Ladies and gentlemen, good day and welcome to the Oberoi Realty Q2 FY 2026 earnings conference call. We have Mr. 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, and 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, the 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 to Mr. 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 zone from which you have logged in. Welcome to the conference call Q2 FY 2026 results and business updates. Before I begin, I would like to share with you a few quick business updates. It's been a solid start to the festive season for Oberoi Realty, driven by a robust sustainable sale across all our projects. We witnessed strong sales velocity at Sky City despite the price hike we took recently, indicating healthy demand for luxury real estate from quality developers. Our uber luxury project Three Sixty West continues to attract strong inquiries and sales. We also opened our office in Gurugram, which shows that our expansion plans for NCR are in place. Commerz III and Sky City Mall continue to scale up on strong leasing demands for office and retail tenants. We remain on track for project launches in the next few quarters and continue to pursue business development activities. With this, I now open the floor for question and answer, and both Saumil and I will be happy to take your 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 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 is from the line of Puneet Gulati from HSBC. Please go ahead. Yeah, thank you so much. Seasonal wishes and congratulations on, you know, great numbers this quarter. My first question is, you know, after you've. Thank you, Puneet. Thank you. After your price hike which you've taken in Borivali and in the market in general, what kind of room for further price increases do you see for your projects? I think we have already done a decent amount of price hike, and there seems to be no stopping. Basically, I wouldn't say that it's like the market in general. That project is unique. It's sitting on a beautiful shopping mall. Its connection to the metro is a huge advantage. It's exceeded our own expectation in terms of how we've gone about building it. I really can't say whether it's market in general or per se, even any future price hike. We have very little supply available, and there happens to be enough demand for that. If you see, our price hike has been at the back of what people are doing as resale. There have been 20- 30 resale apartments that have literally gone at a higher price. Looking at the demand there, we've increased our price. For your other projects, Thane, Mulund, do you see room for price hikes there also, or will we wait for a bit? We'll wait for a bit, but we do see enough room on price hike because what we have been able to differentiate with our competition is that we are able to deliver quality with this sort of scale now. People who really want quality are willing to pay that extra. I feel that, as a company, we deserve it, and we can keep pushing our prices higher. Understood. Your projects in Adarsh Nagar and Gurugram, what kind of products have you finalized in terms of sizes, perhaps about ticket size, etc.? Both of them are uber luxury projects, and we feel we have amazing sites which deserve a very good product. A lot of people tell me that, you know, Three Sixty West is like a one-off. You know, even the cast cannot rebuild it. We are very clear that, you know, that was designed, you know, literally 15 years ago. Today, with the kind of knowledge and, you know, exposure the company has, we are positioned to build far superior products. We want to do that in these two micro-markets or these two sites. Are you aiming for a similar INR 50+ crore to INR 200 crore kind of ticket price for both the projects? No, not really. I mean, like I said, let there be some mystery around this. As far as the quality of the product goes, it's going to be very, very superior. No, that goes without saying. Lastly, if you can talk a bit about, you know, any progress on Ritz-Carlton part of your portfolio, when does that start kicking in? Okay. I would say about 70% - 80% of the volume work in Ritz-Carlton hotel is over. We are really hoping, fingers crossed, that within this financial year, we are able to launch. That's it. We will be gifting a beautiful hotel to the city. It's going to be literally like, you know, that part of the city would have not seen a hotel after, I guess, St. Regis was the last built many years ago. Really waiting for it to start. It's turning out really well. How big is it likely to be in the number of keys? It's a little over 200 rooms, about 200 + rooms, and a lot of banqueting space, restaurants, spa. It's a hotel of today, I would say. Like a global product, we will really put Mumbai onto the international map, I would say, when it comes to the quality of the hotel. Understood. That's very helpful. Thank you so much and all the best. And best to Saumil. Thank you. Same to you. Thank you. The next question is from the line of Murtaza from Kotak. Please go ahead. Hi, Murtaza. Hi, sir. Just two questions. One was obviously on Ritz-Carlton, which is already being answered. Similarly, could you give us some timelines on, you know, how are you thinking of the [Alibaug] land now that some more