Ladies and gentlemen, good day, and welcome to the Brigade Enterprises Limited's Q3 FY 2026 financial results 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Ms. Pavitra Shankar, Managing Director of Brigade Enterprises Limited. Thank you, and over to you, ma'am. Thank you. Good afternoon, everyone, and thank you for joining us at our Q3 FY 2026 earnings call. I am joined by the management of Brigade Group, our Chairman, Mr. M. R. Jaishankar, Joint Managing Director, Ms. Nirupa Shankar, Executive Directors, Mr. Roshin Mathew, Mr. Amar Mysore, and Mr. Pradyumna Krishnak umar, along with members of our senior management team. We welcome Mr. Yogesh Patel, who joined Brigade Enterprises today as the CFO. This has been a steady and well-rounded quarter for Brigade, with each of our business segments contributing to overall growth. Our focus remains on deepening our presence in key micro markets by selecting land parcels that offer strong long-term development potential. In the last nine months, we have incurred about INR 2,100 crore towards our land bank, with a developable area of 14 million sq ft and GDV of INR 16,000 crore, with 44... Sorry, with 54% in Bangalore and 30% in Hyderabad. These projects should enter our launch pipeline over the next four to six quarters. On the front, we delivered consistent performance, achieving pre-sales of INR 1,750 crores and a pre-sales volume of 1.33 million sq ft in Q3 FY 2026. Average realization stood at INR 13,142 per sq ft, reflecting a 16% growth over Q3 FY 2025. Looking ahead, we have a strong pipeline with approximately 12 million sq ft of launches planned over the next four quarters. While the residential sector seeing stabilization in terms of volume growth, prices continue to rise across major metros due to tight supply and the strong performance of higher value segments. Luxury and premium housing now account for over a quarter of national supply, as developers increasingly shift focus upwards. Within our own portfolio, about 85% of our pre-sales is above the INR 1 crore ticket size, which underscores our positioning as a premium, high-quality developer. Our current inventory also reflects the same distribution. While price increases are still being absorbed and the demand is strong, customers are more cognizant of overall ticket sizes, and we are reflecting these inputs in our projects under design. Brigade's commercial office portfolio delivered a stable performance in Q3 FY 2026, with cumulative leasing of 0.66 million sq ft as of the quarter. Portfolio occupancy remained healthy at around 93%, supported by steady demand from healthcare and education sector occupiers. We're actively working towards increasing our commercial office portfolio. We already launched 1.2 million sq ft in FY 2026 and plan to launch another 4.2 million sq ft in the next four quarters. India's office market continues to exhibit structural momentum, led by the rapid expansion of global capability centers, which now account for close to 40% of total office leasing. On the retail front, as of Q3 FY 2026, the three Orion Malls collectively churned about 100,000 sq ft of leasable area and added new tenants, boosting footfall and rental income while strengthening the overall brand and tenants' mix. Footfalls across our malls grew 5%, and sales grew at 16% for FY 2026, aided by strong performances in cinema, end-of-season sales, and the festive period. Brigade Hotels delivered steady growth compared to Q3 FY 2025, with improvement across key performance metrics. Revenue and RevPAR increased by 14% and 17%, respectively, driven by a 17% rise in ADR. EBITDA also grew by 17% for the quarter. The Indian hospitality sector continues to see demand outpacing supply, with about 100,000 new rooms expected to be added over the next five years. Against this backdrop, Brigade Hotel Ventures Limited is building out 1,700 keys across nine hotels in our markets of focus. I now hand it over to our Executive Director, Mr. Pradyumna, to present the detailed financials for the quarter. Thank you, Pavitra. Good afternoon and a warm welcome again. Pavitra has already shared the operational highlights. I will be sharing the key financial highlights. We achieved pre-sales of INR 1,750 crores for Q3 FY 2026, with a pre-sales volume of 1.33 million sq ft. While quarterly sales did not increase significantly, it was primarily due to approval-related delays for launching new projects. Now, with better certainty on the approvals front, we are confident that our upcoming launches will significantly strengthen our sales trajectory in the coming quarters. The underlying demand remains strong, and we are well positioned to capitalize on the momentum with the new project launches and new land acquisitions in Bangalore, Hyderabad, and Chennai. The ongoing projects and the new projects that will launch soon are all well located within micro markets that have strong demand, with excellent connectivity and access to very good social infrastructure and public transportation. This is the case with all our projects in Bangalore, Hyderabad, and Chennai. Overall collections for the quarter have remained at levels similar to Q3 FY 2025, at INR 1,760 crore, due to fewer launches.... Cash flow from operating activities have moderated due to higher construction spends. Our cash flow collections will continue to be robust in the coming quarters and will be further supported by the new project launches. Collections from the real estate segment stood at INR 1,258 crore. Leasing segment stood at INR 325 crore, and hospitality stood at INR 177 crore. Net cash flow from operating activities stood at INR 278 crore. To start with the group's revenue update for Q3 FY 2026. The consolidated revenue for the quarter stood at INR 1,623 crore, an