Ladies and gentlemen, good day and welcome to the Prestige Estates Q1 FY 2026 earnings conference call hosted by Axis Capital Limited. 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 the operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Pritesh Sheth from Axis Capital Limited. Thank you, and over to you, sir. Thank you, Muskan. Good afternoon, everyone. Thanks for joining in. We have with us the management of Prestige Estates, represented by Mr. Irfan Razack, Chairman and Managing Director, Mr. Zaid Sadiq, Executive Director, and Mr. Amit Mor, the Chief Financial Officer. I'll now hand over the call to the management for the initial comments, and then we can start with the Q&A. Over to you, sir. Thank you, Pritesh. A very good afternoon, everybody, and thank you for joining in today's call. We're very pleased to report that Prestige has commenced the financial year 2026 with its strongest quarterly performance to date. It's a clear reflection of the sustained momentum and deep structural demand across our core markets. In the first quarter, we achieved a record-breaking sales of INR 12,126 crores, growing nearly 300% year-on-year, setting a new benchmark in our company's history. We sold 4,718 units across 9.55 million sq ft, backed by strong customer demand and high-quality launches. Equally encouraging is our highest-ever quarterly collections of INR 4,523 crores, growing 55% year-on-year, underscoring the disciplined execution and cash flow stability embedded in our business. The geographical sales mix this quarter marks a decisive milestone in our evolution as a truly pan-India player. For the first time, the NCR region contributed the largest share at 59%, followed by Bangalore at 21%, Mumbai at 12%, and Hyderabad at 5%. We launched our four new residential projects during the quarter, totaling 14.94 million sq ft, including a maiden launch in NCR, The Prestige City Indirapuram. The response was phenomenal, with nearly 80% of the inventory sold at launch, setting the tone for our expansion in North India. On the completion front, we delivered 5.45 million sq ft across five residential projects, including our first-ever project completions in Mumbai, which were executed in just 3.5 years. This is a testament to our robust planning, execution, efficiency, and commitment to timely delivery. Additionally, we completed the Prestige Liberty Towers in Mahalakshmi, which enables us to move full steam ahead on the next phase of our marquee project, The Prestige City Mumbai. On the business development front, we added seven new projects across four geographies: Bangalore, Mumbai, Chennai, and Hyderabad, with a combined GDV of over INR 20,000 crores. Our annual business continued their steady performance. In office, we leased 1.21 million sq ft, maintained 94% occupancy, and achieved exit rentals of INR 523 crores as of Q1 FY 2026. We are on course to achieve exit rentals for office in FY 2026 of INR 819 crores. In retail, our malls recorded a gross turnover of INR 590 crores, with occupancy levels of 99% and exit rentals of INR 271 crores. The first quarter has laid a solid foundation for the year ahead. The filing of the DRHP for our hospitality platform is a strategic step in unlocking value across verticals and setting paths for our next growth. Looking ahead, we have a robust pipeline of launches planned across Bangalore, NCR, Mumbai, Hyderabad, and Goa. We are confident that the momentum built this year will carry through the rest of the financial year. Thank you once again for your continued support and belief in Prestige's journey. With this, I open the floor for questions, and we'll take them one by one. 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 dashboard telephone. If you wish to remove yourself from 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 Akash Gupta from Nomura. Please go ahead. Am I audible? Yes. Hi, sir. Congratulations on the great performance. So my first question is with respect to your pre-sales guidance for FY 2026. The guidance is close to INR 260 billion. Do we see an upside risk to the guidance? And with respect to your launches, what launches are we looking at in the next two quarters? I'll ask you what is the question. Hi, am I audible? Yeah, now I'm here. We can hear you. Yeah. So first, my first question is with respect to your pre-sales guidance for FY 2026. Are we seeing an upside risk to that guidance, considering we have already done INR 120 billion in the first quarter? And then I wanted to understand on your launch pipeline, what launches are we looking at in this quarter and in the next quarter? Okay. Now, we'll stick to our original guidance, which is between INR 25,000 and INR 27,000 crores, and we'll see how this quarter performs, and then maybe we can review it further. Now, launches for this quarter in Bangalore, we have the Prestige Glenbrook with a plotted development. We have Prestige Crystal Lawns with a plotted development. We have also Prestige Autumn Leaves with a plotted development. Along with this, we are also trying to see whether we can bring the Evergreen at the Prestige Raintree Park, which is a fairly large development, again, in Whitefield. We're just pushing for those approvals, which is in the process. It will come, and RERA also has to come, but if we are able to get that through, even that will be the launch for this quarter. That is in Bangalore. In Mumbai, we are trying to bring in the Prestige Highland Park, which is Dahisar, where we bought the land. And