Ladies and gentlemen, good day and welcome to Sunteck Realty Ltd's earnings conference call for Q2 and H1 FY26. 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 this call will be for 30 minutes and for the duration of this conference call, all participant lines will be in a listener mode. This conference call is being recorded, and the transcript for the same may be put on the company's website. After the management discussion, there will be an opportunity for you to ask questions. There will be a Q&A session, and we request to restrict questions to two per participant. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone 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 not be based on historical information or facts and may be forward-looking statements, including those related to business statements, plans, and strategies of the company, its future financial condition, and growth prospects. These forward-looking statements are based on expectations and projections and may involve a number of risks and uncertainties and other factors that could cause actual results, opportunities, 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 and happy Diwali to everyone, and thank you for joining us today. I would like to take you through the key development for this period. We achieved yet another good pre-sales performance of INR 7 billion in Q2 FY26, representing a YoY growth of 34%. On a half-yearly basis, our pre-sales has strongly grown by 32% to nearly INR 14 billion. The growth in pre-sales was driven by our project both in uber luxury and premium luxury segments. We are confident of achieving similar growth for the full year of FY26. Now, on the cash flow front, we have generated a strong net operating cash flow surplus of INR 2.6 billion in the first half of FY26, a growth of 35% YoY. This has enabled us to maintain our net debt-to-equity at negligible levels of 0.04x despite the strong investments in business development. We have invested INR 4.3 billion in the first half of the year in business development compared to INR 1.8 billion for the full year of FY25. This demonstrates that we are committed towards expanding our development portfolio. In the first half, we have added two projects in the western suburbs of MMR. The first one is a luxury development project at Andheri, near Western Express Highway, with a GDV value of INR 11 billion, and the second one in joint development at Meera Road on Western Express Highway, with a GDV of INR 12 billion. Now, I would like to share about our latest by-invite only, a real estate lifestyle brand, Iman's. Iman's is a new word actually authored by Sunteck that unites magnitude and magnificence, magnificence and immensity with indulgence. Through this brand, Sunteck aims to take the luxury living to the next level and sets new benchmarks that the Indian real estate market has never seen. The inaugural portfolio under the Iman's includes our marquee project of Napean Sea Road, which will be the most luxury and the exclusive residential development of the country. Now, last but not the least, on the sustainability front, the company has been awarded a coveted five-star rating by Global Real Estate Sustainability Benchmark, GRESB, with an outstanding score of 99 out of 100 in 2025, a significant three-point improvement over the previous year, highlighting the company's strong focus on environment, social, and governance excellence. I shall now hand over the mic to Prashant Chaubey to take you through the financial performance of Q2 and H1 FY26. Thank you, sir. Good afternoon, everyone. I trust you had the opportunity to go through our latest results and the investor presentation, 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 quarter two and first half of FY26. The key details are as follows. We sold INR 702 crore worth of area in Q2 FY26, which is a 34% growth over quarter two FY25 of INR 524 crore. During the first half of FY26, we booked pre-sales of INR 1,359 crore, registering a growth of 32% over H1 of FY25. Collections for quarter two FY26 stood at INR 331 crore, which is a 24% growth over quarter two of FY25, while for the first half FY26, collections stood at INR 682 crore, a growth of 12% over H1 FY25. The strong collections have resulted in a net operating cash flow surplus of INR 258 crore, which is a 35% growth over H1 of FY25. On the profit and loss front, operating revenues stood at INR 252 crore for quarter two of FY26, as against INR 169 crore in the same period last financial year. EBITDA stood strong at INR 78 crore in quarter two of FY26, 108% growth over quarter two of FY25, EBITDA of INR 37 crore. EBITDA margin stood at 31%, up by 8.73% on a year-on-year basis. We reported net profit of INR 49 crore, which is a 41% growth over quarter two FY25, net profit of INR 35 crore. Net profit margin stood at 19%. On a half-yearly basis, operating revenues stood at INR 441 crore, as against INR 485 crore in the same period last financial year. EBITDA stood strong at INR 126 crore, an 83% growth over H1 of FY25. EBITDA margin stood at 28%, which is up by 1,433 basis points on a year-on-year basis. We reported a net profit of INR 82 crore, which is a 44% growth over H1 FY25. Net profit margin stood at 19%. Net debt-to-equity stood at 0.04x. Thank you. With this, we open the floor for questions. Thank you very much. We will begin with the question and answer session. Anyone who wishes to ask a question may 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. First question