Ladies and gentlemen, good day and welcome to the Sunteck Realty earnings call for Q4 and full year 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 that this call will be for 30 minutes, and for the duration of this conference call, all participant lines will be in the listen-only mode. This conference call is recorded, and the transcript for the same may be put on the company's website. After the management discussion, there'll be an opportunity for you to ask questions. There'll be a Q&A session, and we will restrict your questions to two per participant. Should you need assistance during the conference call, please signal an operator by pressing star and 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 prospect. 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 Khetan from Sunteck Realty Limited. Thank you, and over to you. A very good evening to everyone, and thank you for joining us today to participate in our company's earnings conference call for the fourth quarter and full year of financial year FY26. I would like to take you through the key developments for this period. Before that, to share the general outlook on the real estate. We believe that Uber Luxury and Premium Luxury to continue to do well, and the Aspirational Luxury segment is also showing some signs of initial recovery given the decrease in home loan rates and income tax benefits. Coming to our results. We delivered a strong financial performance for the full year of FY26, with revenue growth of 32% year-on-year, EBITDA growth of 64% year-on-year, and a PAT growth of 34% year-on-year, demonstrating our robust operational resilience and sustained profitability. Over the last three years, since FY24, we have doubled our revenue growth and grown our EBITDA by 2.6x, and nearly tripled our PAT. On the operational performance front, I'm pleased to share that we have closed FY26 on a strong note. Our full year pre-sales stood at INR 32 billion, registering a robust growth of 25% over FY25. This strong performance reaffirms the guidance we had shared at the start of the year. Sales contribution was well distributed across projects with our Uber Luxury and Premium Luxury segment continuing to drive a larger share of our pre-sales. This segment mix carries a high embedded EBITDA margin, and we expect it to contribute meaningfully to our margin expansion going forward. It's important to note that our unsold under-construction inventory is today less than 12 months, among the lowest in the market, and the ready unsold stock in our marquee projects gives us a required liquidity when needed. On the cash flow front, we have generated a strong net cash flow surplus of INR 5.5 billion for the full year FY26, representing a growth of 48% year-on-year. This has enabled us to maintain our net debt to equity at negligible level of 0.06x, despite the strong investment in business development. We have invested INR 8.1 billion in full year of FY26 compared to INR 1.8 billion for full year of FY25. This demonstrates our commitment towards expanding our development portfolio while preserving the balance sheet discipline. On the business development front, FY 26 has been a strong year for the portfolio expansion. During the year, we added three new projects to our portfolio with a combined gross development value of approximately INR 50 billion, which includes first 1-2.5 acres redevelopment project at Andheri near Western Express Highway. The second one, nearly 3.5 acres joint development project at Mira Road. Lastly, the outright acquisition of 1.75-acre land parcel at Andheri near International Airport. With these additions, the total GDV of Sunteck as of FY26 stands at approximately INR 441 billion gross of pre-sales. We remain firm and continue to evaluate more opportunities with a strong focus on high IRR and high equity multiple philosophy. We are incredibly proud of our sustainability leadership. In the 2025 Dow Jones Sustainability Index assessment, we achieved an impressive ESG score of 78 out of 100, placing us among the top three Indian real estate developers on the global benchmark. Along with that, we have also earned a stellar 99 out of 100 in the 2025 Global Real Estate Sustainability Benchmark, securing the coveted the Green Five Star rating. I shall now hand over the call to Prashant Chaubey to take you through the financial performance of Q4 and full year FY26. Thank you, sir. Good evening, 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 financial and operational performance of quarter four and 12 months of FY26. The key details are. We sold INR 1,064 crores worth of area in quarter four FY26, a growth of 22%. During the full year, we booked pre-sales of INR 3,157 crores, a growth of 25% year-on-year. Collections for quarter four stood at INR 432 crores, a growth of 39%. For the full year, collections stood at INR 1,433 crores, a growth of 14%. On the profit and loss statement front, operating revenues stood at INR 339 crores for quarter four of FY26. EBITDA stood at INR 97 crores with a margin of 29%, and net profit stood at INR 63 crores with a net margin of 19%. On the full year basis, operating revenue stood at INR 1,124 crores for FY26. EBITDA stood strong at INR 305 crores with an EBITDA margin of 27%, and net profit stood at INR 202 crores with a net profit margin of 18%. Net debt to equity stood at 0.06x with a net cash surplus of INR 552 crores during FY26. Thank you. With this, we open the floor for questions. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touch-tone 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. We have the first question from the line of Kunal Lakhan from CLSA. Please go ahead. Yeah. Hi. Good evening. Quickly, if you can give an update on the Dubai project in terms of launch timeline now considering the Middle East issue. Hi, Kunal. Thank you for the question. We all know, obviously, due to the impact of war. The project is launch ready for us, and whenever we see the event settling down, we will be looking forward to launch the project as soon as possible, ASAP. Just to recap, our land parcel is one of the most prime location next to Dubai Mall in Burj Khalifa community, Downtown Dubai. Our land cost to GDV is very healthy, and there is no debt on the project. We maintain our earlier communication that this project will continue to remain highly profitable. Hence, we are very comfortable situation, and this does not impact any of the company's growth trajectory. As far as the launch exact timeline, obviously we'll have to see this event settling down, and only then we will be able to launch ASAP. I can repeat at the cost of repetition, we are project launch ready right now. Understood, sir. Just one thing in terms of the interest or the demand that you're sensing for this project pre-war. Do you sense the same kind of excitement around the project once things settle down? If I make any statement, it will be more of a speculative. Okay. I think it's very important, Kunal, that we see how this settles up. Just, again, at the risk of repetition, company has no debt on the entire balance sheet of Sunteck. Also at the SPV project level, we don't have any debt. No, there is a zero debt at Dubai project level also. Our cost of acquisition is, compared to even the post-war, whatever settles, even if the market comes down, I continue to maintain, once again, the profitability will continue to remain very high in this project. Irrespective of what happens, because our cost of acquisition is very low compared to the pre. Even if the market corrects by 10%, 20%, we are not worried about it. We will be looking to launch this project ASAP. Understood, sir. My second question is on the business development side. We did some substantial spend this year, INR 800 crore plus. What should we expect for, say, 2027? Should this number be higher than INR 800 crore or let's say 20%-25% growth over last year minimum? Yeah. Business development, like last year, we have put close to less than INR 2 billion, 200 crores. This year we have done more than INR 800 crores. We are obviously looking at our strong cash flow. We will be investing aggressively. At the same time, we are very clear that our profitability and IRRs are not compromised. It obviously all depends on the good opportunity which we do. In my remarks also, I made it very clear that while doing the BD, we will always maintain our philosophy of high IRR and high equity multiple philosophy. We are very clear, and we will be at the same time looking at our strong cash flows. We see the same cash flows coming in years, in current year as well as the next financial year. We are very optimistic about the BD investments as well. Sure. Just a follow-up on the cash flows, sir. If you look at the collections, this year itself, the collections growth was 13%, which is significantly Sorry, we are losing you. Can you repeat? Am I audible, sir now? Now you're perfectly fine. You're fine. Yeah. Just a follow-up on the cash flows. Sir, if you look at our collections, this year the collections grew 14% YoY, significantly lower than the sales growth of 25%, right? And even our collections as a percentage of sales, also is less than 50%. In terms of cash flows, more so driven by collections, we should see a substantial jump going into FY27, right? Yeah, definitely. FY27, we will have a better, obviously percentage. That's why you see the growth will continue to grow. It will have to become better and better. Yeah, I agree with you. Of course. FY27 and FY28, you will see a very strong cash flow. That's why we are very bullish and optimistic about our acquisition strategy. At the same time, again, just repeating that without compromising on IRR and the multiples on the investment. Understood. Thank you so much, and all the best. Thank you. Thank you, Kunal. Thank you. We have the next question from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah. Congrats on the continuation of growth trajectory. Just a couple of questions. First, on the launches expected in FY27. Apart from Dubai, obviously, which is an uncertain one, but apart from Dubai, which all launches should one expect to come by in FY27, and total GDV, if you can elaborate on that as well? Sorry, Prashant, do you want to answer this question? Hi, Pritesh. In terms of launches, we have a slew of launches that we are planning for the next 12 months. As you are already aware, we have already launched Altavia 5th Avenue in ODC, Goregaon West. That project is already launched. Separately from that, we have a redevelopment project coming up in Andheri near Western Express Highway. We have a new tower coming up in Sunteck Sky Park in Mira Road. We have two more towers coming up in Sunteck Beach Residences in Vasai. A new phase will come up in Sunteck World in Naigaon. Plus, the new acquisition in Mira Road, that will also be launched in the next 12 months. Already you have Nepean Sea, plus Nepean Sea Road project is already there. All these are the key launches that we see ourselves in the next 12 months. Broader GDV of these launches, if you have those numbers handy? It can be close to INR 6,000 crore-INR 7,000 crore of