Good evening, everyone, and a very warm welcome. Thank you for joining us today for our Q4 and full year FY 2026 earnings update. We truly appreciate your continued interest and participation. We have with us Mr. Amit Sinha, Managing Director and CEO, Mr. Sriram Kumar, Chief Financial Officer, Mr. Vimalendra Singh, CBO, Residential, Mr. Vikram Goel, CBO, Industrial. Today's meeting will begin with a brief presentation covering our operational and financial highlights, following which we will open the floor for Q&A session. With that, I am pleased to invite Mr. Amit Sinha, Managing Director and CEO, to take us through the presentation. This one? Okay, good. This is working. Welcome, everybody. I think, we'll move through the slides pretty quickly so that we have as much time for Q&A. By the way, the first picture was that of. Let me go back, actually. This was of Bhandup, our recent launch. I think, the sales gallery and everything is ready. We're just waiting for the EOIs and the CP meet to happen for us to start opening the gallery for customers to take a look at what we have to offer there. This picture is from Mahindra Blossom in Bangalore, which did really well last quarter. 60% sold within a week of its launch, so it's done really well. Obviously this launch was before the war, so I think, let's see how the impact of war is on the sentiments and the real estate buying behavior. Right. I think in terms of, You've seen this slide before, so I will not dwell too much time, but I think we are continuing to execute on a well-defined strategy. You know, you know our aspiration to be a meaningful scale player in the industry, INR 8,000 crore-INR 10,000 crore. GDV, addition of INR 45,000 crore, which is in looking very good shape. In fact, we have crossed that, and we are thinking ahead in terms of how we build the GDV portfolio for future. The portfolio choices, you're well aware of in terms of three cities, premium, mid-premium and exiting, affordable segment. Business development engine, which allows us to pick and choose the right set of deals, get us approvals in time to launch, make sure we adhere to all the financial guardrails. Customer experience. In the last year, we have really pushed the needle on providing superior customer experience to our customers. It has obviously design elements, sustainability elements, some kind of innovation which are more practical. Also a key part of industry challenge has been how do you provide a seamless possession experience, which we have worked really well. Project execution is fundamental. A first-time right approach to construction, on-time delivery, I'll share some of the update on OC. How do we actually become more industrialized in the project business by having designs and spaces which can be standardized for repeatability. IC & IC, you'll hear more from us on the business. It has done really well, across existing location, and we continue to monetize the asset that we have. The bedrock for us has been the robust financial discipline. IRR, prudent capital allocation, making sure that we have strategic funding to support our growth aspiration. You have some of the future-proof MLIFE from a talent, performance culture and new technologies. Not deviating from the strategy that we've highlighted 2.5 years back, we are making strong progress on each one of them. Some highlights, just to give you. You have seen the brief already, Q4 pre-sales on the resi side was INR 1,633 crore. Overall, we finished the resi pre-sales for the financial year at INR 3,400 crore. Supported by good successful launches at Mahindra Blossom, Marina 64, New Haven, Mahindra Citadel, Towerelle, Mahindra Lakewoods in Chennai. Sustaining sales, which is our continuous effort to actually not depend on the launches, in-year launches. 40% of our sales came from sustaining, our goal is to continue to improve that. Mahindra Rainforest, it's one of the largest project that we have taken. Full GDV is more than INR 12,000 crore. We have achieved RERA, received RERA for Mahindra Rainforest Phase 1. We will share with you in future months how the response is. Strong launch pipeline heading into FY 2027. A lot of GDV that we acquired in the past years is coming up for launches. The approval process are well underway. We hope to see a significant jump in our pre-sale this year. BD momentum continues. INR 18,000 crore, including Thane this year as well, total GDV for more than INR 45,000 crore. We have a focus on execution continues. We had planned to receive eight OCs, I'm glad to share that in the last financial year, + 7 days, we received two OCs by April 7. One came on April 1 and one came on April 7. Within, let's say 372 days, what we achieved was in line with what the expectation were for FY 2026. We also have a strategic partnership announced. The first part of infusion of capital has happened. This is a multi-project partnership. It started with Blossom, where they have 49% stake, and it's going to be a game-changing partnership from our point of view. Mitsui Fudosan is the largest real estate player in Japan, they've chosen us to be their partner for the residential segment. They had partnership in the past on the commercial side, residential, this is the first partnership. You know, IC & IC continues to be a very strong, unlike other firms in the space who have resi plots, we have industrial, which is like industrial plots. The kind of margin profile, the kind of land bank that's required, we do have in IC business. We have seen leasing activity very strong in Jaipur and Chennai. Realizations have improved quite a lot. We are working on Origins, Ahmedabad and Origins, Pune. Origins, Ahmedabad has all the approvals. We are looking for the first set of anchor client. It has been slow in the past. Right now we are receiving healthy inquiries. Land aggregation in Origins, Pune continues to move at good speed. Financial point of view, almost INR 4,120 crore of combined resi and IC pre-sales. PAT, it is a significant growth for us. We believe that's going to be a new normal, where we'll see good PAT performance for the next few years as completions happen and as IC leasing continues. Collections has been strong, more than INR 2,100 crore. Despite not having some of the launches like Bhandup happen in the timeframe we expected, the collections were very healthy. Given our desire to be very prudent about our balance sheet, I think we have a net debt to equity of -0.27, which is healthy, right? Especially in the times when there are volatility expected in the market, driven by war, driven by other reasons, having a healthy balance sheet helps build a stronger business. That's the key highlight. You have known most of these things, in summary, this page captures the GDV addition. 