Ladies and gentlemen, good day and welcome to the Prestige Estates Q4 FY 2026 earnings conference call hosted by Axis Capital Limited. I now hand the conference over to Mr. Pritesh Sheth from Axis Capital Limited. Thank you and over to you, sir. Thank you, Sagar. Good afternoon, everyone, and thanks for joining the call. From the management of Prestige Estates, we have Mr. Irfan Razack, Chairman and Managing Director, Mr. Zayd Noaman, Executive Director, and Mr. Amit Mor, the Chief Financial Officer. I'll now hand over the call to the management for their opening remarks. Thank you, and over to you. Hey everyone, and thank you for joining us today for the earnings call of Prestige Estates Projects for the fourth quarter and financial year ending 31st March, 2026. As you know, this year has been an important year for the company, marked by strong operational momentum across all our verticals, be it residential, commercial, retail and hospitality. It also marks several important firsts for us as a company. We launched our maiden residential project in the NCR market, which received a resounding response translating into a sales of over INR 9,500 crore from a single project alone. We also achieved our first major residential completion in Mumbai during the year, showcasing the continued strength of our execution capabilities across regions. During the year, we also crossed the milestone of having completed 200 million square feet across 300 projects since inception. During the year, and most importantly, we delivered our highest ever annual sales of over INR 30,000 crores, reflecting a growth of over 76% year-on-year, supported by robust launches across key geographies, healthy demand conditions and disciplined execution and strong collections. For the full year, sales volumes grew 77% year-on-year to 22.28 million square feet, while collections crossed INR 18,500 crores, reflecting a strong 53% year-on-year growth. We also launched over 31 million square feet during the year with a launch GDV of approximately INR 27,000 crores, demonstrating the scale and depth of our development pipeline. These launches witnessed a high sales velocity of 63%, contributing to INR 17,300 crores in FY 2026 sales itself. Our performance was well diversified geographically with Bangalore, NCR and Mumbai continuing to contribute meaningfully to overall sales. Importantly, we also continue to see healthy realization growth across both apartments and sorted developments. Beyond residential, our annuity business continued to demonstrate resilience and stability. Our portfolio maintained healthy occupancy levels of 92%, supported by sustained leasing demand from GCCs, tech companies and domestic corporates. Our retail portfolio continued to perform exceptionally well as well, with near full occupancy of 99%, healthy footfalls and strong consumption-led growth across assets. The hospitality segment also delivered a steady operational performance during the year. On the business development front, we added projects with a GDV of over INR 50,000 crore in FY 2026, further strengthening our future pipeline across Bangalore, Mumbai, NCR, Hyderabad and Chennai, positioning us well for sustained long term growth. Coming to our financial performance. For the full year, revenues stood at INR 13,196 crore, registering a growth of 71% year-on-year. EBITDA stood at INR 4,219 crores, up 43% year-on-year, while PAT stood at INR 1,312 crores, reflecting a strong growth of 113% year-on-year. EBITDA margin for the year stood at 72%, while PAT margin stood at 9.9%. During FY 2026, we also generated a healthy operating cash flow of approximately INR 7,100 crores, a strong 58% year-on-year increase, reflecting the underlying strength of our business and collection profile. We have exciting project launches coming up across Bangalore, Chennai, Mumbai, NCR and Hyderabad during the financial year with a GDV of almost INR 58,000 crores, in addition to our inventory of INR 19,000 crores. We already began FY 2027 with a massive launch in Prestige Golden Grove in Hyderabad, Tellapur, which is an INR 9,500 crore project which met an overwhelming response. Overall, we remain focused on disciplined growth, calibrated expansion and timely execution, strengthening our annuity portfolio while continuing to create long-term value for all our stakeholders. With that, I will now open the floor to questions. Thank you. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then one on their touchtone phone. 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. Again, to register for a question, please press star and then one. Your first question comes from the line of Puneet from HSBC. Please go ahead. Yeah, thank you so much. Congratulations on great performance. My first question is if you can give some color on what you are seeing currently in last one month in terms of the demand environment and the business development environment. The quarter started with a bang for us. We launched a project in Hyderabad, Prestige Golden Grove in Tellapur, where we've done some significant sales. 