Ladies and gentlemen, good day and welcome to the Sunteck Realty Limited earnings conference call for Q4 and FY2025. We have with us today Mr. Kamal Khetan, the Chairman and Managing Director of the company, Mr. Prashant Chaubey, the Chief Financial Officer, and Mr. Abhishek Shukla, the Vice President of Strategy and Investor Relations. Please note that this call will be for 30 minutes, and for the duration of the conference call, all participants will be in listen-only mode. This conference call is being recorded, and the transcription of the same may be put up on the website of the company. After the management's discussion, there will be an opportunity for you to ask questions. There will be a question-and-answer session, and we request to restrict questions to two participants. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Before I hand the conference over to the management, I would like to remind you that certain statements made during the course of this call may be based on historical information or facts and may be forward-looking statements, including those related to business standards, plans, and strategies of the company, its future financial condition, and growth prospects. These forward-looking statements are based on the expectations and projections and may involve a number of risks and uncertainties and other factors that could cause actual results, opportunity, and growth potential to differ materially from those suggested by such statements. I would like to turn the conference over to Mr. Khetan, the Chairman and Managing Director of the company. Thank you, and over to you, sir. A very good afternoon to everyone, and thank you for joining us today. I would like to take you through the key developments for this period. To start on a positive note, we have registered our highest-ever presale of INR 870 crore for the fourth quarter of 2025, which led to the highest-ever full-year presale of over INR 2,500 crore for 2025, registering a robust growth of 32% over 2024. With this, we have grown faster in 2025 versus the previous year, and we are confident of achieving similar growth in 2026 with higher margins. Sales contributions were from all projects, especially our Uber Luxury projects in Mumbai. These sales give us better margins as well. The net GDV as of 2025 stands at about INR 40,000 crore, which has grown nearly three times from 2022. We continue to focus on acquisitions with higher EBITDA margins. We have spent more than INR 180 crore towards new acquisitions in FY 2025 and are confident of announcing a few new acquisitions very soon. We have generated strong net operating cash flow surplus of INR 374 crore in FY 2025. Our balance sheet remains strong with a net cash surplus of INR 125 crore. Our net debt to equity has improved from -0.02x in the third quarter of FY 2025 to -0.04x at the end of the fourth quarter of FY 2025. As we move ahead in FY 2026, we remain focused on value-accretive project additions and more projects coming up for the revenue recognitions. We are confident of surpassing the margins of the previous years. I shall now hand over the call to Prashant Chaubey to take you through the financial performance of full-year FY 2025. Thank you, sir. Good afternoon, everyone. I trust you have had the opportunity to go through our latest results and the investor presentations, which are published on our company website and the stock exchanges. I would like to take this opportunity to share a brief update on financial and operational performance of Q4 and full-year of 2025. The key details are: we sold INR 2,531 crore worth of area in full-year 2025, which is a 32% growth over 2024. Presales of INR 1,915 crore. During Q4, 2025 presales registered a growth of 28%, booking value of INR 870 crore as compared to INR 678 crore in the same quarter last year. Collections for 2025 stood at INR 1,255 crore as compared to INR 1,236 crore in 2024, resulting in our net cash flow surplus of INR 374 crore. The cash flow ROCE stood at 16%. Consolidated cash flow ROCE of the last three years stands at a weighted average of 20%. On the profit and loss front, operating revenue grew by 51% year-on-year for the full year ended 2025 to INR 853 crore in comparison to INR 565 crore in the same period in the last financial year. EBITDA stood at INR 186 crore in 2025, 58% growth over 2024 EBITDA of INR 117 crore. EBITDA margin stood at 22%. We reported net profit of INR 150 crore, which is a 112% growth over 2024, net profit of INR 71 crore in 2024. For Q4, 2025, operating revenue grew by 27% to INR 206 crore quarter-on-quarter, and EBITDA stood at INR 69 crore. EBITDA margin for Q4, 2025 stood at 33%. On a quarterly basis, our EBITDA margin starting from Q1 of FY2025 has shown steady improvement of 10% in Q1 FY2025 to 22% in Q2 FY2025, 30% in Q3 FY2025, and ended the year with 33% in Q4 FY2025. We reported a net profit of INR 50 crore. Our net debt to equity stands at -0.04x with a net cash surplus of INR 125 crore during FY2025. Thank you. With this, we open the floor for questions. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use hands up while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants are requested to please press star and one to ask a question. The first question is from the line of Rishabh Garg from Sajjan Family Office. Please go ahead. Thank you for the opportunity, sir. I hope that I'm audible. Yes, please. Yeah. Yes, sir. Just a set of numbers. I wanted to understand what is the presales split between Napean Sea and BKC, which is in our Uber luxury one. Yeah. Yeah. Hi, Rishabh. Our sales for BKC in Q4 was INR 150 crore, and our sales in Nepean Sea was INR 423 crore. Okay. Also, for the presales at Nepean Sea, right, what kind of agreement are we doing? I think it is not yet data launched, right? Yeah. Has the old building of Baug-E-Sara demolition started? Yes. Your last question first. Old building of Baug-E-Sara demolition has started in full swing. What we have assigned now, more areas to our high-profile owners and tenants of this existing building under the permissible loan. Under that, we are doing these new sales. That is a part of presales. Okay. The existing people who are living there? Yeah, yeah. Who have. Okay. Rights and the tenancy rights. Okay. Also, what is the status of the Dubai project? Dubai project, as we have always been mentioning, it is obviously under the approval and designing stage, and we will be looking to launch towards the later part of the FY 2026 or early FY 2027. Just one more question from my end. Which are the projects, right, which are going to lead our presales for the next two quarters, especially in premium luxury and the aspirational luxury part? We all know Uber luxury and Uber luxury is doing better than the premium luxury, and the premium luxury is doing better than the aspirational luxury. Obviously, Uber luxury will definitely take more lead than premium luxury, but nevertheless, there are a lot of launches which are coming, new launches for us in premium luxury as well. I think both will drive maximum growth, definitely much better than the aspirational luxury. Sorry to interrupt, sir. I would request you to rejoin the queue for your follow-up question. Ladies and gentlemen, please limit your question to two per participant. If you have a follow-up question, I would request you to rejoin the queue. The next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah. Thanks for the opportunity. Firstly, congratulations. I think good year for us, both in terms of presales as well as P&L profitability. First question is on the next year's growth. What are the likely projects which are now going to contribute in terms of growth and status in terms of launches for each of those? If you can provide, that would be very helpful. Thank you. Pritesh, for the launches, definitely we are looking forward for a formal launch of Sunteck Nepean Sea Road Project, which is of a GDV value on the current status of more than INR 5,000 crore. The Fifth Avenue at ODC Goregaon West, which is one tower of GDV value of more than INR 1,500 crore. Sunteck Sky Park, one more tower which we look to launch in this current financial year, which is again close to GDV value of INR 700 crore. Sunteck Beach Residences Vasai, which again we will be launching, SBR at again one or maybe two towers with a GDV value of close to both the towers put together, INR 400-450 crore. One phase of new phase of Sunteck World Naigaon, which is again close to INR 350 crore. All these new launches what we are planning to see in this current financial year and with which we are confident that we will achieve a similar presales growth what we have achieved in FY2025. Got it. That's pretty excellent. Even Dubai, right, while you mentioned right now, but. Dubai, we are not considering, although in this presales, but we are trying our best to see that we can launch in FY 2026 or else early FY 2027. If at all, if it's FY 2027, what would be causing that delay? I mean, just a regulatory thing or. Nothing else, obviously. Approvals and it's at the designing stage. We were contemplating the mix of the projects, so that's why we had to change the designs once or twice. Right now, we are at a very advanced, advanced stage for a product because it's a large project. It's almost close to three-acre land parcel next to Dubai Mall in the heart of Downtown Dubai. We want to be very cautious what we are launching. It is at the final stage. Now approvals, and then obviously we have to look at launch. Thank you. Ladies and gentlemen, please limit your question to two per participant. If you have a follow-up question, I would request you to rejoin the queue. The next question is from the line of Gurpreet Singh from Arihant Capital. Please go ahead. Good afternoon, sir. Am I audible? Yes. Yes. Thank Yes. Thank you very much. First of all, congratulations for the wonderful set of results. Sir, I have a couple of questions. First one is like collection seems to be more or less in line with the last year. There is no major. What kind of trajectory are we expecting on collections front? Secondly, how much revenue recognition are we expecting in the coming financial year now? Collections, one thing is very clear that this time, the more presales which you