10,500 odd is the new acquisitions, the last column is Thane. You've heard us, and even, you probably heard me talk about Thane for some time. Finally, we have gotten the approval from Thane, which is our zone. Given the infrastructure development, metro, and the tunnel, we expect this land will become very valuable to us. We are in advanced stages of design, I think. Anshu, our chief design officer, is here. You know, the idea is to develop this into a large mixed-use project which will have retail, which will have residential, which will have commercial, it'll have other amenities, and make it a, you know, destination of its kind. INR 18,000 crore. Just to remind you, last year, FY 2025 also was INR 18,000 crore for us. We have maintained a very healthy addition to our GDV. Our belief is that we will be able to sustain this kind of GDV activity over the next few years. Please stay tuned for more details and more action on that front. Cumulative GDV you've seen. It is. It captures all the latest and the greatest. The color blue is something that has happened in the current financial or past financial year, FY 2026. The current inventory on the leftmost column actually has jumped because, as of March 31, we had Mahindra Rainforest that was launched. None of that had sold. We are still collecting EOIs and doing the early stage of marketing. Roughly INR 3,000 crore of inventory has been added to the leftmost column, making it INR 6,200 crore, right? Launch plan, I think, a steady recovery. I would say recovery, but steady growth that we have seen in this year. Strong momentum, roughly 20%, 21% growth over the last financial year. We had planned almost eight launches. fie launches happened, and we have in-year impact with that. Rainforest, while the launch has happened, you will see the impact of that in the current financial year. Beacon Hill and Citadel Phase 3 in Pune are at the very last stages of approvals RERA, and hopefully we will have them this quarter to benefit the sales from multi-month effort. You've seen this slide. I think I won't dwell on it. Our trajectory continues. We have an important year in FY 2027. In the past, we have given a guidance of INR 4,500 crore-INR 5,000 crore for our pre-sales for FY 2027. This will be an important year where we'll break out from the 20%-25% growth that we have seen in the last few years. We think we are ready for that jump. The reason is the GDV, all the effort that we put in last two years, is seeing traction. Some launches have already happened. The remaining launches which we expect to happen will give us not only the impact in the current year, FY 2027, but also give us momentum in the next few years. You'll also note that the extreme right, you're extreme right, yeah. The proportion of new launches continues to come down, which is good because in the past we've always been dependent on one or two marquee launches. They were make or break for us for the year. As the, as FY 2026 is 60/40, we hope to reverse that in the next year. Right? The sustenance sale will become very important, and then that trend should continue. So we will gain more from sustenance and past year launches than just depend on the current year launches. IC and IC business, Vikram is here, I think he's done very well in terms of jumping. Obviously it was really helped by the approval we received in OC 2A, Origins Chennai 2A, part A. We already had OC 1 with Sumitomo. OC 2A is a partnership we signed with them. They came in, I think November 2024. By end of December 2025, we had received the final approvals. Q4 of last financial year received, as you can see, INR 360 crore worth of new lease revenue that came in. That was already in the pipeline, but receiving the approval allowed us to convert that pipeline into real opportunity. It also tells us that the demand, especially when we have a partner like Sumitomo in our stable is outstanding. The largest customer actually that you see there on the page 180.4 is actually Japanese customer. The second largest is also a Japanese customer. The third one is also a Japanese customer. This has been a tremendously powerful partnership for us as we are able to bring more land for business. Our partnership allows us to pick the right set of clients from outside India. Even the domestic customers have been quite active in, especially in Jaipur region. Good strong performance on the IC side. Just to remind that IC, we are only firing three to four out of the six locations that we have, right? OC 2A is firing, 2B is under aggregation and approval soon after. Ahmedabad and Pune are not yet ready. Ahmedabad, while technically it's ready, but we are waiting for the right anchor client. Pune, we are finishing the land aggregation. The potential is huge as you can see. You know, we have always guided that this business will give us INR 400 crore to INR 500 crore every year. Let's say INR 500 crore as a midpoint that we, given what we have seen in the last year. This will have a PAT performance of roughly INR 550 crore for us to benefit from. Financial highlights. Maybe Sriram might cover that or you are covering it. I cover it, right. Sales, I think you've seen this before. Q4 was great on the resi side. Financial year had INR 3,400 crore. Obviously, you know, our aspiration is much bigger, and you'll see some of that come through in the coming years. This compares well compared to the last year as well as last year's final quarter. IC and IC, again, a very, very strong growth financial year as well as the quarter four GDV. GDV, we have been cautious. We already have a healthy GDV for the financial year. We didn't want to sign a deal that didn't meet our stringent financial guardrails. You see nil in the last quarter of last financial year, but I think we have enough for us to convert from GDV to launches. Our resi collection strong, as we discussed. Debt to equity very healthy. Cost of debt, despite some of the challenges in the market, I think it continues to be