Ladies and gentlemen, good day and welcome to the Godrej Properties Q3 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 the conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Kshitij Jain from Godrej Properties. Thank you, and over to you, Mr. Jain. Thank you. Good afternoon, everyone, and thank you for joining us on Godrej Properties Q3 FY 2026 results conference call. We have with us Mr. Pirojsha Godrej, Executive Chairperson, Mr. Gaurav Pandey, Managing Director and CEO, and Mr. Rajendra Khetawat, CFO of the company. Before we begin this call, I would like to point out that some statements made today in today's call may be forward-looking in nature. These forward-looking statements are based on expectations and may involve risk. The outcomes may differ materially from those suggested by such statements, and a disclaimer to this effect has been included in the results presentation. I would now like to invite Mr. Godrej to make his opening remarks. Over to you, sir. Good afternoon, everyone. Thank you for joining us for Godrej Properties' third quarter financial year 2026 conference call. I'll begin by discussing the highlights, and we then look forward to your questions and suggestions. We'll first start with looking at the calendar year 2025 highlights. GPL delivered its best-ever year in calendar year 2025 and achieved bookings of INR 34,171 crore, a year-on-year growth of 19%, collections of INR 18,979 crore, a year-on-year growth of 28%, operating cash flow of INR 7,246 crore, year-on-year growth of 20%, and earnings of INR 1,582 crore, which was a year-on-year growth of 20%. These healthy growth metrics were despite the high base of calendar year 2024. In both calendar years 2024 and 2025, GPL was the largest residential real estate developer in India in terms of both bookings and collections, which grew at a three-year compounded annual growth rate of 44% and 35%, respectively. GPL also registered strong volume growth, with a compounded annual growth of 24% over three years between calendar year 2022 and calendar year 2025. As a result of this growth, GPL has doubled its market share in four years from 2.4% in calendar year 2021 to 4.8% in calendar year 2025. In this period, GPL also increased its economic interest in booking value to 87% from 50% in calendar year 2021. GPL delivered consistent performance throughout calendar year 2025, recording booking value of over INR 7,000 crore in each of the four quarters of the year and has now delivered a booking value of over INR 5,000 crore in each of the last 10 quarters. The company's sales were also well-diversified geographically, with no individual market contributing more than 30% to booking value and with five individual markets contributing more than INR 3,000 crore each. GPL, as a result, achieved a top two rank amongst listed real estate developers in each of India's five leading real estate markets of Mumbai, NCR, Bangalore, Pune, and Hyderabad. This performance was driven by a broad and diversified portfolio with 11 individual projects, each generating booking value in excess of INR 1,000 crore during the year. GPL has cumulatively added projects with more than INR 1,00,000 crore sales potential since financial year 2023 and has strong visibility for sustained growth. In the calendar year 2025, GPL added 14 new projects with an estimated saleable area of 24.5 million sq ft and expected booking value of nearly INR 28,000 crore. A detailed operational guidance for financial year 2027 will be provided with our Q4 results, but we can expect healthy growth to sustain across key metrics. Coming to the third quarter and nine-month performance, Godrej Properties delivered another strong quarter in Q3. We delivered our highest third quarter and nine-month net profit of INR 195 crore and INR 1,200 crore, respectively, a growth of 20% and 18% year-on-year for the quarter and the nine months. GPL's booking value for the quarter grew 55% year-on-year to INR 8,421 crore. This was achieved through the sale of nearly 4,000 homes with a total area of about 6.4 million sq ft. In the first nine months of financial year 2026, booking value grew 25% year-on-year to just over INR 24,000 crore. This was achieved through the sale of 12,726 homes with a total area of nearly 20 million sq ft. This is the highest-ever Q3 and nine-month booking value achieved by Godrej Properties. GPL has, as a result, achieved 74% of its annual guidance for booking value and remains on track to beat its guidance of INR 32,500 crore for the financial year. Collections in the third quarter grew 40% year-on-year and 5% quarter-on-quarter to INR 4,282 crore. Collections in nine months FY 2026 grew 19% to just over INR 12,000 crore, which has resulted in GPL achieving about 57% of its annual guidance on collections. We believe we remain on track to achieve our full-year guidance of INR 21,000 crore for the full year, as deliveries and collections this year are significantly skewed towards Q4. In fact, in some positive news, we think deliveries for the year can actually be well ahead of guidance for the full year. Collections, while we expect to meet the full-year guidance, as