GDV. Close to approximately INR 7,000 crore of GDV. Sure. Got it. That's helpful. Just on the recent projects that we have signed, it's mix of outright- Sorry. Just to correct, INR 7,000 crore of GDV from plus Nepean Sea. Yeah. What happens to the sales from Nepean Sea and plus BKC and plus the existing inventory? Yeah. Sure. Second, on the recently acquired projects, it's mix of outright as well as one redevelopment. What should be the margin expectations from those projects. And if you can also highlight, while bulk of the sales now is coming from the Uber Luxury project, both BKC as well as Nepean Sea Road, what should be the blended EBITDA margins that one should assume for FY26 pre-sales that we have done, and for whatever we have signed in FY26? Yeah. Pritesh, if you see current sales, what we have done is INR 94 crore, approximately INR 100 crore have come from Aspirational Luxury, and close to INR 360 crore-INR 370 crore have come from Premium Luxury, and close to INR 600 crore have come from Uber Luxury and other commercials as well. Total, if you see, 10%-15% is from Aspirational Luxury, 40%-45% is from Premium Luxury, and close to 50% is from Uber Luxury and other commercials, et cetera. This is the way. When you are asking to answer your second question, what will be the kind of EBITDA margin, what we are looking at? Blended EBITDA margin, we are looking at minimum 35%-40%. Even in the new acquisitions, we are not worried about coming down below 35%. We are very clear on that, even in our new investment strategy or acquisition strategy or even a redevelopment or JV/JD. We are looking at minimum 30%-35% on each project basis. Sure. If I got you correctly, FY26 pre-sales, whatever we have done, the EBITDA margin should be 35%-40%, and that is what we are hoping to maintain for the recently signed projects as well. Recently signed project, you can say 30%-35% margins. Sure. Blended will be close to 35%-40%. Sure. Okay. That's helpful. That's it from my side, and all the best. Thank you, Pritesh. Thank you. Thank you. We have the next question on the line of Puneet from HSBC. Please go ahead. Yeah. Thank you so much. My first question is on some commentary on pricing trend. Where are you seeing the direction of pricing in Mumbai market? Are you finding still room to grow beyond inflation or should one assume more flattish growth there? Puneet, in fact, I feel that we should not expect too much of price rise from here. I think a stable price in this atmosphere or this current situation should be good enough. We see the demand in Uber Luxury and Premium will be continued at the same momentum. We definitely feel we are very bullish on it. At the same time, we are also feeling that even your Aspirational Luxury segment, Affordable segment, which is also looking a positive uptick, that we are seeing a good demand picking up there also, because of the, I think, income tax benefits and also maintaining the home loans at a lower level. That is now driving slightly more demand than before. Okay. Especially in last one month, are you seeing any change in pattern given there is clearly a disturbance or uncertainty on account of war? Are you seeing slower footfalls in your projects or slower conversion rates at all? Footfalls, I can say definitely must have dropped by 5%-10%, for sure. I think conversion ratios are similar. I think this is not more worrisome. I don't see that. If you see one month trajectory, I don't think we should be worried about it. We are quite confident. Again, at the cost of repetition, I maintain that we are quite confident on Uber Luxury as well as Premium Luxury segment. You have seen, we have grown by, throughout the year, 25%. Even in the last quarter, we have done very well. We are very bullish on it. We are very optimistic on it, I would say. At the same time, we have seen in the last quarter even the demand picking up in Aspirational Luxury segment. Okay. Any shortage of material, labor that you're experiencing currently? Yes, definitely there is some shortage, but that I feel is more because of the West Bengal elections, all these elections. People, labor tend to go for the voting purpose and all for the various reasons. Again, we'll see that coming back again because once these elections are over by the end of this April. Yeah. That's not again a worrisome. Otherwise, we don't see much problem. Maybe in some finished goods, the prices increase like in tiles and all, some of the goods which are import dependent, maximum imports are happening. We see it as a temporary thing because of this event which is going on. We are all waiting and watching it. That is not for real estate in Mumbai, like our average selling price would be more than INR 25,000-INR 30,000 of sq ft. That will for us, even if construction cost goes up by, let's say, 2% or 3%, should not impact our profitability to that extent. We consider this as very temporary, so we are very particular in buying our raw materials, like what is required immediately, only that much we are buying. Because we see those sensitive materials, obviously not to buy right now. Okay. Definitely there is some problem in certain supply chain. No short. Mr. Puneet, I'd like you to kindly come back in the queue for follow-up questions. Okay. Thank you. We have the next question from the line of Rishith Shah from Axis Capital. Please go ahead. Hi. Thanks for the opportunity. Good evening, sir. Two questions from my end. Firstly, on the deliveries from the P&L angle, what kind of deliveries or completions are we targeting for FY27? Prashant, would you like