Good evening, gentlemen. Good day, and welcome to the Brigade Enterprises Limited Q1 FY 2026 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero, on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. M. R. Jaishankar, Executive Chairman, Brigade Enterprises Limited. Thank you, and over to you, sir. Thank you. Good afternoon, everyone, and thank you for joining us for our Q1 FY 2026 Earnings Call. I have with me the management of Brigade Enterprises Limited, Managing Director Ms. Pavitra Shankar, Joint Managing Director Ms. Nirupa Shankar, Executive Directors Ms. Roshan Mathew, Mr. Amar Mysore, Ms. Pradyumna Krishnak umar, our CFO, Mr. Jayantt Manmadkar, and members of our senior management team, including Mr. Om Prakash, Vineet Verma, Nanda Kumar, Vishal Prasad, Manoj Agarwal, Rayan, Ramcharan, and Tara. We are happy to report that the financial year has begun on a strong footing with all our four verticals delivering healthy performance. This momentum reflects the resilience of our business and the focused execution by our teams. Coming to real estate, our real estate portfolio achieved pre-sales of INR 1,118 crore in Q1 FY 2026, a growth of 3% over Q1 FY 2025. Pre-sales volume for Q1 FY 2026 stood at 0.95 million sq ft. Average realization stood at INR 11,782 per sq ft during Q1 FY 2026, an increase of 24% over Q1 FY 2025, driven by sales of premium products. Important launches include phase I of Brigade Morgan Heights in Chennai. Total collections stood at INR 1,728 crore during Q1 FY 2026, a growth of 8% over Q1 FY 2025. The portfolio saw zero residential debt across the group for the last two years, owing to robust sales and collections. With strong momentum and demand, we have a slew of upcoming projects planned, approximately 13 million sq ft in the next four quarters. Our flagship property, Expo Brigade Showcase, wrapped up successfully with its 18th edition, and over three days, the event featured over 15 biggest projects across Bangalore, Chennai, and Hyderabad, including five new project launches in Bangalore and Chennai. Later this month, the Brigade Showcase will be in Chennai for the first time, further strengthening our presence and engagement in the region. Coming to leasing, our portfolio with stable performance, occupying 92% for the portfolio of 9.38 million sq ft in Q1 FY 2026. Brigade Square in Trivandrum achieved 100% pre-leasing. Leasing revenue stood at INR 300 crore during Q1 FY 2026, a growth of 15% over Q1 FY 2025. Rental collections remained strong and consistent at 99%. Brigade Twin Towers has been witnessing good traction from sales perspectives. The retail SVU recorded a strong leasing traction across the portfolio with 1 lakh sq ft SBA currently under fit-out across the malls, including 82,000 sq ft SBA at Orion Mall at Brigade Gateway, Rajarajagar alone. Our commercial assets are being managed in-house in order to deliver coterial tenant and customer experiences. Brigade's facility management vertical currently manages around 16 million sq f t. As regards hospitality, Brigade Hotel Ventures Limited completed a successful IPO. What began as a division of Brigade Enterprises Limited in 2006 evolved into a 100% subsidiary in 2016 and has now come of age as a listed entity on both the NSE and BSE. We are proud to be the first real estate developer in India to successfully launch two IPOs. With nine hotels built over 18 years, we are now confidently setting out our sights and doubling that to 18 hotels in the next 4-5 years. It is indeed a proud moment for all of us. The hospitality SVU achieved a revenue of INR 141 crore in Q1 FY 2026, an increase of 19% over Q1 FY 2025. Portfolio occupancies stood at 75% in Q1 FY 2026, and ARR stood at INR 6,761 during Q1 FY 2026. Brigade's hotels demonstrated steady growth compared to Q1 FY 2025, with improvements across key performance indicators, with EBITDA increasing by 24% for the portfolio and F&B increasing by 32% compared to Q1 FY 2025. Hotel growth is set to accelerate through the rest of FY 2026, fueled by events, festivals, travel, and longer leisure stays. Coming to the outlook, with a robust pipeline of 16 million sq ft of development across residential and commercial segments for the next four quarters and hospitality with 1,700 keys, we remain confident of our ability to deliver sustainable growth and long-term value for our stakeholders. During the past quarter, we added 10 million sq f t to our land bank across markets with a potential gross development value of INR 11,200 crore. We remain focused on tier one markets of South India for all our domains of business. I will now hand over to our CFO, Mr. Jayantt Manmadkar, to present the detailed financials for the quarter. Over to Jayantt. Thank you, sir, and good afternoon to all. Chairman has already shared operational highlights. I will be sharing consolidated financial highlights for the quarter. All our segments, that is real estate, leasing, and