at a very affordable rate. Let me just invite Sriram to cover some of the segment performance, and then we'll take Q&A. Thank you, Amit. On the segment performance, I think the point to highlight is the resi profitability, which we discussed in the last earnings call. That continues to be positive. You know, with the few more OCs that we received during the quarter, you know, it ends up being a very good year for us with a positive resi profitability. IC continues to be extremely important from a PAT contribution perspective. You know, significant amount of leasing revenues and higher realization really helped us to achieve the PAT for the year compared to the last year. On the cash flow statement, I think you know, we are in a very good position. The operating cash flow for the year FY 2026 is about INR 840 crores compares to INR 832 last year. Two things to highlight. One, you know, we did have about the approval costs for Mahindra Rainforest spent in the operating cash flows. That's about roughly, you know, INR 200 crores-INR 250 crores, which basically the INR 840 crores that you see is after accounting for that. Healthy, you know, investing and financing cash flows largely due to the transaction, the strategic partnership with Mitsui and also the rights issue we had at the beginning of the year. The land outflows was around INR 900 crores for the year to get to that GDV of INR 10,560 crores. This INR 903 also includes, you know, existing land commitments, which also should be factored in. Overall, the net cash balance at a group level is about INR 1,127 crores against a gross debt of about INR 383. This is the cash flow statement which I think we project out every quarter. What we have done this quarter is added Thane to our mix. The cash flow including Thane, we are looking at roughly about INR 14,000 crores effectively to come from our current projects. The ongoing projects, the remaining cash flows that will come, the projects that are in the pipeline that are yet to be launched. You know, still, Jaipur Residential and Murud is not included in that, INR 14,510 crores is what we are sort of working towards. This is the consolidated P&L from a reporting perspective. For the quarter, we ended up with INR 90 crores of PAT compared to INR 85 crores last year. For the full year ended, we had done about INR 298 crores of PAT compared to INR 61 crores in the prior, almost a 5x jump. On the balance sheet side, as we discussed, you know, the balance sheet looks very healthy with a solid equity net worth of about INR 3,600 crores. This has gone up primarily obviously because of the rights issue we had at the beginning of the year, plus the profits that gets consolidated in our numbers. With the rights issue proceeds, we paid the long-term borrowings and, you know, overall at a net debt to equity ratio, as I said, we were in a very healthy position at -0.27. I think we have completed the, you know, the slides that we wanted to present. I think we can now open up for questions. Hi, this is Parikshit from HDFC Securities. My first question is, I think, Amit, earlier in the call you said that next year looking at a significant jump in pre-sales. I think last guidance you'd given on the third quarter call was about INR 4,500 crore-INR 5,000 crore. Given that the, some of the launches got pushed out into FY 2027, if I remember at least two, how do you see any upside to this guidance? I mean, if you can quantify the growth, I mean, when you talk about the growth or the guidance, if there is any upside to this guidance. We anticipated some part of the launches to give us pre-sales in FY 2027. I think some part was either Q4 or potentially go from Q4 to Q1 of this year. If we include the value of all the launches that we have planned, plus Rainforest, which was technically launched in the last quarter, is roughly INR 10,000 crore. We would hope to actually really do well on the pre-sale side. The part that we are seeing in the market, I think, we are seeing some slowdown in terms of footfalls in our galleries, Hills Gallery. Obviously, some of them will come back. I think we want to be cautious in terms of what the impact of war is. We'll keep you updated from what we think. Our goal is to first meet the expectations or guidance that we have provided. I think that multiple launches, sizable launches that we have this year should give us the inventory to actually convert. External as well as our ability to execute will demonstrate how far we are or how much we can over-deliver on that. This INR 4,500-INR 5,000 is pure resi, right? This does not include the industrial. Industrial sales will be on top of it. Yeah, exactly. Exactly. Second question is, look at your launch pipeline. The Bangalore is doing so well, but we have very scarce inventory there now. I think if I combine unsold inventories, about INR 3,000 crores. Pune still we have about INR 5,000 crore-INR 6,000 crores. How do you think that, how will you supplement business development now? Bangalore has given good sales for us this year. In next year, I think beyond one major launch, I think that's about INR 1,000 crores, Navratna. I don't see any other major launch there. From the sales point of view and from business development, if you can give us some color, how is Bangalore looking at? I will give and then I will ask Vimalendra to jump in. We have combined Navratna one and Navratna two together into one project. The combined inventory from that project would be close to INR 2,100 crores- INR 2,200 crores. Then we will have the leftover or so to say, the inventory from Mahindra Blossom. We sold 60%. We held some of the good quality inventory for subsequent sustained in sales. You will see maybe INR 2,000 crore, INR 2,200+ another INR 800 crores from Mahindra Blossom. That will be there, INR 3,000. We also have a couple of high profile business development efforts underway. You know, I think Bengaluru has been a great market both for velocity, pricing, IRR for us. If we find the right land parcel, we'll pursue it. Maybe I'll request Vimalendra Singh to talk about what kind of deal activity he's seeing in Bengaluru and then we can come back to Pune. Yeah. Parikshit rightly said that Bangalore has done very well for us, and there's a significant focus that as a BD function we are putting in Bangalore. You know, as we have stated in the past, we really