that, hopefully, will happen in September. And then the other one, which we already have, RERA, will be the third phase, Mayflower, of the Prestige City, Indirapuram. Even that will happen in September. These are the launches that we have in the pipeline for this quarter. I see. I see. But, sir, on your commercial leasing, particularly for the Bombay portfolio, which is the Prestige and Prestige 101, we have roughly 9 million sq ft, I think, of leasable area, and we have leased roughly 1.5 million sq ft. I wanted to understand what kind of demand are you seeing for your BKC commercial portfolio? The demand has been extremely good. We've already leased 50% of our portfolio in BKC, and that's a good sign, and because pre-leasing in the Mumbai market is nonexistent, now if we have managed to do that and at some great numbers, I think the team has done a wonderful job, but I've also told them to go slow because let the product get ready. The product gets ready only in 2027, 2028, and then closer to our product getting ready, we will be pushing more for leasing because we also want our customers to get the confidence. Got it. Got it. And, sir, one final question from my side on the Jijamata development. So I think we have already done the land clearing and everything. So I just wanted to understand what kind of product positioning are we looking at here, and when are we planning to launch this project? Yeah. See, it's a mixed-use development. It'll have retail, 1 million sq ft of premium and luxury retail. Apart from that, we'll have an office of 500,000 sq ft. Then we are having the Hilton plus the Waldorf Astoria and a conferencing center. That will be one tower. And sitting right on top will be the Waldorf Astoria branded residences. And then we have two towers of residential, which will be for sale. Okay. And when are we planning to launch this project? This is all work in progress. We need to get our design in place. As we speak, the team is working hard on the design. Once the design gets frozen, then it's approval. Then we'll have to time the launch properly. Understood, sir. Thank you so much, sir. Best of luck. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask questions. The next question is from the line of Puneet from HSBC. Please go ahead. Yeah. Thank you so much, and congratulations on great performance. My first question is, if I look at the potential sellable value and the margin that you've given for upcoming projects, it comes to about 52%. Is that broadly how we should think about your newer projects and the new additions as well? Puneet, it's all about opportunity. That keeps fluctuating. We'll be happy with around 35%. And 52%, Puneet, is basically because we would have spent on land costs. The slide you're seeing is a pre-cash flow slide. So we have already spent on land costs. So we'll be getting that cash flow. So 52% is the pre-cash flow we'll be getting, but the margin will be the range of 35%. Okay. Margin would still be 35% because you haven't spent much on land there so far as I see, right? I mean, it's a small okay, that maybe is not disclosure. And we go along. Okay. Fair enough. And secondly, if you can also talk about your new acquisitions, which you've done almost INR 20,000 crore worth. Have you paid for that already, or is there still some bit of balance to pay there? The two major ones are on RD. The one in Hyderabad is again RD, not a significant payout. The balance, like the one in Chennai, again, we have a land payment plan. Obviously, we have paid INR 300 crores. The balance, INR 300 crores, will be paid over a period of time. So in all consolidated, how much is balance to spend on just land payment, including maybe the previous business development that you may have done? Around INR 500 crores. Sorry? INR 500 crores? Yes. INR 500 crores. Okay. That's helpful. Thank you. And lastly, how do you think about peak debt? Your CapEx run rate should ideally pick up, given that you're looking at completions for large projects in FY 2028. So where should we see debt ending for end of 2026 or end 2027? If you see our cash flow during the quarter, we have almost got a gross inflow of around INR 5,000 crores. If you keep the same run rate, the entire year will be spending around INR 18,000-INR 20,000 crores. Obviously, we'll be spending around INR 8,000 crores on construction and around INR 4,000 crores on your overhead landowner payments and all that. So from the operating activity, we should have peak cash flows of around INR 7,500-INR 8,000. Obviously, in the investing activity, we'll be deploying close to INR 3,000- INR 3,200 on the capital, the full-year guidance, and INR 4,000 on business development. So on a full-year basis, I think so, our debt should increase by INR 1,000-INR 1,200 if we don't do any further monetization plan. Understood. That's very helpful. Thank you so much and all the best. Thank you. The next question is from the line of Yash Gupta from Prestige Estates. Please go ahead. Yeah. Yash Gupta this side. Good afternoon, everyone. Referring to slide number 8, we reported the completion of five projects in Q1 FY 2026 with cumulative GDV of around INR 5,000-INR 5,500 crores. However, as per our slide number 13, the residential revenue recognized during the same quarter stands at INR 1,573 crores. Could you please clarify the reason for the variation? Again, the revenue recognition is not just based on project completion. It is also based on handover to the client. So we have completed those