a lot of deliveries are going to be in March, there could be some spillover to April. So we certainly expect a very strong quarter and are quite hopeful of achieving the full-year guidance and also starting the financial year 2027 on a strong note from a collections perspective. Operating cash flow in the third quarter grew 73% year-on-year but declined 11% quarter-on-quarter to INR 1,062 crore. Operating cash flow in the nine-month period declined 7% to INR 3,199 crore. This was due to a sharp increase in direct construction spend by 66% in the nine months of FY 2026. We expect to see very robust operating cash flow in Q4 linked to deliveries and the significant ramp-up in collections and expect to surpass our FY 2025 OCF. In terms of business development, we added three new projects with an estimated saleable area of 7.3 million sq ft and expected booking value of INR 8,400 crore in the third quarter. For the nine months, GPL has added 12 new projects with an estimated saleable area of 22 million sq ft and expected booking value of nearly INR 25,000 crore, thereby achieving 123% of our annual guidance within the first nine months. I'm also happy to share that Godrej Properties has ranked number one globally in the real estate and management sector on the S&P Global Dow Jones Best in Class Indices for 2025 as of the 31st December cutoff. Godrej Properties has also been included in the Leadership Index of CDP with an A rating in 2025 and has been recognized as a supply chain leader in CDP's supplier engagement assessment and has also been included in the A list for the 2024 disclosure cycle. For the quarter, our total income declined by 17% to INR 1,020 crore, but EBITDA grew by 21% to INR 338 crore, and net profit grew by 20% to INR 195 crore. For nine months, our total income grew by 7% to INR 4,480 crore. We expect very meaningful total income growth in the fourth quarter given the large number of deliveries. EBITDA grew by 40% for the nine months to INR 1,867 crore, and net profit grew by 18% to INR 1,200 crore. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on track to achieve our guidance across all key operating metrics and look forward to building on this momentum in the year ahead. On that note, I conclude my remarks. Thank you all for joining us on the call. We'd now be happy to discuss any questions, comments, or suggestions you may have. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the 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'll wait for a moment while the question queue assembles. The first question is from the line of Puneet from HSBC. Please go ahead. Yeah, thank you so much for the opportunity. My first question is broadly on the market side. Do you see any change in the color of the market in terms of demand, inventory, pricing now versus a year back? Thanks for the question. Of course, I mean, a couple of years back, I would say there was a clear euphoric stage where tactically you would see whether it's a small developer, mid-developer, or large developer, everybody was in this process of selling, right? I think the market is slowly maturing. So now you have a tendency in different micro-markets where I would say buyers are appreciating more about product quality, location. It is gradually becoming what we always believed to be more of either an end-user market or a very seasoned retail investor. So the froth in the market, which was mostly, say, speculative investors, especially I'm talking about Gurgaon, that I see is kind of fading out, and rightly so. But that aside, I would say the market is extremely strong. If you see just our own performance in each of the geographies, all of these have been consistently very well. Some of our peers who've been launching projects and targeting end-users have been also doing quite exceedingly well over the quarter. So the market is very good. There is a slight supply degrowth in volume in 2025, which is a very marginal 3%, which is sometimes when you read from a relative context of demand, people over-assume the demand is falling, just that some micro-markets may not have seen the supply, which I think is a good thing from a long-term point of view because it kind of edges the ability for some amount of price uptick to happen in micro-markets, which may be a little bit on the overrun side. So yeah, I mean, the market seems to be quite healthy and quite good. Anything on product makes you want to comment in terms of preference changing from more premium to mid-income, or that's not visible yet? I don't think so, very frankly. I would put it slightly different. It's about being value conscious. So whether you are in a premium segment or a luxury segment or even a mid-segment, customers are wanting to know about product. When I say product, meaning not just limited to the layout, but for what's a unique proposition that you are building in a particular project and what is the reason why I should buy this particular project. So it's a very end-user thought process, but nothing really that we would say that only mid-segment or a premium segment or luxury is doing this. I have seen in our portfolio strong demand across