Ladies and gentlemen, good day and welcome to Signature Global (India) Limited's Q4 FY 2026 results conference call hosted by ICICI Securities. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Adhidev Chattopadhyay from ICICI Securities. Thank you, and over to you, Mr. Adhidev Chattopadhyay. Good morning, everyone. On behalf of ICICI Securities, I'd like to welcome everyone on the call today. As always, from the Signature Global Management, we have with us Mr. Pradeep Kumar Aggarwal, the Chairman and Whole-Time Director. Mr. Lalit Kumar Aggarwal, the Vice Chairman and Whole-Time Director. Mr. Ravi Aggarwal, Managing Director. Mr. Devender Aggarwal, Joint Managing Director and Whole-Time Director. Mr. Rajat Kathuria, the Chief Executive Officer. Mr. Sanjeev Kumar Sharma, the Chief Financial Officer, and Ms. Preetika Singh, Head of Investor Relations. I would now like to hand over the call to the management for their opening remarks and comments. Over to you. Thank you. Good morning, everyone. It is a pleasure to welcome you all to the Q4 FY 2026 earnings conference call of Signature Global (India). Thank you for joining us today. I hope you have had the opportunity to review our financial results and investor presentation shared yesterday. To begin, I would like to reflect on the global and Indian housing and economic environment, which continues to support long-term real estate growth. Globally, real estate markets have remained stable compared to other asset classes, supported by urbanization, improving lifestyle, and strong demand for quality housing. In India, the momentum is ever stronger, driven by strong economic growth, rising incomes, rapid urbanization, infrastructure development, and policy reform that continue to improve transparency and investor confidence in the sector. According to a recent JLL report, Delhi NCR recorded a strong 30% year-on-year growth in housing sales during Q1 2026, with Gurugram remaining one of the high-performing markets. Further highlighting this momentum, nearly INR 27,000 crore was invested into new real estate projects in Gurugram during the first four months in 2026 as per Gurugram RERA data. Amid this positive backdrop, Signature Global has cemeented its presence across the key residential micro markets while advancing in the diversification strategy. We have entered in a large-scale commercial development through a strategic collaboration with RMZ Group. Through this, we will develop a mixed-use commercial project in Sector 71 on Southern Periphery Road, Gurugram. Recently, we have entered in a branded residence segment with a strategic collaboration with the Tonino Lamborghini for a premium branded residence project in Sector 71, Gurugram. This move will further enhance our growth strategy. With rising demand for branded residence, we see strong long-term potential and will continue to pursue similar opportunity aligned with the evolving customer aspirations. FY 2026 has been a year of stable progress for Signature Global. We saw strong customer demand across projects, better sales price, and constant growth in our core markets. Our profit for FY 2026 reached an all-time high, while revenue from operations also grew in a balanced manner. Net debt has come down to historical low level, reflecting our continued focus on financial discipline. Looking ahead, we remain positive on the long-term growth in the housing sector, especially the Gurugram and Delhi NCR. Supported by better infrastructure, strong end user demand, and urban growth, we believe the market will continue to offer strong opportunity for quality developers. At Signature Global, our focus will remain on timely delivery, customer-first approach, and financial discipline and sustainable growth. With that, I would now like to invite our CEO, Mr. Rajat Kathuria, to take you through the company's financial performance in detail. Thank you once again for joining us today and for your trust and support in Signature Global. Thank you, Pradeep, for giving the opportunity. Good morning and thanks to everyone for joining this call today. As a brief for the entire year, we launched two large high-rise projects during the year. The first launch was under the name of Cloverdale, which is about 1.75 million sq ft development in Sector 71, on the Southern Peripheral Road in Gurugram. The second key launch was under the name of Signature Global Sarvam, which is even larger, almost closer to 3.75 million sq ft. This project happens to be just off the Dwarka Expressway market. Put together, these two launches contributed almost like 85% odd of the total launches, which added up to about 6.5 million sq ft. The balance being certain leftover areas in Erstwhile Projects or certain extensions in Erstwhile Projects. You know, these two were the, you know, larger launches which the company did in its key markets over the previous year. With the help of these launches and some of the inventory which we were sitting with, we achieved pre-sales of INR 82.5 billion, INR 82+ billion. Which can be seen in two manner. One is, of course, as a comparison to the previous year, which is FY 2025, there was a dip in pre-sales. We prefer to see it more as a longer term trend, because if you look at the sales pattern between fiscal year 2022 till fiscal year 2026, we've grown upwards of 30% on a year-on-year basis. As a longer term basis, I think sales has an upward trajectory. Half of the sales came out of the new launches, which the company did in the previous year. By and large, just approximations. About