the moment is in senior living. Uh, Chennai, NCR, Mumbai-Pune region, and Bangalore. Not in Hyderabad. Uh, Hyderabad, we are considering, uh, We are, we are looking to appoint someone to do business development there, but Hyderabad would be a little bit longer into the, into the plans right now. are not looking to do projects which will only cater to Pune. So let's say half the clientele is from Mumbai, half the clientele is from Pune. Sure. I think Pune is one anomaly here in all the cities that you mentioned. All are metros while Pune is not. So I think, uh, so we are looking at the region between Mumbai and Pune, and I— so we Uh, or like Vivaadi where NCR people will come. या इसमें और लाइक अभिवारी वैलेंस यार पीपल का या Gotcha. Thank you so much. Thank you. Thank you. हेलो सर, हम ऑडिबल? यस हाय विशाल। या या थैंक यू सो मच फॉर दी अपॉर्चुनिटी। सो द फर्स्ट क्वेश्चन आई हैड वाज रिगार्डिंग द सीनियर लिविंग साइड। सो व्हाट वाज इन द सीनियर द फर्स्ट लिविंग बुकिंग हाफ? वैल्यू And how does that look against the ₹700 crore that we have targeted for the year? And what launches in the second half will help us reach that target as well? If you could give some color on that, sir. Next question is from the line of Vishal Singh, an investor. Please proceed. Okay, so for the first half, uh, the value was ₹310 crores. Uh, we are looking to cross ₹700 crores, uh, for, uh, the year. We are on track. I think the key launch is Ashiana Aranya in Chennai. Which will be a completely brand new, sophisticated senior living project. We'll be launching high-end villas there in the first phase. वी आल्सो हैव फेज लॉन्चेस आई थिंक ऑल आर आशियाना आद्विक हैज हैड अ फेज फेज लॉन्च क्वार्टर इन दिस अक्टूबर तू दिसंबर Already we are going to launch something new in Ashiana Swarang and, and Ashiana Amode as well. So I think we have phase launches which will support this. But the biggest— I think the biggest thing is to get a new project in. And I think so we are on track for getting that project. Uh, we are mostly through with approvals. Uh, there are some, some approvals still pending. I think we are on track to launch in the next quarter. ओके ओके थैंक यू सो मच एंड अनदर क्वेश्चन आई हैड वाज रिगार्डिंग द वचलिया सो द वचलिया फेज थ्री लॉन्च्ड ड्यूरिंग डबल्ड द क्वार्टर सीक्वेंशियली एंड वचलिया बुकिंग्स आल्सो So what was the opening response like? Like, how is the Phase 3 priced against the Phase 2, and does it, you know, change our view of the Chennai market itself? I'm sorry, I'm getting a lot of disturbance, but, uh, Ashiana Vatsalya sold well. Uh, we got better pricing also as compared to, uh, Uh, Vatsalya Phase 2. So I think overall that has been very, very good. I think I don't have exact pricing in with me. Let me just have a look. I can probably find that for you here. Sure. So I, in my view, that, uh, Chennai market continues to remain the best senior living market for us right now in terms of both total senior living revenues and total area that we have sold. We see Chennai to have more depth, therefore we are launching Ashiana Arena as well. That, that launch is also going to be key to see how much more we can do in Chennai. Okay, okay. Thank you so much. Thank you, thank you, thank you. Yeah, thank you. The next question is from the line of Rohit from iThought PMS. Please proceed. Hello. Hi, Rohit. Yeah, yeah, thanks again for the chance. So, uh, just a few free questions again. So one was, we had this class action suit on us, uh, on one of our projects. Uh, yeah, anything, any update if you can share? Uh, Next. Nothing has moved there, and I think it will continue to be like that for a while. Uh, unfortunately, in our courts, it's— it is— it takes— it does take time, right? Our judicial system does take long, so it will continue to be long, I think. Okay, and okay, so, uh, any chance for an out-of-court, uh, settlement or something like that? Or I don't know if you can share anything on this because, yeah. I, I don't know. There are no conversations on that regard yet. Uh, we are very surprised by it because, you know, we continue to maintain that project when we get feedback of that project. Customers seem to be very happy. Um, resale prices are up, rental prices are up, occupancy is good, uh, general customer feedback is good. So we are very surprised by that kind of class action suit in, in that kind of a situation. So I, I don't know how much we can appreciate that. Sure, sure. So, all right, uh, and then on senior living, I had just 2-3 questions. Uh, so one sort of, uh, thought process is that, uh, given the, uh, I mean, mostly people who are senior citizens or closer to the retirement, uh, are your buyers, uh, pretty much. So from a financial lens point of view, uh, is there a pushback or is there something like, uh, given that, uh, this asset may not be something that we can pass it on, or may not be something that can be passed on, and the resale may not be that high, etc. I mean, how— from purely from a financial lens How does that— how, how does that conversation with your customers, or, uh, or how— I mean, any thoughts that you can share there? A, it's fully available, right, we don't restrict who owns the unit, we restrict who resides in the unit. So ownership is not an issue. And, uh, resale markets have been very good. So there is no real actual issue in resale, uh, so we don't have that challenge. And third, I think, uh, seniors actually like to own their home. Uh, instead of renting their home. Uh, for 2 reasons. One, we don't want to be moving in and out from one home to that at that age, okay? Uh, so you own. Second, people don't— and people like, uh, don't like unknown financial obligations, right? Buying your home fixes your financial obligation as compared to rent, which might change. So we haven't had a situation where this has been a concern. Okay, got it. Uh, and then just, uh, extending the question that you've been explaining in the last— to the last previous participants on senior housing. So, uh, of course we've been in the early end print and we've had a very, uh, good track record, but as this space becomes more and more sort of Uh, let's say financially attractive. Uh, how do you— so