Ladies and gentlemen, good day, and welcome to Sunteck Realty's Earnings Call for Q3 and 9 Month FY 2026. We have with us today Mr. Kamal Khaitan, the Chairman and Managing Director of the company, and Mr. Prashant Chaubey, the Chief Financial Officer. Please note, this call will be for 30 minutes, and for the duration of this conference call, all participant lines will be in listen-only 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 question and answer session. I am requested to restrict your questions to 2 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 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 now hand the conference over to Mr. Kamal Khaitan from Sunteck Realty Limited. Thank you, and over to you, sir. A very good evening to everyone, and thank you for joining us today. I would like to take you through the key developments for this period. We delivered a robust financial performance in the first nine months of FY 2026, with revenue growth of 21% year-over-year, EBITDA growth of 77% year-over-year, and a PAT growth of 39% year-over-year, demonstrating a strong operational resilience and profitability. We achieved another decent pre-sales performance of INR 7.3 billion in Q3 of FY 2026, representing a year-over-year growth of 16%. On a nine-month basis, our pre-sales registered its best ever performance, strongly growing by 26% year-over-year to INR 21 billion. As the ultra luxury and premium luxury segment continues to drive a larger share of our pre-sales, we anticipate further margin expansion, contributing to our overall profitability. On the business development front, we acquired a 1.75-acre land parcel located at Andheri, near the International Airport, Mumbai, with a development potential of approximately 600,000 sq ft. This project has an estimated gross development value of INR 25 billion. This acquisition marks the company's third strategic addition to its development portfolio in the current financial year, following the Mira Road project on Western Express Highway and the redevelopment project at Andheri, near Western Express Highway again, near Western Express Highway. The combined estimated gross development value of all these three projects stands at INR 50 billion. Now, on the cash flow front, we have generated a strong net operating cash flow surplus of INR 3.5 billion in first nine months of FY 2026. This has enabled us to maintain our net debt to equity at negligible level of 0.07x. Despite the strong investments in our business development, we have invested INR 6.8 billion in first 9 months of our financial year in business development, compared to INR 1.8 billion for the full year of FY 2025. We are excited about our growth opportunities in the MMR market. With a strong balance sheet and robust operating cash flows, we continue to remain aggressive and prudent in our business development. While we are evaluating many projects aggressively, we continue to focus on our high IRR and equity multiple philosophy. I shall now hand over the call to Prashant Chaubey to take you through the financial performance of Q3 and 9 months FY 2026. Thank you, sir. Good afternoon, everyone. I trust you have 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 the financial and operational performance of quarter three and nine months of FY 2026. The key details are: we sold INR 734 crore worth of area in quarter three of FY 2026, which is a 16% growth year-on-year. During nine months of FY 2026, we booked pre-sales of INR 2,093 crore, registering a growth of 26%. Collections for quarter two, quarter three FY 2026 stood at INR 319 crore, while for nine months FY 2026, collections stood at INR 1,001 crore. The strong collections have resulted in a net operating cash flow surplus of INR 349 crore, which is a 12% growth over nine months of FY 2025. On the P&L front, operating revenues stood at INR 344 crore for quarter 3 of FY 2026. EBITDA stood strong at INR 82 crore, with an EBITDA margin of 24%. We reported net profit of INR 57 crore, which is a 34% growth over quarter 3 of FY 2025. Net profit margin stood at 17%. On nine-month basis, operating revenues stood at INR 785 crore for nine, as against INR 647 crore in the same period last financial year. EBITDA stood strong at INR 207 crore, a growth of 77% year-on-year. EBITDA margin stood at 26% and net profit stood at INR 139 crore, registering a growth of 39% year-on-year. Net profit margin stood at 18%. Net debt to equity stood at 0.07x, with an operating cash flow surplus of INR 349 crore during 9 months. 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 touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants, you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Rishith Shah from Axis Capital. Please go ahead. Yeah, hi. Good evening. Are you able to hear me? Yes, we can hear you. Yeah. So, a couple of questions. First, on the launches. So for the fourth quarter, as in for the third quarter, we didn't have any launches, but for the fourth quarter, how are we placed with the launches of Andheri or even Bandra, for that matter? Or are we looking to kind of launch any other projects that we added in this year? So, just for your knowledge, we have as good as launched the 5th Avenue, our ODC project in our Goregaon West ODC. You must be seeing the ads, and we have already collected a good response on EOIs from the