2,300 crores of sales over there, and I think that's a fantastic result. Overall, I think the momentum has been very healthy across cities as well, and we feel this momentum will continue. Okay. Similarly, on the business development side, any change in competitive intensity, land pricing, et cetera? I think things remain the way they are. Things don't change immediately overnight. We have seen wherever we have taken up transactions, we've maintained whatever is feasible for the company, and we'll match feasibility. Understood. Secondly, if you can talk a bit about the hospitality part of your business. What were the revenue, EBITDA that you made during the year and this quarter? Yes, absolutely. In the hospitality vertical, we touched a top line of INR 1,050 and EBITDA of close to INR 400 crores after deducting even the corporate overhead. At the hotel, if you see at the hospitality level, EBITDA is close to INR 440 crores for the entire financial year. Okay. What is the progress on completion of your key hotels in Delhi, and any change. The Delhi hotel will be completed. Well, actually, the office should be ready in the next two months, the OC. Otherwise, the teams are working hard, and we should have a grand opening sometime before or after Diwali. Both the hotels? Yes. It's one box. It's one project. It's both The St. Regis as well as the Marriott Marquis, as well as the office, about 600 plus 1,000 square feet. All that will be ready, and we should start grading the hotel after Diwali. Understood. Just on the financial side, we've noticed on the Q4 perspective, both the CapEx run rate and the residential spend run rates have gone up. Should we think of that as a new run rate, or do you think there were some one-offs in the fourth quarter? That will be the going forward spend, Puneet. You can say INR 10,000 crores on the development line, INR 9,000 crores-INR 10,000 crores will be the spend on the development business side. On the CapEx side, it will be around INR 4 thousand-INR 4.5 thousand. Understood. That's really useful. That's all from my side. Thank you so much, and all the best. Thank you. Your next question comes from the line of Pritesh Sheth. Please go ahead. Yeah. Thanks for taking my question. Firstly, congrats on a good year. If you can help first with the guidance for next year in terms of the key parameters, pre-sales, collections, that would be helpful. Yeah, that's my first question. Yeah. See, we've actually done some phenomenal sales this current year. We've gone up from INR 17 to INR 30,000. That's almost 100% jump from the last year. Even the collections have done the maximum collections we've ever done in the company, which is INR 18,000 crores. Now going forward, the base is very high, very large. I do believe that there is more scope, more room for growth, and the teams are focused. I believe that we should look at a growth between 15%-20%. On the collections front, since we had a good year last year, so what should be the ballpark growth rate there? Of course, in the same similar 15%-20% growth should be there. Again, it's a function of launches and function of sales. I do believe that this is what we should and will achieve, unless something drastic happens. As of now, I think that's the plan. Sure. Just to clarify on the business development, if I heard you correctly, you said INR 9,000 crore-INR 10,000 crore of business development spend from here on? No. Development business. I meant on the construction side, residential side will be 29 to 10,000. Okay. If you see what has happened in the current financial year, the business development spend is on a higher side. This is basically because there were some government and corporate lands which were available, which we have acquired. Basically, one parcel in Hyderabad, and we have acquired three parcel of land in Chennai. Whatever capital deployed on business development this financial is on the higher side. For the next year, we expect what we have allocated right now is INR 4,500 for the business development. 4,500 crore. Okay. Got it. Just to clarify again, this INR 2,600 crore that we spent in Q4 was only for the acquisitions we did in this quarter or something from the previous quarter also slipped over to this quarter, and hence we had this higher number? Some portion is of the previous quarter also. For example, the Raigad land what we acquired in the previous quarter. One installment, that's the final installment. The registration was falling due in the current quarter. We paid that amount in the quarter, close to INR 600 crores, INR 650 crores what we have paid just on that parcel. Sure. Got it. On the commercial side, while I think we have made a good progress in leasing the BKC asset, which is 70% pre-leased now, if I understand that correctly. The Prestige Mahalaxmi is still 10%. Is it a kind of deliberate strategy to hold on to those leases or our rental expectations are something which probably right now market is not considering and hence we are a little slow on that leasing? No, no, it's a deliberate strategy to delay that leasing in the Mahalaxmi, because Mahalaxmi will be a product which has not been seen, and which can't be seen in the near future. We are being a