projects in the current quarter, but the handovers are still happening. So those generally are handovers of large projects that take six to nine months. So in the next three to four months, we should be completing those handovers and the revenue recognition. Anything for the complete year, what revenue we are looking to recognize in the residential business for the complete year FY 2026? If you see, we have unrecognized revenue of more than INR 50,000 crores. In the current financial year, some of the projects in TPC, Sarjapur should get completed, and the revenue should start going for that. So we expect close to INR 8,000-INR 10,0000 crores of residential revenue to happen in the current financial year. Okay. Just referring to the same slide, slide number 24, we are saying that we will book around INR 57,000 crores of revenue, could be said next three to four years down the line. So roughly INR 15,000- INR 20,000 crores of revenue every year. And if we compare the same thing with FY 2025, in which we have just booked INR 1,000-INR 4,000 crore, is this understanding correct that we are looking to book INR 15,000- INR 20,000 crores of revenue in maybe FY 2026, 2027, 2028, and then thereafter? Yes. There will be an increase in revenue recognition as we move forward. So as I mentioned, around INR 8,000- INR 10,000 should be the revenue guidance for this financial year from the residential segment. Okay. But this will pick up with projects getting completed in financial year 2027. And most probably in 2027, my residential revenue contribution should increase to INR 15,000- INR 16,000 crores. And it will keep increasing year on year. Anything on the margin? Like 35% margin, EBITDA margin? Yes. On a portfolio level, our margins are at 35%. Okay. Sure. Thank you very much. Thank you. The next question is from the line of Abhir Pandit from Old Bridge Mutual Fund. Please go ahead. Hi, sir. Are you able to hear me? Hello? Yes. We can hear you. Yes. Hi, sir. I wanted to understand specifically the fact that, sir, going ahead, the free cash flow generation from your residential business is going to be a huge amount and is going to outstrip the requirements in the commercial business. And also seeing the fact that the hospitality business is, I mean, it's going for an IPO. So there is going to be a large amount of free cash flow generation. So how do you see the allocation of this free cash flow? Will it be towards land, or how are you looking at it? As I mentioned, this financial year, we are budgeting close to INR 7,500-INR 8,000 free cash flows from our operating activity. Of which, around INR 3,200, we are planning to deploy for CapEx, and the balance will be for business development because we are selling the stock, and we need to replenish the stock by doing more business development. So yes, a significant portion of our CapEx outflows will be financed from our residential business, but still will be maintaining, I would say, 60% internal accruals and 40% from that on our CapEx business, and as far as the revenue, it depends on, as I mentioned, the requirement. Okay. Okay. Sir, my second question would be, sir, since the industry is now looking towards luxury projects in majority all micro markets, and since the real estate cycle is possibly in the third or fourth year, how are you looking at the entire real estate cycle? All depends on what you define as luxury. If it's all projects worth above INR 25 crores or INR 15 crores or whatever, and so on and so forth, that I would define as luxury. Okay. Luxury is a very, very niche market. It's not that we want to sell this every day to everyone. These buyers are all few and far between, and these are all fussy buyers, so we have to target that audience correctly, and we don't have too many of them, so if we're trying to do too many of the luxury projects, we'll be getting hurt. Sir, last question from my side. Sir, just an update on the Prestige Pallava Gardens. It's been more than a month from launch. So could you give us a status on how's the offtake on this project? It's done extremely well, and it's still a work in progress, and this month, also, we have Ashadha. In spite of that, because Chennai is that different market where a lot of superstition and these happen, but then I believe for whatever we have done within the month, it's really picked up well and done extremely well. We'll report back in the next quarter if that's important. Okay. Okay. Thank you, sir. I'll come join back in the queue. Thank you. The next question is from the line of Biplab Debbarma from Antique Stock Broking. Please go ahead. Good afternoon, everyone. First question is on that annuity slide that you have. I just noticed that the commercial portfolio slide 27, the projected annuity income step-up, say, for FY 2026 and 2027, has changed from what you projected in previous quarter. So my question is, is there a delay in any of the projects that were supposed to start operation in FY 2026, 2027? What was the reason of this shifting of annuity income step-up? Biplab, actually, there's no delay on any of the commercial projects. All are progressing as per plan. What we have mentioned, actually, in FY 2026 were projects completed up to Q1 2026. So there were three projects, basically your DIAL project, your Neeladri project, and Tech Forest, which are planned for completion in the current financial year. So those ventures had not come. We have actually revised the presentation and uploaded it to the website. So if you see for the entire financial year, at the end of financial year 2026, our exit venture will be INR 8,200 billion. In FY 2026? 