like entry barrier in general seems low in our business. I mean, in general. In real estate. So how do you— you said that supply is not that high, at least at this point of time, but in general, let's say the other reputed builders Uh, and, and in general, it seems like the overall market is generally consolidating in our country, uh, with fewer bigger brands becoming more, uh, they can share, become that, and India, etc., etc. So in that context, uh, do you— if let's say, let's say, uh, Godrej or DLF or all the more bigger ones, they start getting into this market. Uh, how— so how do you protect your turf, or, uh, or like, how do you protect your economics also, if this becomes too competitive, like let's say how it is today, uh, in general for the real estate business. I have 3 thoughts on this. I think, I think the market is still too small for the larger developers to do a lot of work in this. Okay, uh, I think some enabling provisions of the Haryana regulatory piece is making the folks in Gurgaon more excited to do this, okay, because it has unlocked some lands which were not getting permissions otherwise. But outside of that, I think when the going is good, when everything else is doing, the senior living business is too small for the big boys right now. Okay, uh, you know, we are targeting ₹700 crores of revenue in this and Uh, we have clear lead in the number of units. Annual sale, you know, of DLF One does one project in Gurgaon, gets a crazy traction through 175 units. That's a secondary issue, uh, but in terms of number of units, uh, annual sales, and total, uh, total GDV that we have available, we are quite on the higher side already, and it's still not, uh, that. Second, I think, is, uh, as a brand, I think, uh, seniors are more, uh, risk-averse, so they are looking for people who have track record of running senior living. Uh, Now we have a 24-year track record— no, 22-year track record. 2004, we launched our first one. I think, uh, the second and third So that brand and that track record in that awareness, that's the risk-averse nature. And fourth, I think the selling The way you sell the project is different. The way you maintain the project is different. The way you design the project is different. The way you build the project is different. So Like selling channel has very limited role to play for us. For most, most sale is direct through referrals. Uh, second, the way you design this is a little different. So I, I think it's, it's, it's a space where I think at least as of now we are the only ones who are committed to doing very large-scale projects across the country right now. So in that way I think we're still differentiated having those things. And our learnings, uh, we have a lot of learnings over the last I would say 22 years. I think that will— that they compound. So I don't think it's as easy to get to some of the learnings we have. Sure, sure. No, fair enough. And this last question, again slightly more broad, is which are the companies either in senior living or in general in real estate, or that you sort of want to— I would say emulate, but maybe like see and you get sort of more inspired by and say I want to like build my company on a similar fashion, India, global, wherever. Um, so no, it's a request, uh, this is the, the last, uh, question please. We have someone else in the queue after this, uh, so, and you can come back after that. To me, Heinz out of the US does some incredible work around development. Uh, the Chinese developers and the kind of scale that they've built, uh, have been, uh, incredible. Uh, there is, uh, some of the bigger listed folks in India who do great work. I think Prestige, Soha, Brigade, Lodha, Oberoi, DLF. All of them, Mahindra, I think all of them do really, really good work and across different things. So some, some things we like about some others and I, and, uh, And I respect the kind of brand that they've built, the scale that they've built, the quality of work that they do. So, so there are huge uh, swath of players we like and, and respect. So, and would like to emulate a little bit of good things from all of them. Sure, sure. Thanks, thank you so much and all the very best. Thank you, Rohit. Yeah. Thank you. The next question is from the line of Avina— Anubhav Goel from Cosma Ventures. Please repeat. So for the Amogh Phase 1 delivery, I think it's now showing Q4, which is in line with our, uh, handover date. So do we expect to meet this timeline? One second. Which project? Sorry, I, I missed you. Amort Phase 1, uh, yes, we, we should— the building is, uh, is fully ready. Uh, it's, it's just the OC process is taking us longer than we thought it would. I think we are on track in Amogh for Q4. We've, you know, construction is complete. Okay, got it. And, and so this point of, you know, uh, only a senior person residing in the house, so this would be a common condition in this space in general for other players and globally? Like, if you can just share thoughts on this about how this works. Uh, globally it's a common condition, okay? Uh, some developers in India are experimenting with what they call our multi-generational projects. Uh, where they relax this condition. So these large builders, like, they have specific towers for senior living. So in those towers, these conditions would apply? Or only apply in those towers at, at some level. So different developers are doing different things. Okay, okay, thank you so much. Okay, we, we are very clear, we will not dilute that proposition. Got it, got it, got it. Yeah, sure. Yeah, thank you. Thank you. That was the last question for today. I now hand the conference over to the management for the closing comments. Over to you, sir. Thank you all for participating in this earnings conference call. We remain focused on timely handovers in FY27 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 relevant materials are available on our website, and we will be happy to provide any further clarifications you may need. Wishing you all happy Diwali and a productive year ahead. Thank you. On behalf of Arihant Capital Markets Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.