Ladies and gentlemen, good day and welcome to Brigade Enterprises Limited's Q2 FY 2027 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Pavitra Shankar, Managing Director. Thank you, and over to you, Ms. Shankar. Thank you. Good afternoon, everyone, and thanks for joining us for Brigade Enterprises Q2 FY 2027 Earnings Call. I am joined by our Joint Managing Director, Ms. Nirupa Shankar, and our Executive Directors, Mr. Amar Mysore and Mr. Pradyumna Krishnakumar, and our CFO, Mr. Yogesh Patel. We will jump right in. In real estate, we launched 2.4 million sq ft of residential projects in Q2 at an estimated GDV of approximately INR 3,000 crores. Brigade Barcelona at Neopolis in Hyderabad had a good customer response, with launch quarter sales of INR 475 crores. Brigade Misty Greens in Mysuru was a launch that slipped into Q2, yet we have almost completely sold the available inventory. A small senior-friendly project, Azalea Brigade Meadows in Bengaluru, rounded out the quarter's launches. Net sales for the quarter were INR 1,827 crores on a volume of 1.32 million sq ft, 72% and 78% higher than Q1 value and area respectively. While pre-sales was 10% lower than Q2 FY 2026, this is mostly reflective of the launch timing this year and not of the demand on ground. Average realization stood at INR 13,841 per sq ft, a strong 29% year-on-year improvement, driven by disciplined pricing increases in our existing projects and a sustained shift in contribution of higher-end homes in our overall product mix. While the RBI raised repo rates by 25 basis points after a long period of stable rates, this has not impacted customer sentiment on ground, as the share of existing home loans continues to hold steady. Two-thirds of residential volume in the quarter came from sustenance sales in our ongoing projects, with a balance from new launches. We have INR 9,800 crores of inventory, in addition to another 7 million sq ft, or INR 7,600 crores GDV of launches planned for the second half of the financial year. In Q3, we aim to launch two of our large township projects in Bengaluru, which both have significant contributions to the H2 sales achievement. For now, we reiterate the INR 9,000 crores pre-sales guidance. Our commercial office portfolio continued to grow steadily. During Q2, we added 0.27 million sq ft to our operational leasing portfolio, with the completion of Brigade Square in Trivandrum, a 185,000 sq ft project that's 100% pre-leased. We also completed Arcadia at Brigade Cornerstone Utopia in Bengaluru, taking our total operational leasing area to 9.6 million sq ft at a portfolio occupancy of 90%. This quarter, we transacted close to 6 lakh sq ft of commercial space, approximately 1 lakh sq ft in sales, 1.5 lakh sq ft in new leasing, sq ft in churned space, and 1.34 lakh sq ft of investor space. Rental collections remained robust at 99%, and office-only lease revenues stood at INR 201 crores, 8% higher year-on-year. Our occupier base remains well-diversified across GCCs, IT/ITeS, BFSI, engineering, life sciences, and flexible workspace operators. Occupier demand continues to reflect a flight to quality, with GCCs accounting for 41% of Q2 office leasing and green-certified tech parks capturing 61% of market absorption. In line with this, three of our assets, WTC Annex, Brigade Twin Towers, and Brigade Deccan Heights, received IGBC Gold Certification during the quarter. Lease-up of WTC Bengaluru and Brigade Twin Towers remain for the coming quarters, and both projects have a healthy pipeline. Beyond our operating portfolio, we have 6.8 million sq ft of commercial development under construction, including the World Trade Center and Orion Mall in Hyderabad, with a balanced capital expenditure of approximately INR 3,350 crores to complete this pipeline. We will continue to phase new supply in line with occupier demand. Turning to retail, our Orion Mall portfolio delivered a steady quarter at 94% trading occupancy. Retailer sales across the portfolio grew 16% year-on-year, led by stronger electronics and restaurant sales, while mall footfalls remained steady, supported by new store openings, festive activations, promotional events, and major movie releases. We are also premiumizing the lower ground floor at Orion Gateway with bridge-to-luxury brands. Aureya FM Services, our in-house facility management company, now manages 16 million sq ft with a revenue of INR 71 crores and an EBITDA of 30% in this quarter. In hospitality, BHVL delivered a strong Q2. Portfolio ARR grew 11% year-on-year to INR 7,876 and RevPAR grew 10% year-on-year to INR 5,922 at an occupancy of 75%. Bengaluru remained the key growth market with occupancy of 81% and RevPAR growth of 12%. BHVL's PAT more than doubled to INR 22 crores from a year ago, aided by lower finance costs following the post-IPO debt repayment and improved operating performance. Growth has been rate-led with resilient domestic