Ladies and gentlemen, good day, and welcome to Sobha Limited Q4 FY 2026 earnings conference call hosted by ICICI Securities 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 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, sir. Good evening, everyone. On behalf of ICICI Securities, I'd like to welcome everyone on the Sobha Limited call today. From the management as always, we have with us Mr. Jagadish Nangineni, the managing director, and Mr. Yogesh Bansal, the chief financial officer. I would now like to hand over the call to the management for their opening remarks. Over to you. Thank you. Thank you, Adhidev. Good evening, everyone, and thank you for joining us on this call for Q4 FY 2026. In today's call, we'll briefly go through the operational highlights of the year and little bit about the future. FY 2026 has been an exceptional year for the company. Our real estate sales reached an all-time high of INR 8,136 crores with strong and consistent average quarterly run rate of approximately INR 2,000 crores. We have achieved an average price realization of INR 14,675 per sq ft compared to INR 13,412 previous year, which is reflecting growth of around 9.4%. From here, we expect to grow at a similar rate as last year. Last year, we have done about 30% growth in terms of sales. Similar rate is what we expect this FY27 as well. Bangalore recorded its highest ever annual sales of INR 4,500 crores, with both new launches doing well and suspense sales also doing well during the year. NCR region delivered a highest ever annual sales of about INR 2,450 crores with our expansion into Greater Noida. Both Bangalore and NCR together contributed about 85% of our sales. Kerala region maintained steady momentum with about INR 800 crores. Other regions contributing about INR 400 crores. In terms of project launches, we launched about 6.04 million square feet during FY26. Some of the planned launches were delayed due to multiple factors, both external and internal. Having said that, in April 26 itself, we successfully launched our first project in Gurgaon, which is SOBHA Crescent phase I. It has received good response. Looking ahead, we plan to launch in this financial year, at least about, again, more than 50%, close to about 10 million square feet is what we look to launch across Bangalore, Gurgaon, Hyderabad, Trichy, and Pune. Overall, we have a pipeline of 20.67 million square feet in various stages of design and approval, which we plan to launch in the next six to eight quarters. Of which about 10 million we expect to launch in this FY 2027 itself. Our non-real estate businesses, which include manufacturing, contracting, and retail, have continued to perform steadily. These businesses also play a critical role in strengthening our backward integrated model and ensuring consistent delivery of world-class quality. We expect to maintain a similar run rate with these businesses as well with improved profitability. On the project completion front for the real estate, we delivered 1,087 homes during the fourth quarter taking the total to 3,188 homes, equivalent to 5.4 million square feet for the year. This again has seen an increase of about 19% compared to previous year. We are accelerating our delivery, and we hope to achieve at least, similar growth in the next year as well. In terms of revenue recognition and margins, we witnessed significant improvement in the fourth quarter, primarily driven by receipt of occupancy certificates which were delayed in the third quarter earlier. We currently have an unrecognized real estate revenue of about INR 18,600 crores. We have shown in our investor presentation as well that we expect an EBITDA margin of at least about 30% plus there. The projects that are nearing completion and expected to be recognized in the next 12 months are likely to deliver higher margins in the range of 24%-25%- 26%, significant improvement from this year. Hence we expect significant improvement in our P&L even in FY 2027 with improving margins over the quarters and probably little bit higher towards the end of Q3 and Q4. In conclusion, the company has built a strong foundation supported by record sales performance, robust launch pipeline and steady operational execution and clear visibility of margin expansion. We believe we are very well positioned to sustain this growth momentum in FY 2027 and beyond. With this, I'd like to hand over the call to our CFO, Mr. Yogesh Bansal, to take you through the financial details. Good evening, everyone. I am pleased to present our financial performance for the fourth quarter and financial year 2025, 2026. FY 2026 was characterized by strong operating execution and disciplined capital allocation. We delivered record sale while strengthening liquidity and reducing leverage, ending the year in a net debt negative position. Our focus remained constant, accelerate collection, fund the construction and land investment through operating cash flow and improve the quality of earning through lower finance cost. I will briefly walk you through our cash flow performance, covering both the quarter and year trend along with our outlook. Then I will move on P&L. During the quarter