to Hi, Rishith. In terms of delivery in the coming financial year, we are looking at our project at Sunteck One World in Naigaon. That project will come up for delivery. Along with that, all the ready inventory which is there, from there also, revenue recognition will happen. Okay. Fair enough. On the leasing side, so on the 5th Avenue that is commercial part, so have we started on working on the construction of it? Rishith, 5th Avenue constructions, we are looking to start very soon. Most of the approvals are in place. That's why first we wanted to launch our residential tower in the 5th Avenue, which we did recently, Altavia, and we got a good response. For the commercial bit, now the approvals, almost we are through with most of the approvals, and very soon, you will see this construction starting now. Just a follow-up, how is the contribution from 5th Avenue this quarter or maybe in the second half? In terms of I said we got a very good response, and I would not be able to give you immediately the split, but I kept giving you, which we considered as a premium segment. In the premium segment, this quarter, we have done approximately INR 370 crore sales, and quite a bit has come from that. If I can just add one more question, any guidance that you would like to give for FY27 in terms of pre-sales? FY 27, see, we remain very confident of sustaining similar growth, I can say. Whatever we have done right now, growth in terms of growth percentage, we will maintain that momentum very easily in coming year, for sure. With improved margins also. Because of the prices have gone up, whatever we have booked right now till now, so the profitability that was from the historic sales, and now going forward, we'll have only better margins, better and better margins. Perfect. Thank you. Thank you. Thank you. Thank you, Rishith. We have the next question from the line of Abhinav Sinha from Jefferies. Please go ahead. Hi, Abhinav. Mr. Abhinav, can you hear us? Yeah. Sir, hi. Can you hear me now? Yeah, Abhinav. We can hear you. Yeah. We can hear you. Sir, on pre-sales, just following up on the previous one, do you expect similar growth comment that you have given, even ex of Dubai? Yes, 100% confident that we, irrespective of Dubai launch happening or not happening, we are seeing a similar growth. Hence, we are preparing ourselves to do more launches, and we are very confident that we'll maintain our growth. Okay. Sir, you said that maybe the footfalls are down a little but conversions are flat. Do you think the first quarter could be a little soft and most of this growth will be in the later part of the year? No, I don't think so. I said only one month we saw this, but because we can see that's a peak of the event, especially in the Uber Luxury and the Premium Luxury, people would definitely like to wait and watch. Only due to that, maybe some drop in conversion or a footfall. Otherwise, if you see the quarter, we have done, in fact, the best only in that segment. That's why I continue to maintain the bullishness in the Premium Luxury segment and the Uber Luxury segment. Okay. And we are- On the- Sorry. Go ahead, please. Yeah. On the Nepean Sea Road project, the site appears to be shaping up quite well with the progress that we now see on ground. I just wanted to get a check on how large you think this can become, and do you think a proper RERA and plans can be floated and approved this year in FY27? Yeah, 100%. In fact, you will see everything happening maybe in this first two quarter itself, coming first two quarters. You will see action on the construction site also. We'll start the construction on our Bhagyasara plot, the first phase, and we are very confident on that. We are very confident on that. Okay. Finally, on the Andheri JB Nagar project, so are you thinking of this as a commercial or a residential right now? It will be, Abhinav, slightly early to mention that whether it will be residential or commercial. We are definitely exploring both residential or commercial. It's located just off Andheri Kurla Road and Sahar Road, very near to the international market. In fact, it has a great opportunity for commercial rentals. That is making us feel, and looking at a strong balance sheet, we would like to also increase our rental portfolio. At the same time, we are seeing the good residential demand in that location. We are slightly in two minds, but we will take this decision in next 15 days, and we will start accordingly. We are quite confident at least we'll break the ground in Q1 or maximum Q2 itself, at Andheri JB Nagar project. Great, sir. Thanks, and all the best. Thank you. Thank you. We have the next question from the line of Harsh from Motilal Oswal. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. My first question is on the pre-sales. What is the contribution that is coming from the BKC and Nepean Sea projects? Harsh, in Q4, if you look at the full 12 months, Uber Luxury segment, we are giving a mix of Uber Luxury and the commercial. In Uber Luxury, we have definitely two projects, which is BKC and a Nepean Sea Road project. In Q4, the sales has been total put together is INR 609 crore. In 12 months, if you see, it is close to INR 1,500 crore. Yeah. This INR 609 crores, would it be possible to give a breakup between BKC and Nepean Sea? I can give you the breakup. If you want, Prashant, you send the query, we'll give you the detailed breakup on both the projects. Sure. Because this includes some portion of the commercial as well. All three break-up, Prashant will be able to share with you. Okay, sir. Yeah, that's