capital infusion has gone into that entity? You know, what's the timeline? What's the plans, etc.? Also, would Gurgaon definitely happen in the current place scale or, you know, how are we thinking of the project launch for Gurgaon? The third one, more sort of housekeeping, you know, there was a large investment outflow in the cash flows. Any indication on what that is attributable to? [Alibaug] Realty, we are that land parcel. We are doing a shopping mall, an office building, and a hotel on top. We should be breaking ground within this financial year itself. That part is done. Sorry, what was your second question? I'm sorry. On Gurgaon. The third one was on the CapEx outflow in this quarter. Correct. CapEx, Saumil will reply. On the Gurgaon front, you'll be happy to know that we have also loaded entire TDR on the file. 100% of this area will be approved at one go. We are really, really hoping to, you know, launch it within this financial year itself. On the CapEx bit, I'll let Saumil take over. Yeah. Hi, Murtaza. As far as the investing cash flows are concerned, two parts. One, what goes purely into operations. For example, the construction of the Ritz-Carlton hotel or the balance completion for Sky City or Commerz III. That is about close to INR 125 crore. The balance is purely treasury activities. It is investment into mutual funds and stuff like that. Thank you. Thanks so much. Thank you. Thank you. The next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah. Hi, Vikas. Hi, hi team. Hi. Thanks for the opportunity. First question on the Sahara land which we were eyeing for. You know, obviously, you haven't commented officially ever on that in terms of the progress. With the way things have evolved over the last couple of weeks, do we still stand a chance of getting that 100-acre land which we were eyeing for, or it's now probably behind our books? No, all of us are on a wait-and-watch mode. Frankly, that's the only thing I can tell you for now. Okay. Okay. Apart from that, on the business development front, you know, any other larger piece of land under discussion which can probably, you know, replace some of our large projects in Borivali, Gurugram, whenever it gets adjusted? Just some thoughts and some comments on that. We are always on a business development mode. That part of life never stops. There are many in play. Let's see what comes out first. We are really excited to let you know as soon as, you know, we can. Sure. Second, on the Sky City Mall, occupancy continues to improve gradually quarter on quarter. By when can we achieve a steady state, you know, 95% plus kind of trading occupancy for the Sky City Mall? I think within this financial year, we will achieve a huge amount of stability. Going forward, you will see, in fact, Sky City Mall has already reached footfalls almost equal to what the Gurugram Mall had. We are really surprised with the way it's taken off. Very excited about it. It's won a few awards, and it's now being nominated for, I think, a global award. Very, very excited. Didn't expect it to do, I mean, we always knew it would do well, but not so well. We thought we'd reach this stage probably in a year or two, but it's really accelerated. We are where we are within six months and super excited about it. Huge potential going forward. To answer your question, next year, you will see a very steady state. This 53%, I assume, is a trading occupancy and not the lease occupancy, or both are same in our case? Just some kind of. No, no. This is a trading occupancy. Leasing is the option. Okay. Got it. Just one last, on the margins on the residential side, you know, we were at 50%+. This quarter was low. I mean, it's low since last two quarters. It's because of Jardin not getting recognized in terms of revenue. It's still under the cost recognition. Is that the reason or something else? Two parts to that, Pritesh. One, as you rightly pointed out, there will always be projects where, because you have not yet hit margin recognition, the accounting standard is revenue equal to cost. You see a top line, but you do not see the corresponding bottom line coming through. That will be one. The second bit will always be the contribution of the different projects to the overall sales mix. For example, there will be certain projects which will be higher margin, and there will be certain projects which will be slightly lower margin. If you recollect, we have a pretty similar situation even for our average realization per square feet in our projects. That keeps moving around a little bit. Even though we have not changed the base prices, it all depends on whether a lower floor has got sold in that quarter or an upper floor that has got sold in the quarter. That determines the average realization. It is something pretty similar which happens over year also. All of them are continuing to come in with their respective margins, but some will be higher, some will be lower. That's all. Got it. Jardin would be at 45% EBITDA margin currently, and then gradually, it will scale up once the project gets evolved. How should one think about the margin profile for the Thane Pokhran Road project? Once we get to the margin bit, I think we will, once we get to the margin recognition, we'll discuss that with you. Typically, in all of our projects, that is how it functions because at the launch stage, typically, it's the lowest realization. Once the launch is over and the sustainable sales start kicking in and the sustainable sales start giving you higher pricing, then slowly your margin starts kicking up because your cost base is an average cost. It's a cost per square foot. Correspondingly, then you start seeing the margin go up. The initial stages when we will do the margin recognition will be the lower margin only. Yes, it will crank up and go to a steady state a little bit later. Got it. Perfect. That's helpful. That's it from my side. Happy Diwali to you and your entire team. Thank you so much. Thank you. Happy Diwali. Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Akash Gupta from Nomura. Please go ahead. Hi, Akash. Thank you for taking my question. My first question is with respect to demand in Thane. All your projects, except the Thane ones, had very good traction this quarter. How are we thinking about that? My second question is that we sold four units in Three Sixty West this quarter. What's the timeline of running down the remaining 30 units of inventory? My third question is with respect to your launch pipeline in the second half of this financial year. What projects, what launches should we expect in this financial year? That's my three questions. Thank you. Saumil, you want to go for this? Sorry, can you tell me the first one? My first question was on the demand with respect to your projects in Thane. We just had 16 units sold in the second quarter, also similar to the run rate over the last two quarters. I just wanted to understand how are you looking at your demand for projects, particularly in the Thane area? See, Saumil. I'll take this one. Look, Thane, these are all tall buildings. These are 60- 65 story buildings. We've seen this happen in Mulund. We've seen this happen actually in Borivali also. We have this initial burst of demand, which most people want to pick the choices that they want, and they do that. Then you have the sustainable sales, which are a little slow. When you are finishing the project, people end up buying again. I think it's not any different with Thane as well. Once the project starts shaping up, we will also start increasing our price. People will know that there will be a price increase. There is, you know, they obviously want to prepone their sales and do that. It's very typical. There's nothing different that we see in Thane from what we saw in Borivali or we saw in Mulund also. At one point in time, it will become a steady state. We are hoping that Thane will probably settle somewhere around INR 1,000 crore every year, a kind of sustainable sales. Within that, whenever we do our further launches, and once you have built that critical mass of customers, you'll see that growth spurt coming in. If you see the entire history of Gurugram, that's how it is. Today, for me, if I want to do sales of INR 2,000 crore in one or two days, I just have to launch Gurugram. That is because there is enough customer base within our project itself who have experienced seeing our project. We see that that's how probably it will end up being for Thane also. Got it. Sir, like how we have like 30 units in Three Sixty West, by when are we planning to run down this inventory? See, you know, again, we do have some good units left. They are holding on to our price, and we feel very strongly that for the next three years or even more, there is no quality supply that will get delivered. I think what we have now realized and buyers are also realizing, we have a clean run for three years. There are many projects that are launched around it, but nothing getting delivered in the next three years. People who want to move in, this is the best bet. My own customers are our best brand ambassadors. I want to take this opportunity to say that, again, GRI, you know, gave us an award for Three Sixty West also. It is, you know, with all humility, one of the best buildings in the country, probably the best building in the country. We have a very steady, you know, flow of customers. I feel within the next two years, we'll be done with the inventory. Hopefully, yeah. Sir, my final question is on the launch pipeline for the second half of this financial year. What projects are we looking at? You know, there are so many. They're all literally queued up and, you know, ready to go. We just need to break open, and it'll be a flow, a plethora of projects. You know, Gurugram will come in. Borivali can come in. There are a few other redevelopment projects that we've signed will come in. We have one more tower to be launched in Borivali that can come in. We can launch a new tower in Thane. There is so much more, you know. We just want to time it correctly. Yeah, that's it. That's it. We're just perfecting it to its distinct. Got it, sir. Perfect. Thank you so much. We have a tower in Gurugram we haven't launched. There are so many. In fact, work has started. It's not like we are really waiting. We are also watching the market. Got it, sir. Thank you so much, sir. Best of luck. Thank you. Thank you. The next question is from the line of Gaurav Khandelwal from JP Morgan. Please go ahead. Hi, thanks for giving me the opportunity to ask questions. Hi, Gaurav. Hi. Happy Diwali. Happy Diwali. Happy