from all businesses, we collected INR 1,990 crore, and for the full year, total collection was INR 7,798 crore, recording a healthy 26.1% growth over last financial year. In Q4, real estate collection stand at INR 1,807 crore, and for financial year 2026, INR 7,067 crore. Contractual and manufacturing contributed INR 183 crore in Q4 and INR 732 crore during full financial year. At net operating cash flow level, we generated INR 366 crores in the quarter and INR 1,637 crore in full year, registering growth of 39.4% over FY 2025. As on 31st March 2026, gross debt stood at INR 1,002 crore, while cash and cash equivalents were INR 1,802 crore, maintaining net cash position. Coming to P&L. For the quarter, we recorded a total income of INR 230 crore, taking the full year FY 2026 total to INR 5.384 crore. Revenue recognition strengthened during the quarter, aided by clearance for completion certificate of for multiple projects. EBITDA for Q4 was INR 194 crore. EBITDA for FY 2026 is INR 503 crore. PAT, Q4 was INR 92 crore and FY 2026 was recorded INR 193 crore. Gross debt reduced to INR 1,002 crore and cash equivalent were INR 1,800 crore, resulting in net debt of INR 800 crore. The cash balance provides resilience through cycles and enable us to fund launches, construction momentum and land investments. The combination of strong collection, lower cost of funds and a net debt negative position strengthen our ability to execute our development pipeline with a disciplined financial posture. Looking ahead, company confidence is underpinned by strong operating momentum and high visibility across P&L performance, revenue, cash flow and land availability. Revenue yet to be recognized from sales done till 31st March stand at INR 18,647 crore. For a cash standpoint, projected marginal cash flow from completed ongoing is estimated INR 9,560 crore, and forthcoming project add on an additional projected marginal cash flow of INR 8,699 crore. We are aiming in FY 27 cash, net operating cash flow close to INR 2,000 crore. As we scale, our priority remain the same, strengthen our balance sheet, improve cash flow and maintain steady execution. With this operating scale framework, we believe Sobha is well positioned for sustained long-term value creation. Once again, thank you all for your participation. With this, we can now open the call for questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, you press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may please note, in order to ensure that the management will be able to address questions from all the participants, kindly limit your questions to two per participant. Should you have a follow-up question, please rejoin the queue. The first question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Hi, sir. Congratulations on a decent quarter. The sales were low expectation. I mean, our expectation was more like INR 10,000 crore. I understand one of the launch got postponed in, to Gurgaon, in Gurgaon. Just wanted to understand if We have a ten-minute time frame. This could be up to- I'm sorry to interrupt. Yeah. Your voice is muffled. Can you use your handset mode, please? Am I audible now? Is it better? Yeah. Hello. Please proceed. Thank you. So- Please proceed, sir. Girish, my question on the launches of INR 15,000 crores, about 10 million sq ft and INR 15,000 realization. If you can highlight, some of the key launches in Q1, Q2, Q3, Q4. How will these launches be spaced out, and some of the key launches if you can highlight for us. Good evening, Parikshit. Some of our key launches for this financial year would be our phase I of our Hoskote project, which we are expecting to launch in the first quarter. Along with that, we are already, like I mentioned in the opening comments, we have already launched phase I of our Gurgaon project. Both these put together itself will be about close to 6.2 million square feet. In addition to that, in Q2, we have couple of launches in Kerala, which are in Calicut and in Kochi. In addition to those, we expect to launch couple of more projects in Bangalore. Essentially, one of the projects that we earlier launched as a row house project in Bangalore, we canceled that project and we are relaunching it with apartments. We plan to launch it towards the end of the year. These would be the main launches, taking all of this together to about 10 million square feet. In addition to that, there are co u pl e more which are tentative, which might come towards the end of the year, which is one project in Pune and one project in Chennai. Both these, if they also come through, then we can achieve slightly higher in terms of launches. Okay. On the project Rivana, what exactly happened? I mean, this is a large project and we were expecting very strong sales from this. What I understand on your presentation, you have given about INR 600 crores of sales from NCR. If you can highlight what was the inventory which was open and how much sales you have clocked, and how has been the momentum in Q1 from this project. How do you rate the response to this project given that Q4, and we had this geopolitical issue? If you can highlight a bit on this project. Yes. like