hospitality, demonstrated a strong revenue growth of 22%, 15%, and 19% respectively in Q1 FY 2026 over Q1 FY 2025. The consolidated revenue, including other income for Q1 FY 2026, stood at INR 1,333 crore, a growth of 20% over Q1 FY 2025. Control using EBITDA for quarter one FY 2026 stood at INR 375 crore, a growth of 40% over Q1 FY 2025. Consolidated profit before tax for Q1 FY 2026 stood at INR 194 crore, a growth of 80% over Q1 FY 2025. Consolidated PAT for Q1 FY 2026 stood at INR 158 crore, a growth of 95% over Q1 FY 2025. Consolidated PAT after minority interest for Q1 FY 2026 stood at INR 150 crore, a growth of 79% over Q1 FY 2025. We are happy to inform you that ICRA has upgraded our credit rating to AA stable from AA minus stable, underscoring consistent performance, financial discipline, and strong corporate governance. We continue to have adequate liquidity and undrawn cash line to support our growth plan. Our average cost of debt is consistently reducing and stood at 8.25%, a reduction of 42 basis points over Q4 FY 2025. Gross debt of the group stood at INR 4,745 crore. The cash and cash equivalent was at INR 2,476 crore as of 30th of June, 2025. Consequently, the company's net debt outstanding is INR 2,269 crore, out of which the project share is INR 1,528 crore. 81% of the debt pertains to the commercial portion, which is backed by lease rental. Net debt-to-equity ratio stood at 0.34 as of June 2025. I will hand it back to the moderator. Questions. Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mr. Girish Choudhary from Avendus Spark Institutional Equities. Please go ahead. Yeah, hi. Good afternoon. Firstly, on this launch pipeline of 13 million sq ft over the next four quarters, if you could highlight the key projects and also how to look at the spacing of these projects. Is it back-ended, or should we expect anything in the meaningful launches in the next one to two quarters? Yeah, hi. Good afternoon. Yes, in terms of our launch already in Q2, we have visibility of multiple projects already where there is no dependency on RERA. The GDV of those projects is already around INR 4,600 crore. For some of those, we'll be launching that in Q2. Some of that is already underway. A couple of those, while we don't require the RERA, it is still part of our—don't require in the sense we already have the RERA. It is part of our multiphase approach. For example, both in Chennai, Brigade Morgan Heights and the second tower of Brigade Gateway Monopolis, we have the RERA. It is part of our overall sales plan when we will launch that potentially in Q3. In Bangalore, we have already launched a plotted project, Brigade Cherry Blossom in Marlowe. We've already got the RERA and started scaling for Brigade Avalon, which is a project in Whitefield. Both teams have good stake up. We have one more where we have the RERA in hand and are currently doing a soft launch. With that, I think there is very good visibility already for Q2 inclusive. Of course, we're still working on the approvals for the rest of the launches that we are quite confident we will be able to move forward. Sure. Secondly, in terms of, I mean, this is more on the business development. In terms of entering into new cities beyond South India, I mean, where are we in terms of evaluation or what are we thinking? Also, from an overall real estate cycle point of view, are you comfortable entering into new cities currently, or would you want to wait it out? Yeah, we have been communicating for a long time, and we continue to go in that direction that we will focus on Bangalore, Chennai, and Hyderabad. We have a really strong presence in terms of business development for all three markets. There is also much more room to grow for our presence in both Chennai and Hyderabad. The brand is really well valued, and I think there is a lot of room for us to take more market share in both. In Bangalore, we continue to maintain our leadership position and grow on that as well. I think we're just focusing on that. We'll be able to meet whatever growth expectations we have and others have of the organization. Before we start looking at other markets, I'm not sure if this is the right time to be looking aggressively at entering new markets. We're always studying them, of course. Got it. Got it. Lastly, if I see your cash flow, I mean, in terms of outflow, we have seen a significant increase in employee and admin and also marketing expenses YoY. We have just seen one launch this quarter. Is this the new run rate or any one-off to be considered for us? No. As far as employee cost is concerned, it is, you know, as usual, the trend will continue. The launches, primarily, it is for the expenses which are incurred in the marketing and things of the project. That is purely activity-based costs. That will always be linked in terms of the launches where they are going to come in subsequent quarters in Q2, Q3, right? Yeah, what I was trying to understand is that in terms of sales