little slow. Having said that, I think, we have committed something like about 400,000 square feet even there to some top-notch clients at some great rentals. It'll happen. We are not in any desperation or any hurry because it's still a long way to go for us to complete the project. Sure. Got it. That's helpful. That's it from my side, and all the best. Thank you. Thank you. Thank you. Before we take the next question, a reminder to all the participants. If you wish to register for a question, please press star and then one now. Your next question comes from the line of Kunal Lakhan with CLSA. Please go ahead. Yeah, hi. Good afternoon. Firstly, on the next year launch pipeline, if you can give some color on in terms of what could be the GDV of the new launches that you're targeting for FY27, and on the key launches which will contribute to FY27, where are we on the approval side or development plan side? Yes, sir. On the BD front, we added about INR 50,000 crores of pipeline across the company. This year as well, we will also continue to add projects to the PEPL. In terms of upcoming launches, for this quarter, we have about three to four projects which we will launch with around INR 5,000 crores of GDV. That is Gardenia phase two in Bengaluru, Palm Courts in Chennai, and Forest Hills in Mumbai. That should give you around INR 5,000 crores in GDV. The balance total is about INR 57,000 crores of GDV for the rest of the year is what we expect to launch. Just to add that, Kunal, we have already launched Golden Grove, so 9,500 is already launched, and apart from that, balance 5,000. 5,000 is expected to be launched. expected to be launched this quarter. Hi, Kunal. Are you able to hear us? Hello? Kunal, does that- He's still on the line. I think he's still there. I think he's still there. Kunal- Hello Does that answer your question? Yeah, I think. As there is no response from the line of current participant, we will move on to our next question. Our next question comes from the line of Abhinav Sinha with Jefferies. Please go ahead. Hi. Sir, a couple of questions. Firstly, on the lease business, what are the rentals you have received in BKC, and also secondly, in Bangalore, how are the rentals trending right now? How are the rentals in BKC and the rentals in Bengaluru? Rentals in BKC is pretty strong. I think as of today it's around the INR 360 mark. Okay, Bangalore? Bangalore depends on which location. You see, Bangalore also, the rentals can be anywhere between INR 60-INR 130, which is outer, and CBD will be around INR 200+. How are they trending considering we have a large pipeline now opening up in FY 2027? Are you still seeing growth on a YY basis or rentals are flat now for the last few months? There is growth. In fact, there is no space that we have which is ready. That is a good positive thing for us. I believe that as and when space gets ready, we are also looking at some few pre-leases, which I can't tell you to whom. On the outer ring road, there's something exciting happening, where we are putting up the phase two of Lakeshore Drive, and we are doing the signature tower of Lakeshore Drive with some good discussions happening with some big clients to take almost all the space. It's quite positive. The second question on the balance sheet side with about 0.65x net gearing, are you comfortable with the current level, or you would like to bring this down? It's work in progress. Ultimately, net is when all our CapEx assets are ready, whether it's office or retail or hospitality, there will be a REIT or an IPO, and that will help us unlock capital. In the residential side, we really don't need any debt as such because it's all self-liquidating. Only at some point, as we are buying some big tracts of land, there will be a requirement for capital, but that moment the project is launched, we'll start cashing out. You see, there's no hard rule in how it's done. At the same time, I think whatever we've done is pretty comfortable and I would say pretty easy considering the amount of work that we are doing. Okay. Sir, finally, on the launch pipeline question I think which Kunal was also asking. For some of the large projects which we have in Chennai, and the remaining pipeline in Hyderabad, what should be the timeline for those? Sir, we've just bought land. That is the Ramco land we've just bought. The planning is done. Now it will go in for approval. Similarly, we bought the previous land. This again will go for approval. It will take six to eight months for these approvals to come. Now, there's a brand-new dispensation which is talking all positive things. Hopefully it will not take too long, and we should be able to launch quickly. Right. Thanks and all the best. Thank you. The next question comes from the line of Parikshit Kandpal with HDFC Securities. Please go ahead. Yeah, sir. Hi. Congratulations on a decent quarter. Just one clarification first. This Prestige 101, so you have leased out 70%, so it includes both the tower X and Y, right? Which one? What did you say? Sir, you have said Prestige 101- We only talked about X. We said we'll complete X, then we'll talk about Y because Y also has