Diwali. I wanted to understand the sales that we've had in this quarter a bit better. In your last question, you addressed some of it in your initial remarks. You did address that sustainable sales from some of the projects, the older ones, relatively older ones, Eternia, Enigma, those were better. Whereas if I look at sales at Jardin, Forestville, these have come down quarter on quarter. Is this a trend that you were expecting already, or is this a particular product life cycle? X percentage of sales happens in the first two quarters of launch, then slows down. As the building nears its completion, the sales numbers pick up. Could you give me some color on this, please? You're absolutely right. Your second statement actually is the answer to the first. How do we know, really? Because we actually feel that projects are cyclical. The sales also end up being cyclical. There's a huge curiosity around launch. People love to go in for launches. They pay a very small down payment, and they know that they'll get what they want, and they'll be making the rest of the payment gradually. Now, once we are at 40%- 50% of completion, people now know that if they buy, they'll have to pay 40%- 50% upfront payment. Now, I'll take this opportunity to clarify a few things. You know, most of these projects, we've sold enough, and we have monies lying in the project held by RERA. Now, I have enough and more for funding my construction. As a strategy, what we do is we actually end up slowing down sales or stopping sales in some of the projects I was saying these to ensure that, you know, I'm not selling cheap and I'm not even getting the money in my hand. In the sense, when I sell early, I'm giving that advantage to the buyer, but I'm also getting cash, which actually is getting locked in my RERA account. You know, I have enough and more to fund that construction. Once I reach a particular stage, let's say I've completed all the slabs, and people know that now possession is 18 months away, we increase the price. We very well know that at an increased price, the sales may be slow, but that also kind of starts tickling our price in the minds of people that, you know, this is what they'll have to pay going forward. You get a price increase. Your projects are at a stage where people want to buy. We have to use the cyclicality of the project, you know, to our advantage. Given what RERA expects you to do in terms of holding your money, this probably is the best bet. You'll see that we are holding inventory even in Elysian. Now, buildings are near completion, but we are sitting with money in the bank. There's no point in selling. We know the product that we are creating is far superior. Ready apartments within Gurugram are selling at a higher price than what we are booking at. I see literally a 20% return on my investment if I don't sell. Even if I sell, I actually end up taking that cash and blocking it. It's not like I can take and do something on BD, and I can have better use of cash. This part of how RERA plays out is a disadvantage for us to sell early. That's what we are really doing. Both your points are valid. The cyclicality is something that we really play with. In the second quarter, the contribution from associates increased to almost INR 117 million, which is highest in the last five quarters that I can see. Any explanation of what this is and how should we think about this going forward? Saumil, can you take that? Yeah, yeah. Just give me a second, sir. Gaurav, can I come back to you separately on this? Sure, sure, sure. Works. Thank you so much. Thank you. Shall we move to the next question? Please. Thank you. The next question is from the line of Jatinmoy Karmakar from JHP Securities. Please go ahead. Hello. Am I audible?. Hi, Jatin. Hi, sir. Nice one. Congratulations on the chart of numbers. I have two questions. Firstly, we talked about resale. Do we have any restriction on resale as it does impact our demand and price realization? That was one part. The second part, can you give me a briefing about the escalation on the two malls we have? After what number of years do we have the escalations? Whatever RERA permits us to do in terms of putting restrictions on secondary sales, we have those in place, which are very similar to all the developers. We, in fact, are not very stringent on them. We've realized that not more than 1% or 2% of our inventory ends up getting resold, which is great for us because we end up attracting a lot of actual users. Because they are such few in number, we see a price increase. That part really plays out well. I didn't understand your question on the mall bit. Can you explain your question, please? What did you mean by? Yeah, price escalations. Escalations in malls. Rental escalations. Rental escalations. Yeah, rental. Yeah. Okay. It's just a business call. You see how your mall is playing out. You see how competition is playing out. We see potential in our business. Now, because we are running a mall, we pretty much know everyone's margins, how much a restaurant makes, and so on and so forth. There are two ways of doing this. One is you keep your rentals in line with what market expects, and you have your upside coming from your revenue share. You do that. Whenever there's a renewal, we try and keep the tenure to be short