segments. And look at last quarter itself. On one hand, we had Panipat launch, right? It's been our best-ever plotted launch in a small city with INR 1,000+ crore of sales. We've never done a plotted development of that side in the north market. On the other side of the spectrum, we saw Worli launch, which became the benchmark of the luxury positioning in the South Bombay market. It finally deploys onto your product proposition to the customers. Okay. And can you also talk about the pace of business development that you want to achieve into next year? Do you want it to slow down, or would you accelerate from where you are? Actually, we never have given a forward-looking guidance over next year, but fair to say it will be steady and will be very similar to the calibrated strategy that we've been following. If you would have noticed, three years back, we were having a BD strategy. We were largely in acquisitions spree across markets because that was a different cycle of the market. But if you've been noticing in the last 18 months, we've moved to a very different strategy of buying land where we feel there is a strong demand coming up and selling fast in markets that we feel overheated up and, at the right stage, replenishing the inventory. So to that extent, I could say that it will continue to be a calibrated BD strategy. Fortunately for us, we've added such great projects across geography that whether we do BD or do not do BD does not really determine our immediate growth plans. We currently hold about INR 135,000 crores' worth of inventory. Within that, if I talk about inventory that is very recent, which is very fresh inventory, which is from the acquisitions of last three years, that itself give or take is about INR 65,000 crores. Largely, BD will continue to replenish inventory or double down in markets where we feel there is a huge upside available. Okay. Lastly, if you can also talk a bit about how you feel about your leverage position and your market share. Market share definitely is, I think, close to 5% as per your numbers. Do you think there's room for more expansion from there, or would you largely trend with market? Absolutely. I mean, I would say you're absolutely right. I mean, our market share is just around 5%, actually 4.8%. And a couple of years back, we were 2.4%. But we're still, frankly, scratching the surface because if you go down to cities and you can talk about most of the cities where we're operating, we are still not present in many micro-markets. And in micro-markets that we are present, we still don't have, say, that many launches as much as we are selling fast, right? So I think there's a huge headroom for us to kind of grow. And from a leverage point of view, I think we probably even captured, I think, in our investor presentation, we are at 0.37, and we endeavor not to cross 0.5 from a governance perspective. We have huge, comfortable headroom to look at opportunities within that headroom in markets where we feel we can launch fast and sell fast. Understood. And lastly, if I can just squeeze in one, on the operating cash flows to collections, the run rate this year has been slightly slower than what you've delivered in previous years as well. How should one think about it? It's a good question. Let me kind of sort of take a step back. If you look at our last collections purchase figure, we delivered, I think, probably just around INR 4,300 crores and a 40% year-over-year growth. We had a fairly strong operating cash flows close to INR 1,069 crores, which was 73% year-over-year growth. Yes, there has been a marginal decline in operating cash flows. But our collections from nine months point of view, INR 12,000 crores, 19% growth, there's a 7% drop in operating cash flows. The reason why there is a ratio that you're looking differently is because, from an operating cash flow perspective, our construction spends have gone very strong. We've seen, and I think we talked about in our earnings calls a couple of quarters back as well, that for this year, we're focusing a lot on improving our execution speed and muscle. There's been a lot of work that has gone in building that muscle. Quite delighted to share that, as Pirojsha was mentioning in his opening remarks, we've now done a 66% growth on a nine-month performance. What it's doing is that on the short term, yes, it may optically drop our operating cash by 7%. Therefore, the ratios may not look as consistent. What it's also doing is strengthening our long-term projected collection growth but also return on equity target that we've set for ourselves, which is an FY 2028. So I think it's a bit of a short-term adjustment of great construction will lead to some amount of spend. I think the only worrying thing would have been if our growth from collection didn't happen. I think one can debate how much more we can do, but the growth is happening quar ter-on-quarter. I think if we just stick to the operating principles, it's a matter of time the ratios will again start changing. Understood. That's helpful. Thank you so much and all the best. Thank you so much. Thank you. The next question is from the line of Abhinav Sinha from Jefferies. Please