half the sale came out of the new launches, which the company did, while the balance came from sustaining sales from the Erstwhile Projects. Overall, we sold in excess of 5 million sq ft and about, you know, 2,100 +, you know, housing units got sold in order to achieve the sale, which was steady across quarters. There was no lumpy quarter, but yes, I think by and large, we've been selling, you know, on a steady basis across four quarters. One of the primary reasons for the same being that, over the last one or two years, we've done multiple launches and, you know, we've created some inventory, so hence, you know, sustaining sales and new launch sales happen in tandem with each other. I would like to add on that if we look at the trend over the last 8- 9 quarters, the company has launched multiple projects, both high-rise projects as well as large township projects. Put together, we've added, you know, launched almost 21+ million sq ft, which has a GDV potential in excess of INR 30,000 crores, INR 300 billion. Effectively, you know, we've been firmly believing that, you know, supply creation leads to demand creation and vice versa. You know, we've been creating continuous supply across the micro markets in Gurugram. As far as realizations and collection go, per square foot realization crossed INR 15,000 mark, which is of course, 20%+, you know, realization on a per square foot basis vis-à-vis the previous year. This was primarily led by escalation in each of these individual markets and sale of more group housing product, which is, you know, the upper end product being offered by the company. We didn't come up with any new launches of, you know, mid-rise floors, which are, you know, comparatively lower in ticket size as well as price points. It was more premiumized product. In general, some escalation in each of these markets. Despite, so bit of dichotomy here that, you know, one could feel that while the markets in general are not doing well, why are the sales prices, you know, still escalating? You know, one of the key factors very specific to Gurugram, which we are able to understand, is that there is still huge shortage of actual units which have been handed over to customers. You know, a lot of sales has happened over the last few years ever since, you know, the markets have, rebound. Still there are only limited availability of livable inventory in Gurugram market, and that continues to push up prices of first the secondary stock and as a follow-on impact on the primary stock, which, you know, we are creating on a quarterly basis, along with, other players in the industry. In summary, yes, realizations have gone up. They went beyond INR 15,000 a foot in the previous year. Even in the current year, we do expect certain normative increase, certain inflationary increase in selling prices. We are not going to push that sale prices up, but yes, I think if market forces help us to price the product at a, you know, higher price, then, you know, of course, we are going to grab that pricing increase for the company. Collection trend was steady. Again, very similar to the sales trend that if we look at a longer term trend of last 3- 4 years, we'll see an annual sales collections, you know, have grown at more than 30%. Whereas, you know, vis-a-vis the previous year, you know, there was a marginal dip in the annual collections. However, it's important to note that if we also consider the collection or realization which the company did out of the JV partnership formed, put together about INR 40 billion of annual collections and about INR 12.5 billion near about of the money, you know, which we received out of the JV transaction. We've, you know, the total cash collection by the company stood close to about INR 52 billion-INR 53 billion odd. Moving on to the portfolio position, we've till date completed close to 18 million sq f t of development. We were anticipating previous year to be better than what it ended up being in terms of completion, but there was some slippage into the current year because there were first bit of excessive rains and then, you know, fairly elongated NGT, you know, restrictions got applied. You know, this year there's a bit of cover up activity for us to do. There's another 12 odd million sq ft, which is very close to completion and, you know, we are giving ourselves, let's say, just next 4- 5 quarters to complete that entire erstwhile stock, which will by and large help us complete almost all the affordable projects which are still under development and bulk of the floors which we launched under the Deen Dayal Jan Awas Yojana policy. Both of those projects are nearing completion, and we don't envisage more than 4- 5 quarters now where we are in terms of completing that stock. In a few quarters from now, I think we'll be close to 30 million sq ft of completed and delivered, you know, projects for the company. In addition to that, you know, I would like to club two buckets effectively. You know, one, projects which we've launched over the last, you know, eight quarters, which is in excess of 21 million sq ft. There's another 19 million sq ft which, you know, land resource we currently have in the company. Put together, this is about 40 million sq ft. Put together, the GDV of both these sets of projects crosses INR 700 billion, INR 70,000 crores of GDV is there in between these two subsets of the portfolio. Amongst the forthcoming set of projects, which is again nearing 20 million sq ft, about 14.5 million will be executed solely by the company, whereas