increase of 6% over Q3 FY 2025, with an EBITDA of INR 459 crore. EBITDA margin stood at 28%. The real estate segment clocked a turnover of INR 1,133 crore, with an EBITDA of INR 170 crore. The leasing segment clocked a turnover of INR 325 crore, an increase of 16% over Q3 FY 2025, with an EBITDA of INR 231 crore. The hospitality segment clocked a turnover of INR 165 crore, an increase of 12% over Q3 FY 2025, with an EBITDA of INR 58 crore. Consolidated PAT stood at INR 206 crore, and PAT after minority interest is INR 187 crore. Coming to the group's performance for nine months FY 2026. The consolidated revenue for the period stood at INR 4,386 crores, an increase of 16% over nine months FY 2025, with an EBITDA of INR 1,209 crores. The EBITDA margin stood at 28%. Real estate's segment clocked a turnover of INR 2,976 crores, an increase of 16% over nine months FY 2025, with an EBITDA of INR 384 crores. The leasing segment clocked a turnover of INR 966 crores, an increase of 16% again over nine months FY 2025, with an EBITDA of INR 678 crores. The hospitality segment clocked a turnover of INR 444 crores, an increase of 16% over nine months FY 2025, with an EBITDA of INR 147 crores. Consolidated PAT stood at INR 534 crore, an increase of 24% over nine months FY 2025. PAT after minority interest for the same period is INR 499 crore, an increase of 14% over nine months FY 2025. Now, on debt and liquidity. We continue to have adequate liquidity and undrawn credit lines from banks and financial institutions to support our growth plans. Our average cost of debt has reduced significantly by 115 bps to 7.61% as of December 2025, from 8.76% as of December 2024. Gross debt of the group stood at INR 4,504 crore. Cash and cash equivalent was INR 2,617 crore as of 31st December 2025. Consequently, the company's net debt outstanding as of 31st December 2025 was INR 1,887 crores, out of which [audio distortion] share of the same is INR 1,273 crores. About 92% of the debt pertains to the commercial segment, which is backed by rental income. Debt equity ratio stood at 0.23. I will now hand it back to operator for questions. Thank you very much. Ladies and gentlemen, we will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on the 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 Karan Khanna from Ambit Capital. Please go ahead. Yeah. Hi, team. Thank you for the opportunity. Just a couple of questions from my end. Firstly, Pavitra, there have been talks of excess unaffordability in Bangalore market, which are limiting future price hikes. Could you share some thoughts on the pricing environment and, on the kind of like-to-like price increase, you expect from both Bangalore and Chennai? And as a follow-up, what kind of like-to-like price hikes were taken across the already launched projects during the quarter? Hi, good afternoon. So in general, the market is still pretty healthy and demand is good. While the price rise in Bangalore over the last, if you look the last two, three years, has been really substantial, all of our projects that are being launched today, I think are being launched with the expectation that we can still take price hikes of 5%-7% year-over-year. That is how we underwrite, and that's how we launch. But that also means when we launch, it's a fairly full price, and we are not expecting to see rapid price increase at the time of launch. That said, as I... As I mentioned in the opening remarks as well, this has led to a lot of the ticket sizes being, you know, INR 2 crore-INR 2.5 crore, INR 3 crore, and so on. Is not as fast as it used to be in, say, the INR 1.5 crore-INR 2.5 crore ticket size. So this is where we are seeing the stabilization in the market. In our own portfolio, about 5%-7% is what we would like to take year-over-year and what we've been doing in the past. While we may not do it on a quarterly basis, we do it along with inventory movement, and we're able to achieve this. This holds good for both Bangalore and Chennai. This is helpful. Secondly, if you look at slide nine of your full year FY 2025 presentation, you were fairly confident of launching 16 residential projects totaling 12 million sq ft over the next four quarters. But if I look at slide 28 of your current investor presentation, you have just launched less than 4.5 million sq ft of residential projects in nine months, FY 2024. So can you help us reconcile these numbers and why launches this year have been skewed more towards Q4 versus, say, previous years, where they were largely spread out across quarters? Say, in FY 2025, you had 2 million-2.5 million sq ft worth of launches every quarter. Yeah. So, I would say the launches were actually more towards H2. In this, so Q3 and Q4, and that's what we had seen in the last few years also. So far in the year to date, 4.3 million sq ft in the residential sector. In the number that you're mentioning, we had actually, that 16 million was actually including commercial as well. So year to date, we have launched 3 million sq ft in residential, with a GDV of INR 4,800 crores. In Q4, actually, our plan is to launch the same amount, 4.3 million sq ft, with a higher GDV of around INR 5,400 crores. Unfortunately, yes, we have seen the delay in approvals, which has caused many of these projects to slip into Q4. We are hoping that they will come in. We're working hard to ensure. But overall, the 12.45 number that we mentioned, it looks like we will not meet that for the calendar year. Sorry, for the fiscal year, for residential. Sure. And just to follow- Sorry. Yeah. Just to continue, it's not like the projects are not coming. There is approval delay, so if it moves into Q1 or Q2, I mean, in that sense, but there is no real risk of the project taking off. Sure. Lastly, on business development, can you