2026. The INR 5,200 was basically for projects completed up to quarter one. After factoring completions in Q2 up to Q4, my exit venture will ramp up to 8,200. So at the end of FY 2026, our exit rental will be around INR 8,000 or so. Is that correct? Yes. Yes. Yes. Okay. That's fine. Also, the projects that you have mentioned that we are planning to launch in Q2, what would be the GDV of this project launch as planned in Q2, total GDV, approximate? Just a moment. It will be INR 3,500 excluding the Evergreen Park. If you include Evergreen as well, it will be INR 8,500. Okay. So Evergreen is a big project, INR 5,000 crore GDV project. Yes. Yes. Okay. Okay, sir. And my final question is on your increasing footprints in MMR, and I was just passing by Jijamata Nagar project. Excellent boards are there. It has been cleaned up and excellent location. So my question is, see, it seems that most of your projects in MMR is with Alliance or with DB Realty or Valor Estate and its promoters. Should we expect new acquisition in the MMR region through other partnerships or independent channels? So that is my last question. Thank you for the appreciation on the work that's happening. Firstly, we would like to say that we are very agnostic when it comes to the kind of opportunities we look at. We are not tied up with anybody, or we don't have any exclusivity. But we'll go on an opportunity-to-opportunity basis. Based on the merits of the development, we'll look at the opportunity. But I think I hope that answers your question. But yes, our strategy overall across the country to grow so fast is to work with developers who have lands already tied up, have a certain level of approval, because it makes things easier. Okay, sir. All the best. Thank you. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yeah. Hi, Irfan. Congratulations on a great quarter, sir. So my first question is on the leasing and BKC. So you said that 50% is leased out in Tower X. So we had benchmarked the rate at about 325. So by the time these towers are ready, do you think that we'll be reaching that rate, or what rate you have locked in for now? No. Actually, our leasing rate is above 350. So when we complete it, I think it should go above 400. But right now, what we have achieved is above 350, around 370 is the rate that we have. Okay. And the carpet rate will be almost double of this? What I'm talking about is superbuilt, not carpet. So it can be double. My way of calculating carpet to superbuilt is 0.65 now. Okay. Got it. But great. I mean, so 400 is what you're looking to achieve with this, and rates will go up higher as you lease further because half of the building is already. So what kind of blended rate do you think by the time it's ready, it should trade at? Hello? So by the time the building is ready, sir, and the entire leasing is done, what kind of weighted average rate can we expect from this now? Take it as it comes. We'll have to see what the market is each time. So at the moment, we are pretty happy that we've got some good companies who have committed the space. I can't reveal the names just now, but they are top-notch companies, and that is what gives us the sort of courage. But kind of makes like, is it more financial or IT/ITES or GCC? So what kind of tenants? I mean, at least the sector, at least you can highlight. Corporate. It's basically corporates. And then there are also some what we call co-working spaces also that have committed the space. Okay. And the second question is on the Prestige Business Bay, sir. So INR 7,000 crore GDV addition. So is it a commercial project? Also, what do you want to do here? Just wanted to understand what is the nature of it. We just got a starter sale. We are looking at, there is a vacuum in the market for smaller offices, and we felt it was a great opportunity. Location was good. The High Court is coming next door, so there'll be a lot of these smaller businesses, smaller requirements for smaller offices. So we haven't done startup for a long time, and in Mumbai, we haven't done at all, so we believe this was a good opportunity, so basically, what we are making is galas and selling it. This is in partnership, JDA project, or is it entirely our project? As of now, there is some understanding we have, but the company is handling this project totally on their own. But there is some, because of the work done by our partner, they will be getting a certain percentage of the profits, the top line. Okay. And my other question is, basically, in this quarter, was there any further consolidation of stake between the promoter and the company in this quarter? And if yes, then what was the content? That's all a thing of the past. There's no further changes that are likely to happen now will happen. All the consolidation, whatever that was needed to be done, is already done. Okay. And just the last question on sustenance sales and now with the inventory which we have. So what kind of sustenance sales can we expect on a quarterly basis? Because launches mostly for us has been a significant portion has been sell-out. So what kind of sustenance sales can we expect on a quarterly basis now? I think we have guided for INR 27,000 for the year. We have done INR 12,000, but then we have INR 20,000 inventory with us. So I believe from the inventory that we have, we should be able to sell about 25% of the inventory. But we have to add up