Ladies and gentlemen, good day and welcome to the Oberoi Realty Q1 FY 2026 earnings conference call. We have Mr. Vikas Oberoi, the Chairman and Managing Director of the company, and Mr. Saumil Daru, Director of Finance of the company, with us for the call. Please note that this call will be for 30 minutes and for the duration of this conference call, all participant lines will be in the listen-only mode. This conference call is being recorded and the transcript for the same may be put up on the website of the company. After the management discussion, there will be an opportunity for you to ask questions. Should anyone need assistance during the conference call, you may signal the operator by pressing star then zero on your touch-tone telephone. Before I hand the conference over to the management, I would like to remind you that certain statements made during the course of this call may not be based on historical information or facts and may be forward-looking statements, including those relating to general business statements, plans, strategy of the company, the future financial condition, and growth prospect. The forward-looking statements are based on expectations and projections and may involve a number of risks and uncertainties and other factors that could cause actual results, opportunities, and growth potential to differ materially from those suggested by such statements. I now hand the conference call over to Mr. Vikas Oberoi, the Chairman and Managing Director of the company. Thank you, and over to you, sir. Thank you. Good morning, good afternoon, good evening to all of you as per the time zones you have logged in, and welcome to the conference call Q1 FY 2026 results and business updates. Thank you all for taking time out for this call. Before I begin, I would like to share a few quick business updates. One of our launches, which is Elysian Tower D at Oberoi Garden City, Goregaon, received tremendous response. We completed the private equity transaction in I-Ven Realty and as a consequence of that received INR 1,250 crore, and the same is received in the joint venture entity. Our annuity assets continue to operate exceedingly well with occupancy scaling up, driven by strong leasing demand from office to retail. We are gearing up for the upcoming project launches during the rest of the year and continue to pursue business development actively. With this, now I open the floor for questions and answers, and both Saumil and I will be happy to take questions. Thank you. 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 touchstone 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from Puneet from HSBC. Please go ahead. Yeah, thank you so much and congratulations on good start to the year. My first question is on your upcoming projects, Adarsh Nagar and Gurgaon. If you can talk a bit about what stages are you in and what is the likely timeline now for launching those. Hi Puneet. Good afternoon. With regards to the Gurgaon project, you will be happy to know that we have actually started the demolition work at site. Technically, we have started work on site. We've also started our office in Gurgaon, so we are formally and physically present there. Design work is complete, contract has been negotiated, ready to be issued, almost like issued. All ready to roll now. Yeah, the entire approval process is also complete today. We have the license in our name, the land is in our name, so the title for the entire property is clear. With regards to Adarsh Nagar, again, work in progress. As far as approvals go, you all know that we were appointed developers. We registered the document. We got the letter from MHADA. As soon as they are done, we will immediately go and apply for ERA and then be ready to roll. Okay, that's great. Second comment for you. 360 West did not record any revenue there. I think last time also 80% of it was recorded. How should one think about this? No, it's basically got to do with the, as in terms of, you know, for finished inventory, how do you, you know, when do you record the revenue? Typically, it's just not on booking. There are a few more conditions like, you know, receiving the entire, doing the agreement, registration, getting the entire consideration, all of those. It will all be subject to the payment terms under those documents. I think if you will just wait for September quarter, more than a fair amount of everything that you see today as having been booked but not recognized, you're likely to see that flow too. Okay, that's it. Lastly, how should one think about occupancy growth for Borivali and Commerz III? When should we see 100% occupancy there? You know, 100% within this year itself. Both of the projects have taken off really well. In fact, Commerz III is already at 85% plus and the mall also, you know, it's like every day, literally new shops are opening as we speak. Both really exceeding expectation, I would say. In fact, our entire Commerz I and entire Commerz II are for the first time fully leased. We are left with only Commerz III, which is in great demand. Okay, that's great. Thank you so much and all the best. Thanks. Thank you. The next question is from Praveen Choudhary from Morgan Stanley. Please go ahead. Hi Praveen. Hi Vikas. Hi Saumil. Thank you so much for taking my question and good set of results. I have two questions, if I may. One, I just wanted to get a sense on operating cash flow number. Last two quarters have been a bit weak, if I may think, compared to last six quarters. Just tell us a little bit more about INR 2 billion, INR 2.5 billion a quarter. The second question is a little bit longer term. I wanted to understand the return profile. If I look at FY 2025, returns have been 15%, you know, RONW or ROC that you provide