about 5.5 million sq ft is being done in partnership with the RMZ Group. I'll talk about that in a little bit more detail, you know, just in a short while. In summary, 18 million odd completed, 12 million nearing completion. Another 40 million put together, half of it has been launched. We've demonstrated, you know, steady supply through these launches over the last 8- 9 quarters, and we are in a very good position to launch the balance over the next, you know, similar time period of 8- 12 quarters. You know, put together this portfolio, you know, would, let's say, in 8- 12 quarters won't be like a land portfolio. This would be a cash generating project portfolio worth nearing INR 700 billion. Talking a little bit more about the RMZ trade. In Sector 71, which is on the Southern Peripheral Road, as of today, we have access to 90+ acres of land. Of that, about 18 acres of land is where we've entered this partnership, primarily because this 18 acres was, we could have done, you know, yield assets on that particular land parcel, whether it be offices, retail, hotel spaces, but t hat was good for office spaces of commercial development. We've always been on a build-to-sell model of development and didn't want to, you know, learn a build-to-yield basis by doing it ourselves. We found very complementary skill sets, you know, in RMZ, whom we chose as a partner to do this 5.5 million sq ft of development. This project in itself is at an advanced stage because land is fully licensed, which is a very local Gurugram near nuance. The land is fully licensed. Almost all DTCP related approval payments have been made. Now we are together designing this project through one of the world's best architects, and we do intend to activate this project within this year itself. This project will primarily have office spaces, which will be in excess of 4 million sq ft, between 4 million sq ft- 4.5 million sq ft, and the balance area will be split across retail and hotel spaces. The exact numbers are getting worked out, so we just have approximation of these areas as of now. By and large, this would be done on a build-to-lease basis. We may, you know, sell just a portion of it, but all that strategy is yet to be formed up. By and large, this will be on a build-to-sell basis. Once developed, we, both the partners anticipate that the capital value of this asset will be in excess of INR 150 billion. In addition, last year we did certain business developments in the Sohna market, which is one of our, you know, key focus markets. We spent upwards of INR 7 billion and added close to 2.5 million sq ft. This business development was lower than what we've been doing over the last couple of years, but, you know, we were just treading a little cautiously in the previous year, given all the macro headwinds. As a result, we start this year with a very strong BD pipeline, which, you know, we can execute. At the same time, we've also started this year with a very good liquidity position because of both our operating cash flows as well as the consideration out of the RMZ trade. Talking about some numbers, we did revenue recognition of close to INR 26 billion. In area and value terms, this was about 3.75 million sq ft of area got completed. The average realization of the area which got completed was about INR 6,800-INR 6,900 per sq ft. We generated a gross profit margin of about 30%, EBITDA margin of 9%-10%. Courtesy the exceptional item, which is this transaction, I think the PAT surged to about, you know, INR 1,100+ crores. About another, you know, 11 billion+ of PAT, you know, the company generated. If you look at the operating surplus, we created an operating cash flow of close to INR 21 billion, and that could be split into three heads, three similar-ish heads, so to say. About 1/3 of it, about INR 7 billion+ went into business development. A similar number went towards debt reduction, which really brought our net debt down to near zero levels. We've maintained over the last one or two years that, from a development business perspective, since we are going through a good business cycle, we do hope, and we are now at a situation where net debt is actually down to, you know, a near zero level. It's just INR 2 billion, you know. It could have been + 2 or - 2, but by and large, you know, this is almost down to a, you know, zero level, you know, net debt position. The balance of the OCF of the company was used towards, you know, approval costs for upcoming projects or, for, you know, interest payments. That's how this INR 21 billion+, you know, of operating cash surplus, which the company generated through last year of operation, you know, went into business development, reducing debt, as well as, you know, doing an approval cost and, you know, in making interest cost payments. Fairly good, healthy cash position for the company. Fairly bullish on the, you know, business development prospects for the coming year. As a culmination of, you know, as a best estimate basis, if we see the year going forward, we are estimating that, you know, we'll do new launches in excess of INR 150 billion. A bulk of this is coming through launch of certain group housing projects. The first and foremost being in Sector 71. You know, even Pradeep updated that we've done our tie-up with Tonino Lamborghini to do a branded residence over some 12+ acres of land and, you know, a little excess of 2 million sq ft in Sector 71, Gurugram. Followed by two more launches in the group housing category itself, which will take our yearly launch target in