because when you know that the mall is doing well, and then they come back for renewal, they'll be in a position to give you a better rental. What we've done with Gurugram is that every time we've come in for a renewal, the revenue share that we get, let's say 85%- 90% of that becomes our minimum rent. We keep hedging ourselves going forward and keep pushing the rentals higher. When you open a new mall, you obviously know that this is what these people are willing to pay. You then start asking rentals around that. It's a collaborative approach. We both have to survive. We obviously want more rent for our shareholders. At the same time, they are also our partners in business. We want to balance that. We want them to earn money also. We want the right mix so that customers are attracted. It's not just single dimension. You have to see all these and then play that out. Okay, thanks a lot. That helps. Happy Diwali too. Happy Diwali to you as well. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Kunal Lakhan from CLSA. Please go ahead. Yeah, hi. Hi, Kunal. Hi, Vikas. You spoke about Gurgaon and Adarsh Nagar will be, you know, uber luxury projects. Just wanted to get a sense on, like, you know, how the demand for such products are, especially in these two micro-markets, which have seen a fair bit of, you know, product launches in a similar category in the last two years and a fair bit of product pipeline also for the next two years, right? How do you see the, how do you sense the demand for uber luxury projects in these micro-markets, especially Gurgaon and, you know, Central Mumbai? You know, I want to just tell you, if not for RERA, we haven't even firstly advertised. If not for RERA, I would have collected checks for both these projects. The kind of demand I see, people are already approaching us and telling us, "Whenever you open, you let me know. Can I pay you now?" I say, "No, you know, we can't because RERA doesn't permit you to do so." I'll just sum it up by saying this, that, you know, if there was no RERA, we would have, like, you know, already collected a lot of checks. I hear people say, "You know, I'm depositing this check with that broker," and all that. I tell them, I say, "Listen, we haven't started anything. Please don't do any of that. No, no, this broker is really influential, and he says that he'll get you an apartment." We are literally telling them, "Don't do that. Don't do that." That sort of thing. Great demand. Like I said, we are coming into this product with a proven track record and people like that. That's how, that's what I would tell you. Sure, sure. That helps. Secondly, on the launches, you did highlight a fair number of launches that are possible in the second half. We are almost five, five and a half months away from the end of the second half. At this point in time, do we have some clarity in terms of where we are in terms of project planning, approvals, or even for that matter, intent to bring some of these projects to the market? In terms of visibility, which of these projects that you highlighted are more likely to be launched or more certain to be launched in the second half? I know from likely to certain, then you'll say that I'll be committing to it. Let me just tell you that, as a company, we've always never made any future comments, you know, forward-looking statements. I would only say that we are working. It's all work in progress, and we are progressing really well. We are hoping to start, you know, do projects that we have committed within this year itself. As far as approvals go, we are almost there with Gurugram. I don't know how many of you know we've started demolishing the existing building. We are loading our entire TDR, and hopefully, by early January, we'll have our plans in place, including RERA if possible. Nothing really will stop us from then to do that. The same goes with Adarsh Nagar. Planning fully done. Multiple approvals also taken. A few now on its way. Again, you know, like really looking good. Our Peddar Road project also looking good. We've received approvals for Khar Road project already. All approvals in place. That part is done. Like I said, a lot is happening. Understood. Thanks so much, Vikas. All the best to you and your team. Thank you so much. Happy Diwali to all. Thank you. Happy Diwali to you as well. Thank you. Before we conclude, just to clarify on that one question around the share of profit from joint ventures, about INR 11 crore, that was essentially ORL 's share of income from the I-Ven Realty Limited JV. As somebody pointed out earlier in the question, there was a fund infusion which had happened. This is nothing but treasury income from that fund and correspondingly the profit line pickup. Thank you very much. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Oberoi for closing comments. Thank you. Thank you. Thank you all for taking time out for this call. We look forward to hearing from you on an ongoing basis. Please feel free to reach out to us or our investor relation team as and when you have any questions. Thank you once again, and wishing you all a very Happy Diwali and a prosperous New Year in advance. Thank you again. Thank you, everybody. Happy Diwali. Thank you. On behalf of Oberoi Realty, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.