demand. Q2 was also a strong quarter for our ESG on both performance and recognitions. We achieved a GRESB rating, real estate ESG score of 93.7 with a four-star rating for FY 2026, reflecting our steady progress towards the sustainability goals. Brigade Citrine received the IGBC Net Zero Carbon (Design) Certification with 76 credit points, extending our net zero approach from individual landmark projects to how we design the wider portfolio. Q2 marked the return of our launch cycle, with sales, launches, and development potential all moving in the right direction. Our priorities for the second half are clear: deliver our planned launches on time, convert sales into collections, and continue to grow our annuity portfolio. With that, I will now hand over the call to our CFO, Mr. Yogesh Patel, to take you through the financial performance for the quarter in detail. Thank you, Pavitra. Greetings and good afternoon to all. To start with, a quick summary of key reported financial numbers for Q2 FY 2027. Consolidated revenue for the quarter stood at INR 1,250 crores, with EBITDA of INR 478 crores. The EBITDA margin improved to 38% compared with 26% in Q2 of FY 2026, an improvement of 1,200 basis points. This improvement builds further upon our performance of Q1 FY 2027 and is primarily contributed by higher margins in the real estate segment. Detailing the segment-wise performance in the quarter, the real estate segment reported a revenue of INR 760 crores and an EBITDA of INR 178 crores, with EBITDA increasing by 62% as compared to Q2 of FY 2026. The EBITDA margins grew 2X year-on-year to 24% versus 12% in Q2 FY 2026. The leasing segment revenue of INR 329 crores was consistent with the previous quarter of this year, while on a year-on-year basis, it decreases by 3%. It is pertinent to note that Q2 FY 2026 included a one-time income of around INR 26 crores related to finance lease transaction. Excluding this, the revenue for Q2 FY 2027 would be higher by 4% year-on-year. EBITDA for leasing segment, including facility management, stood at INR 242 crores and EBITDA margin of 73%. The hospitality segment clocked a turnover of INR 161 crores in Q2 FY 2027, with an EBITDA of INR 59 crores, a growth of 41%. EBITDA margin for the segment was 37% for the quarter, a growth of 700 basis points over Q2 FY 2026. Consolidated PAT for the group stood at INR 219 crores at 18% and year-on-year growth of 29%. PAT after minority interest for Q2 FY 2027 stands at INR 194 crores. In the quarter, as Pavitra highlighted earlier, we saw completion of two leasing facilities, adding about 2.7 lakh sq ft of leasing space. A large part of delta increase that you notice in the depreciation line item of our P&L in the quarter is contributed by this. Touching upon cash flow performance, collections for the quarter stood at INR 1,633 crores. The reduction in collection number as compared to earlier quarters was primarily due to milestone that got billed in the third month of the quarter and for which collections were in progress. This is also reflected in higher trade receivables number in the balance sheet. Net cash flow from operating activities stood at INR 246 crores. We remain confident of sustaining healthy cash flows in the coming quarters and outlook to generate operating cash flow from operations for the entire financial year higher than that of FY 2026, in line with the segment performances. To give a segment view of the collections in this quarter, real estate segment contributed INR 1,115 crores, leasing segment INR 343 crores, and hospitality segment INR 175 crores. Coming to debt and liquidity, as of September 30, 2026, the group's consolidated gross debt stood at INR 5,439 crores, and consolidated net debt outstanding was INR 2,765 crores, adjusting for cash and cash equivalent of INR 2,674 crores. As detailed earlier too, about 85% of our debt is backed by rental cash flow income and GOP from leasing and hospitality segments. The debt-to-equity ratio at the end of the quarter stood at 0.31, and our average cost of debt at 7.61%. Our investment for growth towards land acquisitions and capital asset creations would be met through a mix of options, including internal accruals and debt. The consolidated debt-to-equity ratio outlook for the year, post-funding for projected CapEx commitments and business development spends, is comfortable and will be well within 0.5x. We continue to maintain adequate liquidity backed by improved outlook of cash from operations into H2 of FY 2027 and credit options from banks and financial institutions. I would also like to mention that along with our financial results for this quarter, we have presented certain ratios as required by Regulation 52(4) of SEBI LODR, pursuant to having issued listed commercial papers in the quarter. These ratios take the formula as per accounting requirements and guidelines. I will now hand it back to the moderator for questions. Thank you. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on your touch-tone 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 comes from the line of Sucrit D. Patil with Eyesight Fintrade Private Limited. Please go ahead. Good afternoon, everybody. I have two questions. My first question is to Mr. Shankar. Following our 29% net profit growth this quarter, what is our residential volume guidance for the next two quarters, or specifically next quarter? As we launch 2.4 million sq ft of new projects, what key execution risks do you foresee, and what is our forward strategy to project margins from localized input cost spike? That's my first question. I'll ask my second question after this. Thank you. Okay, you might have to remind me. I heard about three questions there. But in terms of the guidance for the year, we have reiterated INR 9,000 crores. For this first half, we've done around INR 800 or INR 2,900 crores. So, the balance of around INR 7,000 crores is what we are hoping to and planning to achieve in the second half of the year, supported by the to come in Q3 and Q4. Execution risk for the projects to be launched, there's nothing material to really mention. As per usual business plan, it's just a matter of getting the approvals, and we will start construction. Sorry, what's the other questions you had asked? Yeah. Okay. My second question is to Mr. Patel. With Q2 EBITDA up about 26%-27% to INR 470 crores-INR 478 crores, what is our forward CapEx and debt guidance for FY 2027-2028? And how are you managing working capital and liquidity risk across our expanding commercial leasing and hospitality portfolios to protect the cash flow? Mr. Patil, what we have committed to in terms of our first quarter's, first half cash collection or cash generation from operations have been around INR 600 crores. This number in terms of free cash flow from operations is going to be much higher in second half, the way I explained, certain billing milestones which kind of from September onwards, which are yet to be collected, and the higher uptick of sales and sales-led collections as well, adding up to our milestone collections. All this would generate cash for investments, and a combination of debt and internal cash accrual is what will fund our investments in our CapEx, which is our investment properties which become our leasing assets per se, and in addition to the land bank investment for growth. This debt which would come in, the current outlook of it based on our spend estimations, today, our debt equity which rests at 0.31 would be comfortably under 0.5x by end of March. That would be the difference in leverage, anywhere between 0.4 x and 0.5x, but under 0.5x is what it will be from 0.31. Thank you, and best wishes. Thank you. Next question comes from the line of Biplab Debbarma with Emkay Global. Please go ahead. Good afternoon, everyone. My first question is on the overall real estate demand in Bengaluru. Recently, we just read another job loss. Mr. Debbarma, sorry for interrupting. We cannot hear you. Can you speak a little louder? Hello? Yeah. Is it better? Yes, please go ahead. Yes. My first question is overall, the IT sector and job losses in IT sector that we have been hearing. Given the ongoing job losses and the lack of fresh hiring in the IT sector, how do you see residential demand in the Bengaluru market evolving over the, say, next two, three years? Hi, Biplab. There is a lot of talk about what is happening generally in the tech sector with AI and IT, ITeS. I feel it is something that will really take some time to work itself out. I would not have any knee-jerk reactions on this. We have been maintaining for a long time that despite the net hiring in IT sector and certain companies not being positive, it has not really impacted demand. In fact, demand has actually become more premium while also maintaining growth, whether in our portfolio or Bangalore in general. There is a lot of technology work happening among GCCs, amongst other companies where this talent is getting absorbed and potentially shifted from IT companies directly to other firms. That is what we have been seeing in terms of our overall absorption of residential. Even in upcoming launches, the ones that we are preparing for, there seems to be pretty good demand on ground. Of course, we will be able to realize that for sure once we have approvals and launch the project. But indications so far are still good. There is still a lot of demand from end users for residential. That is really great news. My second question is on the launches, the key project launches that is planned for third quarter. Can you just give us some insight on the key launches and what would be the GDV? Yes. I had mentioned a number of 7 million sq ft and INR 7,600 crores for the rest of the financial year. Predominantly, there are two large township projects in Bengaluru that we are