the Edition Hotel also. We want to do it properly. Today, the leasing is we are only talking about the X tower. Though all towers are getting ready. Of course, X will get ready faster than Y. It's all work in progress. Okay. Second question is, now seeing we have started seeing momentum on the construction on the commercial side. Do you think, is it the right time to look at some strategic investor to come in and probably dilute some stake in the commercial portfolio and raise some capital for growth or CapEx? Which may alleviate some issue. No, not yet. not yet. Not just now. Not yet. Do you think? Now our game plan is we've got a good goal. I think we'll be working towards that goal. Is there any timeline, or are you open to option, or you're not planning, you will first build out and then only look at doing some kind of monetization there? We have an open mind, but the idea is now to build out and lease it and then do whatever. Okay. Build and lease and then do whatever you wanted to. Okay. Sure, sir. Third thing, sir, just on the Mumbai portfolio. Now we see that there is whatever GDE is left now. We are not seeing any major project, new project coming up beyond the sustenance, and only the commercial is coming up. How is the business development pipeline building out in Mumbai? Because it has been a good contributor last year. In next two years, how do you think this will build out? I also see that you have added Lonavala as in the land bank. What is that project? No. See, the thing is, there's a big pipeline for business development in Mumbai. Actually, we go slow. At the same time, there's a lot of opportunity. We've got the biggest one, which is called the Prestige Place, which is in Worli, which is the Jijamata Nagar, where we've done the plans, everything else. Even that will come into the market. We've tied up something in Borivali, we've tied up something in Thane. Of course, we have office, which is about 1 million-plus square feet near the airport, Sahar airport. It's quite a lot of things that are there. There's no question about not being there. There's a big pipeline, we are very conservative. We are very measured in what we take. There's no sense in going full speed ahead. Within the pre-sales now from Mumbai, how much you are targeting this year? You have done INR 6,000 last year, what would be internally you'll be targeting from Mumbai in this way? Mumbai has done 6,000. As I said, we are looking at a growth of 15, 20%. If we get more, it'll be great. Okay. Sure, sir. Thank you. Those are my questions, and wish you all the best. Thank you. Before we take the next question, a reminder to all the participants, please press star and then one to ask a question. Your next question comes from the line of Akash Gupta from Nomura. Please go ahead. Hi. Thank you for taking my question, and congratulations on your set of numbers. My first question is on the Prestige Mahalaxmi asset. Has there been any delay by one year of completion from FY 2028 to FY 2029? If that's the case, we are not seeing any change in the exit rental estimate. That's my first question, what's going on that front? No, there's no delay at all. We are all on track. Everything, whatever we are now, right from the day one, we've been consistent. There's no delay. Understood. Sir, my second question is on the- That's because it was calendar year when we planned to finish it in 2028. Maybe it moved from FY 2028 to FY 2029, but it's the same calendar year. Understood. Sir, my second question is on the Jijamata Nagar project. I thought we were expecting it in FY 2027, but now it's moved to FY 2028. Is there any chance of it moving again to FY 2027? What's the thought on that front? I think it could happen. You see, it's all a question of timing. It's a question of getting the approval. We have done the plans. Regulatory stuff, till the regulatory stuff gets done. Otherwise, the plan is clear. It's a flat plan today, and I think it's only about approval. Understood. Sir, just how should we look at the peak net debt or peak net debt to equity? Just thought on operating cash flows, what's our peak net debt to equity? Is there any hurdle that we don't want to cross from a peak net debt perspective? Again, this quarter we have seen a slight spike in the debt-to-equity level because of what we mentioned, that we had acquired a couple of land parcels. All those land parcels what we have acquired, we are looking at launching in the current financial year. There will be a lot of capital which will get unlocked. In the current financial year, we don't see the debt-to-equity spiking further. We have kept a cap of 0.75. We don't believe that we should breach the 0.75 level. Plus, what happens is we can't look at it quarter on quarter. We have to look at it holistically. In Chennai, we spent INR 800 crores for Ramco, another INR 350 or INR 400 crores on TVS. A lot of money has gone in. Then something in Aarey Nagar in Mumbai. All these investments are being made, and they'll get cashed out eventually. Understood, sir. Moreover, our operating cash flow also has been quite healthy. This current financial year, we have done INR 