new inventory to get other numbers. So at the end of the day, with the new launches and the sustenance sales, we should be able to do much more than what we already talked about. But as of now, I want to be guarded on this. I want to still stick to my INR 25,000-INR 27,000 for the year. Okay. And Forest Hills Phase II, you did not mention in the launch. Is it going to happen in second half? Because this quarter, you did not name it. No, Forest Hills, we've been selling every week after week. So Phase II is the next two towers I was talking about. Oh, we haven't launched those. You see, my strategy first, since we opened one tower, there are 600-odd units in that tower. We want to clean up the inventory there and then look at the second tower and the third tower. We don't want to open up everything and make a mess. Okay. But this year, it will happen? So second half, when are you targeting it? It depends on the velocity. I want to clean up the first tower which we've opened up and then start launching the other towers. Sure, sir. Thank you. And good action on the BD side, and good that you added that slide. That has been what we've been wanting. But INR 20,000 is a big number. Yeah. Thank you, sir. Thank you. Thank you. The next question is from the line of Deepak from JM Financial. Please go ahead. Hi. Good afternoon. This is Deepak Gupta from JM Financial. Thank you for taking my question. My question is related to a question asked by the previous participant with respect to promoter stake into some projects which was planned to be consolidated into the listed entity, be it projects such as Nautilus and Ocean Towers. If you could share an update on that. No, there's no change. It's the same thing. There's absolutely no change. Promoter has some shares. I mean, we did some consolidation. That's over. That's a thing of the past. There's a certain residual share that will remain, and there's not going to be any change. Understood. To clarify, Nautilus promoters don't hold any stake. Okay. Got it. And secondly, last about a year and a half back, there was sort of a funding arrangement done with ADIA for four projects which were getting carved out. If you could give us an update on the status of that arrangement and how is that going? No, ADIA, we had a platform, but we didn't meet the fund, so we have not drawn out anything. Understood. Okay. Thank you. Thank you. The next question is from the line of Abhinav Sinha from Jefferies India. Please go ahead. Hi, sir. On the business development part, great to see the numbers. Can you just talk about what is the payment that we have made for these projects and if anything is pending here? Okay. Some of them are actually JDA, so there's not major payment like Tellapur, Pujanahalli, Kothanur. These are JDA projects. So there's not major payments on these projects. What is the own land is actually Velachery and Pulimamidi. In Velachery, we have paid INR 100 crores. In Pulimamidi, another INR 70 crores is what we have paid. So total INR 170 crores on this. And apart from that, other projects as well, we have Velachery and Kothanur, those are INR 600 crores is what we have paid, INR 650 crores on residential segment. Okay, so other projects have paid 600, although they're still in JB, right? On entire total business development, we have paid INR 650 crores for the quarter. On these projects, close to INR 200 crores is what we have paid. INR 200-INR 250 crores. Okay. Got it. And is there a GDV addition target or what we can expect given the large budget that you have highlighted for the year? No, this is a work in progress, and it's organic. That's how the GDV addition happens. We are providing this because we got a lot of feedback that they want more clarity. So whatever has been formed up, we are highlighting it and adding it as an extra slide. Our target remains as an annual target, and that's how we keep adding the GDV. That annual target is basically replacement of the year sale. Is that the target or? Right. That's right. Yeah? Okay. So secondly, on the launch slide, can you just give us a little detail on where Falcon City and Raintree Park are exactly in the approval process? Which stage are they in? So Evergreen, we should get approval this quarter. Falcon City should also take maybe another quarter or two at the most to get approval. Okay. So Evergreen, we should get the RERA this quarter and launch, and Falcon City, we will apply for RERA next quarter. Okay. Got it. And finally, on the Mumbai projects which have been added, I was looking at slide 29. So can you detail where are the locations of these three commercials which are upcoming? Sure, so Prestige Quantum is in Sahar. It's an office project in Sahar. The next number 10 commercial is at the Prestige Place. This is part of Jijamata Nagar, which is a mixed-use development. We've conceptualized it as the Prestige Place. So it'll have, as Mr. Razack said, office. It'll have hospitality where they're getting the Waldorf Astoria. They're going to have branded residences by Waldorf Astoria for sale, as well as further luxury residential and retail as well. So that is what comprises the Prestige Place. So that's what the commercial is, and Prestige Business Bay, this is also outside BKC. Okay. Got it. Thanks and all the best, sir. Thank you. The next question is from the line of Karan Khanna from Ambit Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity. Just a couple of questions from my end. Firstly, if I look at slide number 22, your upcoming