help us understand the new BDs during last quarter, largely in Hyderabad? What kind of IRRs were you looking at when you signed these new BDs, and how are these IRRs versus what they were, let's say, nine, 12 months back? So, you know, the IRRs that we look at are around 18%. I would love to say they're going to keep increasing, but as customers are willing to pay more, or as end customer pricing increases, land rates increase as well. That is why we look at an overall 18% IRR, in general. Sure. This is helpful color. I'll come back in the queue. Thank you, and all the best. Thank you. The next question is from the line of Aditya Chaturvedi from ICICI Securities. Please go ahead. Yeah, good afternoon, everyone. Thank you for the opportunity. So I'll just take a follow-up on the previous question on the INR 5,400 crore of launches you mentioned for Q4. Could you just help us understand how this will be split geographically, and which will be the key projects you're planning to launch in the current quarter? Yeah. In Q4, it is predominantly we have about 800,000 sq ft in Chennai. That would hit around INR 1,600 crore, and 2.3 million sq ft or INR 2,500 crore in GDV from Bangalore, and about a little under a million sq ft from Hyderabad. So that is how it's going to hopefully pan out. I think we have good visibility on the Hyderabad launches and couple of the Bangalore launches as well. Okay. Okay, fine. Fine. The second question is on your rental CapEx, right? So considering the aggressive plans you have, right, to expand the rental portfolio, so nine months, including the hotels business that we have done a certain amount of CapEx, right? But could you give us, help us understand for the full year in 2026 and for 2027, any overall budgeted CapEx number you'd like to share, which we can expect? Yeah. I think, for the commercial, we have said that the estimated cost for the year is about INR 1,600-INR 1,700 or so for the projects that we've launched, which have been listed on page 14 of the presentation. We've already incurred INR 661 crore, and we have a balance of INR 1,000 crore. For hospitality, we... That's separate. We have said that we budget INR 100 crore CapEx for the coming fiscal. Yeah. So just wanted to tie up. Meant for this now for 2026, right, the full year number and 2027, right? The overall CapEx you'll be doing as a company and a consolidated entity in terms of the cash requirement. That is what I'm trying to just understand. Aditya, Pradyumna here. Yeah. In FY 2026, for the commercial division, about INR 600 crore is what we expect to spend, and the year after in FY 2027, about INR 800 crore. Okay. And this would include the Hyderabad project also, right? I assume the office and mall would be a large portion of that, as so I under- Yes, it will include that. Okay. Yes. Okay, that'll include that. Okay. Okay, okay. Fine. Fine. Okay. No, that's it. Thank you. I'll come back in the queue if I have more questions. Thank you. Thank you. The next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah, good afternoon. Thanks for the opportunity. Just, first on the contribution from Brigade Gateway in this quarter that we had launched. You know, how much would be that number? And second question is, in terms of launches that we have highlighted for Q4, at what stages they are, you know, how much- how many we have applied for RERA, how many are still under plan approvals? If you can give us those details, that would be helpful. Yeah. ... Yeah, first on, Brigade Gateway, this is Tower 2 that we launched in Q3. About INR 550 crore of GDV or presales value is what we have sold. In terms of the approvals, I'll ask Pradyumna to just speak on that. Yeah. So, out of the about 4.5 million sq ft that we plan to launch in this quarter, one third of it is already almost at the end of receiving the RERA approval. Much of the balance is at the very final leg of the plan sanction. We are, therefore, hopeful that we are able to launch all this in this quarter itself. Sure, got it. In terms of Gateway, the total GDV of launch would be somewhere around INR 1,600 crore-INR 1,700 crore. Out of that, we have done INR 550 crore. Slightly slower response than the first phase. Obviously, you know, timing were different, but how you read into this response? Anything from our side we could have done to have a better response in terms of timing of launch or in terms of ticket size? And how you—with this launch, how you read the overall Hyderabad market right now? So actually, I'll say we are quite happy with the response to the launch. When we launched the first tower, which was a year ago, we were quite surprised with the way in which the project got absorbed, and we were able to pretty much do a complete sell-out within that month. That's not something we were trying to emulate in Q3, sorry, in the past quarter. One, because this is a mixed-use development, and there is an incredible amount of value that is being created. So the increase in pricing just has been about 15% or more on a like-to-like basis. And, you, despite that, we've been able to do these kind of numbers. So I think there is a lot of confidence in the project and a lot of confidence in the vision that we have for the overall mixed use. So we're quite happy with it. Our plan here was not to try and quarter itself. This is a project where it's important for us to also maintain city, as you know, we are starting off with the residential, but then going to be investing into the CapEx for the office and hotel tower as well. So we are quite happy with the progress so far, and we don't intend to sell it off ASAP. We want to be taking some price increases over the year as well. Got it. And I understand, just say, launch happened towards the end of December, you know, a