7,000 crores of operating cash flow. The growth what we are predicting, 15%-20%, should result in the coming financial year an operating cash flow of INR 8,500-9,000 crores. We don't see any further spiking it unless we do some large acquisition or anything. Understood. Sir, my final question is on the EBITDA margin front. In the fourth quarter, we have recorded roughly 26%. Eventually, we expect this number to go to 30%. By when should we expect that number to start coming in? I think now in FY 2027, our FY 2022, 2023 projects should start getting completed, right? I agree that whatever we have done in 2022 is getting recorded in the current financial year. Maybe whatever we have done in 2023 will be recorded in the financial year 2027. What has happened also in the last couple of years quite fast. We had a plot INR 10,000 crores of sales in FY 2022, and that is what we have recorded, close to INR 9,500 on the residential front in FY 2026. My residential pre-sales number is now INR 30,000 crores. Just to give a number, my approximate overheads, including my salary cost, my advertisement, marketing spend and all that is INR 2,000 crores. On a INR 10,000 crores, it is 10% overhead rate, on INR 30,000 it's just 3%. There's a gap of 5%-6%, which is just because of the lag in revenue recognition versus the pre-sales. Till the time my revenue recognition does not catch up with the pre-sales number, you will see some difference in the reported number versus the actual EBITDA number. Understood, sir. That's all the questions I had. Thank you so much. Thank you. The next question comes from the line of Kunal Lakhan with CLSA. Please go ahead. Yeah, hi. Sorry, I got disconnected. Just following up on my question in terms of if you look at the launches of INR 57,000 crore, and say, last year, I think almost 60%-65% of sales came from our new launches, or new launches were almost 60%-65% sold. If you just do the same math and add the INR 3,500 crore of substitute sales, we should be able to be on the higher side of the guidance or maybe possibly even surpass the guidance that we are giving for FY 2027. Would that not be a fair assumption? I believe that is a fair assumption. At the same time, we want to be conservative in how we approach this. Of course, we will make the best efforts to exceed our guidance. We will at bare minimum meet the guidance of 15%-20%. Understood. Out of INR 7,000 crores of GDV that we were slated to launch this financial year, we've already launched INR nine and a half thousand this quarter. We have planned to launch another INR 5,000 crores worth of projects, which should give us about INR 14,000 crores of GDV for this quarter. All of this depends on the regulatory environment. Hopefully, all being in our favor, this will happen. Sure. Also on the demand side of things. When we look at FY 2027, a lot of our launches are Bangalore and Hyderabad-heavy or centric, right? How should we look at in terms of the demand environment in these markets? Considering the narrative that's going on the IT side of things, tech side of things, in terms of hiring as well as job cuts, what are you sensing on the demand side? Are you seeing some slowdown in the decision-making, some impact on footfalls conversion? It's been very healthy so far. Our sales have been consistent month-on-month across different geographies. The base customer, ex-Mumbai, has been the IT customer. I would say yes, they have accepted the higher pricing and these larger ticket price forms as what it was compared two years back. We've also been very cognizant of what the appetite is, and we've also been designing products as such, not to exceed a certain ticket price. As long as we're selling within that region, I think sales will be very healthy. The mid-income is always evergreen. We haven't seen any sign of slowdown. Okay, just a follow-up on that. Are you alluding towards some? Sorry, we're not able to hear you clearly. Kunal, sir, we have lost your audio once again. Hello. Kunal sir. Yeah. Sir, we had lost your audio once again. Sorry. Can you hear me now? Yes. Yes, sir. Yeah. I was just asking that are you alluding towards there is some pressure or pushback on the higher ticket size apartments in these markets? In fact, there's no pushback at all. The demand is the same. There's no pushback at all. Okay, sure. Lastly, on the Jijamata Nagar launch, the SRA related issue, is it sorted? What could be the contingency on this if this prolongs? No contingency. It all will be done. We are coming up with a much better scheme. It's only work in progress. The next quarter we'll be very sure where we are. I think maybe in the next call, we'll be able to tell you something very positive. Perfect. Thank you so much, and all the best. Thank you. Your next question comes from the line of Biplab from Emkay Global. Please go ahead. Good afternoon, congratulations on the excellent year. First question is more of a clarification on the net debt issue I didn't understand. Sir, are you saying that there would be moderation or the net debt number won't go up in absolute terms, and it will stay at INR 11,000 crore level? Are you referring