go ahead. Hi. So a couple of questions and part of just following up on the previous one. So in nine months, we have seen construction costs up by about 35%, but the cash inflows are up like 19-odd%. So when does this number catch up, and is construction costs jumping on a like-for-like basis? How is it trending? I think a bit of, if you see it typically from a, I mean, sometimes when we look at a portfolio as large as ours, where projects are in different stages of construction, right? I mean, we're not like a six- or seven-project company. There are multiple projects. So sometimes you will have, in a quarter, projects which are getting into completion. And in such a situation, your construction spends may not be as high. Your inflows may be slightly better. Therefore, your operating cash flow for those set of projects could be better. And vice versa, you may have collected, say, 20% from a launch in the first three to four months, and the next milestone is coming, say, six months later. And let's say you've done fantastic back-to-back launches in a particular quarter. So for six months, those projects may not be pumping a huge amount of collections. So the point I'm trying to make is when you see from a portfolio perspective, sometimes the numbers may not give you a complete picture. I think probably one lens that I would recommend looking at is that, from a sequential point of view, is there growth in collection happening up, and is the construction spend really going on the right trajectory? I think if directionally they are on the right trajectory, operating cash flow is just an outcome. If you suddenly see a lot of OCs sorry, OCs, you'll start seeing OCF improving. And in quarters where, let's say, OCs are lesser, you may see a slightly drop in operating cash flow. And just to add to this, I think the other good news is we're now right from the precipice, we think, of a large number of OCs. So Q4, as we've indicated, our guidance for the fully deliveries is 10 million sq ft. We've only done about half of that in the first nine months. And we actually expect to do, because of these construction spends, more than the 10 million sq ft guided. So I think you will see very sharp collections. And that will actually result in the OCF to collections ratio being much higher than in the first three months. So I think you would see a big amount of correction of this just in the current quarter itself. Okay. Pirojsha, on the business, how would you think are the underlying margins trending now? And also, within the same bit in BD, are you now comfortable buying land again in NCR or Gurgaon, or you would still let a pause there? Thanks, Abhinav. I think the margins we've guided through are that we'd like to deliver anywhere between 10%-15% net profit margin. Last year, at an imputed level, we were slightly above that ratio. But I expect, over time, through cycles, to be operating within that range. I think we think that is the right range that will allow us to scale well while also ensuring healthy margins. I think that will imply EBITDA margins in the kind of 25% range or so. And I think what we're seeing on the land side is reasonably healthy. I think there are instances where we've seen some land options and other land transactions happening at levels that we are not comfortable with, and we've lost some of those land deals. But I think what's exciting is, despite holding our underwriting standards very strong, I think we're having a good year for business development and have good visibility for a strong Q4 on the business development side as well. So it's not that we're not seeing opportunities. And I think the advantage of our national model, which we've spoken about previously, is that it allows us to pick and choose which markets and which deals we think make the most sense. So if we feel that any market is looking a bit concerning or we'd like to pause and see how things play out in that market, taking a little bit of a break there doesn't help, doesn't stop us from growing elsewhere. As we talked about in the opening remarks, we had five different cities contributing more than INR 3,000 crore of sales last year. I think we believe market conditions overall remain quite healthy. The market share growth opportunity remains immense. The combination of those two, to us, indicates that there's nothing stopping us if we execute well to see strong growth continuing for the next several years. I think that's how we're looking at it. On Gurgaon, Noida, opportunities, we're seeing that make sense. I would expect tough business development there. We're quite cognizant that the market has slowed down a little bit. We may look to do a little bit more in other markets in the near term. Certainly, all five of these top markets remain priorities for us. We think we've done a lot of hard and good quality work in establishing ourselves as one of the leading developers in each of these markets. Over time, we think they each present an opportunity. Tactically, which market to focus on in a given quarter or a given half year, we can continue to adjust. I think that flexibility is one of the strong advantages of