working towards. One of them should come in Q3, and the second also we are hoping to get it in Q3. It may slip into Q4. There is one more residential project in Bengaluru that is also slated for early Q4. There is a million sq ft in Chennai that we are working towards in early Q4, and another million sq ft that will also happen in Q4. In addition, there is other smaller projects that would add up to the overall number that I mentioned, but that is the INR 7,600 crores GDV that we have pretty decent visibility about that coming to the market. What would be the GDV of the townships? Just give me a minute. One of them is around, the two together should be around INR 3,800 crores. Okay. My final question is on the rental expected. Do we expect any rental income to increase in FY 2028/2029 from new projects? Yeah, we definitely expect the rental income to grow. We are adding quite a bit of square footage with the properties coming into the portfolio. We are definitely expecting the rental income to grow. What kind of, in terms of million sq ft or rupees, what kind of rental income increase? Yeah We see in FY 2028 and 2029? See, 5 million sq ft in the office portfolio. By FY 2029, we expect that to grow to 12.4 million sq ft. So, if I add even the retail, then we will be adding a smaller amount. So I would just say 12.5 million sq ft you can expect, from 9.5 million sq ft to 12.5 million sq ft. By FY 2029. Yeah, FY 2029. Yeah, in terms of what will become operational. Okay. Thank you, and all the best. Thank you. Next question comes from the line of Jimeet Shah with Monarch AIF. Please go ahead. Hi, ma'am. Thank you for the opportunity, and congratulations on the good set of numbers for Q2. I had two questions. Both first was on the leasing bit. We have seen some activity in WTC Bengaluru and the Twin Towers. Any flavor on that, ma'am, at any exit rentals that you can provide? Because these two still account for the largest amount that is left to be leased in the leasing book. Any commentary on these two projects? Yeah. See, of course, we are pretty happy with the kind of traction we have done. We did about 100,000 sq ft in Twin Towers in terms of sales, and we did about 100,000 sq ft of leasing in WTC Bangalore. The third quarter is looking extremely healthy. The idea and the focus is to see if we can complete these projects in H2 and ensure that we lease it out and complete the sales of Twin Towers as well. That is the focus. In terms of rentals, we have seen a pretty healthy increase. I would say from what we were getting, we are seeing the annual 5% increase per year that is pretty market standard. Two leases that we are doing, we are re-leasing the same space at around 15% higher than what it was getting us. Okay. Thank you for that, ma'am. The second question is on the launches. You said, obviously INR 9,000 crores of pre-sales and INR 12.65, I think that is the total expected over the next four quarters. Ma'am, are we expecting an uptick in velocity? Because, given how H1 has gone, the current velocity is basically slightly on the lower side. If there is no uptick in velocity, we may see some inventory buildup. So, are we expecting H2 to kind of pick up in terms of velocity, or just your thoughts on that, please? A lot of the velocity is really the project launch and the absorption that happens at the time of launch. Since we did not necessarily have launches in Q1, we did not see much of that. Overall, if you are looking at the entire H1, 80% of that came from sustenance. That is something that will reduce, not because of lower sales, but because of the contribution from launch will be higher. The remaining sales that we need to do for H2, a larger percentage of that will come from launch, and we tend to realize a greater percentage of the overall project GDV at the launch cycle itself. Depending on the segmentation of the product, we can have higher absorption at the time of launch. Some of our upcoming launches are in that 1 crore-2 crore range, which is a sweet spot for many customers, especially in Bengaluru and Chennai. We expect to have a higher absorption for those launches. Based on that is how we have retained the guidance for H2. Ma'am, sorry, just last thing and then I am done. The Brigade Barcelona launch is quite, it was a chunky and lumpy bit in Q2. Despite that, only 34% of your pre-sales have come from new launches. Is some of it obviously not from Brigade Barcelona? Is the bigger share coming in Q3? How are we looking at that? Yes. In Q2, we had three launches. Barcelona is one of them. I also mentioned Misty Greens in Mysore. Yeah. While it is a smaller project, we sold substantially almost whatever available inventory there was. So, that is the contribution that you are seeing from there. Not the entire new launch is coming from Barcelona. There is some from Misty Greens as well. All right, understood. Thank you, ma'am. Thank you for your time. I will jump back in the queue. Thanks. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes on the line of Harsh Pathak with Motilal Oswal. Please go ahead. Yeah. Hi, Pavitra, Yogesh, Nirupa, and team. Good afternoon. My first question is on the collections. It was mentioned earlier on the call that there were some milestones that we could not hit. Can you please explain what could have been the shortfall? Since the debtors have also gone up, since invoicing might have been done, what would have been the shortfall? Because we also see that construction cost is also lower on a sequential and year-over-year basis. Is it that we have already executed and some payments are left to be done? Can you please explain that? The collections, it was a milestone which got built out in September itself. I mean, that's the billing cycle. Hence, the full collection of that milestone not coming in within the quarter itself was the status. What you see in trade receivables uptick is about INR 200 crores. I mean, off that milestone, about INR 250 crores-INR 260 crores is what remains to be collected, which would have added, it should have been collected within September to our cash collection as well as cash generation in Q2. That's the delta which also reflects about, from INR 260 crores, about INR 200 crores reflects in trade receivables number, what you see. Sure. And on the construction cost front? Construction cost payment, which have not. Construction costs or the trade receivables piece, in fact, there is a little bit of accounting delta coming in with Ind AS 109, getting an amendment ask wherein the reconciliation items from BRS, so from bank reconciliation, the ones which have not hit the bank would need to be reinstated. To that extent, almost INR 90 crores of that payment kind of got reinstated into our creditors. That's the payment which have not gone out. But that's more of an accounting write-up and would not have, in a normal course, would have hit the bank in the next day or so. Understood. No difference there other than for accounting reasons is what I am saying. Understood. This would have been more like an INR 800 crore-INR 810 crore kind of construction cost outlay. Is that right way to look at it? Yes. Yes. Absolutely right. Understood. Second thing, we have incurred some land payments of around INR 440 crores. Which would have been the key purchases or maybe key payments done against this? I mean, where have we secured the land parcels? It is almost half and half between Bengaluru and Hyderabad. Understood. Second thing, on the sustenance sales, since the rate has gone up, I think INR 1,200 crores of sustenance sales we have done this quarter, which is a significant jump over the last quarter. Which are the key projects that might have contributed to this, and can we expect the same rate to follow through for the rest of the year? Yes, hi. On the sustenance sales, the large contributors were Brigade Eternia in Bengaluru, and Brigade Belvedere in Bengaluru. We also had Brigade Insignia in Bengaluru. The other projects are Brigade Gateway Hyderabad, Icon. Each of these is all contributing and is expected to continue contributing in the same manner for the rest of the financial year. Around INR 1,100 crores of sustenance sales can we expect following through quarterly in the second half as well? Yeah. I mean, I am hoping that what we did in sales for the first half is what we will also be able to do in the second half. Understood. Two of the projects that you mentioned, Eternia, Belvedere, Insignia, Gateway, Icon, any numbers to put against this or maybe just on the retail specific also some sales if you can highlight? Yeah. On the residential sales, for Q2, we had mentioned INR 1,700 crores. Around INR 900 crores of that came from Bengaluru and Mysore. I had mentioned that launch that happened in Mysore, Misty Greens. Number is from that. Hyderabad around INR 580 crores, and Chennai around INR 225 crores. Understood. Hyderabad, INR 580 crore out of this, I think INR 450 crore, like you mentioned, was from this Brigade Barcelona project. Yeah INR 130 odd crore from the sustenance sales from Gateway, basically. Gateway, yeah. We also have two smaller projects close to our previously completed project called Citadel. They are smaller projects, so they have also got some contribution. Understood. One last question from my side. Since, you know, Brigade Barcelona was launched towards mid-September, rather towards the end of September, how do we expect the sales panning out for the rest of the year? I understand we have gotten some very good EOIs that we understood from our channel checks. How do we expect the sales to ramp up from this project year on? You are talking about the industrial. Hear that. Barcelona. Sorry? Yeah, it is. Barcelona. from the Brigade Barcelona. How are we expecting the ramp-up of sales happening at this project