excess of INR 150 billion. In addition, we expect to do sales which are nearing, you know, INR 100 billion. We achieved this mark, you know, in FY 2025, you know, feeling confident at the start of the year that, you know, we should be able to achieve this mark again during the current year. Both on the bank of good launch pipeline as well as certain inventory in hand. As a mix of both, we are hopeful of achieving, you know, sales in excess of INR 100 billion. Completion and collection, you know, go hand in hand. Hence we've kept a target of INR 50 billion for both of these metrics. Revenue recognition of INR 50 billion, which means we'll have to do, you know, completions in the range of INR 60 billion-INR 65 billion. Even collections, we are expecting it to cross INR 50 billion in the year to come. That's a short perspective on the guidance for the current year. This is a brief of the year gone by and what we expect in the year to come. Happy to take any questions from your side. Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. The first question is from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi. Good morning. Thanks for taking my question. My first question is regarding our launch pipeline of INR 150 billion. Would be great if we could get some more color, one, with regards to the timeline of various launches across the four quarters in FY 2027, and also, the potential GDV and the location of these projects. Thank you. Yeah, hi, Parvez. Morning. Parvez, the first launch is, so you could split the launch into three different sets. The first launch is in Q1, which is roughly 2 million sq ft, which is these branded residences in Sector 71 under the brand name of Tonino Lamborghini. That's planned for Q1 of this year. The second launch would be, again, a similar quantum, but that would be more towards or timed more around the Diwali time, you know, Q2/Q3. Not at the beginning part of Q2, but, you know, towards later part of Q2 or sometime in Q3 is when, you know, the second launch is being planned, again, in Sector 71. The third launch will be towards, you know, the Q4, wherein as part of this, you know, trade which we've done with RMZ, while the trade is for the commercial portion of the development, there's a residential component which is held 100% by the company. We did not divest it, rather carved it out into a parent before getting into that partnership. There's another 2 million sq ft of very prime land, you know, which is right at the frontage of the Southern Peripheral Road. Another 2 million sq ft is expected towards the later part of the year as part of that development. That's the split of as visible as of now for the entire year. All these land parcels are completely tied up. We have, you know, full approvals for the first project and, you know, fairly advanced approvals for the other two projects which we intend to launch as part of this year. A related question. Do we have any launch plans for either Sector 37D or Sohna this year? We'll have a smaller launch in Sohna. There was certain inventory which was, you know, held by us, you know, that we do intend to launch as part of Project Dakshin during the course of the year. In 37D, we are not launching a, maybe a new project, but yes, a kind of a phase II of Project Sarvam is something which, you know, we will do as part of this year. That's not like a fresh new launch. It's more like, you know, part of something, a larger project which we've launched. Under that banner, you know, some of the inventory will be, you know, getting released during the year. Sure. My second question is regarding our BD approach. I mean, we obviously have a very strong balance sheet position now. What is our overall BD approach? Do we want to acquire more land in the three micro markets where we are present, or we are looking for land parcels in maybe other parts of Gurugram or other parts of NCR? How should one look at it? See, we are focusing on two markets and product segment in terms of BD right now. One is, in the Sohna market, we are quite actively, you know, looking at certain transactions and quite hopeful of closure in, you know, the H1 of this year itself. That would be a good, you know, addition to the entire portfolio. We've done a very successful launch of Dakshin in Sohna, and we want to, you know, create larger, you know, project and create newer inventory in this market. Sohna is one market where we are quite active. Second, you know, the way we did this project called City of Colors, which was in Manesar, you know, last year. That's again, that was a plotted development comprising of residential and industrial plots. We are looking at some more projects/project of similar nature, and hence certain larger format, you know, land parcels may be, you know, acquired to collaborated, again, hopefully within H1 of this year itself. Thanks. I'll come back in for more questions. Thank you. Thanks, Parvez Qazi. Thank you. A reminder to all the participants that you may please press star and one to ask questions. The next question is from the line of Rishith Shah from Axis Capital. Please go ahead. Yeah. Thanks for the opportunity, sir. Two questions from my end. First, on the cash flows, so collections. Actually, we started the year with about an INR 6,000 crore guidance. We understand that, I mean, maybe progress was maybe slower than expected, and we ended at about INR 4,000 crore. For the next year, we are again targeting about INR 5,000 crore. With the contractors and all appointed and construction, I