the platform we have. Great. Thank you. Thank you. To ask a question, please press star and one now. The next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah. Good evening, and thanks for the opportunity. Just firstly, some bit of a near-term in terms of the launches that we see in Q4. And I think since the last couple of quarters, you've been highlighting about confidence on beating the guidance, whether that still stands true in terms of how the market has been in the last two, three months or a couple of quarters. So first question on that, yeah. I think very confident on the guidance. So I would maintain what we said in the previous calls as well. In fact, if you see purely from a nine-month perspective, it's about 70%-74% of an annual guidance already. So very confident on meeting and beating the guidance. To give you a sense of some of the launches that we have in store for the quarter and even beyond, just to give you a sense of the portfolio, we have a series of launches planned. Very immediately, you hear about a launch in the Sigma sector of Greater Noida. This was a land we had bought some time back in auctions. This is already hitting the market in this quarter. We will have something soon coming up as a residential cluster in a flagship project of Greater Noida called Godrej Golf Links. This is sort of a partially developed township, very well in demand. So we endeavor to open one of the final clusters of residential over there. If you recollect, very recently, we launched retail. Both quarters have done exceedingly well in the retail. That's part of the same project. Next, we would look forward to launching something in Panvel as a first commercial land parcel that we have. It's a huge township. With the advent of this entire corridor after the Atal Setu and the airport, this has become a bit of a surprise in our portfolio from a demand and price growth point of view. So this is something as a new asset class we'll open up. We have something lined up in Kharghar. This was one of the things we would have, if you recollect, was an auction land we had bought, three back-to-back parcels. So that should open up soon. Then we have something in Bangalore coming up in Hoskote micromarket location. We bought something, a very prime land parcel in the Airport Road. And that should also open up very soon, likely within this quarter. And then on the Pune side, massive amount of launches being planned. We bought two parcels in Kharadi. One should hit actually within this quarter. We have something in Manjri coming up. There's sort of a tower launch coming up in one of our highest-selling projects ever in Pune, which is called Evergreen Square. Then we would like to even open up both our new plotted opportunity in Raipur as well as a parcel in Ahmedabad in the Vastrapur micromarket. Then we have a series of launches from 7.5 acres of parcel that we bought in Golf Course Road. Probably our best parcel in Golf Course Road. We have some land parcels in Bannerghatta. There are phases left of MSR City. Then there's a land in Mundhwa. Another phase will open up. Nagpur is going to come up. Bandra is going to come up very soon. So I mean, I can spend like an hour. And thanks to the incredible work of the BD team of building a INR 135,000 crore of inventory. And mind you, this is not just random parcels bought as a land aggregation, 30 km-40 km from the city. These are all in-demand locations, some of which are readily available to launch in the next 1-1.5 years. So yeah, reasonably confident that we'll deliver the number for this year. Hopefully, we'll also continue to show good growth in the coming years. Thanks. Most of the launches that you talked about are Q4, right? I mean, you mentioned about Bandra. Yeah, most of them. Yeah, most of them. Most of them are in Q4. Most of them, yeah. Okay. And not Bandra, right? Sorry, didn't get. You had mentioned Bandra. I just wanted to clarify. Bandra will be next financial year now. Yeah, sure. Okay. Okay, fair enough. And Pirojsha, you mentioned about just a line on FY 2027 that healthy growth to sustain across key metrics in FY 2027 as well. And that includes the top-line growth as well. Right? But apart from cash flows and P&L, obviously, will grow because of what we have done in past. But you're confident about maintaining growth on the presales as well. And just on that. Absolutely. I want to give a very strong affirmative, yes. You are it, Gaurav. But yeah, I think, look, barring any very large change in the market, which we don't foresee, and very happy with what we're seeing in the market so far, Gaurav said, whether we look at products like Worli, Pani pat, the whole spectrum seems to be doing quite well. So given that, given the kind of business development we've done, certainly, we would expect good growth, including on booking value. I think we'll also see just how strongly we close this year. Hopefully, we can go a bit past our guidance this year as well. But as we have indicated previously, I think the plan of the company is, of course, to make sure that we continue to grow. Our belief has been that there is opportunity, irrespective of what happens