and marketing expenses, this quarter was around INR 86 crore of cash outflow. Last year, it was INR 44 crore, so almost doubling, right? I mean, we have seen just one launch this quarter. How to read that? You know, employee and admin expenses, what was INR 100 crore last year is INR 186 crore. Even sequentially, I'm seeing a significant jump. The sales and marketing expenses will also reflect the launches that we have done over the last couple of quarters. As we're adding more to our sales pipeline, we will also be spending more in order to do that sales. That is why you're seeing a larger amount compared to a YoY because in the past year, we have launched about 11 million - 12 million sq ft. The sales and marketing expenses now in Q1 will be reflecting that. Okay. Got it. Thank you and all the best. Hi. If you wish to ask a question, you may press star and one on your touchtone telephone. The next question is from the line of Mr. Pritesh from Axis Capital Limited. Please go ahead. Yeah, thanks for the opportunity. First, on the city mix for this quarter, how much was from Bangalore and how much from Chennai? Just for a follow-up, I think we started off with over INR 7,500 crore of inventory in this quarter. Yet, I think subsidies contribution was not too high. It was pretty much in line with what we have been doing in the past. Is there any specific reason for that? Sir, I think Chennai, the two projects, Brigade Icon and Altius, have a lot of inventory, which is kind of slow-moving. If you can put some numbers on that to help me understand the lower subsidies contribution for this quarter. Yes. Yeah. In terms of the sales last quarter, if you look at it by revenue, it's revenue or areas anywhere between 70% - 75% contribution from Bangalore and about 20% - 25% from Chennai. There's a little bit from Hyderabad as well, a few units from Gateway that are coming through. Pretty much, that's the breakup of what we saw in Q1. Chennai sales and inventory, Icon, being the kind of high-end project it is, we don't, that is pretty much in a sustenance mode. We will not see large numbers coming at the launch or continuing in that way. That is an ongoing basis. In terms of Altius, we're actually quite happy with the progress that the way Altius is going on because the pricing is pretty much top of market and much higher than anyone else in that same competitive pair. Given that it is still in Chennai, we are seeing really good traction for that product, and we're quite happy with how the uptake has been even post the launch quarter of Q4. Brigade Morgan Heights, we received the RERA. We have launched the project in May. It's sort of in a launch mode because our marketing office is in the process of getting ready. Chennai, as a market, requires the marketing office to be in place to have a proper sales experience, etc. Once that comes on board in the beginning of September, we're expecting to see a lot more traction. This is quite different from the behavior in Bangalore and Hyderabad, where pretty much it's very launch-driven and the excitement of the launch, whether or not there is a very specific sales experience. That's a little different the way Chennai works. I think once that marketing office is there in place, which is in the next few weeks, we should be able to see much stronger uptake on Brigade Morgan Heights. Overall, I think, yes, Chennai definitely does happen at a different pace, but we are mindful of that. Our plans are also put in place keeping that in mind. We have a more accelerated sales cycle for Bangalore and Hyderabad launches compared to Chennai. Sure. How much is the inventory right now, bringing Icon and Altius? How much did Altius specifically contribute to the quarter's details? I'll just come back to you with those numbers. Sure. I'll take it from your point as well. No problem. Just second question on the launches. I think we had a plan of launching 12.3 million sq f t for this year. We've launched a million sq f t on the residential side. Balance is 11.3. Any changes in terms of the launch plan for the year? Any flipovers or any preponent of launches that you expect? I think specifically the Hyderabad project that we just signed this quarter. Any chance of launching it this year or it could be next year? Yeah. The positive thing is the Hyderabad that we announced, we are working to get that into this financial year. One thing was the bigger renovation gardens that we had. We're trying to get it into this financial year, could potentially slip into Q1. Other than that, everything else is per our plan. In terms of Altius, we did 65 units of Altius last quarter, and that was around INR 150 crore in revenue. Got it. Innovation Heights is Innovation Gardens, is it a city project, or is that a project? No, that's in Brigade, sorry, that's in North Bangalore in a submarket called Haralur. It's what we've been referring to as the KIED Park Deal of 75 acres. Okay. Sure. That's it from my side, For now. I have a couple of questions, and I'll turn back to you. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one on your touchtone telephone. The next question is from the line of Mr. Parvez from Novama Group. Please go ahead. Hi. Good afternoon, and thanks for taking my question. First, a couple of questions for Pavitra. I mean, did I get it right when you say that we have a RERA for projects with INR 4,600 crore GDV holding? Yes, that's right. Some of those have already launched in the course of Q2. For example, Brigade Cherry Blossom and Brigade Avalon. We've already launched those. We have one more in Bangalore that's already had the RERA. We're in the soft launch phase and will be doing an allocation event before the end of the quarter. The rest of it comes from Hyderabad and Chennai, both in Brigade Gateway, the second tower in Hyderabad, and the phase two of Brigade Morgan Heights, which we have launched the first phase this past quarter in Q1. It is a single RERA, but based on the amount of inventory and phasing, we have the visibility already, and it's just coming towards the latter half of the year. Overall, on the demand side on the revenue space, how do we see it currently? Is it, let's say, same what it was a year back, or are we seeing some moderation? Also, your views on the pricing going ahead. Yeah. In terms of the residential demand, we are seeing that it is still pretty good. I would say that the pace at which people are making their decisions based on the ticket size, that has changed. In terms of a year ago, the ticket sizes were lower. People found it much easier to make those kind of decisions. Now, if I look across my portfolio, more than 80% of it is INR 1.5+ crores. That is quite a big change. Therefore, we are seeing people take a little more time to convert, but the on-ground demand is still very good. For example, Brigade Avalon, which we launched in Whitefield, that's a 260-unit project and an average ticket size of INR 4 -INR 5+ crores. That has really been well accepted. That said, that's one of the, you know, we're not going to sell out in the first quarter or second quarter for that market either. We just have to time accordingly. In projects where we have more mid-segment inventory or ticket sizes coming below INR 1.5 crores or less than INR 2 crores, we're seeing a much faster uptake. I would just, again, reiterate what we've been saying, that what the customer behavior that we've seen happen over the last two to three years, that's really out of the ordinary. I would say that things are still very healthy on ground, even if you're comparing to the best-case scenario, which was there for the last couple of years. Sure. A couple of questions for Nirupa. First, I mean, in the presentation for Brigade Hotel Ventures Limited, I think we have outlined the plan for adding about 1,700 odd keys over the next 4-5 years. What would be the rough cut CapEx outlay required for this? Second, your views on leasing in Brigade Twin Towers. Thank you. Thanks for that. With regards to the CapEx for the hospitality, we plan to do it next quarter. We will share those details with you. Just to let you know, anything in the five-star deluxe category, on average, the cost of construction will be about INR 1.5 to 1.75 crore a key. It's just the cost of construction. Some of the Fairfields that we've mentioned, you know, the four-star category hotels, on average, the cost per key is around INR 6.5 million. In terms of the CapEx outflow, we plan to outline that by next quarter, and you will have the details by next quarter. Regarding Brigade Twin Towers, what we've understood is that we have one tower, the first tower that we kept for sales because we found that the sales traction has been very healthy. The first tower is about 550,000 sq f t, and we have already sold 50% of that. This quarter also, we should see another bump up. I think we've managed to do another 20% this quarter. Almost 70% of the first tower has been sold. With regards to the other tower, we have kept it aside for leasing. In case we find that the sales traction continues to be very high, then we will also add that into the sale portfolio. As of now, we are getting a healthy rate. The sale price that we've been doing the last few transactions are at around INR 12,000 a sq f t plus all additional expenses. It's been a fairly good market for end users and a sales-driven market. That's how we plan to go about it. Sure, thanks and all the best. Thank you. Thank you. The next question is from the line of Mr. Biplab from Antique Stock Broking Limited. Please go ahead. Good afternoon, everyone, and thank you for taking my question. My question is in continuance to what just Parvez asked. We have been hearing that due to job losses in the IT sector and in general slowdown, Bangalore is experiencing slower real estate absorption and maybe heading toward a broader slowdown. What you said is that the current state