people. And when it comes to launches in the existing projects, we did good launch in Naigaon. We got a good response of new towers. And so we have done in this quarter also as good as two launches. And in fourth quarter, obviously the spillover of whatever we are launched now, mainly will come in the fourth quarter, the ODC launch, especially the Goregaon West launch. And that should be- Okay. Obviously, we are expecting a big number from there as well. Okay, okay. So maybe from these two projects, how was the contribution? So mainly are the premium luxury segment consists of the bookings from these two projects, is it? 5th Avenue and Naigaon. So, premium luxury segment, 5th Avenue, and you can say Sky Park. So if you ask me- Okay. What will be the new launches in next 1 or 2 quarters or 3 quarters, I can say obviously the biggest will come from the 5th Avenue, which is already as good as the launch is going on. And then Andheri, the one which is near the Western Express Highway, the redevelopment project, which we have acquired. Mm. in this current financial year. And then the Mira Road, one more tower, we will be launching, the Sunteck Sky Park, sixth, Sky Park. And we are launching... going to launch Vasai, at least two towers there in SBR, Sunteck Beach Residences. And then we again want to launch two or three more towers in Naigaon, because we saw a good response in Naigaon this time, and we are seeing that, that segment is slightly picking up. So there, we want to launch one or two towers more. Plus, obviously, we will be continuing to see, the sales coming from our other projects, going on. Sure. So just to clarify the timeline, you're saying over the next 4-6 months, is it? Huh, next two quarters. The launches that you spelled out? Yeah, next 2 quarters. Next- Okay. You can say 2.5, 2, 6 months, you can say. Yeah. Great. Great. Perfect, sir. Second question was on the financials. We saw a considerable jump on the revenue side and also some part of jump in the other expenses. If you can just elaborate where was this coming from? So, hi, Rishith. Rishith, as you are aware, we have completed our Sunteck City 4th Avenue project in ODC Goregaon West. So the revenue jump that you see is coming from that project. And as far as other expenses are concerned, basically those projects from where revenues are not getting recognized, still, we have to book certain expenses which we have incurred for those, those projects immediately in our P&L, as per the Ind AS norms. So that's why you are seeing the expenses going higher. Right. So most are related to the launches that we are doing currently, right? Perfect, sir. That answers the questions. Thank you. I'll call back. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Sucrit D. Patil from ICICI Prudential Asset Management Company Limited. Please go ahead. Good afternoon, team. I have two forward-looking questions. My first- Yeah. Hello, Mr. Sucrit? Due to no response, we will take the next participant. The next question is from the line of Harsh Pathak from Emkay Global. Please go ahead. Yeah, hi, good evening. Yeah, hi, good evening, sir. So my first question is on, you know, this Andheri project, the Sahar project that we have recently acquired. So I think in the amount spent on BD, I think there is an incremental around INR 280 crore of cash outflow. So can we consider this. Sorry, INR 260 crore of cash outflow, is this entirely towards this land parcel? No, this land parcel is only INR 140 crore. The balance is for other BDs, other whatever we have done. So if you want to split up the BD spend, we have spent, we have spent in J.B. Nagar, that's Andheri parcel, INR 140 crore. We have spent in our Andheri, another acquisition in Andheri, is near the Western Express Highway, which is a redevelopment project, Bhim Nagar. There we have spent close to INR 15 crore. Then we have spent additionally on our Nepean Sea Road project, which is close to INR 200 crore. So it's much more than what you're talking in our BD spend this year, and, in nine months. And the 5th Avenue, what we just launched, which is going on, that is close to INR 125 crore. This is just nine months. The number which you are giving, the total spend on BD right now is close to INR 623 crore in 9 months. Understood, sir. No, I was more talking about the implied number for Q3, that's a delta of INR 260 crores, but I, yeah, got- No, no. Q3 is INR 140 crore for Andheri, and balance is for the other projects, ongoing projects, which we are acquiring. Got it, sir. And what are the plans that we are- Sorry. Sorry, go ahead. Yeah. Yeah. So I was asking, what are, what is the development that we are planning for this new Sahar land parcel? Is this going to be a resi or a commercial one? So, yeah, we are contemplating. This location is very good, near the international airport and off Andheri-Kurla Road. Very good location. So we're contemplating between the residential and commercial. We are exploring it. I think we should be forming up our decision in next one or two months, looking at the market dynamics. Sure. Any update on Nepean? Sorry? Hello. Nepean, Dubai projects. We lost you. Can you repeat the question, if you don't mind? Yes, sir. I was willing to know the update on Nepean Sea and Dubai projects. So Nepean Sea, obviously, you know, we have broken the main parcel of land parcel under