since we have almost INR 2,700 crores of inventory in total? How do we expect the sales panning out here, and how is Hyderabad demand in general? Yeah. We did about INR 450 -INR 475 crores so far in Q2. For the remaining part, I think we should be able to do another INR 300 or INR 325 crores of sales for Brigade Barcelona. Maybe we can touch INR 800 crores for the full year. Each of those units in Brigade Barcelona is around INR 4 crores. I think for a Neopolis submarket, it is still a healthy price. It is still very much accepted. But Hyderabad market, it is generally absorbing higher ticket sizes compared to, say, an upper mid-segment in Chennai or Hyderabad. We are still pretty confident of it. But from an absorption standpoint, it is not as quickly as we saw it happen for Brigade Gateway Hyderabad. There is definitely a change in terms of the pace of absorption, but we are still confident in terms of the product, and will get absorbed well, and we are able to charge the price that we want and should be able to take up the pricing as well, despite any pressures. Understood. I think those are my questions. Just one last thing. On the collection phase, we are reporting the total number. Can we have some breakup on the residential and annuity business for this quarter as well as a comparable number on a YoY basis? Sure, Harsh, we will include that. But I did articulate in the opening remarks the breakup of collections for this quarter from the three segments. Do you want the number once again? Yes. Of the INR 1,633 crores for the quarter, the real estate segment contributed INR 1,115 crores, leasing segment contributed INR 343 crores, and hospitality segment contribution was INR 175 crores. Okay. And the comparable number YoY? That I will circle back with you since it is not ready for you. Sure. Okay. Thank you. Thanks a lot. Thank you. A reminder to all the participants, please restrict yourself to two questions. The next question comes on the line of Pritesh Sheth with Axis Capital. Please go ahead. Yeah. Thanks for the opportunity. Just some clarification on launches. These two large townships are one in Whitefield, Hoskote, and one North Bangalore. Am I right? Yeah, that's right, Pritesh. Sure. In terms of Chennai, what is the status of both the projects that are planned for Q4? Any risk you see in terms of spillover considering there has been a government change there? How has been the approval cycle since then? Yeah, we had these two projects that we wanted to launch. One of them, we do have good visibility, and hopefully that should come in January of next calendar year. The other one, they're still working to try and get it within Q4, but that one might get pushed out into the next financial year. They're both a part of the million sq ft number. And the other 700 million? No, I included only 1 million in. Yes, I included only one in the 7 million sq ft number that I mentioned earlier. Yes, okay. Can you give me a full breakup of how much would be Bengaluru, how much would be Chennai, and how much would be Hyderabad? Of the 7 million sq ft, we are expecting 1 million from Hyderabad, 1 million from Chennai, and the remainder from Bengaluru. Okay. Fair enough. In terms of cash flows, since Yogesh highlighted that we will be doing higher OCF versus what we have done last year, that still gives a big ask in Q2 for catch-up. Large part of this will come from ramp-up in collections and costs remaining same, or I think both will go up equally in terms of proportion. How should we think about collections and the overall outflows to remain in second half? Collections would still see an uptick. The outflows in terms of spend, specifically from a construction activity, that will continue to be steady. From a differential items which will add in addition to the milestones which come up, one is the new launches and the initial payments which come up with those launches itself, those initial milestones. That is one thing which will be delta or a differential delta from the first half or the second quarter. Second piece is certain real estate collections from our commercial real estate as well, which straightaway kind of contributes towards it, which does not have any spends against that. Got it. Just one last, I can see almost One second. Yeah, almost 12 odd million sq ft of land addition this quarter, between last quarter and this quarter, right? Largely coming from Bengaluru and to an extent from Chennai and Hyderabad. If you can elaborate on those projects, in terms of size or location or whatever details you can, that is shared. Yeah. Yeah. Hi, Pritesh. Pradyumna here. At this point in time, what we can say is that these projects, like you also mentioned, is there in Hyderabad and Chennai, but primarily from Bengaluru is the focus of these acquisitions. Again, predominantly in West and East Bengaluru is where we have added these projects. Sure. Okay. Fair