with the overall market. We've seen, for example, I think last year was our ninth consecutive year of booking value growth. Of course, half of those years were in a terrible market pre-pandemic. So I think the combination of being the largest residential developer, having a very strong national brand, being present in all major markets across the country gives us a huge opportunity to continue to aim to gain market share. Because having all of those attributes and a sub-5% market share, even in a worst-case scenario, if the market doesn't grow or even declines a bit, we do see an opportunity to continue to grow through market share gains. Our current base expectation is that the market will show reasonable growth and that we will grow ahead of market. Let us come back to, I think, next quarter once we see how this year's numbers end up, what additional business development we're able to do in the next two to three months. But certainly, as of now, I think there is good visibility for FY 2027 growth across key parameters, including sales. If I try to dissect this growth across markets, this year, it seems like MMR, Bangalore, some bit of Hyderabad has helped us on growth. Next year, which markets basis the current pipeline that you have, which is largely the ones that you will carry forward next year, basis the current pipeline, which market you think can step up further and contribute more on growth? I think the exciting thing is they all have significant opportunities. So if you look at the business development we've done recently, it's reasonably well spread across markets. So whether you look at Bangalore, Pune, Hyderabad, Mumbai, NCR, each of them have significant projects in the pipeline, some of which will come this quarter, a lot of which will come in FY 2027. I think one of the things that has really pleased us about this year, although the market doesn't seem to have appreciated it as much, is that unlike previous years where our sales were relatively concentrated in a couple of markets, so I'd say if we look at FY 2025, it was a spectacular year in NCR and Mumbai but felt we could have done more in Bangalore and Pune. I think this year, actually, if you look at calendar year 2025 and also FY 2025 once it completes, we will have the most well-rounded performance that's ever been delivered, we think, in the sector in terms of geographical spread of locations, probably INR 10,000 crore sales plus in multiple different markets, over INR 3,000 crore sales in five different markets. So I think that gives us a lot of confidence. We have the portfolio. We have the pipeline. We have the strong team. Now, I think it comes down to how well we execute on the one hand and how strong each of the individual markets are. But based on where we stand today, I think all five of these markets could show significant growth next year. Sure. And just one last on the cash flow side, you talked about BD or business development additions being now pretty stable. Could FY 2027 be the first year where we'll generate free cash flows even after spending a bulk of our internal accruals on business development? Could that be a possibility? I think let us come back to you on this question next quarter. We haven't yet done the ground-up kind of work to answer that with clarity. I think the good news is we have done the ground-up work for this quarter. I expect this quarter to have good free cash flows post-business development. Let us come back to you on that for next financial year. Sure. That's it. Thank you and all the best. Yeah. Thank you. The next question is from the line of Gaurav Khandelwal from JP Morgan. Please go ahead. Hi. Thanks for taking my questions. I've got a couple of those. First question, if I can just understand the scale of deliveries that we are thinking in fourth quarter as well as FY 2027. And the reason I'm asking this question is because you've mentioned in the past that FY 2028 will be a good year in terms of realization and P&L. But I just want to get a sense of how would FY 2027 look before a very solid FY 2028? That's my first question. I'll take the second one later. Frankly, for next financial year, the list of projects is sort of yet to be worked upon from an OC calendar point of view. But if I were to perhaps talk about quarter four, I do have a list of projects where we can tell you about it. But just give me a second. I'm just trying to search for the notes. Yeah. So, here are the—of course, some of this is a more exhaustive list. And this is a very exhaustive. So I'll just share part of it. We have a series of OCs planned in the Pune market. And this is specifically on the Mahalunge and the Mamurdi cluster. This itself is close to 2 million sq ft-2.5 million sq ft of a portfolio. And most of these will come largely in quarter four and some in quarter one. We have something planned in Meridien. We have something planned even in parts of Bombay, like Khalapur, is something we're looking at. Then we're looking at, in south, a particular phase of RJ. And then some aspirational project, which I don't want to really give you a confirmation right now, but together, give or take, that's also