this quarter a little bit lower at 10%. If I look ahead in future, one of the things that investors are asking, historically you benefited from property price going up in your own area, for example, Goregaon, the margin has improved with that. Now you have to buy new land. Whether you can sustain that kind of high margin, whether it's 50% EBITDA margin. Second is what if the price doesn't grow at the same rate as historically we have seen. In the absence of these two things, how do we think about the return just philosophically and otherwise, mathematically. Thank you so much. Okay, so Praveen, as far as the cash flow is concerned, one thing you'll always have to keep in mind is that for us, any amount that we spend either on land or acquiring any of the development rights or the premiums that we pay to the BMC, all of those figure as a part of my operating cash flow. Some people may want to consider those as an investment, especially if that project is not contributing to your top line or bottom line in the current quarter, even in that case. For example, if I would have paid any premiums in Sky City in the last quarter, then that will figure in as a part of my OCF. It may not figure in either on my top line or the bottom line if it's in connection with the last hour. That is how if you look at the OCF, the only thing from our perspective, which we have maintained all these years, is at an operating cash flow level, the business is always, always positive. That's where it is, and that's where you may see a little bit of a dichotomy between whatever is the profit as per the financials and where the operating cash flow comes in. That is the first bit on the margin bit. I think Vikas just wants to take that up. Praveen, let me begin by saying that all our land acquisitions are very, very prudently done. We make sure that we have the kind of margins that we are used to, and unless and until we have that, we don't go in for buying these lands. We have the knack of making large land parcels, see them through a long tenure, and end up gaining not only from the price rise. Price rise just does not happen because markets have risen. They also happen because of the kind of development we end up doing. Even today you can easily get apartments which are 30% or 40% cheaper than what we sell at Goregaon, and the reason people give us a premium is because we create an environment within and around our projects. That's the key. Frankly, I must tell you that if we don't have these sort of managers with the kind of time all projects take, then one shouldn't be in this business. In fact, I frankly feel that some of our peers who work at low margins are not making profit because of this very reason. There's no point in having market share and not having any profit because that you lose any given day, the day you will try to gain profit. We are a profit making company and we want to continue to be that way. Like I said, I just repeat that it is all about buying land prudently and creating a right project and ensuring that your profits remain intact. Be rest assured we will continue to be as profitable as we are. Thank you so much, Vikas. I think so far all the land that you have acquired, absolutely, you have been spot on in terms of getting that kind of margin. Congratulations on that. Hopefully in future you do the same thing. Saumil, on operating cash flow, thanks for clarifying, that's really helpful. Is it possible somehow to find the number before you spend money on land or premium, etc.? Is there a number that you can provide either historically or later? We can do it offline. Just wanted to get that. Sure. Offline, most welcome. I mean, I'm sure Saumil will be able to help you with that. Thank you so much. That's right. Even, for example, any land advances that we make or any of those, those also all figure in a part of this. Not again, everything that we discuss, I mean that we do, is known to the market before the transaction is finally consummated. There are some sensitivities around sharing huge details. Yes, to whatever extent we can share, we'll be very happy to share. Okay, thank you so much. Thank you so much. Thank you, Praveen. Thank you. Next question is from Karan Khanna from Ambit Capital. Please go ahead. Hi Vikas, thanks for the opportunity. Just a couple of questions from my side. In the previous earnings call you've spoken about flight to quality and preference for grade A developers at a time when real estate market gets jittery. If you look at the year-wide trends in terms of sustenance sales, the number of units that were sold in the base quarter, let's say 1Q FY 2025, Forestville, Eternia, and Sky City combined were more than 90 units. This time around we've seen about 45 units being sold this quarter. Similarly, at Jardin the sales momentum also fell to about 20 units per quarter post the launch. This seems quite low. Could you share some thoughts on possible reasons behind this slowdown and some of the major pushbacks that you're seeing from customers when they look at these products? Let me tell you, if you really look at the entire life cycle, you'll always see that you have very high demand initially and then it kind of plateaus because people who are waiting end up taking those apartments. It plateaus a little, and then when it comes closer to completion, it picks up again. I'm absolutely not perturbed with anything. In fact, Thane has begun way better. I know what you know, let's say today we are at whatever INR 1,400, 1,500 crore of sale in probably a year or more. If this would have been, you know, INR 500 crore per annum and it would have continued for three years and still be INR 1,500 crore in three years, we all would be equally excited or very excited, or if it