enough. That's it from my side. Thanks for answering my questions and all the best. Thank you. Thank you. Thank you. Thank you. Next question comes from the line of Parvez Qazi with Nuvama Group. Please go ahead. Hi, good afternoon, and thanks for taking my question. Two questions, one on each of the businesses. First, on the resi side, you gave a lot of details about our launch pipeline across cities and quarters. My question is on the ticket size, while presumably the one in Hyderabad might have larger ticket size, but regarding the 5 million sq ft that we plan to launch in Bengaluru, in general, how much, let's say, will be less than INR 3 crore, and what proportion would be higher than INR 3 crore? Yeah, so crore ticket size, including in Hyderabad. We are expecting a good absorption for that project launch at the time of launch. For Bengaluru, a lot of it is actually below INR 1.5 lakh. Mainly happening in North Bengaluru is basically INR 1 lakh- INR 1.5 lakh ticket size. The rest of it is around INR 2 crore. Then there is maybe 20% of that that could be around the INR 3 crore ticket size. Sure. Thanks. Second question is on the office side. We have a balance CapEx of about INR 3,300 odd crore. What would be, out of this INR 3,300 odd crore, what proportion could be spent, let's say, by FY 2029? Essentially over the next two and a half years. Balance CapEx we have to spend for the office in the remaining H2 of FY 2027 is about INR 400 crore. In FY 2028, we are expected to spend about INR 1,500 crore. In FY 2029, we are expected to spend another INR 1,400 to INR 1,500 crore. Sure. One question, if I may ask. The projects which will go on beyond FY 2029, will these be largely the WTC in Hyderabad and Brigade Atrium? Beyond 2029, in 2029, we have, of course, Cauvery. But if you are talking about FY 2030, there is a Brigade Industrial Park, Block 1, which is about 300,000 sq ft. There is Brigade Icon, the commercial tower, which is about 410,000 sq ft. And of course, Brigade World Trade Center in Hyderabad and Orion Mall, which will be 1.72 million sq ft. We should also have Okay, yeah. So that is about it for now. Sure. Thanks and all the best. Thank you. A reminder to all the participants, you may press star and one to ask a question. Next question comes on the line of Biplab Debbarma with Emkay Global. Please go ahead. Thank you. On this WTC Hyderabad and Brigade Industrial Park and Brigade Icon, has the construction commenced? Yes, this is all under constructiDon. This is all under construction already. They are all, those three projects that I mentioned, are all slated to come into operation by FY 2030. Okay. On the rental in assets only, what kind of rental run rate do you expect in FY 2029, following the additions of all the projects that would come from operation by FY 2029? Yes. We are expecting about INR 1,700 crores of overall rental income in FY 2029. My final question is on the revenue recognition. Overall, what kind of revenue recognition from residential segment do you expect in FY 2027, and what could be the margins for FY 2027 residential segment? From a revenue perspective, we should do a year-on-year growth again, on a full-year basis. This is depending, obviously, on the OCs coming in, registrations happening, because that's what it reaches the recognition milestone. From a margin perspective, this year, or actually coming in from last year, we had mentioned that the profile of projects which are now slated for recognition of revenue are the ones which kind of took the prices at a better margin, which is reflective of higher EBITDA in the real estate, which we have delivered in Q1 and Q2 both. So the margin profile of the year FY 2027 would, in real estate, would be in that early 20s, between 22% and 24%, which is what was there in H1 as well. I missed the revenue recognition part. What would be the revenue recognition approximate number for FY 2027 in residential? It should be INR 5,000 crores, ballpark magnitude. Okay. That's all from my side. Thank you, ma'am. Thank you. Next question comes from the line of Harsh Pathak with Motilal Oswal. Please go ahead. Yeah. Hi. Thanks for the follow-up. Yogesh, if you also can highlight the same revenue recognition and margin thing for FY 2028 also, please. On FY 2028, I think I'll have to come back, given, as I was explaining the earlier answer itself, that it would depend on OCs. So those outlooks we get much more closer to that timing comes through. So that piece is not projected yet from a revenue perspective. But since I have you on the call right now and you had asked me on the cash numbers for last year, I can pick that up and let you know. So Q2 FY 2026 cash flow, what you had asked, cash collections break up by segment, we had INR 2,003 crores collected in Q2 FY 2026, which was broken up by real estate having INR 1,528, leasing INR 306 crores, and hospitality contributed