that debt equity ratio will stay at the same level? We are not saying that it will remain at the same level, but it will remain within 0.75 debt equity level. There will be a play to maybe INR 1,000, INR 1,500. It will go up and go down. This is not a problem. So dynamic. It's dynamic. What we are saying it will remain within 0.75 levels. We have heavy cash flows, which will sustain our development business as well as give cash flows to our business development. The reliance on debt will be minimal. Okay. Thanks. On the rental assets that you are developing in BKC, Mahalaxmi and Dahisar, by when do you expect them to generate full pledge rental? I mean, say, 70% occupancy and generating rental in these three assets. Properties get ready. It's all we look at FY 2028 or FY 2029. Okay. By 2029, you mentioned about the property getting ready. Do you expect them to be fully leased and generating rental full pledge? Yes. There's no doubt. Okay. Final question is on the Noida project, Bougainvillea. Is it at the same level that it was earlier or there is some progress? Because we keep on reading news that there is some Supreme Court order, things are moving in that sports city sector. Now, finally, there's some positive move on that. The master plan has been approved. Now we can go and get our building plans approved, and we'll be ready for launch in the next quarter. Oh, that's the great news. Thank you, sir. Very positive. Very positive, sir. Thank you, sir. Thank you. The next question comes from the line of Parvez Qazi with Nuvama Group. Please go ahead. Hi. Good afternoon, and thanks for taking my question. My first question is continuing to Biplab's question. In NCR, we also have added another project, Prestige Meadows, 3.8 million square feet. Just wanted to get some more color on it. Is this our Gurgaon project and do you expect to launch this in FY 2027? Yes. Yes, we do. The plan is to launch it this year. This is the sector 90 or sector 92, if I'm not wrong. Right? 92. 92. Sure. Second question is, in Q4, what was the contribution of launches to our pre-sale? Sorry, in Q4, what was the contribution of launches? Launches to our pre-sales. What percentage of our Q4 pre-sales came from the projects that we launched in the same quarter? Financially, it was 63%. Maybe I'll share that data point with you for good accuracy. Sir, I'll take the data offline. Lastly, of the INR 50,000 odd crore of GDV addition that we did in FY 2026, what is the payment which is still to be made for those projects added? Thanks. Whatever we have added on the business development, the balance is all those lands we have fully paid. The one we acquired in Raigad and the two land parcels in Chennai. The balance to pay is close to INR 500 crores. Sure. Thanks. It will be paid for. I think major balance paid. Yep. Thanks, and all the best. Thank you. The next question comes from the line of Gaurav Khandelwal with JP Morgan. Please go ahead. Hi. Good afternoon. Thanks for taking my questions. I just wanted to ask if you're seeing any issues in construction in terms of raw material availability, labor issues, across your different project sites, geographies, owing to the West Asia conflict. That's my first question. More than the West Asia conflict, we had elections in the Northeast in India, so about one month, all our labor had gone for elections and voting and all that. The good news is they have started coming back, and I think by first week of June we'll be fully labored. Yes, on the commodity front and on the availability of materials, it's only to be seen. As of today, there's no shortage, but if things go really bad, then there's something for us to get concerned about. As of today, I think availability is there, but the pricing is definitely going to go up. Got it. In this case, do we then think that this quarter, as in 1 QFY 2027, the constructions would be a bit on the slower side? We have to make up because we've got best-in-class contractors like L&T and Kalpataru. They will definitely ramp up better and make sure that they don't lose time. Our endeavor always will be, focus will be to see that we are on the ball on that, and I don't think we should have any concerns. Got it. Thanks for that. That's very clear. My other question is, if you could just give us some sense of how many of your customers are NRI customers. I know this is still early to ask, but are you seeing any potential shift in demand from the Middle East to India property markets? We can't really gauge, you see, but we've always had a small percentage of NRI customers, and they keep buying. It's not that everybody in the Middle East will come and start buying here. That's not going to happen. It's only a matter of time. At least in terms of, let's say, year-on-year trend or sequential trends, are you seeing the interest from that small NRI cohort? Is that still the same or moving up or moving down? That is very sentiment-driven. We consistently do some NRI sales every year, and that number is around the same. I think mindset of NRIs is very different to our primary buyer, which is a resident in India, and who are immediate consumers. I think we