you would have seen, Parikshit, that Rivana is a large project. It's about 2.5 million sq ft, 1,384 units. We launched our phase I there, which is 684 units of the project. We've in the first few weeks of the launch, we did about 25% of the sales, whatever we launched. Due to the good location and also the scale of the project, there is continued interest in the project, and we'll see a steady momentum from here. We have all the infrastructure in terms of sales preparation and the team in place. Hence, we would see a good continued sustained sales in the project. We are quite confident of it, and in fact, we have started our execution of the project as well. Okay. Just the last question, sir. Sorry to interrupt, Parikshit. Please rejoin the queue for more questions. Thank you. Okay. Next question is from the line of Puneet Gulati from HSBC. Please go ahead. Yeah. Thank you so much, and congrats on good performance. My first question is with respect to the gross margins and EBITDA. They still seem to be a bit lower than what you've been guiding historically. When should we see expansion of this margin? Any particular reason you would like to highlight for this quarter? Yeah. Good evening, Puneet. The gross margin, like I was mentioning, will start coming through for the, with the project completions that we have, the, on the ongoing projects, which are scheduled to start getting completed in end of Q2 and Q3. That's where we think that the gross margins will significantly start looking, there will be an uptick on that. As we progress during this financial year, FY 2027, Q3 and Q4 should start looking far better, and you would start seeing the EBITDA margins that we have been projecting. Projecting, of course, for the entire remaining revenue to be recognized. Those bits will start kicking in, and then hence, the higher profitability will be visible. Okay. My second question is, number one, you had this row house plan which you converted to apartment. How should we think about this in the scheme of what you are viewing in the market? Well, it's a, I think, it's a strategic call that we have taken given the extent of the land that we had and the kind of development one can plan there. Hence, given the kind of ticket sizes that we will be able to, through which we'll be able to achieve higher sales momentum, this seem to be a much better utilization of the land. Hence, we are making that attempt to change, which would give, for the same land probably will get better both realization and overall margins as well. From that perspective, it's a very positive change. Which will add to the overall sales numbers, sales value and the margins. Understood. lastly, if you can just talk about what should we be- Sorry to interrupt, Mr. Gulati. Please rejoin the queue, sir, for more questions. Okay. Thank you. Next question is from the line of Girish Choudhary from Avendus Spark. Please go ahead. Yeah. Hi, Jagadish. Congratulations for a strong year. My first question is on, again, on the Hoskote launch. If you can give us some more color on the total size of the project and break it up between phase I, phase II, the GDV. Where are we in terms of the approvals, both on the design and on also the RERA timelines? Right. Thank you, Girish. This project is, will be about 5.3 million sq ft, only residential portion. We should be able to receive our RERA sometime Q1 itself and launch the project. We are in very advanced stages of the launch. The overall GDV for the project should be about INR 7,000 crores. It's a large launch for us. We expect to see sustained demand for this kind of product. Okay. Okay. Yeah, thanks. Second question, in terms of, just wanted your outlook or how to look at business development heading into fiscal 2027, right? In the PPT you also mentioned about your key markets will be Hyderabad and also Mumbai. What we can see is that there is a minimal land parcels or projects there in Hyderabad and Mumbai. Firstly, how to look at the business development in terms of the key areas? Also from a cash flow point of view, what can I mean, what's your budgeted outlay for the land? Right. From a BD point of view, we are continuously adding, of course, new projects. Hence you can keep seeing that, despite our sales, year-on-year, the potential launches that we can do, they continue to remain roughly around 16-20 million sq ft at any point of time. The business development, like you would have seen that last year we have spent close to about INR 1,150- INR 1,160 crores on land. I think, with the kind of cash flow that's being generated, there are certain some more pending land payments for the existing lands. Post that, I think we, with the kind of cash flow that's getting generated, we should be able to do continuous business development in these locations. Hyderabad, while we plan to do that, we are just, we are hoping to launch our second project this financial year. We are on the approval stage. So can- We are continuously looking at new opportunities in Hyderabad as well. Yeah. From a cash flow point of view, can we look at the similar INR 1,100 crore-INR 1,200 crore kind of a spend in FY 2027? Yes. That is exactly what I