few weeks before the end. Any spillover of sales which happened or whatever we had done has been booked for the current quarter? Whatever we had done for the quarter has been booked. About 100 units is what we had done in Q3. The sales are continuing in Q4. Okay. Got it. Fair enough. And any update on Brigade Morgan Heights you want to provide? Because there was a regulatory hurdle which came in, when will we be able to restart the sales in that project? Yeah. So, we are expecting the hearing to happen in a couple of weeks' time. So we are quite hopeful that it should be done by this month itself, and we should be able to restart by the end of the month. Yeah. I think the important thing to note is, you know, we are not the only one affected by this. A minimum of over 100,000 properties are affected by this. And now there are a lot of protests that are taking place in Chennai as we speak on this particular issue. So we are hopeful, like I said, that things will be cleared out in this month. Got it. Fair enough. Thank you. That's it from my side, and all the best. Thanks. Thank you. The next question is from the line of Girish Choudhary from Avendus Spark. Please go ahead. Yeah, hi. Good afternoon. Thanks for the opportunity. Firstly, I have a question on the operating cash flow, right? So if I look at the nine-month numbers, we have seen a substantial decline from around INR 1,050 crores to INR 1,030-odd crores. And if I see the internals, right, the collections have grown marginally. I understand the presales were weak this year, but, I mean, prior to the... the prior years have been pretty strong, and construction cost has gone up 20-odd%. But what I'm also seeing that the sales and marketing levels continue to remain elevated, right, despite limited launches. So overall, how should we interpret this? Is it largely a timing sort of issue, or are there any other pressures from the overall cash flow point of view? So that's my first question. Yeah. Yeah. So on the sales and marketing, I would say we have supported the marketing efforts substantially more, especially because we have a much more high-end and premium segment kind of portfolio in this year, which requires a lot more branding and marketing efforts, as opposed to, you know, it was a bit lighter from that aspect over the last few years, as we were just able to run with amount of digital and so on. So that is, really, the reason why. Okay. And then, on the collections, because that has dampened the overall operating cash flow, right? So, I mean, we have just seen a marginal growth this year in the first nine months. So, like I mentioned in my remarks, Girish, this is also due to the fact that, you know, we have not launched much in the last quarter. And hence you would see that difference in numbers. But again, as mentioned, we expect with the launches that take place in this quarter and the next- ... these numbers to pick up, yeah. No, but any from the existing projects, are we seeing any collection, bump up, in the coming quarters? Yeah, the existing continue. We don't have any sort of payment plans or, or things like that, so it's a very consistent form of collection. So it's all milestone related, construction progress, milestone related. So we should continue to see that as the work happens on site. Got you. And my second question is on the overall execution. I just wanted to assess, I mean, at the overall projects level, how are they progressing in terms of the planned timelines? Are you seeing any challenges around the labor availability or, let's say, the contractor capacity or any approvals that are impacting deliveries? So, in general, the confidence on execution. Yeah. So, you know, over the course of time, we've also increased the in-house construction contribution that we do. This is just to ensure that there's no impact from, you know, issues at our subcontractors or third-party contractors. I think labor availability is, you know, there's always some issue or the other, whether it is festivals or voting or whatever it might be. But we are trying to, you know, dull the impact of that by increasing our in-house construction contribution. Okay. And on the timelines, are you confident at the overall level in terms of delivery, delivery schedules? Yeah. Yes, yes. Not, not an issue. Got it. Thank you. Thank you. The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi. Good afternoon, and thanks for taking my question. So a couple of questions from my side. I mean, you mentioned that you're taking cognizance of the fact that with increasing prices, customers are also sensitive to ticket size. So of the overall launches, let's say, which are planned over the next four quarters, what would be a broad split in terms of ticket size across all your projects? I mean, let's say, what% will be in the INR 2 crore-INR 3 crore? What will be above INR 3 crore or INR 5 crore? Any data on that would be great. As I had mentioned earlier, around 85% of our, 80%-85% of our current portfolio is in that INR 1.5 crore plus. I would say it's equally distributed right now between INR 1.5 crores-INR 3 crores range and INR 3 cr plus. Going forward, we are, we're trying to look at unit sizes to also maintain it within the INR 2-INR 3, INR 2-INR 3 cr ticket size. I think that is a fairly good sweet spot for the Bangalore and Chennai market. For some projects, we're also looking at you know, trying to get ticket size range. So it's not easy to do that right away, but many of the projects in the pipeline, looking at reducing the overall ticket sizes so that it becomes, you know, a lot more palatable for the customer. There are still some projects and locations where we can very comfortably go in the high-end or luxury spectrum as well, and we're continuing to look at that