mean, progressing now, I mean, would have expected a higher guidance on that. Any comments on that? Yeah, I mean, it's more like once bitten, twice shy situation. We don't want to kind of, you know, get sound very aggressive with regard to these plans. We are very. If you'll see even last year, you know, effectively see collection and completion will go hand in hand. We are giving a number on both these accounts, which we feel is fairly achievable. Sure. Okay. Fair. Secondly, a bookkeeping question. In the, in ongoing projects, what would be the value of the inventory that we have right now? It's very minimal. It would be about I think it's coming in the presentation. It's probably INR 7 billion or something, which, you know, is the Not the buns which we've recently launched. Over there, that number will be closer to INR 70 billion-INR 80 billion, things which we've launched recently. As part of the ongoing book, I think that number is about INR 7 billion. Sure. Okay, about INR 80 billion-INR 85 billion of total inventory, including these. Yes. Okay. Sure. Thanks. Thank you. You may please press star and one to ask questions at this time. We'll take the next question from the line of Adhidev Chattopadhyay from ICICI Securities. Please go ahead. Yeah. Thank you for the opportunity. The first question is on our launches of INR 15,000 crore which you have lined up. In our guidance for the year, how much are we targeting to sell out of that as part of the guidance? Any ballpark number? Adhidev, see, the first target as we launch any new project is to achieve, you know, that 40% sort of a benchmark number, you know, out of the launched value. You know, with a 40% achievement, we are able to very comfortably cover the construction costs over the span of that project. That tends to be our first primary target, which we give to our sales team. If you look at the balance sheet position of this entire INR 40 million in terms of recently launched and forthcoming projects, you know, this INR 700 billion worth of GDV exists. At the same time, on the liability side, in terms of actual net debt, it is just INR 2 billion. Honestly, a simple way to understand the balance sheet is that basis the operating cash flows all over the last, you know, decade, we've accumulated this, you know, portfolio of projects and of course, you know, proceeds from the IPO, you know, which came in. There is no significant debt sitting on the books. As we launch any new product, of course, 40% is the minimum internal benchmark which we create. If we launch products worth, you know, INR 15,000 crore, we will target like, you know, about INR 60 billion to be achieved out of these projects. The balance, you know, give or take, should come out of the sustenance, you know, sales being done by the company. Okay. INR 4,000 from sustenance, I think you mentioned INR 8,000 crores, the inventory you have to sell or, is that number higher? Which we wrote. Yes. Yes. Oh. Yes. That number. You're looking to monetize half the inventory this year from the sustenance projects and another INR 6,000 crore, which is 40% of INR 15,000 crore, totally launches. That's our intent to plan. That is the- yeah. Yes. Okay. Thanks. The second question is now with the RMZ tie-up done, could you just help us guide what are going to be the CapEx requirements for the next four, five years? On the accounting, how does this work? Is this something on JV off the books, or will the entire CapEx come onto our books? How does it work in terms of the CapEx? Will only Signature do it or RMZ will also take an equal share? Could you just help us understand the structure now going forward? Yeah. Adhidev, commercially this is a 50-50 joint venture. No one owns one share more than the other. It's absolutely equal, you know, share partnership with equal controlling rights, both in terms of directors and any representation, it's absolutely equal. Basis our skill sets, we've divided the roles and responsibilities. For instance, you know, the land was already in place. Any approvals related activity, something which we'll take up. Any, you know, construction related activities because of our, you know, local presence is something, you know, which we'll take up. RMZ in parallel, while, you know, design is a joint aspect, but still, you know, they will take some lead on the design side, you know, and appointment of certain, you know, larger contractors with whom they have a good relationship, and on the leasing side. You know, those are the aspects where while the decision-making will remain joint, but RMZ will take a lead as far as, you know, those aspects are concerned. In terms of CapEx, both the parties are open to taking construction loan for development of this asset and any contribution which the JV entity needs from both, you know, both parties can, you know, keep pumping in that much requisite equity from their own book to fund the particular development. About 5.5 million sq ft, you should assume, you know, CapEx in the range of about, you know, INR 3,500 crore-INR 4,000 odd crore should happen by both the parties put together over the next 4-4.5 years. Okay. INR 3,500-INR 4,000 crores, which means around our share maybe INR 1,500-INR 2,000 crores, right? Out of that. Yes. But you are saying you may also take debt at the, at that JV level, right? You may not. Okay. Just to understand the accounting, whatever money we put in will show up in the consolidated balance sheet as an investment in that JV, right? It's not a direct CapEx which will come up, right, on