of real estate absorption continues to be strong. That's very good. The question is, what is your outlook on demand? I mean, despite job losses and some slowdown in the IT sector, do you see this kind of demand continuing over the year and medium term? That is my first question. Yeah. I'll just, Nirupa here, I'll just throw some color on it from Office, and then maybe Pavitra can add on the legacy side of things. For Bangalore, if you just look at the gross absorption that we saw in Q1 of FY 2026, it absorbs almost 4.8 million sq f t of office space. Now, the dependency on IT and IT services has relatively come down. From an office perspective, I can tell you that IT services are contributing to only 40% of the overall gross absorption. The balance is coming 36% from GCCs an d the remaining 24% or so from BSSI, so financial services, etc. Bangalore is still the most attractive location when it comes to setting up a GCC. From an office perspective, I can say that, yes, there are a lot of media written on this and perhaps, you know, AI will come into the picture, but the nature of jobs required might change. Maybe there'll be more focus on GCCs and R&D facilities being set up here. Additionally, we're seeing a lot of financial services and pharma companies also being set up. On ground, we're not seeing the kind of slowdown that the media is talking about. We're still seeing pretty good traction from an office demand perspective. Yeah, this is Pavitra. I just wanted to echo that. We're seeing that the quarter on the residential side is thin because, you know, while the IT sector has been seeing layoffs over the last few years, that really has not impacted on the residential side. In fact, we've been seeing more traction towards premium and higher-end sales, which means it's the kind of talent that you see working in GCCs or those embedded technology or digital jobs that are happening in traditional businesses as well. That's where we feel that, you know, despite all of the conversation that's going on, we're not seeing that on ground. Also, I would say that, you know, being a premium brand and having inventory in great locations and, you know, conditions the way we are, we will still be that flight to quality in case of, you know, someone has multiple choices. They will come to a Brigade for that. That's where we're seeing things. Even if the market does consolidate a little bit, we are still confident of our position. That's very good news. That's all from my side. Thank you and have a great weekend. Thank you. Participants, if you wish to ask questions, please press star and one on your touchtone telephone. The next question is from the line of Mr. Mithun from Kivah Advisors. Please go ahead. Yeah, hi. I wanted to understand in terms of FY 2026, your launch pipeline is quite strong. Last year, I think you did pre-sales of about 7 million sq f t. Do you have any target for FY 2026 in terms of what kind of sales growth you're looking at? We've always communicated that we like to target a growth of 15% - 20%. We'll be looking at that from a value perspective. Last year, we did around INR 7,800 crore in total sales. We're hoping to get to about a 15% increment on that. It is, of course, dependent on approvals and launches coming through at the right timeframe. This year, as well as last year and a couple of years before that, a lot of our numbers were dependent on getting launches. In fact, at least 50% of the sales is coming from new launch. As long as that continues to happen, and we are, of course, working very hard on that approvals front, we are quite confident of this. I also mentioned earlier that we launched Brigade Morgan Heights in Q1. That was almost INR 1,000 crore GDV, and we have visibility of another INR 4,600 crore. Of the entire year GDV that we have intended to launch, we have almost 50% in hand as well. I think we're quite confident of the year. Right. Also, on this commercial development side, what is the kind of target of launch of projects? Yeah. On the commercial side, we currently have 500,000 sq f t that is ongoing in terms of construction. Upcoming, we plan to launch another 2.6 million sq f t. Year- on- year, we're looking to launch about 2.5 million- 3 million sq f t, which is a number that we have in mind. Ongoing, we have another 2.5 million, as I mentioned, and upcoming also another 2.6. Right. Thank you. Thank you. The next question is from the line of Mr. Ashish Shah from HDFC Mutual Fund. Please go ahead. Yeah. Thanks for the opportunity. Maybe a couple of things. Would it be possible to sort of give some estimate on the launch value, launch GDV, for the second, third, and the fourth quarter? I know things can swoop here and there by a quarter, but any sense on how it can pan out? Yeah. On the in total, we have about 15.5 or 16 million sq f t total launch planned for the rolling four quarters. At the beginning of the financial year, we had communicated around 12 million- 