don't want to pursue transactions which don't meet the financial guardrails. You know, there are enough and more opportunities, of course. Given how we have scaled up Bangalore over last three, four years, you must have seen that we used to do just one project. From one project today we are fie projects, and as Amit said, we have the ability to do Navratna 1 and Navratna 2 together actually, that's how from a design intent approvals perspective, we are moving ahead. We'll have INR 3,000 crores in terms of overall sales value, which is available. Plus, there are a few deals which are in advanced stages. We'll not be able to, you know, discuss or disclose as at this point of time. Principally aligned, and we are actually working in a direction to supplement Bangalore in a big way. Good thing for us is, you know, our portfolio is fairly diversified. We don't run a concentration risk, and I think that's a very big strength for us as a company. We are very well, you know, placed across all the three key markets that we have said we'll focus on. We'll continue to focus on all the three. Yeah. Just the last question. We have INR 1,127 crores of cash. We have a partner in Mitsui, which I think Amit earlier highlighted, is one of the largest developer in Japan. Those strong funds. When I look at the business development, last two years have been phenomenal. We have crossed almost touching INR 18,000 crores, which some of the larger developers do. From the intent point of view, how do you think business development will play out for FY 2027? What will be your efforts in terms of Pune and Bangalore and Mumbai? If you can give some sense in terms of how it'll be split across these three geographies. Let me take that. I think when we set out on our journey for scale up, I think we had to do a few things right. The first one was, can we do business development right? Right. I think we made tremendous progress on that. The big thing is we are not desperate for deals. I think good quality deals come our way, and we can pick and choose based on our risk and reward metrics, right? The second one was, can we actually execute well on the ground? I think last year was a big, big year for us as we are able to get approvals, get launches done, get OCs done. I think we've received eight OCs last year. Sudarshan will have really played a very important role from a project point of view. That has shown financial returns to our shareholders also. When you're able to get the deals, when you're able to execute well and you're able to show returns, you know, we earn the right to ask for more capital. Some of that has already happened in the rights issue. Some is strategic partnership, Mitsui, and we have, I would say another three discussions underway with different investors who are keen to partner with us. Mitsui has already committed for another deal, and then they're looking for additional deals beyond that. Our partnership with Mitsui is deeper than what has been publicly announced. It's for multiple deals. With Mitsui, as well as with some of the other discussions underway and support of Mahindra and a very healthy balance sheet allows us to flex the financial muscle when we need to, right? That gives us flexibility to pursue larger deals, but more importantly, the right deals. We have a healthy portfolio. Later today, we had the board meeting, and it was clearly told to us, supported that, "Hey, you work on building a good business for the long term. Capital is not going to be a constraint." Hopefully that will play out as we look for all sources of capital for business development. Could be Mahindra's capital support, could be strategic partnership capital coming in or augmenting debt to equity in a healthy way. All sources are available to us. From guidance point of view, I mean, what could be the number which one should look at for FY 2027 in terms of business development? I would say, you know, we'll be north of INR 10,000. You know, that's. The reason I say that is because if you do more society redevelopments, we can do more, right? I think for us to continue on the journey of get to INR 10,000, you have to do minimum INR 10,000. Our goal would be to at least do more of that. The split between Pune and Bangalore? It always be 60, 20/20. Okay. 60% would be Mumbai. If you look at our INR 45,000 crore, we are, INR 35,000 crore right now is in Mumbai, and INR 5,000 each on the other two cities. We have a lot to do in Mumbai, and a big part of that is society redevelopments. We will continue to make sure that we augment the right kind of deals in Mumbai. We can't just do society redevelopment because they take a lot of time. We can't do only outright in Pune and Bangalore because they require a lot of capital. We are looking of balancing the deals in each of the geographies with the other kind of deals. That's the basket of deals we'll build. Sure. Thank you. I'll join. Thank you. Hi. Pritesh from Axis Capital. Continuing from business development, one of the slide I saw, you know, we had a target layout laid out for every year that which all projects we need. We are almost there in terms of visibility till FY 2030. From business development perspective, whatever we do now would be for, you know, growth, which we'll achieve over and above what we have guided for. We'll think of it as a cushion that if market slows down, velocity comes off, at least more number of projects will at least ensure that, you know, we achieve our target. What would be the thought process? I think it's both, Pritesh. I think both as a cushion. The good and bad part of our portfolio is that a large number are society redevelopments, especially in Mumbai, and they take a long time. We have been at it for some time. We are reducing. Our first deal took us almost two years. The second deal took one and a half years, right? Third will take 400 days. We're measuring the number of days from the time we sign, you know, the definite documents. We're measuring that. There is likely more slippage on the timelines when you have society redevelopment. When you have JDA or greenfield, I think you're able to get to your timelines, which are slightly better controlled. The acquisition that we are doing is for, I would say, two reasons. One is to have cushion. If you have more projects, it gives you the ability to actually cover your targets better, faster. The