in 2 million sq ft. So essentially, we will have a pretty strong quarter four from an OC point of view because the internal targets are significantly exciting. And the ones that actually will spill over will move to quarter one, easily meeting after our guidance. So very comfortable on the guidance part. But very few years we have where in the quarter one itself, we'll have a good head start. So yeah. So most of it should come in quarter four, and some should move to quarter one. But even if we miss a few of the ones that we feel very confident about, we'll be easily far ahead of our guidance. Got it. Thanks. That's very helpful. The question is a more broader question. In some of your markets, which are especially more have a high beta to IT, ITES services, Bangalore, Hyderabad, so to say, are you seeing any difference in terms of the customer footfall, customer conversion rate? And do you think this entire weakness in the software spaces, ITES spaces, would ultimately translate to lower demand in some of these zip codes? No, we are seeing exceptional outcomes in both the markets you referenced. So of course, Hyderabad is where a relative newcomer is. But we have, in our first year there, which was calendar year 2025, sold about INR 3,000 crore worth of homes just across two projects. We've also added several new land parcels. So hope to be able to build on that momentum. But I think we're very, if anything, pleasantly surprised on the upside with how well Hyderabad has done for us last year. Bangalore is also having a breakout year for us. We think we were perhaps about the largest developer in the city in the first nine months with more than 100% growth. So I think that both of those markets have done very well. We also have a reasonable amount of commercial development, including in Bangalore. And I'm seeing leasing trends from that. I would say that actually, leasing is having one of its best-ever years. So of course, there are risks to IT services. But there are other things that are growing very fast. As you all know, I think global capability sectors have seen explosive growth in demand these last couple of years. And it's a sector that feels, again, like it's just at the start of its potential. I also think that the recent news from this week on the U.S. FTA getting cleared is, from a sentiment perspective, a big boost. I think there was a little bit of uncertainty that that created. So I think this slate of new free trade agreements, first with Europe and now with the U.S., will add a lot of clarity, will add a lot of confidence. And India seems like a natural location for many businesses to set up these GCCs. So I expect continued momentum. Of course, hard to know exactly what the impact of AI on job creation is going to be over the medium term. And I think we're all going to have to wait and watch. But if I was guessing, as of now, I'd say, for India, this will actually not be something that destroys a lot of jobs, that creates a lot of problems both for commercial demand and residential demand. I would admit that there is some amount of uncertainty about that forecast, and we'll have to wait and see. But certainly, on the ground, as of now, both residential demand as well as, importantly, commercial leasing has seen an exceptionally strong year. That's very clear. Thank you. Those were all my questions. Thank you. Thank you. Thank you. The next question is from the line of Murtuza from Kotak Securities. Please go ahead. Yeah. I've got my questions on the balance sheet and cash flow. When I look at the period from March to December, which is the nine-month period, the inventory increases, almost of the order of about INR 19,000 crore. When I look at the cash flow, the construction cash flow is about INR 5,000 crore. Land is about another INR 5,400 crore. It's about INR 10,000 crore. So how do you reconcile the cash flow of about INR 10,000 crore versus the inventory increase of almost about INR 19,000 crore? Should we also take the project-related outflow of INR 5,000 crore? Does that still leave some gap? Should the project-related outflow be considered as part of the JD partner share of collection? So just trying to reconcile these two sets of numbers, which is the cash flow and the balance sheet. Yeah. So the inventory movement, Murtuza, is more because we are consolidating, and we are giving exit to our JVs. And those JVs get consolidated into our books. So you must have read a lot of JVs we have exited in the past few quarters, in the last three quarters. So when these exits happen and we take full control, those get consolidated into their inventory also gets consolidated into our books. That's why the movement you see is more of that. And then also, there are new projects which get added. Like if you get into an area-shared kind of a project, you have to do a gross accounting. So it goes and sits into inventory, whereby there is no equivalent cash outflows in the cash flow statement. Always, there is going to be a difference between the actual cash flows and the inventory movement, what you see in the balance sheet. Sure. And on the question on the other project-related outflow, which