we are doing this project, you must be knowing, under the Emaance brand, the new brand which Sunteck has launched. So this project is already as good as we are doing sales. We are seeing the numbers in pre-sale. And so, and the commenced groundwork has already commenced. We have demolished the entire old building on the existing land parcel, which is close to one acre. And obviously, this project is very high-end and only by invitation. And we will see the construction work also progressing very soon. Sure, sir. That answers my question. Thanks a lot. Thank you. We have the next question from the line of Anuj Upadhyay from Investec Capital Services Private Limited. Please go ahead. Yeah, so thanks for the opportunity. Sir, any timeline for the launch of Mira Road, second project for which we have recently acquired the land parcel over there? So, yeah, Anuj, we are first, we want to launch our last tower of our fourth tower of our existing Mira Road One, and obviously we are preparing for Mira Road Two launch also. But, we want to first launch, we don't want to cannibalize both the product, both the project with our own, within Sunteck only. So we want to first launch fourth tower, which will be, we are expecting in next one or two quarters, and thereafter, immediately you will see the launch of the new Mira Road project. Okay. Just a clarification, sir. 5th Avenue were launched during Q3 end, or it's recently been launched, that is, in early Q4? So we have been taking EOIs. So some EOIs have been started from end of Q3, and most of it is obviously now continuing in January, and you will see happening in February, the main launch. Fair point, sir. Just a macro-level question, sir, on the demand per se, because we have presence across ultra-luxury segment to the aspiration one, and right from the South Bombay to the extended part of the MMR. So just to get a sense of the market, you know, how exactly it's panning out, because what we have been hearing about a certain kind of a slowdown happening on the resi side especially. Just want to have your take on this, you know, and which segment continue to, you know, do well, and which are the parts where we can see some kind of a pain point happening? That's all from my side. So, so, so market we all see is slightly fragile. Definitely. I would not like to make any speculative question, but if you see our performance, we have performed recently well, even in Q3, and we are confident about our guidance of Q4 as well, and for the full year as well. I would like to say that market is right now stable. It will be too early to give any speculative statements. And right size product in every market, good market, is still selling. And in fact, we are seeing slight better performance in the lower category, which is like mid segment and lower mid segment and affordable segment, which was not there in the past. So slowly, the pickup, that's why we did good in even our Naigaon one or two towers, and that makes us give us more excitement to launch more in that product also. So till now, otherwise, only the ultra luxury and premium luxury was doing well. But now, going forward, we are seeing even even that is picking up slowly, and hopefully, if we get something very good in the budget, that segment should take off faster than expected. Got it, sir. And, may I just ask one more question, sir, on the BKC project. So, what inventory are we left off with, and how much did we sold in the quarter? So we sold one unit of the Signature Island, which is a larger unit. And we have been maintaining that every quarter, we sell close to approximately 100 crores, and I think and in full year, we are maintaining INR 300 crore-INR 400 crore. I think we are in line with that, and we will continue to maintain that. Okay, Anuj, anything else? On the inventories side, sir, how much inventory has been left there? Anuj, Prashant this side, we are left with around INR 655 crore of inventory. Okay. Thank you. Thank you, Prashant. Thanks, sir. That's it from my side. Thank you. Thank you, Anuj. Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address all the questions in the conference, we request you to kindly limit your questions to two per participant. If you have a follow-up question, please rejoin the queue again. The next question is from the line of Abhishek Lodhia from Motilal Oswal Financial Services Limited. Please go ahead. Yeah, good evening, sir. Just one question. From last two quarters, we are doing roughly INR 700 odd crores of pre-sales, and we have a guidance of roughly INR 3,000 crores for a year, which means INR 900 crores of run rate for a fourth quarter. Are we comfortable to achieve that number? And if that is so, what basically are we looking for? Basically, the launches and where it will come from. Thanks. Hello, I'm audible? I think you were on mute. So Abhishek, we are maintaining that—we have been maintaining that our pre-sales number will grow quarter on quarter by close to 25% to 30%. If you see nine months number, it's already we are achieved more than 25%. And that's what I said, we will maintain our guidance, and we'll achieve our guidance. Looking at the launch, which is existing, going on 5th Avenue, we are quite confident we'll meet our guidance of FY 2026 entirely for twelve months as well. Okay, which means, the most, I mean, the number would come from 