second one is why not think of an accelerated growth plan, right? Some of our peers have really done it, but the only difference I want to have is I really want to have profitable portfolio rather than just a portfolio that's growing. That's why our focus on picking the right deals is very important, and you'll continue to see the cash flows and hopefully the PAT impact in our financials. Sure. Just on that, I mean, let's say if velocity gets impacted, you know, we are not able to sell as much as we are right now. At that point in time, there would also be a thought process that let's first, you know, focus on achieving a certain velocity so that this project gets self-funded and, you know, let's, you know, push out some of the launches that we are planning. You know, at that point in time, will your balance sheet, you know, be more key to carry forward with the new launches? Or you would really think of, you know, first achieving a certain velocity. Would more pipeline be a burden on you that, you know, we have the pipeline, but we are not able to launch because of a lower velocity? You know, what would be the thought process? Let me attempt to answer your question. I think, and if I don't get it right, you correct me. I think we are at a stage where we have earned some stripes from our shareholders, right? They feel comfortable putting more money behind it. We as a team, and most of the team is sitting in this room, feel comfortable and confident that we can continue to scale this platform to deliver higher numbers, like larger numbers, right? Those are two important, right? Because you have the shareholder support and you have the team committed and hungry to actually deliver more. We will take calls on deals, right? Sometimes, when things slow down, those are great opportunity to regain ground for somebody like us who may have lost ground in the past, right? Not benefited from it. If our balance sheet is healthy and we have a desire, we have shareholder support, why not capitalize on that moment? I can't say that now till we continue to perform. This year is an important year for her to perform well on the sales side, like we have done INR 20 crore, INR 25 crore, INR 27 crore, INR 28 crore. Can we do a 50% growth here or not? That INR 3,400 crore- INR 4,500crore-INR 5,000 crore would be a significant jump, right? Why not push and deliver that? Once we do that, it will give confidence to our shareholders that, "Hey, you know, we continue to perform and, you know, address each element of our execution muscle." At that time we'll decide which project, should we do this? Should we not do that? Bangalore, for example, gives us highest IRR, right? Mumbai has the highest volume. Pune is something which just velocity-wise very steady, right? You know, each has its own, you know, benefit. We always want to balance with the right site, right size of deal, site kind of deals in our portfolio. Sure. Twice you mentioned about the current demand environment. you know, is it across the board, you are seeing that, lower walk-ins, conversions, or is it specific to certain market or certain ticket size? you know? what would be your estimate in terms of, when should things start getting normal? I'll let Vimalendra address that from what you're seeing, Vimalendra, and then maybe we'll link it to IC also, because that's also very important for us, right? See, what is happening is, while even the walk-ins have moderated, I think there is this intent to purchase. It's just that, given the, given the geopolitical scenario, you know, people are just waiting. They say, "Well, let's see what is happening. When is it gonna get settled?" Because the energy is something which impacts everything and everyone. Generally, without talking about other things in India, they're just waiting for the other elections also to get over. That's the conversation which is coming very clearly. "Let things settle down, we will know." Honestly, in. We are only operating in mid-premium and premium segment, right? We are not operating in the. Luxury ... luxury segment. To that extent, we have not really seen, you know, that greater impact. You know, we have just got the RERA last month for Rainforest. We have started the EOI activity. I wouldn't say it's been spectacular, but it's not bad. It's very steady. Compared to the history of the micromarket that if you see, we are very well positioned. We just started that journey. Our sales gallery will be up and running, and we still have time to go into the market. The price segment where we are, we are okay. If I look at the one barometer that I look at is the sustenance sales. Yeah ... across Pune and Bangalore. Let me tell you, they continue to do very well. frankly, without getting into the numbers for this month- Okay ... it's quite robust. It's on a very good, you know, track. It will settle down. I think these, some of these things happen during the course of, you know, time. Once the, you know, there is some kind of finality to that particular situation, it'll come back. Fundamentally, the demand is there. It's just that, because of certain external factors, people have just deferring it. It'll come back in a hurry, don't worry too much about it. Just this comment about lower walk-ins, is just because what we are seeing in Rainforest right now? Because sustenance, as Vimalendra said, that it's doing fine. Is it just because, you know, of Rainforest? Yeah. It is because, you know, obviously we want to give a superlative experience and to all the customers. We really over-indexed on the sales gallery, we'll invite you, all of you, probably, you know, from next week onwards it'll be open, you can come and experience it. I'm sure you'll be amazed, you'll be wowed by what we have created, it's the biggest and the best that we have done as a company in line with the aspirations that we have. It was an active construction site. We were not really able to do a lot of justice to a lot of the walk-ins, and hence that was the impact. It's not as if, you know, people are really not coming or not wanting to buy. Okay. It'll get on track once the sales gallery is fully operational. Sure. One last on IC&IC. On the Ahmedabad, I think it has been quite some time we are hearing about anchor, you know, tenant. You know, where exactly are we? For now, I think we are fine with the inventory that we have across other