see has come from the Uber luxury and the new projects, the new launches, which are projects which are just going to start. That is why the collection has been at the obviously those collections at the initial stage is low. Knowing that now like Fourth Avenue, ODC, Sunteck City, in the coming quarter, we are expecting that to receive occupation certificates. The collections which are going to because of the projects which are under completion will come in next two-three quarters, we are expecting the collections to be obviously more robust this year than the last financial year. Coming to the next question, I think I'll leave it to Prashant to answer your next question. Gurpreet, hi. With regards to revenue recognition, definitely with the occupation certificate getting received for Sunteck City, Fourth Avenue, that project will come up for revenue recognition in FY 2026. We are confident you'll see that similar growth of 30%-35% in even our revenue and our margins as well as our bottom line. Thank you. The next question is from the line of Abhinav Sinha from Jefferies India. Please go ahead. Hi. Congratulations on the strong quarter in here. On the sales trajectory, just wanted to check. You are expecting growth to be approximately 30% next year except Dubai? I said similar growth in spites where people are giving lesser guidance, but we are confident that we will have a similar growth this year irrespective of Dubai. Okay. North of 20%, should that be a fair number? Yeah. Yeah. Easy. Very confident. Very nice. Which segment do you think will drive this? This is basically BKC, Nepean Sea Road or whole mix? Obviously this year also if you see our sales has been all across all segment, but we all have been seeing that Uber luxury is definitely doing much better than the premium luxury, and the premium luxury is doing much better than the aspirational luxury. Our major focus will be on premium luxury as well as Uber luxury to drive this growth. Right. Sir, secondly, wanted to ask your observation on how pricing behavior has been across segment this year and what are your expectations for the same next year? We are not contemplating any price rise in any segment. We are hoping that even if the price remains stagnant, we are more focused on the velocity. We try to see that we can do more velocity than the price rise because our margins already have improved a lot. It will continue to see irrespective of the price rise, we are confident of our margins to remain intact or only going better from here. Thank you. Ladies and gentlemen, you may press star and one to ask a question. A reminder to all the participants that you may press star and one to ask a question. The next follow-up question is from the line of Rishabh Garg from Sajjan Family Office. Please go ahead. Yeah, sir. Thank you for the opportunity. Just one question. Any senior management hire that we have done, especially for the sales and marketing front, because we are going to have a lot of Uber luxury kind of inventory going forward? This is a regular process of hiring senior management in every department and everything. I think that process is already there, and we have enough staff for this new growth. We are also hiring more people to see that we continue to maintain this momentum of our presales growth. We have no concerns about that. Any reason of asking this specific question? No, just in the sense of capability building. Yeah. If you are confident that. Yeah, yeah. No worries. Anything else? Rishabh? No, sir. Thank you. Thank you, Rishabh. Thank you. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi, Kamal sir, and congratulations for a great set of numbers. I wanted to get your thoughts on our Bandra project and when will we see that getting launched? Which is the second project you said? Bandra and? No. It was the Bandra project only. Okay. Bandra, we have already started this towards the end of this financial year, we have almost acquired that project redevelopment. I think we are already in process of architecture designs are getting finalized and in the process of getting the approvals. I think once that approval comes, we are quite confident that we'll be the same. I can give you on a conservative side towards the end of this financial year or towards the early next financial year, we will be able to launch that project. That is with a not very big GDV value, so we are not even considering that in whatever numbers we are contemplating for the next. If it comes in this financial year, it's always better and more the merrier. That is all it is, Parvez. Sure, sir. Thanks and all the best. Thank you, Parvez. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Kamal Khetan for closing comments. Thank you all for taking the time out of your busy schedule to join us today. In case if any of your queries have been left unanswered, please feel free to reach out to our investor relation team. We truly value your continued support and look forward to strengthening this relationship. Stay safe, everyone, and thank you once again. Thank you. On behalf of Sunteck Realty Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.