it from my side. Yeah. Thank you. Thank you. We have the next question on the line of Puneet from HSBC. Please go ahead. Yeah, just on the follow-up, there is no shortage of material that you are facing, right? I wanted to confirm that. Its shortage is more in terms of. It would delay your completion. Some finished good materials. We have some of the finished good materials. We are not, fortunately, in many projects where the finishing except the One World where it is going on. There is absolutely no shortage in terms of cement or steel or RMC. Okay Or the sand or a brick or those kind of things. We don't see any construction delays or construction price rise because of that too much. Only where the project is completing, we don't want to wait. Maybe there's something which is not available where we are finding it slightly difficult to source. Otherwise, it is not that bad, the problem which is perceived as the problem, which is people are believing that much. Right. While I appreciate in Dubai you have no debt and land cost to GDV is quite healthy, how much have you invested in Dubai so far? Exact number, I'll give you. Just to mention this. Broad number, yeah. ... this year obviously for the launch. When we bought this land, so I'll just give you a glimpse to make you understand. We have partnered with the landlord at AED 385 million. Okay. AED 385 million. Those days we have sent AED 70 million to Dubai. Only AED 70 million. Okay. That's to become a 50% partner in the AED 385 million property worth. That AED 70 million was transferred from Sunteck at the price, approximately what I remember was close to INR 12 to a dirham. Okay. That INR 12 is today almost more than INR 24 to the dirham, and that AED 385 million was valued. Today, if we value the land today's market- Yeah It is AED 1.6 billion. Okay. Even if I give you a rough estimate, we are 50% of the economic interest in the project. From AED 70 million of the investment. Today, even if I consider a land value of AED 1.6 billion, it is AED 800 million, so 10x. Plus the currency benefit, which Sunteck has transferred at INR 12 to a dirham or INR 13 to a dirham, which is now today INR 24-INR 25. We are talking about 20x of the investment done by Sunteck. Your book investment is only to the extent of AED 70 million. Now which we transferred in the current year for the launch, we were almost launch ready, that additional amount. Yeah. For the- How much is that roughly? That exact number I will not have right now. Okay. If you want, you can send a query. We'll give it to you the exact number. Okay, understood. That's clear. You have Prashant? Yeah. Yeah, Prashant can share this. One second. Prashant can share. Hi, Puneet. Yeah. We have invested approximately AED 60 million. Okay. AED 70 million + AED 60 million more, right? That's all. Yes. Okay. Understood. That's everything. Thank you so much. Current year. Current year. Yeah. Got it. Thank you so much. All the best. Thank you. Yeah. Thank you. We have the next question on the line of Akash Gupta from Nomura. Please go ahead. Hi, am I audible? Yes, we can hear you. Hi, sir. Congrats on the great results. Basically, I heard your commentary. It was fairly strong. You are guiding roughly similar pre-sales growth in FY27 versus the investors thinking that there will be a real estate slowdown. My question to you is, what's driving this very strong demand for real estate according to you, even in FY27? Obviously, what we are seeing is, wherever we are doing, it's obviously an end user demand, and it is more like at the cost of reputation. I think this is the fourth time I'm saying. I'm seeing this demand also picking up. It was always there for last few years. We have seen post-COVID, the demand was very good in U ber Luxury and Premium Luxury. Again, now the positive side we are seeing is the demand picking up in the Aspirational Luxury as well as. Most of our projects are very large projects. If this demand continues, irrespective, although we have done new acquisitions where we'll be doing new launches. Apart from releasing more inventory and more launches in the existing project, we are very confident about our growth of whatever we have done in the current year, similar growth of 25% in the coming year as well. The reason is also one more, which is a very big positive. We are confident again of getting the RERA and starting the construction in the current year at the Nepean Sea Road, which will also give us a big boost. We have a very low base. We need to sell very few units compared to other developers, I feel. Aspirational Luxury has become better. All these points make us feel more confident while giving this guidance. Understood, sir. My last question is that how much incentives are we giving to customers to induce this demand? In the sense that, are we offering payment plans, very aggressive payment plans to customers, or we are giving heavy discounts? Is that the scene or we don't have to do anything to induce demand? I think if you see very frankly, I say that we have strong cash flows, and we don't give any, and we are saying we will get a better margin in current sale. It's business as usual. In fact, it's business as usual. There is absolutely no discounts. If there is a discount, then I would not be able to give a better margin coming year, for sure. Understood, sir. Everything is as usual. Understood, sir. Very clear. Thank you so much and all the best. 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 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 us. You may now disconnect your lines.