INR 169 crores. Okay. Thanks a lot for the breakup. Just one more thing on coming back to the cash flows. In this quarter, we had some INR 28 crores of payment to PE. So what was that? And in the balance sheet, we have accounted for some INR 317 crores in the investments accounted using equity method. So what would this be? The payment to PE basically is our JV partner. So the amount on a project, once it starts collecting cash, if there's a distribution out being made to the JV partner, that's what's reflected there. So that INR 28 crores is a payment out to JV partners. The second one? On the balance sheet, we had done this investment accounting for using equity method. What would that be? This is investment which came from Bain Capital's fund in first quarter in a SPV called Vibrancy Real Estates Private Limited. So that amount, the investment what we had done earlier, since it was our entity earlier, and the investment came in from Bain's fund. Post their investment, the entity classification changed to a joint venture, which was initially our subsidiary. Since the entity has become a joint venture and does not get into a line item consolidation mode, the investment what we had done had to be reclassified thus. Oh, okay. Understood. Thanks a lot for answering this question. Thank you. Thank you. A reminder to all the participants, dial star and one to ask a question. The next question comes from the line of Vasudev with Nuvama. Please go ahead. Yeah, thank you for the opportunity. Sir, can you give some details on business development they've done in this quarter? Mr. Vasudev, sorry for interrupting. We cannot hear you. Can you speak? Can you come in the range and talk? Your voice is not clear. Is it better now? Yes, please go ahead. Yeah. I was asking about the business development that we've done in Q2, and if you can give some color in terms of area or GDV added, and the balance payable of about INR 2,300 crores that we have for land payment. What time frame are we expecting to pay this? Yeah. We've added about 12 and a half, 13 million sq ft totally in this financial year for the first half, of which close to about 10 million sq ft has come in Q2. This would approximately translate to about INR 13,000 crores of GDV. In terms of the balance INR 2,000-odd crores that is yet to be paid, much of it will happen in the course of the next one year, and some of it might get pushed out a little because of the fact that we have joint development projects. That depends on the milestone completion, and when that happens, those payouts will take place to the landowner. Okay. That's just my part. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. We have reached the end of question-and-answer session. I now hand the conference over to Nirupa Shankar for closing comments. Thank you, everyone. Before we wrap up, we'd like to highlight a few key highlights beyond the quarter's financial performance. Through the Brigade Foundation, we're redeveloping the Pipeline Road in Yeshwantpur, implemented in association with the GBA. We also held our first AI build-a-thon, Brigade Builds Better, which brought together close to 700 employees over two days to turn everyday business challenges into practical AI solutions. A few noteworthy awards and recognitions. Brigade has been recognized amongst the top listed and fastest-growing large-category real estate companies in 2026 at the Construction World Architect and Builder Awards. Brigade also won the Digital Transformation of Business organized by XLRI Jamshedpur. The Freedom Fighters Memorial in Chikmagalur was awarded the Outstanding Museum Practice Award at the Karnataka Tourism Awards 2026. Brigade Cornerstone Utopia won the Architectural Project Integrated Townships at the Economic Times Designscape Awards. Brigade Enterprises also received a silver recognition under the quality improvement category at the CII Competition on Digitalization and Artificial Intelligence for Quality Improvement 2026. Pavitra and I were ranked number 30 on Business Today's Most Powerful Women 2026 list. Brigade celebrated 40 years, marking our journey from a team of just five individuals to a diversified organization with thousands of employees. In our first decade, we built 1 million sq ft. In our second decade, we built 9 million sq ft. In our third decade, we built 30 million sq ft. In the fourth decade, we built 70 million sq ft. The next decade promises to show even more exponential growth as well. Every stage of that journey has been made possible by the people who believed in us, worked alongside us, and placed their trust in us. We also held the 19th edition of the Brigade Showcase, where many customers trusted us once again with their second homes. As we look ahead, we do so with gratitude to everyone who has brought us this far. With that, we wrap up our Q2 earnings call. Thank you all for joining, and see you next quarter.