12.5 million sq f t in the residential launch pipeline, for which I think we have a similar number as of now for the rest of the financial year. We're approximating around INR 10,000 per sq f t on average. Basically, you could assume INR 12,500 crore GDV for the overall launch for FY 2026, of which I just now went through the calculation that we have visibility of crores already, for which INR 1,000 crore was launched in the last quarter. For the rest of the financial year, we're working on those approvals and hopefully, we'll be able to get all of that within Q4 itself. Understood. The other thing is, we've spent quite a significant amount on business development this quarter. If you can throw some light on where have we added these projects, especially on the residential side, and what kind of projects are these? Are these very premium projects? Are these mid-premium, etc.? Any perspective on the color of the beauty which has been done in the first quarter? Hi, Ashish, it's Pradyumna. We've added about 60% of the projects in Bangalore, and 20% each in Chennai and Hyderabad. In Bangalore, in residential, it's not very premium in nature. These are the sweet spot that we've been targeting over the last three quarters of the projects that have been launched. These are similar in nature, typically in the range of about INR 10,000 - INR 12,000 a sq f t. That's where we would be launching these projects when they do. As far as Hyderabad goes, again, it is a similar project. About INR 13,000 per sq f t is the pricing that we are looking at. The strategy that we've communicated earlier, and this is a great example of that, is, you know, we've seen a very successful project, Brigade Citadel in Hyderabad. Therefore, we've targeted properties in the same vicinity. Right now, the ones that we've added last quarter are also literally opposite to this location. Our strategy continues to be very, very similar to what we've communicated. Okay. Chennai? Chennai would also be at what sort of a price point? Is that, again, a premium or at a lower price? No, it won't be a premium. Again, it's upmarket, but not premium in nature. It will be a follow-on to our Brigade Altius project. That's the view that we've taken, and we're acquiring the property. Okay. Lastly, if you, for the business development done so far in the first quarter or year to date, what would be the land cost to the GDV ratio approximately? We have about INR 11,000 crores of GDV that we have acquired in Q1, and the typical, you know, about 20% to 22% is the range. Okay. Understood. Thank you. Thank you very much. Thank you. The next question is from the line of Mr. Girish Choudhury from Avendus Park Institutional Equities. Please go ahead. Yeah, thanks for this follow-up. Again, on the land cost, you have a balance which needs to be paid, which is around INR 1,380 crore. By when can we expect this to be paid? Also, in terms of business development, what's the price line looking like for the rest of the year? Out of the INR 1,380 crores, about INR 470 crores is already being paid in Q2. The rest of it is spread across the various projects, most of which will, you know, it's a combination of, you know, joint development and outright purchases. These will get paid out in the course of the next year, year and a half or so. The balance is about INR 880 crores, and that will get done in the course of the next, say, 18 months. Okay, in terms of the business development price line for the rest of the year? That's ongoing as usual, Girish. We've been, you know, typically, we get about 200 - 250 proposals every month. You know, that filter continues to take place. You know, we will keep adding. I don't think you will see a slowdown in terms of acquiring new properties, whether it's by way of GDV or otherwise. Got it. No worries. My next question is on BuzzWorks. What I've seen recently is that you have leased up, in a center outside of your own portfolio, 50,000 sq f t at the mind space. I just wanted to understand how are you thinking about this business of yours, and what's the current capacity and the growth plans here? In general, in this space, how are you seeing the competition, pricing, and margin trends here? Yeah. Thanks for the question. BuzzWorks for us is currently a smaller portion of our business, but we believe it's a high-growth business. Currently, we have about 5,000 seats, but we're looking to double that up by FY 2026. We believe that this is a vertical that can grow very fast. Obviously, when you look at the overall absorption of commercial office space, the coworking or the flexible office brands take up at least 18% - 20%. In some markets, it could be more at 25%. On average for the country, it could be about 20% of the overall inventory. We think that this trend is here to stay. Because we have it in-house, that part was more of a value-added service to our existing clients when they wanted flexible space. I think going forward, we are