launches, most of this is largely skewed in Bangalore for the rest of the year. Given all the news flow that we are hearing around job cuts in the IT sector and the larger feedback that we get from channel partners about pricing sort of pressure in the Bangalore market where rate hikes are becoming more of a challenge, how do you see this in terms of the overall market trends? And more importantly, what's the on-ground sales that you're getting as far as price tags that you've been able to take in your current projects? Sure. If you see the last two quarters, I think the market has performed very well. It's a stable market. Bangalore has always been a stable market. And given the higher realizations, there has been good demand and absorption. Most of the projects, whatever we've launched in Bangalore, have sold extremely well, right from plots to apartments. Southern Star has sold well. We've got Raintree Park in the past. It's sold well. We've launched Gardenia Estate. It's sold well. So we don't see anything on ground where what you're saying has any credibility. So I would say that things are good, and we're very positive on the market. And it's been very resilient as well. So I think this segment, we're very confident about. Yeah, my conviction. Sure. And then second question, if I look at slide 23, the GDV of new acquisitions done during quarter one and slide 26, what kind of IRRs are you penciling in in terms of new acquisitions that you're doing this quarter? And more importantly, how have you seen the IRRs trending over the last two or three years in all the new project acquisitions that you've done? Generally, the benchmark of business development is a gross margin of 30%-35%. Even the acquisitions we have done in Q1 will be in that range, to be in the range of 30%-35% gross. Sure. And then lastly, in terms of given the success that you've seen in Indirapuram, how should one think about future launches? I understand you're looking at FY 2027 launches for Sector 150, Noida, and also KB Marg. But are there possibilities for you to sort of front-end the launches in FY 2026 in place of FY 2027? See, we're working on adding up new opportunities. So I think this year, by the end of this financial year, we'll have some new opportunities, and we'll reveal more about it. As of now, it's a work in progress. Sure. I'll come back in with you. Thanks for the update. Thank you. The next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah. Just a couple of questions on Hyderabad and Chennai market. So I think Hyderabad, Prestige City, after that initial success, the project has now gone into sustenance and a little bit slower than our usual standards. I think we last quarter did around INR 500-INR 600 crore of sales combined from Prestige City as well as, I think, Spring Heights. So how are you reading Hyderabad as a market currently? Any such as reason why we are a little bit slow on monetizing the TPC Hyderabad inventory? And also, Chennai, your experience with this first project and since you are expanding your pipeline there, in general, what would be your expectation of annual contribution from Chennai as a market once we build this pipeline? Chennai has done well. Also, Hyderabad, you're talking about Spring Heights. Prestige Spring Heights, we did what we did without the CEC. There was a pent-up demand from our existing customers. But then the thing is, I think both projects have done well, keep doing well. We ourselves are not pushing the sales too hard or not promoting it because we also want the price to go up a bit. There's no sense in just selling it off very cheap. So we've increased the price. We've kept it there. The momentum is quite good. We just finished excavation. There's a long way to go. And I believe both these projects have performed well. And you asked a question, what will be the contribution of Chennai annually when we get our act together fully? I believe we should get INR 5,000 crores from Chennai. I think we'll get that once we have at least half a dozen projects moving, out of which we've got two more in the pipeline. Sure. And just on Prestige City, Hyderabad, any specific reason why it has gone a bit slow after that initial rush? No, it is. I think every month sales are happening. We've increased the price also there. And the inventory that we hold is very small. And I think as we go along, see, there's a momentum and push that happens when I've sold 75% of the inventory already. The balance really need not be pushed because the project is still only halfway stage. Got it. Got it. That's really helpful. And that's it from my side. Thank you. All the best. Thank you. The next question is from the line of Abhir Pandit from Old Bridge Mutual Fund. Please go ahead. Hi. Thank you, sir. Sir, my query relates to your execution that you have done. I believe you have done two major projects in Mumbai in the span of 3.5 years, right, from launch to handover. This execution speed is truly remarkable. But just now, trying to understand, since the breadth of your operations is now increasing to a great extent, how are you managing the execution risks given the scaling up of your operations? And specifically, this is in relation with Bangalore, since we have heard from our peers that launches or approvals related to launches have been facing an issue recently. This approval issue will be there till time immemorial. There will be some changes in the law. There'll be some changes in the people who come inside. But I think the code