was alluding to. It's not only that we are, we have done that, and a lot of the payments that are required for pending payments for the existing lands. Once those bits are also done, we should be able to do it by in the first half, most of the additional cash flow will be going into new business developments. Sure. Thank you, and all the very best. Thank you. Thank you. Next question is from the line of Biplab Debbarma from Emkay Global. Please go ahead. Good afternoon, everyone. Congratulations on the excellent results. I just wanted to know how was the performance to the new launches in, you know, Sobha Rivana and Crescent? I mean, how much you have sold till date in these projects? Thank you, Biplab. Rivana, like I mentioned, last quarter, which we launched, I mean, towards the last week of the quarter. We did quite decent in terms considering the uncertainty built around that time. We are seeing positive sustenance sales as well. Whatever we launched, we sold about 25% of that. In Crescent, which we launched in April, first, in the month of April. We did roughly about 50% of the sale there. Which is quite encouraging. Both have started out really well, and since we have the inventory in both places, we can continue to see good momentum. In terms of INR crore, how much in these two projects? In Crescent it's about INR 1,100 crores. Rivana? Rivana it's about INR 500. Sir, what is the current deal pipeline visibility in MMR and Noida, Greater Noida? In MMR, we are pursuing couple of projects, which we should be able to conclude during this year. Which, one is a redevelopment project and one is, we are trying to buy a land. Both are re I mean, small projects, but at the same time it will give us a good understanding of how we can operate and scale in Mumbai. Our current view, the way we are operating in Mumbai is that we will continue to see how we are performing and also, getting to learn the nuances of the market. While we are doing that, in Noida, we have seen significant demand for our product and which we have done well. We have already launched two projects there. We have additional two to three additional lands that we are actively pursuing, and we hope if we can conclude at least one of them. In this year, in addition to what I have mentioned, if everything works, then probably we can launch that project too. Okay, great, sir. Thank you, sir. Thank you. Good luck. Thank you. Next question is from the line of Fenil Brahmbhatt from Choice Institutional Equities. Please go ahead. Hello everyone. Good afternoon and congratulations for this onset of numbers. My first question is on the guidance, like do we have any specific guidance for pre-sales and average selling price for FY 2027, 2028? If yes, then, it would be helpful if you can share. Good evening, Fenil. I have mentioned this in my opening remarks. I think, this year we have achieved about 30% growth in our pre-sales. Similar is what we can expect in FY 2027 as well. Okay. The next question is like, can you share the geography-wise or across the market-wise, the demand momentum and the average price or price momentum, considering your last quarter performance, specifically in Bengaluru and the other new cities which you expanded? Yeah. From a pricing point of view, it's quite stable for the last three to four quarters, and we expect the stability in terms of pricing to continue. Hence, it's more the increase would come more from volume rather than pricing changes. Both in terms of NCR and in Bangalore, both seem to be on a similar path, which is where the demand also has stabilized and in fact even the pricing has stabilized. Given both these, there is a lot of certainty in terms of how things will pan out from a pricing point of view for us and for the industry. Hence we should be able to continue to see the demand momentum continue. Okay. Thank you. Thank you, Fenil. Thank you. Next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah, thanks for the opportunity. Good evening. First question again on Sobha Rivana. Just harping a bit on the, you know, response that we got versus what we have got in SOBHA Crescent. What we had heard is Noida as a market is doing better than what we see in Gurgaon. On that backdrop, your response of 25% sales at launch, what do you think, you know, could have been better, to get a better response versus what we have seen for other, you know, peers? Even we had got some, you know, pricing feedback that it stacked higher than what was expected. Was it intentional in terms of pricing that project higher, you know, to get a very sustenance kind of a response, a sustenance kind of sales from this project? Yeah. Good evening, Pritesh. On Rivana, one should understand that it is, it was launched in the last week of the month of March. Typically, we do have a preparation phase after we receive RERA. This we had launched, I mean, the timing difference between once we get RERA and the launch, it has been quite low because we wanted to launch in this, in FY 2026 itself. Hence, the value that we are seeing is not a typical launch, but it's a launch given the timing difference between the RERA receival and the actual launch