need to take cognizance of that. Sometimes these things happen, the geopolitical crises can change sentiments, but that only gives a very small blip in the numbers, a change in the numbers. Got it. If I can just confirm, how much would NRI constitute in form of sales, like 10% of the total sales or something around that zip code? Yeah. It's about 5%-8% of our overall sales. That's about INR 1,500 crores. Got it. Okay. Those were all my questions. Thank you. Thank you. The next question comes from the line of Akash Gupta with Nomura. Please go ahead. Hi. Thank you for taking up my follow-up question. Sir, my question was more on the strategic front and a timeline from a three to four-year perspective. Currently, we are looking at INR 35,000 crore of pre-sales, which would be roughly 4%-5% market share. In five years, would it be okay to estimate Prestige taking 10% market share, which would be roughly a INR 70,000 crore-INR 80,000 crore pre-sale? The question is: Is that a reasonable assumption? It's a reasonable assumption, with the market, everything being the same. We will take it step by step. I don't want to jump too high. As of today, we are looking at this number. I think there is room for growth. Suddenly the growth may come. You see, also, you need to have the bandwidth to manage that. Bandwidth in the sense, the supply, the overall construction ability, all those things also you have to handle. Today, I've got INR 65,000 crore worth of unrecognized revenue in my books. These are where the product is sold and not coming to my books because it's just sold, and it's not coming to the books because of the accounting system. About INR 65,000 crore. Understood. Sir, my second question is on this again. In two to three years' time, with all this AI thing happening and this IT slowdown happening, obviously, we are not seeing a slowdown in footfall right now. In two to three years' time, do you think there are other industries, GCCs, et cetera, that are offsetting that sluggishness in the IT demand? Which other sectors are offsetting it? Especially in a city like Bangalore, how are you seeing that mix changing in two to three years' time? No, there is demand. No. GCCs are picking up more space. If you say AI also needs space. AI data centers need space. AI and data centers, the type of job creation will happen will be a different type of job creation. It's just every one business will lead to the other. Understood. That's all the questions I had, sir. Thank you so much. Thank you. We take our next question coming from the line of Yash Gupta with Ashit Koteja Family Office. Please go ahead. Yeah. Good afternoon, everyone. Sir, my first question was on EBITDA margin, as you have said that our revenue recognition needs to pick up to the pre-sales number. I think the gap will always be there. Do you think our reported EBITDA margin will always be 25% only rather than 30%? It will be in the range of 25% only. Yes. Because the catch-up will take some time. During that time the catch-up doesn't happen, it will be in the range of 25%. Sir, do you think in 2021 we have some legacy projects, which is low margin projects. Once those projects are over, in next FY27, we will be going to have some better margin? That's why I mentioned 25%, yes. In financial year 2026, we have reported close to 21%-22% EBITDA margin. The drop on 25% was mainly because of whatever legacy projects which we had acquired in Mumbai. Okay, whatever had been already sold by the erstwhile developer, which we had to honor those prices and all. The margins on those sales were actually very low. There was a different margin. On top of it, as I mentioned earlier, overheads also have contributed to the different margin. Current financial is 22%, but on a stabilized basis, you can say 25. When the pre-sales and my revenue recognition is more or less a similar number, then it will be close to 28%. Okay. My second question is on the completion basis. We are projected to complete 20+ residential projects in FY 2027. How much revenue are we going to recognize in FY 2027? Revenue recognition will be in the range of INR 12,000-INR 13,000 on the residential side. Okay. In this quarter, we acquired the Prestige Kohinoor and Prestige Quantum commercial in Mumbai. Can you throw some light on both these projects? Sorry, Prestige Kohinoor and? Prestige Quantum in commercial. Yeah. Prestige Quantum is a 1 million square feet in Sahar, and Prestige Kohinoor is a project which is on the New Prabhadevi Road flyover. Breach Candy. Breach Candy. Okay. Sure. Thank you, sir. Thank you. Ladies and gentlemen, we take that as the last question for today. I now hand the conference over to the management for closing comments. Thank you so much for your faith and belief, reports in us. I think the team is very dedicated, and we are all very focused on achieving some good results for this coming year and also creating some good delights for our investors and our customers. Thank you very much and have a good day. Thank you. On behalf of Axis Capital Limited, that concludes this conference. Thank you everyone for joining us, and you may now disconnect your lines.