is very much the same. In Bangalore, yes, there was some hiccup. I think we should not cry about it. That also goes on. There was some issue based on some charges and other things. And the developers got a favorable order. We won the battle, lost the war. So now the government says, "Without any charges, how do I sanction plans? We also need money." So that is going on. It's a work in progress, but approvals will happen. I don't see any reason why it shouldn't happen. And you said you asked about the execution. Yes? Yes. Execution risk is always there. So that's why we at Prestige engage the best-in-class contractors with the proven track record, and we build relationships with all contractors. You see, it's just not the civil. Along with that is MEP. It's vertical transportation. It is doors, windows, all of it. So since we have that relationship and we have got proven people with proven track record who deliver to us again and again, project to project, so we deal with them. So it's easier, and we're able to extract out good work out of them. So that's how we're able to execute faster. And most importantly, there's a process. There's a team that is on the job. And whatever project that we've taken up, the speed will never be sacrificed. Of course, now with all cash flows being tied up and kept, so there's no problem on cash flows also. The money has to be spent for the project as quickly as possible. Okay. Okay, sir. That's all from my side. Thank you. Thank you. The next question is from the line of Akash Gupta from Nomura. Please go ahead. Hi, sir. Thank you for taking up my follow-up question. Sir, so there has been news around job losses, and then there is another news of these Trump tariffs impacting India in macro. I just wanted to know your thoughts around the resilience of the Indian real estate demand. So I just wanted to know your views on it. And also, if you could give some data around footfalls and conversions, has that changed on a year-over-year basis, or are you seeing that improving? See, now the macro environment is changing every day. Something or the other new keeps happening. Now, that doesn't mean to say that we should not stop. We should stop building or not do business because everywhere there is that thing. Now, job losses have happened, and these jobs are actually people who just came up in our board also yesterday. We had a discussion, and these are the jobs that were lost are people who actually were the non-technical staff, whatever it is, but then at the end of the day, we need to see more jobs are created, and it's not good news that jobs are lost. We have to make sure I mean, we have to be sort of alert towards that, and of course, tariffs, I don't know how it will affect us. As of today, I don't see tariffs affecting the Indian real estate, in any which way. I believe it will be working in our favor rather than against us. Got it, sir. Thank you so much. Thank you. The next question is from the line of Yash Gupta from Prestige Estates. Please go ahead. Yash Gupta this side from Asit Koticha Family Office. Sir, referring to slide number 28, The Prestige City Mumbai, we are showing 90% ownership. I think we have some partner in BKC and Mahalakshmi both the project for around 50%. Then, As for the Prestige Mumbai, Prestige Mumbai, is it Nautilus or Prestige Mumbai? No, sir. Racecourse Road, Commercial Tower. Please answer. 90% is basically we have given some area as per the commitments to various owners who had interest in that development. So it's because of that 90%. If you see, whatever is available area, that 100% belongs to Prestige. It's not 50/50, as you mentioned. Okay. And same thing for the BKC also? BKC also, it is 100%. Yes. BKC, yes. Okay. And one question on the Jasdan Classic. Recently, we have completed that building, and we got the OC also. What the revenue we have booked in this current quarter, Q1, FY 2026, and what revenue we are expected to book in maybe next quarter or throughout the year from the Jasdan Classic only? So the entire project should get handed over by FY 2026. In Q1, just two or three handovers were done. It was not nothing major. But in the current financial year, whatever we have sold, which is close to INR 950 crore, should get recognized as revenue. If I'm not wrong, the project is worth INR 1,700 crore GDV. It is INR 1,500. We have a stock of around INR 40,000 crore to sell. Okay. Sure. Thank you. Thank you very much. Thank you. The next question is from the line of Shivam, an individual investor. Please go ahead. Hello. Yeah. Am I audible? Yes. Yeah. Sir, I just wanted to refer to the slide number 19 that we have given a figure of free cash flows. Ongoing and completed would be around like INR 20,000 crore, and upcoming is INR 30,000 crore. Correct? Yes. Yeah. So I just wanted to ask that due to this accounting policy, when do we see that reflecting in our books, this ongoing plus completed number, and any timeline on the upcoming one? These three cash flows are basically amounts that we'll be collecting from our ongoing and upcoming projects. So this is basically the cash flow that company will get once the projects are completed and whatever dues are from the customers collected. And after deducting whatever costs we need to incur on construction and land. So this is around close to INR 50,000 crore is what we are guiding that once our projects are ongoing and upcoming projects, the company will get INR 50,000 crore of free cash flow. Now, on the revenue recognition, we