was INR 400, 500, and 600 crore, you would feel great. What has happened is this entire sale got preponed, and the reason being that we were entering Thane for the first time. Between the two projects put together, we are close to INR 1,800 crore of sale or probably somewhere around that. That's a very large number when it comes to a market like Thane. As far as Borivali goes, again these are all what you call sustenance sales. There's very little until we launch the next tower. You saw what happened when we launched Goregaon and in a day did INR 1,000 crore plus of sales. People are there to buy. It's just that when you launch, there is a big spike in sales, and then it plateaus, and then it again picks up when it's complete. You don't read much into that. I always say this to people that please don't look at our business as a quarter-on-quarter. It's not. Our projects take longer. These are high ticket items. People take their time to decide and buy. We have data from customers coming to buy, and they've been regularly coming for the last five months, and literally at the end of the fifth month, they come and conclude the transaction. I also want to tell you that our sales are where people pay 40, 50% upfront versus competition would take 5, 10, 2, whatever and do the deal. They're basically selling options, and you could lose a customer just in case there's a little blip in the market. Then he's invested with us so much, he's a serious buyer. There is a huge difference. Sure. Just as a follow-up to this, how are you thinking about future launches in terms of Thane, the future phases? Are there any changes to the timelines, or will you stick to the previous timelines as far as future phase launches are concerned? See, frankly, Thane is a great market. Again, when we are talking about Pokhran Road, we are building an international school, we are starting a mall or hotel. We want to, in the next phase, at least start physical work on those, start building the school, start building the hotels, start building the mall, and then follow it up with residential development. Everybody will know that this is literally the second Goregaon in the making. It will carry a premium of 20% to 30% over competition just because of its quality adjacencies towards these social infrastructure and so on and so forth. I mean, I don't know how many of you have gone to Borivali and seen our mall. It's world class, it's connected to a metro, people living up there. It's life changing for these people and you really feel excited about that today. If you see some numbers, Borivali is clocking INR 45,000 and INR 50,000 a square foot on carpet. It's unheard of. This is all because of the product that's been built, designed, the idea and the lifestyle that we end up providing the end customer. My second question to you, Vikas, regarding the recent acquisition of hotel or Irisin Private Limited. Could you share some thoughts in terms of your plans for capitalizing this land and the planned IRRs that you expect given that this will probably be a hotel-cum-retail asset where outflow will typically be more contended? The consortium has already agreed to pay almost INR 500 crore per acre of land. Any color on timeline on when you expect the proceedings to complete and construction to begin? It is all bids and all literally spur of the moment decisions. We have gone in, obviously love the land parcel. It's a great location, great size, it has all optionalities. It has residential potential, it has hotel potential. It has hotel and residential potential. It's got the works. One can do anything and everything with that. Give us some time, we'll come back to you excited about it. Give us some time, we'll get back to you. I must say it's a marquee project. Sure. Lastly, there seems to be a lot of scatter around market saturation in Gurgaon with existing and new players already having successfully launched a lot of inventory on top of a large pipeline. Could you share your thoughts on this and whether it looks like maybe do you think you're a bit late in terms of taking full advantage of the opportunity, or you still think that the demand for a mini 360 West sort of a product in Gurgaon? I'll say this in Hindi so koi, don't worry. You know, again we bought the land prudently. There is enough and more for us. If the story of Gurgaon is completely over then I can't say anything. I mean if you say so, otherwise, I mean I'm just saying that you know, it's like any other day. We are in our comfort zone. We build quality and I'm sure we'll do it. Great, thank you. Thank you and all the best. The next question is from Parvez Qazi from the Nuvama Group. Please go ahead. Hi, good afternoon and thanks for taking my question. Just one question from my side. Fair to assume that one tower in Borivali and our Goregaon project both should get launched either in Q3 or Q4 of FY 2026. Gurgaon, I shouldn't say 100% but yes, Gurgaon also. All permissions in place. Like I said, we've already started demolition. Somebody can physically go and see that that's happening as we speak. All permissions in place. Just getting ready for the launch. Getting ready for the launch. Sure. Thanks and all the best. Thank you, Parvez. Thank you. Next question is from Abhinav Sinha from Jefferies. Please go ahead. Hi, just wanted to hear your thoughts on pricing. We have seen good movement in Commerz III. Of the projects on pricing this quarter. Goregaon, Sky City mall, and Elysian Tower D. Just wanted to hear how you are seeing pricing and as well as even some trends on demand. Thank you. Abhinav, we are not really tinkering with the price for now. We continue to be in the sell mode, and we are very happy with the way it's priced today. It's covering more than