events. Hence, we can see that it's not. We don't need to view it only as a launch sale and hence determine how it's going. Post that also our sustenance sales also seem to be quite good. With the current kind of momentum, we should see good sustenance sales, which is frankly it's something that we are quite fine with it. Considering that this is a large project and over the period, we can potentially see certain price increases as well. We are quite okay with the kind of sales momentum that we have seen given the time frame between the RERA receivable and the launch date. From a pricing point of view, I think it's quite consistent with our typical pricing policy. This sector being slightly better in terms of the existing infrastructure, et cetera. What we have done in the previous launch in Greater Noida, which is in Sobha Aurum, sector 36. There is a small difference in the pricing, but that should be okay, and it's quite well accepted, and it's doing well. Sure. Sure. Got it. That's helpful. Just second on Hoskote, you talked about the residential portion. Are we also planning to build any rental yielding assets in Hoskote, considering we have a large, we know 100 acre land parcel is part of first phase and overall 250, 300 acres. Your thoughts on building a rent yielding assets in Hoskote. Absolutely, that is one of the plans. However, with phase I, that's what we are developing. It's largely residential. We have a small bit of retail and commercial space, that's about less than 6, 7% of the overall development. We do intend to have a commercial development in phase II and III. The exact design mix and the actual development, it's still under the design stage. Once we have that clarity, then we'll definitely showcase that that's part of the future development and how much of it is going to be commercial slash retail. Got it. That's helpful. Thank you. That's it from my side. All the best. Thank you, Pritesh. Thank you. Next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yes, sir. Thanks for the follow-up. My question is on the demand. How do you read the demand across markets, NCR and Southern India, especially in Bangalore, in light of the AI concerns which peoples have, which large part of our clients used to be IT-ITES. Are you seeing any slowdown in the mix from the IT-ITES as a whole in your pre-sales? If you can give some color, how do you perceive the demand from that perspective? Yeah. I understand the concern with respect to the both the macro and specifically related to AI and its impact. While that's a concern that's existent across the industry. On the ground, what we are seeing from a which are our leading indicators, which is visible for us, there doesn't seem to be big slowdown or anything of that sort. There seems to be a continued interest in the projects. Like I have been mentioning in the previous calls, from a ticket size point of view, we are within certain ticket size of about below INR 3 crores or so. The demand seems to be quite robust. Hence there is from probably the demand side, it might not be on a very high increased path, which we had seen in between 2021, 2022, 2023, but the demand seems to be steady as of now. With respect to how it actually unfolds in terms of how things are going to happen in future with respect to AI and any of the other technology or any other macro aspects, that we have to wait and watch. What I believe is that currently the demand seems to be quite good. In NCR as well, for the right kind of pricing and product, there seems to be a good demand, which is witnessed in both of our launches. From actual real outcomes perspective, it seems to be positive. If there are any concern in future because of any other reasons, we'll have to wait and see, Parikshit. Okay. Sir, just on the business development, when INR 1,100 was spent. How much was the GDV addition in FY 2026? What kind of GDV addition we are looking for FY 2027 in value terms? Like in, you know, Parikshit, we don't generally give out a guidance on the business development. Our aim is to at least have a pipeline of at least about 10 million square feet every year, that's what we would continue to work upon. Currently, like you have seen, we have about 20 million square feet, which is two years of new launches. We are quite good in terms of visibility for the next two years. We continue to generate good cash flow from operations, that will be deployed. I think that's good enough for us to sort of add to the pipeline of our current projects. We are quite confident in terms of how we go about it. That should not be a concern from a business development and visibility of the project launches perspective. Okay. Just one last question, if I may. The INR 52 crores of rental which you currently are talking. Our earlier strategy, I think we tried with APMC to ramp up the rental, but it did not pick up, and I think that shelved. Now, next four, five years, how do we look at this rental trajectory going, given in Hoskote we are evaluating some of the commercial assets on ownership basis? In a sense, any color on how do you think about the annuity business from here on, and, potentially three, four years, how big