have close to INR 57,000 crore of revenue to be recognized on sales already made. These revenue will be recognized when the project is completed and handed over, which will happen over a period of three to four years. And upcoming, you had mentioned the timeline. If you see the slide, we have actually mentioned the expected launch date also, the financial year in which the projects will get launched. Yeah. The projects will be launched, but it comes into our accounting only when it gets completed. So any timeline that when we are seeing the major chunk of our P&E getting increased, like any timeline, any fiscal year which you have seen? Again, for ongoing projects, if you see, we have given a timeline when the projects are getting completed, and you can see a six-month period within which the revenue recognition will happen for the ongoing projects. For upcoming projects, say from you can see three to four years is the time period when we'll require to complete the project. For example, if you are planning for launching a project in 2026, the revenue recognition will happen by Financial Year 30. Okay, sir. And the ROE slide also you have given for the quarter one FY 2025/2026, the ROE annualized is coming at around 31.96%. So do we plan to maintain this in the coming four to five years, the 31.96%, the ROE? Yes. You are talking from the segment, right? The residential, office, retail, services, the different segments that I am talking about residential. Yes. It will be in that range. Again, it will be dependent on how much revenue we recognize in a particular quarter. So if revenue recognition is high and consequently the profitability is also a higher number, the ROE numbers will improve. So right now, if you see capital employed includes capital employed on ongoing as well as upcoming project. But revenue recognition is happening only for completed. So there's a mismatch in that aspect, but it will be in that range. Just to give you a ballpark number, my ROE numbers on the residential will be in that range. Okay, sir. And my next question would be to Irfan, sir, that do we have any plans to increase our promoter stake in the company? Because yesterday, I was in the DLX call. So Mr. Akash was saying that people were hyping about their Mumbai launch, and when that good news came, the stock went down by 2%-3%. So he was also like that. He also doesn't understand how the market scenario works. So given the current valuation of our stock prices, so does Irfan, sir, want to increase the promoter stake? I don't think that I want to work the market. You see, we will want the market to handle itself the way it is. At the moment, promoter stake is 61%. I will keep it at that. I don't see any reason why the promoter should sell or buy at the moment. You see how things go. Of course, we do believe in our own company, own stock. At some point of time, if you say buy up the whole stock and become an unlisted company, it's a separate story. Okay, and sir, can you talk a bit about the sentiment in the commercial real estate market right now? Because in an interview like past three to like three, four months back, you said that investing in the commercial real estate is a very good opportunity right now in India, so can you talk about something about the current sentiment in the commercial real estate of India? In commercial real estate, the number of players who are building commercial real estate are very few. So the inventory that's coming up today, it's all nice. It's fresh. It is good. Even Prestige is producing some of the best commercial assets across the country. And there is opportunity there. And we still will be we are now waiting and working hard to complete whatever we have started, which will happen by 2028. And I think at that particular time, I think our exit rentals will go up to about more than INR 3,000+ crore, maybe INR 3,500 crore. And commercial real estate, the demand has been still strong and goes unabated. There's no risk or there's no sort of worry that there will have vacant spaces and things are good. Except putting a disclaimer, in the Hyderabad market, there is a slight oversupply. That too, again, in the HITEC City, there's no availability. In the other peripheral areas, there is availability. But then that also will get filled up at a price. And, sir, any plan of bringing a REIT of your company? Plan of REIT listing of your commercial. That's the long-term plan. It is, I've been saying this. There will be a REIT for retail as well as for commercial when we reach the critical mark, which is three to four years down the line. Okay. So you are waiting for the REIT into the critical market. Okay. Sir, we have to get into a certain critical mark in terms of overall square footage, both in commercial as well as in retail. Then only it becomes meaningful. Okay. Okay. Thank you so much. Thank you. Thank you. Ladies and gentlemen, as that was the last question, I now hand the conference over to the management for the closing comments. Over to you, sir. Thank you so much, everybody. It's been quite exhilarating, and we had some really good questions this time. The management as well as the entire team is always working hard to provide shareholder return and to give the best. And I think the company is keeping up to their targets and will keep up to their targets. And they are all on the job all the time. Thank you again for active participation. Thank you. On behalf of Axis Capital Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.