locations, but at some point in time, I think both Ahmedabad and Pune will have to kick in. When would that time be? I think Ahmedabad right now we're in a position where we cleaned up all the legacy issues. The approvals are in place. We've already started the marketing activities and started talking to the consultants in the local market. I'm pretty positive that this year Ahmedabad should kick in and we'll have the fourth front which will start. We have three projects which are on. My sense is fourth, Ahmedabad this year will certainly start. That's a short answer. Pune? Pune, we are going through land aggregation right now. Pune would be, Pune would take some more time, but we already acquired about 400+ a cres, touching about 500 acres. We're looking at some continuity and some excess, which is already there. My sense is, you know, it'll be more FY 2027, FY 2028, when we look for approvals and go forward. The idea is to plan it. We have enough inventory for the next two years, including Ahmedabad, then Pune would be next after that. Sure. Yeah. Thank you. That's it from my side. Thanks. Any other questions? Yeah. There are a few questions online. First one is about the Thane project. What is the current status of Thane land, and what is the resi and commercial mix for the Thane land? Vimalendra. During the presentation, Amit has already mentioned that the Thane land is now fully a residential zone. We are free to develop it the way we want to develop it, the residential. We have started the initial design intent with the design team. We are looking at a mixed use. We're looking at a certain amount of commercial, high street retail, residential. We wanna really do a great job with this project because the location is amazing. You know, it is basically abutting Sanjay Gandhi National Park. The metro station, the Gaimukh metro station, the first metro station is bang in front of the land that we have. The good news, you must have read that the tunnel work has actually started Thane-Borivali, that's actually going to be a game changer. Let me also tell you if you might be aware, they're actually constructing a coastal road behind, on, towards that creek. With all this infrastructure which is coming, our belief is that, you know, this will significantly enhance value to the company and to the project. The work has truly started on the ground. The teams are working on it, hopefully we'll be able to launch the initial phase of that particular project towards the end of this year or early next year. The more we wait, the more value we'll create, you know, in a way, right? Because the impact of metro infrastructure, tunnel, I think there's a AIIMS, new AIIMS, I think, coming up, right? All that will start to have a positive impact. In terms of the other question was, I think it's roughly INR 7,500 crore by value, but we are thinking of 2 million sq ft of office, roughly. 2 million sq ft of commercial, 4 million sq ft of residential, and then there'll be some other mixed use like retail and a couple of other things. So somewhere around 6.5 million sq ft construction. Next question is on Mahalaxmi project. When the same is going to be launched? There is one more question related to the luxury segment. Whether the Mahindra Lifespaces will play out in the luxury segment in future. Maybe I'll answer the last one. I think our aspiration is to play in premium, mid-premium, super premium, whatever you want to call it. I don't think we want to go into the luxury segment. In case of Mumbai, we have put a price point of somewhere around INR 60,000-INR 70,000 per sq ft as a definition of what that means. We have seen that the moment ticket price goes beyond INR 10 crore, the demand elasticity is very different. Even between INR 5 crore-INR 10 crore, you know, not high velocity. We want to maintain creating homes for our customer which are in the right ticket side. We'll continue to play in the mid-premium, premium segment. Maybe I'll request Vimalendra to answer the Mahalaxmi question. The question on the approval stage, we are towards the last stages of the approval process and hopefully we should be able to launch it soon once we get RERA. We're targeting this quarter itself. There is one last question. The question is, whether are you seeing any demand softening in MMR Region or buyers sort of delaying their purchases? Yeah. I've stated that earlier. See honestly, it's too early. It's too early. You know, the war has just started towards, you know, end of March. We didn't see any impact of it in the Q4 numbers or March numbers. You've seen pretty much everybody, the sector has done very well. We have done very well. For me, the true barometer is the sustenance sales, and we continue to perform well, and from what I've spoken to others, they continue to do well. There are people. I think we will definitely, we are seeing an impact at a real high end, which is the luxury segment, but we don't operate in the luxury segment. For the portfolio that we have, I think we are in pretty good shape. Yes, there is a slight delay in terms of decision-making because of factors beyond anybody's control. Once those factors settle down, inherently, you know, fundamentally, the sector is doing very well. It's on a very good wicket, and the demand is inherently very strong. It'll bounce back significantly. Those are only the- I'll just add, I think because the questions here, I think there is a audience have picked up that we are the war is creating a huge impact on the walk-ins and the demand. I think as Vimalendra reported, it's actually too early for us to say like whether demand is going away or demand is just deferred by a few weeks. We've also seen that the organic demand doesn't just go away, right? There is a healthy demand that will continue. And when there is little bit of slowness in the market, which may happen, and it's expected because we had three, four years of strong growth in the past, post-COVID. Some moderation will happen, and we've seen that even in the last year in terms of units, in terms of, in terms of apartment size, in terms of the pricing, and that will not continue this year for sure. When that happens, there is a clear shift towards trusted developers, trusted brand, where customers feel that, "Hey, instead of taking risks with somebody who's, let's say, not as stable, let's try and buy something which