5th Avenue, right? That, that's what- No, the numbers will come from everywhere, Abhishek. Why? Because there is not that we have exhausted any project, so we—it will come from SBR in Vasai. It will come from Naigaon, Sunteck World. Then it will come from, obviously, Goregaon West, ODC with the 5th Avenue. Then obviously, we are looking to launch, even this project, our Andheri, near the Western Express Highway. Plus, we are doing continuous sales from BKC and Nepean Sea Road. So there is no reason we should, and we, we are not. In fact, last three quarters we have done, we are overconfident that we'll, we will achieve our guidance. We may, we may only surpass it, but not, I don't think we'll be lesser than our guidance. Got it, sir. Thanks. Thank you. Thank you, Abhishek. Thank you. A reminder to all the participants, please limit your questions to two per participant. We have the next question from the line of Abhinav Sinha from Jefferies. Please go ahead. Hi. Sir, can you please update us on the Dubai project, and are you looking to add more in the geography? Abhinav, we have been maintaining, right now we are very clearly focusing on our current project in Dubai. We are not looking at any new acquisition in that geography immediately. And we are very clear, we are Mumbai-focused, and we want to maintain our focus there. We have, and we are—if you are seeing, that's why we have been doing now acquisitions very aggressively within Mumbai also, whereas we, so we are negotiating quite a lot. And as far as Dubai project is there, office and sales pavilion setup has already started in Dubai, I think, and the designs have been totally finalized, and the approvals are in the advanced stage. And you, God-willing, you will see the launch also happening very soon. Okay. So secondly, in the Naigaon project, new tower and in ODC, how is pricing, say, as compared to the previous phases? So, when it comes to Naigaon, pricing is at the same, same pricing what we have been selling, so obviously we have not increased. But when it comes to ODC, Goregaon West, obviously, our pricing is higher than what we were selling. So that's why you will also see our margins getting better. Higher by how much? You can say at least by 10, 12%. And if you take- Okay. -average sales of our Fourth Avenue, it will be much higher. This I'm talking about from the old, past, two-three quarter sales. This is higher than even that, so what we have, what we have launched. Okay, so the positioning is more premium this time around and... Yeah. Yeah? Okay. Yeah, it is, it is more luxury, more premium, and that's why these are only three-bedroom apartments, three BHK, and four-bedroom kitchen apartments. These are three BHKs and four BHKs only. So we have not launched two BHKs this time. Okay, got it. Thank you, and all the best. Thank you. Thank you also. Thank you. We have the next question from the line of Kunjal Agarwal from Arihant Capital. Please go ahead. Thank you for the opportunity, sir. Am I audible? Yeah, yeah, you are audible. Okay. Sir, can you, like, tell me your timeline for the launch of Nepean Sea? As we mentioned a few quarters, so do we stick to it, and the timeline of the Dubai project as well? So, Kunjal, I think Dubai, I just mentioned everything, I think, in the previous questions. I think I've answered. But as far as Nepean Sea, I just want to tell you, this is what... This will be not a launch, launch, like what we are doing any other project of Nepean Sea. You're already seeing sales happening in pre-sales. This is by invitation only, and that's why we created another brand under Emaance's brand. And every quarter on quarter, we have been doing sales from there. Already, we have lots of inquiries and interests which are registered, and it is not that we are going to the market and doing big advertisement in sales and marketing, which it is a-- it is not a, like, a push, push factor where we will be doing the sales. It's a pull factor for this project. So, that's how it is. And, groundwork, we have said that already started. And it's not like the product which is available off the shelf. It's not off, it's not on the shelf like anybody and everybody can... We want to give, sell the project. We have a different strategy, how, and we will market that project accordingly. So you can consider, sales will continue in Nepean Sea Road, irrespective of anything. Thank you, sir. Sir, any guidance for the pre-sales for FY 2027? Is there, is there any change in that? So definitely there is, for FY 2026, I want to be repetitive. Once again, I would like to repeat and say that there is no change in our guidance. For FY 2026, 2027, sorry, I think we would not like to make any speculative statement current now. Let, we will like to communicate along with our yearly results when we know the market, exactly. We all are talking about someone is telling the markets are stable, someone is saying the market has slightly slowed down in the luxury and premium segment. But fortunately, till now, we have not experienced any such thing right now, if you can, and you can see from our pre-sales number. So looking at this, I am very confident that even if the market will continue to at least remain stable, what I see. If that remains stable, we are quite confident about our growth numbers. Okay, sir. That's it from my side. Thank you so