open to taking space from other builders as well, especially in markets where we currently don't have office space ourselves. We believe that this is a high-growth business, and the idea is to scale this up in a big way in the coming years. Got it. In terms of competitive landscape currently, how are you rating this market? There are multiple tiers. Its barrier to entry is relatively less. It does not require the kind of capital investment that creating an entire commercial building requires. The barrier to entry is lower. I would say we are in the mid to premium. The average seat cost on the premium end could be INR 20,000 - INR 25,000. Then you get a period in the INR 4,000 -INR 6,000 range as well. On average, our positioning is around INR 13,000 - INR 15,000. Of course, like I said, that's an average. There are some centers that do INR 18,000. There are some centers that do INR 10,500, INR 12,000. On average, we are around, I would say, INR 14,000 or so. We are not on the highest end. I would say we are more on the premium, pre-inventor. Got it. Thank you. Thank you. The next question is from the line of Mr. Pritesh from Axis Capital Limited. Please go ahead. Yeah, a couple of questions. On BD, what would be the estimated spend for this year now with the very strong start in Q1? That depends on the kind of opportunities that we get to accomplish. While we focus on certain lands, both joint development initial as well as outright purchases, I think, you know, I can't tell you a number in terms of what we will be spending. The approach will be of what I mentioned earlier also, which is about 20%- 25% of the cost to GDV. That would be the approach. Got it. Okay, and in terms of this 2.6 million sq f t of upcoming commercial launches, which are the key projects? I mean, will we start constructing Brigade Gateway, Rigel office, this kind of space? Some insights of this 2.6 million sq f t, which are all these projects. Yeah. What we have as part of the 2.6 million sq f t is the Brigade Padmini Tech Valley Tower A, which is in Whitefield in Bangalore. That's about 345,000 sq f t. We have Brigade Panorama Chambers, which is in South Bangalore. We also have Brigade Cauvery, which is a CGD property in Bangalore, about 190,000 sq f t. We have the Kochi Infop ark Tower 3, which is another 150,000 sq f t. We have more value-added office and retail in our next two towns in Brigade Valencia. We have some office of 140,000 sq f t, retail of 80,000 sq f t. The biggest project is again in Bangalore, which is the Brigade HRC, which is right next to the airport toll of about 1.4 million sq f t. Out of the 2.6 million sq f t, BL share, our share is about 1.76 million. Sure. Your Gateway would start construction next year, I mean, not this year. Maybe in the next quarter, we can have that update. Okay. Fair enough. Thanks. Just last, if you can provide the breakup of collections across our different segments for this quarter. Real estate collection is about INR 1,248 crore. Commercial leasing is about INR 311 crore, and hospitality is about INR 168 crore. Total is INR 1,727 crore. Got it. Okay, thank you. That's it from my side. All the best. Thank you. Thank you. The next question is from the line of Mr. Prolin from Edelweiss Public Alternatives. Please go ahead. Yeah. Hi, team. Just wanted to understand, you know, to the previous participant's question, you answered that you don't want to enter into any new cities, right? There is enough and more to be done in some of the Chennai and Hyderabad. I wanted an internal assessment of how has been our foray into these cities, right? Where I'm coming from is that, you know, we talked about this project called Brigade Morgan Heights, right, where you launched in May, but the sales of this is still going to come up in a few weeks' time. Are these some, you know, location-specific nuances which we are still, you know, grappling with, or, you know, is it how should one think about, you know, our, you know, our entry into these two cities specifically? If you can spend a few minutes on both the cities, that would be very helpful. Thank you. Yeah. Sure. I'd like to say that the upcoming projects that we have in Chennai is a reflection of a lot of time and hard work to get these lands into the pipeline and also a reflection of what the Chennai market feels about Brigade, especially after the completion of our World Trade Center projects on OMR. When we conceptualize and deliver mixed-use projects, I think that really is a game changer for us in terms of establishing ourselves in the market and then seeing rapid growth from then on. A lot of our business development success, the project launches that are happening now, have really sort of taken off after seeing World Trade Center in Chennai. We're also experiencing the same in Hyderabad. After announcing the Brigade Gateway in Neopalis, having seen what the plans are like, having seen the launch of the first tower, which was an