comes from the line of Prithesh Seth with Access Capital. Please go ahead. Yeah. Thanks for the opportunity. Firstly, Diwali wishes to everyone at Sunteck and their respective families. My first question is on, I think we are seeing a very steady scale-up in terms of pre-sales over the last quite a few quarters, so congrats for that. The question is on the collections. I know we were facing some challenges in terms of execution and all, but what would be the exact timeline of improvement in collections going ahead? Will we see the scale-up this year onwards or probably sometime next year is when we expect? That's my first question. Hi, Prithesh. Prithesh, we have registered a growth of 24% in quarter two FY26 on a year-on-year basis. As we progress with deliveries of our projects, we continue to build on the momentum. Moreover, all our projects are construction-linked, and we book the collections accordingly for all our ongoing projects. From our ongoing and completed projects, our collection efficiency for the first half of FY26 stands at 80%. Prithesh, collections, you will definitely, obviously, see further improvement as the new projects, like the many pre-sales, are coming from the Napean Sea Road. We all know that, and from the luxury. It will catch up for sure. You may start seeing that catch-up in maybe the last Q4 of this financial year and definitely in the next financial year for sure. Sure. So launch of Napean Sea Road officially would be Q4 of this year or Q1 next year? If you see, we are already doing the sales for the existing customers and all, and we have done substantial sales there. The official launch, yeah, we are looking definitely Q4. Sure. Just on the second one, we did an INR 500 crore ref issue recently, and we have seen our BD activity also going up since last, I would say, a couple of quarters and even more. How should one think about it going ahead, whether this capital that we have raised would largely be utilized for unlocking the existing business development that we have done or if we would continue to, you know, look for new projects as well? Yeah. Prithesh, definitely, obviously, we don't want to definitely slow down our BD activity. At the same time, we were seeing that there will be a lot of requirement of the funds, which will be required in Napean Sea Road and Dubai, as well as commercial building of 5th Avenue, plus the new business development. We don't want to slow down our business development at any point of time because of the existing commitments. We wanted to be over-cautious, and hence, I think we did this. That's how we will be liking to put our money going forward, including the new business development, which we are already aggressively looking at, some of the good new opportunities over and above the existing ones. Just to follow up, in which segment are you eyeing to build further? Will it, since you are now doing more of luxury, Uber luxury, is that the segment you want to target, or eventually at the stage that we are in terms of cycle, would you also start looking at the mid-income segment, which might probably a couple of years down the line start doing well? Your segment of interest? Yeah. We don't want to speculate too much. That's why, looking at the market, we see already a good demand, like in the ODC already. We, and most of the sales, if you are seeing, is not only coming from Uber luxury segment but also the premium luxury. We are looking in both this segment, definitely not in the aspirational luxury segment, but more into the premium luxury subsegment going forward than the Uber luxury segment. We want to be balanced in both the segment. Got it. Very clear. That's it from my side and all the rest. Thank you, Prithesh. Thanks a lot. Thank you. The next question comes from the line of Saurabh Gildha with GM Financial. Please go ahead. Hello. Diwali wishes to everyone and congrats on a great set of numbers. I just wanted to take up the last question forward, you know, and get more details on your strategy for commercial development. I understand you mentioned about construction for Napean Sea Road and Dubai also. Given that these projects are largely high margin and can become self-funding after, you know, some initial capital infusion, is there any now for concrete strategy to build up your commercial portfolio? Can you share any timeline, if any, for the 5th Avenue specifically? Happy Diwali to you as well, Saurabh. If you see 5th Avenue commercial, we are very clear that we want to start the construction of even 5th Avenue commercial also. We want to continue to build our commercial portfolio. As you know, we are awaiting our approval for our 5th Avenue residential. At the same time, we will be similar timelines. We'll get the approval for our commercial. You will see the construction of both the starting 5th Avenue residential as well as the 5th Avenue commercial, both to be starting at the similar timeline. That's how, and definitely, we want to build the commercial portfolio more and more. We are exploring that while we are doing our BD activity. Thank you. Just one more last question from my side. If you can highlight the launch pipeline for the next two quarters, which one can come first? I hope 5th Avenue is the advanced status launches, but anything if you can highlight from a launch perspective for the next two quarters. Yeah, Saurabh, we definitely don't want to commit which one will come first and which one will be second. As you see, there are enough launches which are