this could be on an annualized basis? Right. No, it's a very important decision and discussion that we are having in terms of how to build our rental portfolio. See, as of now, we, we are not developing any of the rental any of any new projects, like, immediately. Hence, we, although we have opportunities for that in few areas, like Hoskote and like in Gurgaon, we have, we have a commercial project. So these lands we can definitely build towards building rental. We can, the rental portfolio is going to see a significant increase from this current rental. I as of now, I think we are in a stage where we think that we should be able to build at least about 2 million sq ft additionally, which in the coming few years, for which land is already available either in Hoskote or in Gurgaon and small other developments that we are doing in Gurgaon also. Hence, clear visibility right now we have about 2 to 2.5 million sq ft. Going forward, if we decide to have this as a separate vertical and strategy for that, we would, we'd start working on it. Our current focus is on building the residential portfolio and getting all these launches on time and achieve a better value from a pre-sales and improving our profitability while that's happening. This one is something that we are looking at it, and we should start getting better traction in the next couple of quarters in terms of visibility, how we go forward. Okay, sir. Sure. Thank you. Thank you very much. Thank you. Next question is from the line of Puneet Gulati from HSBC. Please go ahead. Yeah. Yeah, thanks for the follow-up. Can you also talk about what you are seeing in terms of approval process in Bangalore? There was also a potential FSI law change which was supposed to come. Where is it in the pipeline now? Right. Puneet, from a approvals process, there is no significant change either in positive or negative. It's quite stable in terms of approval environment is concerned. From a new additional FSI that might come in Bangalore, that is still an ongoing matter that's in various forums. We believe that it will come through at some point of time. Once it comes through, we'll have to bake that into our plans in terms of development potential for the lands that we hold or how we develop. That's the exact clarity of that is yet to emerge from the last time that we had a conversation. We'll wait and watch, and as and when it gets, the clarity emerges, then we can, we can let you know. Okay, great. That's all from my side. Thank you so much, and all the best. Thank you, Puneet. Thank you. Next question is from the line of Akash Gupta from Nomura. Please go ahead. Hello. Mr. Gupta. Hi, I'm audible? Yes, you're audible. Hi. Please proceed. Hi, sir. Yes, go ahead. Congratulations on great performance. Sir, my question is more again from the demand perspective. Just wanted to know your thoughts on the, number one, footfalls and consequent conversions. Are you seeing timelines extending due to this war impact? Second is, from a labor standpoint, are you seeing any shortage? Third is from the inflation standpoint, how much cost increases are you seeing? How much margin impact will that have? How are you planning to offset that through price increase? These are my 3 questions. Thank you so much. Good questions, Akash. First, on the demand side, see, like I said, you know, from a leading indicators point of view, which is, our inquiries and visits, they seem to be quite stable across all our projects which are in sustenance. Last year and even this year in some of the launches, the at the time of launch, the kind of momentum that we are seeing is superior than what we had seen earlier. Hence, we as of now, things look quite positive in terms of continued demand. In the sustenance project also there seems to be a continued interest. On both these parameters, things seem to be quite good. And of course, there is a concern related to the macro environment related to how the geopolitical events that are occurring and unfolding. When we actually look at the ground reality, it seems to be quite stable. Second, in terms of the labor shortage, what you had discussed, what you had just asked. That, of course, we've, everyone throughout the industry has faced a labor shortage or issue because of the elections that has occurred in the four states. That, I think, is a brief interruption to the steady flow of the requirement. I think once this stabilizes, then we're back to normal in terms of the number of people working at the site. Third is with respect to the price increases and how it might impact us. There is, of course, surely there is a significant price increases for a short while in some of the commodities and in some of the other materials. The impact of that immediately over the course of the whole projects is yet to be estimated. It's a little dynamic situation, and we'll have to wait and see as how long this the current issues will continue, and hence how much of that will actually come and hit us in terms of margins. Typically for any of the projects, we do have a little bit of escalation that we take into account. It doesn't look like we have gone past those escalations. Like I said, it's