is what you put as line item. Most of the other project-related outflows are on account of taxes because we give more of a gross kind of a cash flow. So when we do a gross cash flow, there are GSTs. There are certain taxes. There are JVP-related outflows. All those get captured into other project-related outflows. So that's why you see that movement. Because if you do a collection and if you do a sale, you have to collect 5%. That 5% GST outflows gets classified into other project-related outflows. Sure. Sure. Sure. Thank you so much, sir. Thank you. Participants who wish to ask questions, may please press star and one at this time. The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi. Good afternoon. Thanks for taking my question. Two questions from my side. You mentioned that our demand trend seems to have now stabilized. The frenzy, at least from a speculative activity point of view, is no longer there. Has the same kind of stabilization been seen on the business development competitive intensity also? Can you get land at better rates today compared to, let's say, where things were one year back? That's the first question. Second, your views on price hikes, let's say, in FY 2027 would be great. I mean, what kind of price appreciation can we see going forward? Thank you. Thanks for the question. It's a mixed bag. I think Pirojsha rightly captured in one of his earlier answers that there's sometimes auctions, right, where we have consciously not gone beyond a particular price threshold on buying the land because we didn't feel that there was a fair market valuation for that. But at the same time, there are enough and more opportunities we've clicked where we found there is a lot of opportunity for us to get in. So what usually happens out of our experience of doing so many deals, practically, if you see our average, almost one or two deals we've been concluding every other month, is that there are points of opportunities when competition intensity is low. And And the land valuation starts falling down because landowners feel a little jittery. So just to give you one simple example, you look at markets like Gurgaon right now. So Gurgaon market, from a land point of view, became extremely high 18 months back. If you see, practically, we've not done any acquisition in Gurgaon because there was a lot of a few deals and a lot of buyers wanting to buy that. But after that, we've seen that the land valuations have started falling down quite attractively. And this is the time we start looking at opportunities, start seeing that even at very low underwriting, is there great profits to be made? So I think it's just a game of patience and just going when the opportunity seems very well. And we've got at any time 30-35 term sheets, live term sheets, we operate. And we just have to do a handful of them. So deals that we feel very confident after diligence that, okay, market rates seem very confident, cost sheet looks very good, diligence looks all great, is when we have to go. So yes, there are times when you see a bit of a berserkness, and you just have to stay out of that market for that period of time with patience. And when the opportunity starts looking very attractive, you need to take a position and buy that. Sure. And on price appreciation? Sorry. I think price appreciation, if you in fact, what I was quite surprised that even the previous quarter, with the exception of probably the Pune market, we've seen price hikes more or less in most of our portfolios. So yes, there is available. But yes, the degree of current price hikes are more subdued. But they are available. And I think going forward, again, it will be calibrated. So locations where you don't have competing supply coming in, there's a term I internally use called qualified supply. So let's say you're launching a project in a ticket size, say, INR 6 crore, INR 7 crore. Not every project in that will be a qualified supply for an end user, for a speculator maybe. But for an end user, they would like to see the brand. They would like to see whether this developer has the competence and financial capability to complete the project, which is very characteristic of markets where they start maturing. So I would say one has to look at price hikes in the future where qualified supply, that means peer group, which is very good wherever they are not launching projects and there is controlled supply, we would continue to see some decent hike. But yes, there is going to be moderation in price going forward. And it will be a bit of project-specific call that we'll have to take. Sure. Thanks. All the best for the future. Thank you. Ladies and gentlemen, due to time constraints, that was the last question. I now hand the conference over to the management for closing comments. I hope we've been able to answer all your questions. If you have any further questions or would like any additional information, we'd be happy to be of assistance. On behalf of the management, I once again thank you for taking the time to join us today. Thank you. On behalf of Godrej Properties, that concludes this conference. Thank you for joining us. You may now disconnect your lines.