the consolidated balance sheet cash flow. If the understanding is correct. I'll ask Sanjeev to address this query. Yeah. Yeah. Hi, Adhidev, Sanjeev here. You are right. It is not going to be considered as a debt in the consolidated balance sheet. Whatever debt is being or will be taken by this JV, it will remain in JV's books. If, as Rajat mentioned, if needed, both the partners may invest something in this JV in the form of equity. That will definitely come as an investment as in the standalone and as well as the consolidated balance sheet. You are right, that will not add up in the consolidated debt of the company. Yeah. Just to declare, it will show up as an investment in the JV, right? Is that whatever we are putting in money incrementally over there? Okay, fine. Yeah. Yeah. Okay, fine. Yeah. Okay. That's it from my side. That answers my questions. Yeah. Thank you, and all the best. Yeah. Thanks, Adhidev. A reminder to all the participants that you may please press star and one to ask questions. We'll take the next question from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hello. Hi. Thanks for taking my follow-up question. Couple of questions. First, I mean, how do we see the Gurugram market now? Obviously frenzy has abated, market has normalized. What are your views on, let's say, demand? I mean, you just said that we would expect maybe 40% of our launches that we intend to do in FY 2027 to get sold. What's your view overall on demand and pricing and also on the unit sizes trend? We are somewhere closer to about INR 4 crore if one looks at our FY 2026 performance. In future, will it remain somewhere around these levels or do we intend to rationalize it? Sure. Parvez, thanks for asking this question. I'll break up the supply and demand of units in Gurugram in two key segments. You know, over the last 10, 11 years since, you know, the company came into existence, we've created a lot of supply in affordable and early mid-income segments, which was either these high-rise affordable apartments or, you know, low-rise floors under the Deen Dayal Jan Awas Yojna, which used to exist for Gurugram and still exists for areas on the peripheral areas of the Gurugram market. A lot of supply we created and, you know, of course, other players also created in this, you know, market over the last 10 years, and bulk of that, launches have seen completion or are, you know, seeing completion, you know, over these years. In parallel, the launches which we are planning, which are these high-rise apartments in this particular coming year. If you look at the block period between 2014 till about 2022, for that seven or eight years, while the markets in general weren't doing so well, there was literally zero supply of newer group housing units in Gurugram throughout this, you know, seven, eight-year span. We've seen quite a few launches in this market by a lot of good pedigree players post 2022, none of that supply has actually reached a completion stage. While, you know, you may feel that, okay, a lot of supply is happening, but actually on ground there is very little sort of, you know, delivered units which are available in Gurugram. That's why despite a run-up in prices, you know, prices continue to go up because there isn't, like, adequate supply of good quality, grade A, good location, good developer, you know, grade A housing spaces. You know, they're not available in the kind of quantum one would assume or estimate them to be in the market. That is why, you know, we continue to create more supply in this space. We continue to see as a market, you know, prices still going up a little rather than coming down. We feel confident that, you know, any of these projects which are being launched by Signature Global, you know, will get, like, reasonable absorption of, let's say, 40%+ at the time of launch itself. That's been our kind of experience even in the previous year and, you know, we are fairly hopeful that, you know, this trend is going to continue. There are certain global, you know, headwinds right now. You know, no one can predict how that's gonna pan out for the country or for the region. Yes, you know, assuming the dust settles over, you know, some time, I think we have full year, and with these two or three launches, we are fairly hopeful of doing what we are guiding towards. Sure. Second question, I mean, of the two major projects that will launch in FY 2026, Cloverdale and Sarvam, how much proportion would we have sold, and what proportion of the FY 2026 collections came from these two launches? Put together, I can share the specific numbers separately with you, but put together, you know, if we did launches of INR 10,000 odd crores, I think we've sold, we've done sales in excess of INR 4,000 crores for entire bucket put together. So 40% + sales did get achieved out of, you know, whatever launches as a basket we did in the previous year. Sure. Lastly, we did about INR 700 crore of GD in FY 2026. Any target guidance for FY 2027? The number for the current year, I think, should be in between INR 1,000 crore- INR 1,500 crore. Sure. Thanks and all the best. Thank you, Parvez. Thank you. Ladies and gentlemen, as there are no further questions, I now hand the conference over to the management for closing comments. Thank you and over to you, sir. Okay. Thanks a lot, everyone. I think, wishing you all a good day and a great year ahead. Thank you. Thank you. Thanks a lot. Thank you. Thank you. Thank you, members of the management. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.