entirely dependent on the duration of this uncertainty, price increases. Is it like short term, medium term, or it's going to be a permanent feature? Once we get a probably much better sense of it in the next 3 months - 6 months, then we will be able to get a good handle in terms of the impact of that. That's the case, the how much we'll be able to increase prices and hence there is an offset, that's always the case. Again, we had done that earlier in the past when there was COVID, where there was significant pricing, cost increases and hence correspondingly we could take price increases in new projects. This time we will have to see the demand and supply situation also, hence we'll have to take a call. It's not as simple as last time wherein the demand was quite robust and it was there was a pent-up demand as well, which we could capture. This time, again, this is a event-led inflation whereas demand seems to be quite stable. It all depends on, again, demand, supply, how we can react to that. It's currently wait and watch mode for us. We will take a call once things get clear. Understood, sir. Sir just one question for particularly for your Gurgaon project. I mean, due to the war in the Middle East, are you seeing any, I mean, better than expected demand from the Middle East, particularly for your Gurgaon project, just from an investment perspective? Is there any change that you're picking up? The reasons for investment in Middle East and reasons for investment in local markets might be quite different. Okay. Immediately we have not seen anything, any huge changes. We do see some changes in our Kerala market where there is the inquiry flow is slightly better, considering a majority of the demand comes from Middle East. There we can see that there can be slightly better opportunities for us to capitalize on the more or renewed interest in India. Understood, sir. Thank you so much. Thank you. Thank you. Next question is from the line of Biplab Debbarma from Emkay Global. Please go ahead. Thank you. What would be the GDV of the Mumbai deal pipeline, the two deals that you mentioned earlier, the redevelopment and outright? Both the new projects both put together should be about INR 2,000 crores, Biplab. That's quite big. The second question is, sir, you mentioned Sobha Rivana till date sold INR 500 crore and Crescent INR 1,100 crore in terms of pre-sales till date. Does this indicate that Crescent has received a stronger market response compared to Rivana? I thought it would be other way around. Right. like I mentioned, Biplab, it is a function of also the time that we have given from for us to prepare in terms of loans. I, it's, I don't see it as too linked in terms of responses. Both are doing pretty well. We had quite a good preparation for both the projects. Frankly, one of the aspect that has actually impacted us is the timing, which is in March versus April. As you know, in March things were quite, everyone's quite uncertain as how things were going to pan out. Given that, I think it's a quite we started out quite positively, and that should continue. Okay, sir. Okay. Thank you, sir, and all the best, sir. Thank you. Thank you. Next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi. Good evening, sir. Thanks for taking my question. My first question is, of the 10 odd million square feet that we plan to launch in FY 2027, what would be the GDV of these projects? Good evening, Parvez. If you take an average, pricing of about, what we have done this time, which is about INR 4,700, and similar maybe around INR 15,000, that would be about INR 15,000 crores. Sure. We have either released or unreleased inventory of about INR 12,000- INR 13,000 odd thousand crore in our existing projects. Is that the fair way to look? We'll have maybe close to about INR 27,000- INR 28,000 crores. That's right. That's right, Parvez. Sure. Great. Thanks, and all the best. Thank you, Parvez. Thank you. Next question is from the line of Murali Krishnan from Sundaram Mutual Fund. Please go ahead. Yeah. Thanks for taking question. Sir, just want to understand in this 30% growth, and also continuing with last question. How much would be coming from the sustenance and how much would be expected from the new launches? Specifically because Hoskote will be a significant portion of our new launch. You did indicate that you will accelerate the launches if required. Just to understand the sensitivities to this growth. Yeah, thanks. Right. Thanks for the question, Murali. The ability to generate sales from new launches is also dependent on the timing when we launch the project. Right. The earlier we launch during in the year, higher would be the contribution from those new launches during the year. Last year, we did, I mean, this year, FY 2027, we expect roughly about, you know, 45%-50% from sustenance and 50%-55% from new launches. Understood, sir. sir. Okay. Thanks. Thank you. Thank you. Next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yes. One question on Rivana, sir. You said that you had a very limited window. Out of 2,000, you have sold about 25% till now until May. Have you seen again like a comeback in that project? Do you think