much. Thank you. Thank you. Thank you. We have the next question from the line of Sourabh Gilda from JM Financial. Please go ahead. Yeah, hi. I'm audible? Yeah. Hi. Yeah. Uh, Sourabh. Hi. Congrats on good operational and financial performance. My question is on collections. I understand you have maintained that the pre-sales are now coming from new projects and especially Nepean Sea, and once that gets launched, we'll see the pickup in collections going ahead. So but my question is more from a 2-3 years perspective. Let's say, once the Nepean Sea project gets launched. How do you see the collections trajectory on a sustainable basis for next 2-3 years? So, obviously, Sourabh, when you say launch, I would only say when the construction, let's say, construction starts. So we are doing sales. So for us, that will be, I'll again repeat, that will be not anything like launch, l aunch of that project. So because it is only by invitation, so we will not, like, advertise or something. That's why we created a separate brand at the cost of reputation. Once again, I repeat, that Emaance has been created, that's why. So when you say collections, obviously, when the construction starts, the collection trajectory will crazily go up, and definitely we'll see a much bigger momentum in the collection that day. Sure, sir. Thank you. Thank you, Sourabh. Thank you. We have the next question from the line of Abhishek Khanna from Kotak Securities. Please go ahead. Hi, sir. I just wanted to check, you mentioned you've done two launches in the third quarter, right? One, you said was Naigaon. What is the other one? And second, could you also confirm the total? It's ongoing, ongoing, our ODC, ODC. The Goregaon West, Sunteck City, 5th Avenue. Did that have any pre-sales contribution in the third quarter, 5th Avenue? Small amount of it, from the part of it. Very, very small part of it. And for the Naigaon project? Q3. So Naigaon project, obviously, whatever sales has been booked in Q3, has been from the new tower launch, which we feel very. We got a very good response compared to, with previously what we were seeing that segment. So we are very now hopeful about that segment doing better now, better and better. And if, again, at the cost of repetition, if the budget does something good for the, that segment, this will really take off very well. This will take off very soon. But we are- Can you confirm the launch value for the Naigaon project, sorry, the GDV that you would have launched, let's say, the tower, GDV? Yeah. So I think we must have launched close to, Prashant, exact number you have? So I think we are close to INR 400 crore-INR 500 crore, approximately, what we launched. Okay. Sure. Just on 5th Avenue, when you say, have you received that RERA approval for that particular project already? Yeah, long back. We've already re... Otherwise, how can we do the collection? How can we take the collection? Okay. The last question that I had was on the, again, sorry, at the cost of repetition at our end, but the Nepean Sea Road project, just to confirm, that would also require a RERA approval, right? Have you received that RERA approval or is that still in the works? So obviously, RERA approval is not received there, and this is all what the tenancy sales sales are happening, which does not require the RERA approval. Any timeline that you have in mind for getting that RERA approval? So just for your knowledge, we have assigned more areas to high-profile existing owners of the building, which is under the PAAA. You don't require the RERA approval. Okay, but to sell it to a new person, you do require the RERA approval, and I assume also to get the money in a significant- I'm not saying new, new tenants. All right. Just one final question. Is there any timeline that you have in mind for getting that RERA approval, whenever you do? Any targets that you have? So I've been saying, I think we were looking at end of this quarter, and it is in, it's hopeful that we will—we should get by end of this quarter or Q1 of FY 2027. All right. Okay. Anything that's causing this delay? Sorry, just harping on this a little more, but I'm saying this has lagged and our maybe expectations. We would have probably expected to get this RERA approval a little while back, but for whatever reason, this has dragged a little. Is there a specific reason to it, or was it anything in general that has led to some delays in getting this RERA approval secured? I don't think we have dragged it. We always said it will be Q4 of FY 2026 or Q1 of... I don't know where are you coming with this question, from where are you come this question? Okay. Well, I have not dragged at all. All right. It's not a small project. It's a very large project and a unique project. We cannot rush that project. Sure. Yeah. Sure, sir. All right. Thank you. Thank you. Thank you. Thank you very much, ladies and gentlemen. That was the last question for today. I now hand the conference over to Mr. Kamal Khetan for the closing comments. Thank you, and over to you, sir. Thank you all for taking the time out of your busy schedule to join us today for the call. In case if 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. Thank you once again. Thank you. On behalf of Sunteck Realty Limited, that concludes this conference. Thank you for joining with us today, and you may now disconnect your lines.