spectrum as the opportunity arises. When you mentioned that in the nine months we have done deals for INR 2,100 crore, is this the payment that we need to make for these deals, or is this INR 2,100 crore is the land CapEx that we've already done in the nine months? We've already done that. Okay. What would be the geographical split of sales for Q3? Yeah. For Q3, one second, about 35% from Hyderabad, 15% from Chennai, and the rest 50% from Bangalore. Sure. And one question, I mean, in our current office portfolio, largely we have space left to lease only in Brigade Twin Towers. So, I mean, what is our thought process there, and when do we see this space getting leased out? Yes, in Twin Towers, we've pretty much sold about half of the project, about 46%-50% of the project. The... We had initially thought of actually giving out, giving the balance tower for lease. But I think, seeing how the demand is, our plan is to potentially look at selling the other tower as well. So, based on demand, we are looking at selling the other tower as well. So that while it is currently mentioned in the leasing portfolio, one tower is mentioned in the leasing portfolio as unleased, we are looking at a combination of sale and lease, but mostly it is going to sale. Got it. Sure. And last question, I mean, in terms of, of future BD, what is our thought process in terms of, the three cities where we are present, and also in terms of the, segment that we would want to target? Thank you. That's my last question. Yeah. Ramping up our BD efforts. Our efforts in Chennai have really borne fruit. We've been able to show an increasing contribution of sales from there. In the past year as well, from Hyderabad, we've seen a lot of momentum, not just in terms of projects being launched, but also business development. So we're very happy with those results, and of course, Bangalore, we continue to be extremely bullish about. So our three markets are, we would say, in full sway, full swing, and we're happy with the momentum there. So this is also a time where we will potentially consider evaluating new markets. Sure. Thanks, and all the best for future. Thank you. The next question is from the line of Murtuza Arsiwalla from Kotak Securities. Please go ahead. Yeah, hi. Upcoming leasing portfolio with- I'm sorry to interrupt you, Mr. Murtuza, but your voice is not clear, sir. Is it better now? Can you hear me better? It's still sounding a little muffled. Okay. Is it better now? Yes, please go ahead. Okay. Now, I just wanna know on the upcoming leasing portfolio, what is the kind of area and rental expectation, and if you could give us some ramp up, you know, in terms of how the step up will happen over the next few years? Yes. Yeah. I think when we look at the commercial office portfolio, as I mentioned earlier, the portfolio is fully leased, except for that one tower in Twin Towers. But this year, for instance, we should get about 2.5 million sq ft that will come under operations with OC. And we have also mentioned that in FY 2026, we've launched about 1.2 million sq ft, and upcoming launches will also amount about 4.21 million sq ft. So we have quite a bit coming up in the pipeline. In terms of the current this year for FY 2026 is what I can talk about. We'll have almost INR 1,300 crore if we include our commercial facility management and retail commercial portfolio, okay? INR 1,300 crore of commercial top line. Mr. Murtuza, does it answer your question? Yes. Thank you. Thank you. The next question is from the line of Biplab Debbarma from Antique Stock Broking. Please go ahead. Good afternoon, everyone. So first one is a clarification, just a small clarification needed. In the slide 13, leasing portfolio, leasable areas, 9.29. Last quarter, I think it is 9.38. So do we sell some of the spaces in the lease, leasing portfolio, or there is some, some, you know, correction or something happened? What happened there? Yeah, so we just sold a small part of our Brigade Twin Towers, which Nirupa was also mentioning in the previous answer to the previous question. Okay. That's the reason for the reduction. Okay. Okay, fine. Thank you. And, with the pipeline that we had for quarter four, and the kind of, you know, absorption that we are seeing, in these three markets, do you think we would be able to surpass, last year's pre-sales number? Yes, with the expectation that the launches would come in, we should be around last year's number in terms of overall sales and ideally, breaking past that as well. Okay. Okay. And one final question, third question is on the Morgan Heights. I'm aware of the issue. I I just want you to... Just wanted to understand, when you say hearing, it is the hearing is in the court, and you are expecting positive verdict? I mean, how the issue do you think it will get resolved? By, by some positive verdict from court that you are expecting this quarter, and that's this month, and that's the end of it, or is there a chance of it dragging? Because you also mentioned about protest and 1 lakh properties getting impacted. So just trying to understand this. No, you are correct, Biplab. Basically, the matter is in the court, in High Court of Madras. Mm. The hearing is happening this month, and therefore, we expect a positive order in our favor. Okay. Okay. Thank you. Thank you, and all the best for the coming quarters. Thank you. Thank you. The next question is from the line of Anmol Mittal from SMC Private Wealth. Please go ahead. Good afternoon, everyone. Thanks for the opportunity. So my first question is, in the real estate segment, margins have moderated. Could you please help me with to understand the key factors behind this, any specific project delay or, the margins are lower in this quarter as well. And, on the premium real estate, could