going to happen, a plethora of launches, I would say, for Sunteck, which we are seeing. ODC, obviously, 5th Avenue residential. When we are talking about the new redevelopment project, which we have acquired, even that is in the advanced stage, in Andheri, Western Express Highway. We were looking to launch one tower in Meera Road, which is Sunteck Sky Park, fourth tower. In Vasai, we are looking to launch two more towers. Again, in Naigaon, we are looking to launch now since we are depleting the inventory there. Also, we want to launch one more place in Naigaon as well. Plus, obviously, we know that Napean Sea Road, although we are selling some apartments, we are looking forward to launch that and increase the GDV value while we are doing BD activity to expand that portfolio. Plus, obviously, the launch of Dubai, which whenever it comes, even that we are looking at. There are a plethora of launches going forward. We are looking forward for all these launches for sure. Okay. Thank you. Thank you so much. Thank you. Thanks. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. The next question comes from the line of Harish Patel with MK Global. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity and congratulations on the strong quarter and unveiling of the Iman's brand. My first question is on the Iman's brand itself. What is the status of the construction at Napean Sea Road? When do we expect to start the construction there? When can we expect the Dubai launch? Yeah. Good afternoon, Harish. In Napean Sea Road, we already started the demolition of the main building, which is Bagesara, the first phase of Napean Sea Road. Demolition is at a very, very advanced stage. We should complete the demolition in the next 15 days to one month. Our approvals are at a very advanced stage. We would look for those completion of approval and obviously thereafter ERA, and we'll be looking to launch that ASAP. When it comes to the Dubai project, just to give you one good news, we have already taken the big office where we can do a sales pavilion as well as in Dubai. They already started setting up, already the interiors and everything have started on that Dubai office and the sales pavilion. Designs of all the full project in Dubai have been totally finalized and as good as freezed. Approvals, again to mention, are in the advanced stage. Looking forward to the launch ASAP. That's how it is, both the projects, Dubai and Napean Sea Road. That's encouraging to hear. Like you mentioned, we have deployed INR 430 crore in the first half towards BD. How much more deployment do we expect since we have also done the fundraise? How much deployment there? Our inventory GDV, which is currently at around INR 39,000 crore, where do we see that in FY26 and maybe in FY27? We have been always very clear that we will never, looking at the strong balance sheet, we will not stop our BD development activity anywhere due to any fund constraint for Sunteck. Sunteck has, today, the balance sheet strength is so strong. I think one of the strongest balance sheets in the industry. The reason we didn't want to even have a 0% hesitation while we do BD. Hence, we raised that INR 500 crore also as a pref, and that's the reason that we don't want to compromise on BD at all when we are, and we'll continue to pour money as and when we see a good opportunity coming with a Sunteck style where we have a good IRR and good ROI. We will continue to take good projects. Sure. Our GDV target, which is at INR 39,000 crore right now? We have always, you see, doubled almost the GDV in three to four years, and we will continue to do that. Sure. My last question on the pre-sales mix. How do we see the pre-sales mix evolving in terms of the share of Uber luxury, premium luxury, and aspirational maybe over the next two to three years? It is. Since we have this Napean Sea Road? Yeah. If you see our GDV, if you see in the presentation also what we have uploaded on the website and everywhere, our GDV mix is very balanced. If you see, the Uber luxury is now 38%, premium luxury is close to 29%, and aspirational luxury is 34%. We can look at some similar sales momentum as well when it comes to the split of sales. That's how we want to be. We're very balanced. We don't want to exactly time the market, which you cannot predict really, the market. Obviously, we would like to time it well. It is very difficult to predict any market, what it will be. We want to be prepared in every three segments, and we will continue to maintain this. That's why we are confident of 30%, 30%, 30%, 35% growth in even our pre-sales and GDV as well. No, sir, I think that answers my question. Thanks a lot for taking, and Diwali wishes to you and the entire team. Thank you. Diwali wish to you as well. Thank you. Thanks. Thank you, sir. Thank you. Thank you. Participants who wish to ask a question may press star and one. Thank you. That was the last question for today. I now hand the conference over to the management for their closing comments. Thank you all for taking the time out of your busy schedule to join us today for the call. In case any of your queries have been left unanswered, please feel free to reach out to us. We truly value your continued support and look forward to strengthening this relationship. Lastly, once again, I would like to wish you all and your loved ones a very happy and a prosperous Diwali. Thank you. Thank you once again. Thank you. On behalf of Sunteck Realty Ltd, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.