unprecedented success, it is the most premium project in that submarket. I would say the entire market has noticed and also recognized that we're building a very premium mixed-use development, which has the top brands like World Trade Center Hyderabad, Plainview Continental Hotel, and our own flagship brand, Orion for Retail, along with 600 premium residences. When the market sees that sort of certainty in these projects coming up, we are also seeing a lot of increase in the business development proposals that we're receiving in Hyderabad. What I would say is that our approach in each market is to establish ourselves, not just in terms of our BD connections, but also delivering and then building on that. Specifically in terms of Brigade Morgan Heights, we don't think there is any sort of specific issue. It is just that in Chennai, the market is such that they like to have a sales experience on ground. Also, in Chennai, you can't really construct a marketing office prior to receiving certain approvals in hand. We do have a setup at the site. It's in a soft launch phase, but we expect to see a lot more traction once the sales office is open. I think that's normal and natural. That's what we've experienced in both Icon and Altius as well. Apart from that, there isn't anything specific about Brigade Morgan Heights. Got it. Thanks a lot. That's it from my side. Thank you. The next question is from the line of Heta from Monarch AIS. Please go ahead. Thank you for the opportunity. I just have two questions. I wanted to understand how would the average realization shape up for the year of FY 2026? Do we expect it to remain flat, or are we expecting any significant corrections? Yeah. I think the numbers that you've seen today are a reflection of the inventory that is getting sold each quarter, which is also dependent on what is getting launched. Going forward, we have a mix of projects of, you know, super luxury, as well as premium and mixed segments. We also have plotted. It is a mix of what gets transacted every quarter. I would say it will still average out. In the coming few quarters, we'll be launching at rates of INR 15,000, INR 16,000 for some projects, and then plotted maybe at INR 5,000. That gets rolled every quarter. On average, I would say it'll be around the same, maybe slowly sort of move up, move up slightly. Okay. What would be the amount of these new project launches upcoming in FY 2026? It would be upwards of 30% for the new project launches. Oh, okay. That's amazing. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. We will wait for a moment while the questions are assembled. As there are no further questions from the participants, I would now like to hand the conference over to Ms. Pavitra Shankar, Managing Director, for closing comments. Before we wrap up, we'd like to share a few key highlights beyond our financial performance this quarter. The Brigade Foundation's not-for-profit trust continues to champion meaningful social impact through initiatives that blend education and community development. The Venkatappa Art Gallery has reopened its doors to the public. You can pay the store through a collaborative effort between the Brigade Foundation and the Department of Archaeology, Museums, and Heritage, Government of Karnataka. Key enhancements include structural repair, upgraded lighting, improved accessibility, modern display areas, and we've also rejuvenated the landscaping. We also constructed an auditorium for the Karnataka Public School in Vishwanathpura, North Bangalore. This is an initiative that is in line with our overall mission of empowering underprivileged children with better spaces for learning. The Brigade Schools were named Best CBSE Schools in Bengaluru 2025 by India For Now magazine, a testament to our commitment to quality education. As part of our L&D programs to support diversity, inclusivity, and opportunities, two of our women employees have successfully graduated with an MTech from IIT Madras. This is Brigade's higher education initiative, a reflection of our belief in nurturing talent and investing in long-term growth from within. A few noteworthy affiliates and recognitions. Brigade Enterprises Limited was honored as a great mid-size workplace for the 15th year in a row, ranking 75th. Meanwhile, Brigade Hospitality Services Limited soared to 8th place, a recognition that our People First culture continues to shine. Both these awards were by the Great Place to Work Institute. Additionally, the Track2Realty BrandXReport 2024-25 recognized Brigade as a national brand leader of Indian real estate, a title earned through consistent excellence and trust. Brigade Twin Towers was named Iconic Property of the Year Commercial at the Global Real Estate Brand Award. With that, we thank you. We conclude our earnings call for Q1 FY 2026, and thank you for joining us. Thank you, ma'am. On behalf of Brigade Enterprises Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.