you update me about the launches, pipeline, and the margin in real estate, in future, and the growth? Yeah. So as I explained earlier, too, the margin in the real estate segment is hovering around 15%. It is primarily A, due to many of the older projects being recognized currently. And two, because of Ind AS, there is gross accounting that takes place, so, which has no margin. So that has an impact on the overall margins, and that is one. In terms of the second question, on how things will pan out in the coming years, I think from Q1 into Q2, we should start seeing higher margins in the real estate segment, maybe closer to 20%. As mentioned earlier, these are due to projects that are getting recognized now, which have been launched in the last 3 years-4 years. Okay. There's a segment of real estate, premium real estate, which the management had guided that it is of about 30% operating margin. So, any update on that part? Yeah. So project to project, depending on the category of it, it varies anywhere from 27%-28%, up to 35%. So the premium one will come at the higher end of that. Okay. So, the second question is, there is a line item in segmental results, unallocable expenses. So could you please provide some color on that part? And, there is a massive amount of increase in that as well. And, I, if you can provide me the breakdown as well, that will be beneficial. Yeah, [audio distortion]. Actually, unallocated expenditure is more towards the common expenditure, which would have been incurred, majorly admin cost and employee cost. The reason we treat it as unallocated expenditure, because the people will be working on both the segments put together. Okay. Okay, thank you. Thank you. Thank you. The next question is from the line of Akash Gupta from Nomura. Please go ahead. Hi, am I audible? Yes, you are. Please go ahead. Hi. Actually, first question is on the demand perspective. I think I heard your comments on Bangalore and Hyderabad, and you were pretty optimistic about it, contrary to what the market is thinking. My question is, like, what gives you this confidence about the demand for the Bangalore, Hyderabad and Chennai markets? That's my first question. We have this confidence based on the kind of response that we see to our marketing campaigns and to the walk-ins at project offices. We are still getting very good response. Conversion times tend to as we go into the larger or the higher ticket sizes, which is where we're seeing some kind of extension in the time frames, and it takes some time to get those numbers reflected into our results. But project has always been quite positive. We are always looking at our marketing mix as well and looking at the best ways to get customers into our projects. We're able to achieve the pricing that we have launched at and don't need to take any discounts. We haven't had to do any major payment plans. We don't do subventions. We don't do 10-90 schemes. We... So I think we're quite confident of what we are able to charge and be able to transact in our projects in both Bangalore and Hyderabad. I'd say it's a mix of the right kind of product and of course brand, and the right pricing as well. Understood. My second question is on the miss on the launches. Just wanted to understand, what is this approval delays that we have had? Because, none of your peers, which, we tracking at least the listed peers for that market, they have not given anything on approval delays. And, could you just give us a brief understanding of that, at why any project in Bangalore that was supposed to be launched this year has gone up to, 1Q FY 2027 or 2Q FY 2027? Yeah. So, you know, we've faced, you know, delays of about 3 months-4 months in some of these projects, and it's primarily due to some of the changes that took place in Bangalore. It also depends on where your file was at that particular point in time when that change took place. So those files which are in an advanced stage of approvals would have come through a little sooner as against those that were being processed out. That is the only reason for it. Understood. And my third and final question is that I think we're launching roughly 8 million sq ft this year, and probably 10 million-12 million sq ft in FY 2027. How should we think about pre-sales growth in FY 2027? Because we're doing something like flattish in FY 2026. How? What is the guidance here? How should we think about it? Yeah. So naturally, we will be looking to do better than FY 2026. I think the number of projects that we're launching, as well as the markets in which we will be launching those projects and the ticket sizes, should all mean an improvement in the numbers. But, we will have to see how that plays out. Okay. Perfect. Thank you so much for answering my questions. Thank you. The next question is from the line of Heta from Monarch AIF. Before we take the next participants, reminder to everyone to please limit their questions to two per participant. Ms. Heta, please go ahead with your question. Yes, sure. Good afternoon, everyone. Could you help me with the current inventory levels in million square feet? Do you mean inventory that we haven't sold as yet? Yes, correct. Yeah. So we have about 5.5 million sq ft in total, which is yet to be sold. ... Okay, all right. And, could you help me understand what percentage of stocks in Brigade Icon are sold, and are we seeing any good traction at Brigade Icon and Brigade Altius, that we launched last year? I didn't get the second project name. Altius. Altius, yeah. Altius. Icon is, yeah, Icon is going along. I think it will still take the better of 3 years- 3.5 years to completely sell out. It's a very high-end project, so accelerate sales or do anything, you know, on the pricing front for that. It's doing well. Brigade