is going to be coming from the portfolio of a stronger, well-placed developer with a stronger balance sheet," right? I think that shift will continue. Whatever you may lose in terms of few points of growth at the, at the industry level, you might be able to gain back in terms of share gain away from smaller developers. My sense is, over the full year or longer period of time, the war impact will get neutralized and we'll go back to what we ought to be seeing in a country where per capita income is increasing, per household income is increasing, urbanization is significant, and demand for housing continues to be there. Yeah, I just wanted to add that. Excellent. Just one question on approval. How has been the experience now on the approval side? If you can help us understand both for the three geographies, Pune, Bengaluru and Mumbai. EC issue was sorted out in Mumbai. I think that helped us accelerate some of the approvals. If you can give some color, how fast or slow now things are out there on the approval side. Vimalen? Yeah, yeah. I think the system by and large remains the same, but we as a company have really improved. Let me put it that way. The fact that we have got eight OCs in a very timely manner, regimented manner, right? The fact that we were able to launch as per what we committed at the beginning of the year, right? That's kind of a proof that we have got better at what we do as a team, as a system. There are a lot of reasons. Obviously, we have a clear task force. We have a very strong collaboration culture where, you know, all the functions come together. In real-time, like even the RERA 2.0 now, you know, they've upgraded their website, and they've made a lot of the changes, and with legal team, the design team, the finance team, they practically sit during the whole day, the projects team. Morning we sit in, by evening we're able to file. This is just one example, right? Earlier it used to take say seen days to file for a RERA application. I'm very happy to say that, you know, we're so efficient if we receive a CC today, by tomorrow end of day the RERA is filed. Then we make sure that our corporate affairs team actually. While it's an online system, but the assessment happens offline. You know, we actually tell, "Hey, we have already done. This is our application number. Can you please expedite that?" We have improved at every stage. This is across the locations. Just to give you an example, in Bangalore, the Blossom lawns, you are aware, you know, suddenly we got. I spoke to a few of the investors. They said, "Oh, we are surprised that you've got Blossom RERA." We said, "You know, it's not a miracle, but it's a process that we have as a team, as a company has followed," right? Yeah, I mean, the system by and large remains the same, but I guess we have become better at it. That's allowing us to actually be very good at predicting timelines. That's why when Amit presented those, and we have the confidence of saying that what is Q one, Q two, Q three across all the way till FY 2030. As a management team, we're putting our neck out and saying that, "Hey, this is what we will deliver." I think we've really, really streamlined a lot of the things, and we remain confident that we'll be able to deliver it. On the annuity portfolio, I don't know what's the strategy now, but you said that in Ghodbunder we'll do a 2 million sq ft of commercial. If you can help us understand, is it the annuity strategy or strata, or how will things move on there? You know, we are moving towards a mixed use, where at least three locations, Kanjur, Bhandup, Thane, and Citadel, all of three are land where we have. Two of them are outright owned by us, and one is a JDA. We will have a, you know, portfolio. We will not do a strata sale based on our latest thinking. We feel that we can add more value by owning the asset and creating an annuity portfolio. These are great locations. Our current view is that we'll want to develop them as mixed use locations. It's also necessary because we have so many people living, it's good to have work locations there. That's our current plan, and that'll give us the little bit of annuity portfolio that you need. The yields tend to be better when you develop an asset rather than buy an asset, right? Hopefully, Thane will be a very different price point. Pune, Citadel will be a very different price point, and Bhandup would be a different price point. I think that's where we are hoping to build a healthy portfolio. In four, five years, we expect to be about INR 300 crores of annuity portfolio in terms of rent generating? I don't think we'll be able to get to that because Thane is very low right now, relatively. Pune is lower than Mumbai. I think our desire is to first get to somewhere between INR 150- INR 200 before we put more assets, more capital to develop more commercial assets. This will be about four to five years, like out from here? Yeah, yeah. Okay. Just the last one on the deliveries for FY 2027. In million sq ft, in terms of value. What kind of revenue recognition we're looking at for FY 2027 from the status of the current projects which will complete into FY 2027? Parikshit, the numbers I will not be able to share exactly, but I can tell you that the OCs that we are expecting for FY 2027 should contribute to a good growth over the prior year, FY 2026. One thing I would like to highlight is a couple of projects, right? Eden phase two, we received the OC on 1st of April. We couldn't recognize obviously the revenues by 31st March, so that is already in the bag. We will recognize that in, you will see that numbers coming through in Q1 of FY 2027. Similarly, the project, Luminaire in NCR, that also OC, we actually received on 31 of March. Again, we couldn't send the demand letters on time, again, that will come to be recognized in Q1 of FY 2027. I'll just augment. We have eight OCs planned for this year. Two of them have already happened, right? Based on what Sriram said. The six remaining will happen. Of the six, two are on the affordable, six are, including the two that we have gotten, are in the premium segment. Four premium, two affordable, and two already premium received. That's our current plan. It should give a healthy growth over the current year portfolio. Okay. Just the last thing. Have you started relooking at the Gurgaon market now? Next year if we end close to