that you still, I mean, you have achieved 50% or more in this project now? No, we are seeing good sustenance sales, more for expectation. It's the launch what we did, like I mentioned, was in an uncertain environment. We are looking, we are seeing good response from a sustenance sales point of view. It's not at the same level as a launch one. At the same time, as you know, generally the level of interest and the momentum that's created in launch is not necessarily followed through. In this case, we have started to see generally we see a big fall off after the launch. Here we are seeing good continued interest. I would not say that it is going to continue in the same momentum, but I see a very good sustained sales. And for this project to do well, the kind of given the scale of the project in Greater Noida, a good sustenance sales will really help in terms of the continued interest. Frankly, we are quite prepared for that in the during the year. Based on how things progress during the year, we would launch the phase II or subsequent towers of the project during the year, during the course of the year. At any point of time, whenever we launch a new tower or another phase, again, we can see a spurt in the demand there. Okay. Correction on Hoskote. Now we have INR 7,000 GDV launch. I'm sorry to interrupt. Yeah. Sir, can you repeat your question? You're not audible. Okay. The Hoskote is about INR 7,000 crores of GDV. Phase I is how big? Typically, I mean, typically we have seen with, Yeah. after the launch layout, which is like Hoskote's response initially. How do you think? Because you've already been collecting EOI for some time now. I remember from March end or sometime in that period, this project. Initially launched, given all the noise and the IT plan. if you can give your on this. Yeah. Understand, Parikshit. The phases of the launches is also dependent on the kind of demand that comes through. We have the mix of the product across multiple towers. Basis the demand across these, The unit size mix, we will continue to open new towers, which is typically done in any large project. Here also we would follow the same. First is the dependency of the opening of phases and the towers is on purely on demand and also the construction schedule that we follow. That we are going to follow. Here, to start with at least half of it we should be releasing. If the demand is quite good, we would immediately release the subsequent ones also, because we get RERA for the entire project at once. About INR 3,500 crores is what will potentially come as a launch, depending on the demand. It can be upsized as the demand, actual demand translates into numbers. Is it right? Absolutely. You're right. Any initial comment on how it's been, the EOI here? because this has been out in the market for some time. How are you seeing? It's a large project, so typically township projects seem good traction. Any initial sense on how the footfall or the EOI has been for this project? No, it's, there is good interest in the project, given the scale of the project. Right? Large communities are a differentiating factor for a lot of customers in cities like Bangalore. This would also, I believe, attract a good set of customers who are interested in such large developments. Initial interest seems to be good. Our first focus is to get all the approvals right, and then start the actual sales process with solid preparation. Which is underway. We'll get to know how things progress and how we the momentum that's created. That's obviously it's going to flow into our operational update at the end of the quarter. This should be at least INR 3.5 - INR 4,000 crores quarter, because your Gurgaon has done INR 1,100. If this sells about 40%, it should add INR 1,200, INR 1,300. Sustenna is of about INR 1,000. It should be at least INR 3,000 crore plus kind of sales this quarter, Abhijit? We hope so. I mean, I really hope what you're estimating comes true. Our job is to make sure all the preparation, everything happens, and then, whatever result comes. We'll aim for the best result, Parikshit. Okay. Sure, sir. Thank you. Wish you the best for this launch. We look forward. Thank you. Thank you, Parikshit. Thank you. That was the last question for today. I would now like to hand the conference over to the management for closing comments. Thank you everyone for participating in the call. I hope we were able to answer most of the questions appropriately. In case of anything more, please reach out to us. We as a company, we have seen a good last year, and we're quite confident of the next couple of years also with great visibility on across all parameters. While we are doing this, our aim is to continue to build on the strong foundation and the brand that we have built. That is at that is on execution across the team members. Our team is doing a fantastic job on all the parameters. We hope to continue our good performance in the coming future as well. Thank you for listening, wish you all the very best. Thank you very much. On behalf of ICICI Securities Limited, that concludes this conference. Thank you all for joining us today, and you may now disconnect your lines. Thank you.