Altius has actually shown some pretty good momentum. It's, it's quite aggressively priced in terms of, ticket sizes, quite high price for that, market, and we've still been able to have some good absorption. So that project is also doing quite well. So both our large Chennai projects are doing quite well. Could you just help me with the quantified number, like the total number of units there and the percentage sold in each? Yeah, I'll just come back to you with the exact number. Okay, sure. If I could just squeeze in one more question regarding the Mysuru market. We're planning to launch four projects in Mysuru, so what average ticket size are we looking at? Those should be around north of INR 1.5 crore. All right. Just joining back with you. Thank you. The next question is from the line of Siddharth Misra from Fidelity International. Please go ahead. Yeah, hi. My question was around your initial comments on that you have better certainty on the approvals front, and you see that leading to improved sales in the coming quarters. Could you just elaborate on that? What is this better certainty? Is it, like, you know, are you seeing things more settling down in terms of the changes which have happened over there in Bangalore? No, right, you know, you hit the nail on the head. Basically, that's what we are seeing, and we've been able to get these projects into, you know, near launch stage, as we speak. So, you know, so about the 4.5 million sq ft coming through, that's one of the aspects. And, for the rest of it, the 8 million sq ft also, now we have visibility as to, you know, which quarter, the likelihood of the quarter that it comes in, in FY 2027. Okay. And, just a follow-up on that. You know, with the change in structure from BBMP to GBA, you know, has that accelerated the approval timelines, or, could you just elaborate on what's happening there? No, I wouldn't say it is accelerated. What it has done is that, you know, things have settled down at GBA, and, you know, the approvals are now moving forward as it used to earlier in a stabilized manner. So I wouldn't say that approvals have yet sort of picked up in terms of speed of getting it processed. It is more about the fact that there is now stability and certainty on the approvals. Okay, yeah. Thanks a lot. That's all. Thank you. The next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah, thanks a lot. Just one question on the commercial side. So once we deliver this, you know, 2.5 million sq ft under construction and 4.2 million sq ft of upcoming pipeline, what would be our rental run rate, and by when can we achieve that? So, as we see, once these assets sort of are leased out and stabilized, the overall lease revenue will be upwards of INR 2,000 crore. Okay, in five, six years' time, I mean, what will be the completion timeline? You know, and then we can assume some stability. Yeah, it's about, I would say 2030, 2031. 2031, you can assume. Say five years from now. Sure. Got it. That's it. Thanks. Yeah. I just want to add on here to the previous question in terms of how much sales has happened in Icon and Altius, Brigade Icon, Brigade Altius in Chennai. Around 40% has been sold in both projects, so we have about 60% of the inventory to go. Thank you. The next question is from the line of Heta from Monarch AIF. Please go ahead. Yes, thank you so much for those figures on Brigade Icon and Brigade Altius. I just wanted to understand, what is our sustainable EBITDA margins in leasing segment? Sorry, in which segment? The commercial leasing segment. EBITDA margin. 70%. 70%. So it's slightly lower- Okay. because we include facility management as well, which has just a margin of maybe 15%-20%. But, that's why our overall segment looks slightly lower. But, yeah, so it's 70%, and it should continue this way. All right. So I just, not sure if I'm repeating the question, but could you please help me with what will be a total area to be leased out in FY 2027 after the launches? Yeah. So the current portfolio should be completely leased out, and like I mentioned, we should be getting 2.5 million sq ft into the portfolio this year. So it will get leased out over the next 1 years-2 years, I would say. Mm-hmm. Because once the OC comes in, it will take at least four quarters to lease out. Understood. Okay, thank you so much. Thank you. The next question is from the line of, Prolin Nandu from Edelweiss Public Alternatives. Please go ahead. Yeah, hi, team. Thank you for this opportunity. Just, you know, again, probably repeating myself and lots of questions on the launches and maybe pre-sales that you are expecting in, let's say, FY 2027. My question is: we started the year with a target of 15% pre-sales growth on FY 2025 number. Is it possible to reach that number on a two-year phased basis at the end of FY 2027? We'd have to look at that. I mean, that seems like a pretty aggressive number, considering where we are today. We will be looking at doing better than last year in FY 2026 numbers, and beyond that, we'll have to see based on which projects approvals come through and the timeliness of those approvals. But definitely, the intent is to keep growing at our 15% number that we have set in the past. Right. No, so I, I mean, you know, I, I'm just probably connecting this 15% number back to some of the comments that were made on the call, that these projects are delayed and not, you know, in a way, demand is still there, right? In a way. If that is the case, why should this 15% be a bit aggressive number, given that we have a launch pipeline, right, and the approval also are pretty much now in line, right? So, is it some capacity issue internally, or, we don't think the market is, you know, as good as probably it was at the start of the year? No, I think it is okay to continue with our 15% year-over-year assumption, because the base is also, you know, you know, something we've been able to grow over the last few years. Based on how the launches are looking at the end of next quarter, I think we'd have a better picture. So which ones come into Q4 and which ones are going to be into FY 2027- Okay. We'll have a better understanding in terms of our estimate for FY 2027. Thank you. Thank you. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yeah, hi, Pavitra. My first question is, the miss on the guidance on pre-sales, and we are expecting flash, flat kind of a growth. So was it a, issue of just delay in approvals, or was it the issue of velocity in different markets? It's primarily an issue of the delay in approvals, because that impacts not just obviously the fact that we have that project and inventory, but the time that we have in the financial year to sell. As we've said many times in the past, the quarter of launch is not really impacting the profitability of the project or the demand on ground or any of that. It is just how it looks year-over-year that, you know, is giving it, is giving these kind of optics. And one other factor is as size has increased, you've seen our own, project portfolio average price realization more than double in the past 18 months. So that also larger ticket sizes that are still being absorbed. But that means, you know, the pace of absorption of those projects, whether it is a Brigade Icon or a Brigade Avalon or, even a Brigade Gateway, Hyderabad, all of these takes a little longer in terms of absorption, but that doesn't change anything in terms of our profitability and, other metrics. Okay. So, we have launched INR 4,500 crore of new GDV this year. So if you can help us with the split of that and what has been the sales for this year from these launches? 51. About 50% of that has... 50% in the past three quarters has come from the new launches and, you know, the, from the ongoing projects. So 50% from the new launches. So new launches, so 4,400 includes the sustained sales. Sustained launch also or just the new launch? 4,400 is the value, is the GDV of the projects that we have launched. But, so far we have shown for nine months, 50% of that number, of the pre-sales number, has come from new launches. This entire 4,400 is new launches, or it's also part of sales of existing projects released? No, it is just a coincidence that the number is 4,400 similarly. Okay. So 4.3 million sq ft that got launched, that GDV is around INR 4,800 crore, actually. The number that we saw in terms of pre-sales was also around that number, but that doesn't mean 100% of what we launched got sold in the first nine months. Okay. So out of this INR 4,800, how much was Chennai and how much was sold in Chennai and Hyderabad? So just I want a break-up of this new launches in Chennai and Hyderabad and Bangalore, and just to get the velocity on how much have you been able to sell during the launch for the nine months? Yeah. So for the nine months, totally 15% came from Hyderabad, 20% came from Chennai, and 65% from Bangalore. Earlier, I had given the Q3 breakup, which was slightly different. 35% from Hyderabad, 15% from Chennai, and 50% from Bangalore. Okay. And just the last question on the business development, I think you've added INR 16,000 crore earlier this year, and GDV, GDV addition. So what is the breakup of that geography-wise? So I had said about opening remarks. I think I said 54% from Bangalore and 30% from Hyderabad, and the rest across other markets. Okay. Thank you. Thank you very much. No No more questions. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Amar Mysore, Executive Director, for closing remarks. Yeah, before we wrap up, I'd like to highlight a few key achievements beyond this quarter's financial performance. Brigade has always been built on trust, on honoring our commitments, and consistently striving to do better. As we look ahead, we're sharpening our focus on this promise. We've released our new tagline, "Believe in better," which captures the philosophy that has guided us for decades. A belief that there is always a better way to design, build, serve, and create lasting value. As we close this quarter, we remain anchored in that belief and energized by what lies ahead. CREDAI, the Confederation of Real Estate Developers' Associations of India, honored the CSR-led restoration of Venkatappa Art Gallery with a runner-up award, acknowledging Brigade's commitment to preserving cultural heritage through responsible partnerships. A few noteworthy awards: Pavitra Shankar and Nirupa Shankar were once again featured in Business Today's among the Most Powerful Women in Business. Brigade Group received Rotary Midtown CSR Award 2025 for its impactful contributions to community welfare. Brigade Group was recognized under silver category at the Arogya World Healthy Workplace Award 2025. St. John's Medical College Hospital at Brigade Meadows successfully completed one year of providing quality care and service. At the Global Business Forum 2025, a reciprocity memorandum of understanding was signed between World Trade Center, Bangalore, World Trade Center, Chennai and Kochi, along with World Trade Center, Shenzhen. The agreement aims to strengthen collaboration in areas such as international trade promotion, investment facilitation, innovation exchange, and business networking. Brigade REAP will serve on the jury for the Yes/Bengaluru Challenge, part of the World Economic Forum's Global Yes/ Cities program. The initiative focuses on identifying innovative solutions to help reimagine and transform the city of Bangalore. Thank you very much. Thank you. Ladies and gentlemen, on behalf of Brigade Enterprises Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.