about INR 5,000 crores, and then again, if you have to plan going back to Gurgaon again, it'll need at least one year or two years to come back to have a launch in a new, again, a market which you are already present for some time, but now you're like vacated and then again you're thinking. Any thoughts there? How are you looking at re-entering Gurgaon from time point of view? Yeah. Yeah. You know, I think, we are still hoping to go deep in the existing three markets before go back to Gurgaon. To the point that you guys asked earlier in terms of capital allocation, if I have to fund capital, for another market, it'll take away from, let's say, Pune or Bangalore or even Mumbai. I think, our next maybe two years, it's better for us to go deeper. I think, if we feel comfortable that we have a path to 5,000, 6,000, 7,000, we'll start to think about another geography. That doesn't mean it has to be Gurgaon. It could even be, let's say, Chennai. I'm just giving a name to you. The reason it is because Chennai, we already have Mahindra World City, Chennai, so there is a rub off effect. We have our Research Valley. Mahindra name is popular. We have Origins Chennai in the northern part of Chennai, and we feel that there is a good brand pull from local customer, and we have done 4,000 apartments already in World City, Chennai. There is a reason for us to can at least make a case for why not Chennai, why just Delhi, right? Obviously, markets are smaller, but we are not looking to do a high volume. We are trying to do the right volume for each of the market. Pritesh. Just last two questions. First on, in terms of delivery, for this quarter, Q4, which are the projects we delivered? Because I still see, you know, gross margins pretty low, around 6 odd% as per my calculation. I might be wrong. What were the deliveries, if you can highlight? I thought Luminaire would be the one, and I was concerned that why Luminaire would have been such a low margin project. If it's Q1, then which were the other projects which got recognized? We pretty much got phase one of most of the projects. We have Pritesh. Like, for example, phase one of Eden is there. Phase 1 of Nestalgia is there. Tathawade, which actually is an affordable project. Phase 1 was slightly, in fact, lower than lower margin compared to the others. We also had some of the OCs come through on the affordable side. Palghar is also reflected in some of these numbers here. You would see that the phase one of the projects typically tend to be a little lower in margin compared to the remaining phases. You know, you will see that getting reflected in the coming quarters when we recognize the revenues for phase two for some of the projects. What should be the ballpark gross margins that we should be looking at for FY 2027 deliveries? If I were to think about the gross margin, I think I can talk to you about the project level. Around the project level gross margins, these would be, you know, upwards of, you know, around 30%. For like, for example, some of the projects like Luminaire and the premium projects could be around that level. Again, for next year, you will have affordable projects as well in the mix for us. We have two projects that are coming up for OCs next year. Again, I don't want to give a number and, you know, like, you know, kind of, justify the reasoning for it, but it will be a mixed bag. You would see as the Phase 2 of the projects getting recognized, the profitability will improve. Sure. One last on launches for FY 2027, just a broader cumulative number. I think Amit said it's about INR 10,000 crores roughly. If you, yeah. That's okay launches. 7+3. 3,000 of Rainforest will be this year. Okay. The remaining INR 7,000 for the other seven, eight launches that we have. The inventory launch should be INR 10,000. We are hoping to do well on that front, given the earlier part of discussion. Sure. Okay. Right? Right. Yeah. I think our affordable portfolio will continue to come down, but in this year there'll be a good number still, right? Correct. Tathawade and Palghar, right? Kalyan also. You, you will have a little bit of drag even in this year. I think from next year onwards, what will happen, the premium portfolio will become dominant. The moment you have affordable, the volumes are high, the revenues are less, the PAT is less, it affects the financials in a, in a, you know, in the wrong way. I think the impact of mid-premium, premium, we'll start to see, and maybe in the next meeting we'll share with you what IRRs are there for our portfolio. I can verbally tell you is roughly 17% is the portfolio IRR that we are carrying. There are 26 project that are part of it. Including affordable? Including affordable, right. Including affordable. Obviously, the affordable's contribution is small, but they are, you know, close to, you know, single digits, in some cases even negative, right? We are trying to fulfill our IRR commitment, uphold our brand promise. The current year projects are doing really well. The last year projects are doing very well. The last three years, every project that we have launched, it has good margin profile. We always have to watch out that price gets locked early and then the cost happens later, and you have new labor code and, you know, all those things because of war, the energy costs are getting in the way. We have healthy accounting practices to make sure we have contingencies and escalations and DLP and everything. Despite that, we need to have a razor-sharp eye on our costs, and that's where the execution is. We just discussed this in our meeting today. Over the last eight quarters, our projected costs have not changed by more than INR 10 crores for all the projects, over eight quarters. Obviously, it has a lot of cushion and contingency, et cetera, but we are not changing the cost for last eight quarters. Perfect. Very helpful. Thank you. Yeah. I guess we have covered all the questions. We covered? We have covered all the questions. I think thank you, I think, for coming over and, you know, this has been a strong year and my whole team is here. We had our internal town hall, and we are very excited at the prospect of doing even better on the foundation what has gone in for the past year. We'll keep you updated on the challenges ahead, and hopefully we'll meet up and exceed the expectations. Thank you. Thank you, everyone. Thank you.