what we want. Do not want to disturb that. Let's see how this plays out. One should never say never. We have a certain target to sell, and after that probably we'll push the price up. The jump in realization QoQ, there. Would be mostly mix. Maybe say higher floors or something. Correct, correct. The jump that you see within R is all factoring higher floors. You're absolutely right. Okay, got it. The main, pardon, good question. Sorry, I first didn't get your question. The good part is that once the product is ready, people are going on higher floors, realizing that the views are better and obviously willing to buy at a higher price, which is giving them higher floors or whatever. Right. Secondly, on the project acquisition side, what are your thoughts there and which are the sort of areas you are looking at from a location perspective? Abhinav, we are constantly buying and constantly selling. Like you know, that's really what our business is all about. We are evaluating more than 1,000 land proposals every year. Obviously, we have stringent, what you call, conditions through which we take each and every proposal. It has to meet all criteria. Once they do that, we are most happy to go ahead and close the deal. We are currently, as far as cities go, only focusing on Mumbai and NCR. We are in no hurry. We want to establish our sales in Gurgaon and then look at something new. In Mumbai, we continue to look at all good suburbs where you don't have to push a product. There is a pull factor with location, with the quality of the product we make, and then buyers come in. We don't want to go in and go into weak locations. Right. Lastly, in the South Mumbai society redevelopment, etc., we have two in Sadh, one in Pedder Road. Are we looking at a launch this year or you think it's more like early 2026? No, no. This year itself. Okay, great. All the best. Thank you. Thank you. Thank you. Next question is from Parikshit Kandpal from HDFC Securities. Please go ahead, Vikram. Hi, sir. Hi, sir. Hi. Vikas, my question is what are the launches in Q2, Q3, and Q4? I'm still not getting clarity when the launches will happen. Q2, probably none. Q3 we will do Borivali and Q4 we will do NCR. We will do Pedder Road, Q4 we will do others, maybe, maybe not. These two for sure. Okay, so one more tower in Elysian will not come. I mean, these are all literally in our back pocket. Whenever I want to fill a quarter, I can sell that tower. Really? Second question on 360 West. Again, there's some slowdown. I know it's a quarterly kind of a thing. How's the priceline there building out? Do you think, in coming quarters, significant momentum coming up on that? Very well, I must say. Like I said, you know, they happen in sports and it will happen again. These are people who are traveling for holidays and things like that. Once they come back, they'll again get back into action and buy. Okay. Just lastly on the business development, I think one case is in the court right now. Any update on that and any other large land deals you are evaluating right now? I mean you have cash with you. In this year do you think any significant land deals could get finalized? Obviously, like I said, we are evaluating a lot of land parcels, but nothing that I can disclose today. You know, a lot of activity around BD. Sometimes I feel I'm giving too much time to BD now. Okay, thank you. That's one of my questions. Finish with the best. Thank you. The next question is from Vishal Dudhwala from Trinetra Asset Managers. Please go ahead. Hi Vishal. Hi sir. Am I audible? Very audible, yeah. I just only have one question. It's on the macro side, like overall Oberoi Realty has consistently leveraged the movement premium residential dynamics. Given the new TCPR norms, changing FSI regions, and upcoming infra like Mumbai Metro and Coastal Road, how are you calibrating launch timing and pricing strategy across micro markets? You know, whatever you are saying is for the positive, right? I mean, the same product at, you know, like at the same price, better product I would say with better accessibility should actually at the least, you know, increase velocity of sale, if not, you know, increase prices. I think government has done a great job today. From Bandra to Nariman Point, you take 14, 15 minutes and the entire Coastal Road, the Metro once it starts from Colaba to Bandra, you will be in 30 minutes, 25 minutes, and the quality of ride is beautiful. I'd say that the city, it's like a boost to city's revival I would say. Like I said, the leap says that the velocity of sales will go up even if the prices don't go up. The new areas that will come into play will get absorbed very quickly. That's a follow- up question. Could be the product mix shifting towards mid income or township. You know, we do all sorts of products. I mean, we are doing, you know, two projects in Gurgaon which are in that middle income. Then we are doing, you know, in Goregaon which is upper middle class. Then we are doing City which is for like elite. We have, we have a mix of everything and we are quite versatile in our approach to customers and we love that about ourselves. Okay, what's your point? That's it from my side. Thank you. Thank you. Thank you very much. We'll take that as the last question. I would now like to hand the conference over to Mr. Oberoi for closing comments. Thank you all for taking time for this call. We really look forward to hearing from you on an ongoing basis. Please feel free to reach out to us, our investor innovation team whenever you have any questions. Thank you again. Thank you guys. Have a good day ahead. Thank you. Thank you very much on behalf of Oberoi Realty. That concludes this conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your line.