# 1. Financial Performance ## A. Key Figures * **Revenue:** **₹481 Cr** H1 FY'26 (+20%) * **EBITDA:** **₹139 Cr** (+6%) * **PAT:** **₹71 Cr** (+2%) * **Debt:** **₹690 Cr** as of Sep-25 * **Net Cash Flow (OC + Ongoing):** **₹1,526 Cr** * **Total Cash Flow Projection:** **₹2,872 Cr** (from projects and monetization) ## B. Revenue & Growth * **Strong H1 Growth:** Robust top-line expansion driven by consistent project execution, with full-year revenue expected to show significant growth from prior year’s ₹750 Cr base. * **Revenue Visibility:** Near-term revenue pipeline includes **₹91 Cr** from OC-received projects, while **₹3,508 Cr** in ongoing projects will contribute gradually starting in coming quarters. * **Long-Term Revenue Backlog:** Revenue from **₹4,300 Cr** of launched projects to be realized over 4.5–5 years, ensuring multi-year revenue visibility. ## C. Margins & Profitability * **Margin Pressure from Mix:** EBITDA margin decline attributed to revenue recognition from lower-margin projects, particularly in **Bangalore (e.g., Vihara)**, under percentage-of-completion accounting. * **Stable Core Margins:** Despite low-margin project contribution, overall EBITDA and PAT margins held stable, signaling underlying profitability resilience. * **Path to Margin Expansion:** High-margin presales, especially from **Manhattan**, expected to drive margin improvement in upcoming quarters. ## D. Balance Sheet * **Healthy Leverage Profile:** Strong balance sheet with debt-equity ratio of **0.55x net worth**, supported by disciplined financial management and a **24 bps decline in weighted average cost of debt**. ## E. Cash Flow * **Robust Cash Flow Pipeline:** Total projected cash inflow of **₹2,872 Cr** includes **₹1,016 Cr** from upcoming projects and **₹330 Cr** from asset monetization and U.K. investment repatriation. * **Capital Recycling in Action:** Monetization proceeds will be used to repay **loans and equity funding**, with repatriation flows already initiated for investor transparency. * **Cash Flow Timeline:** Majority of cash flows expected within 2–3 quarters to 4.5–5 years, aligned with project completion and sales cycles. --- # 2. Sales & Bookings ## A. Key Figures * **Quarterly Bookings:** **₹828 Cr** (record high, >50% of FY guidance achieved in first two quarters) * **Sales Value:** **₹828 Cr** (48% YoY growth) · **₹720 Cr** in one quarter (3x YoY) * **Sales Volume:** **293,000 sq ft** carpet area (+20% YoY) · **Collections:** **₹454 Cr** (+52% YoY) * **Revenue Visibility:** **₹3,599 Cr** (₹1,582 Cr committed + >₹2,000 Cr from available inventory) ## B. Quarterly Bookings * **Record Momentum:** Highest-ever quarterly bookings reflect strong market acceptance across new launches, particularly in community-centric developments. * **Rapid Sales Velocity:** Multiple projects—**Ajmera Manhattan 2**, **Thirty 15**, and **Ajmera Iris**—achieved **38%**, **5–6%**, and **70% sales**, respectively, within days or weeks of launch, signaling robust demand. * **Advanced Project Maturity:** **Manhattan 1**, **Greenfinity AB**, and **Vihara** are in final sales stages with **90%**, **74–75%**, and **>70%** sold, respectively, supporting near-term revenue conversion. ## C. Sales Volume * **Balanced Growth Drivers:** H1 sales expansion driven equally by volume and pricing realization, underpinned by broad-based investor interest across residential, commercial, and retail segments. * **Strong Collections Growth:** Collections surged **52% YoY**, significantly outpacing volume growth, indicating improved cash flow efficiency and buyer commitment. ## D. Revenue Visibility * **High Revenue Backlog:** Robust revenue visibility of **₹3,599 Cr** provides strong near-to-mid-term earnings cover, with over half derived from committed sales. --- # 3. Project Pipeline & Launches ## A. Key Figures * **Potential JDV from Recent Launches:** **INR 2,100+ Cr** (Wadala & Bandra) * **Upcoming Project Pipeline GDV:** **INR 4,300 Cr** across **16 Cr sq. ft. carpet area** * Total Revenue Visibility: **sub INR 8,000 Cr** from current and upcoming projects * **Expected Cash Flow from Upcoming Projects:** **INR 1,016 Cr** over 4.5–5 years ## B. Upcoming Launches * **Strong Launch Momentum:** Two marquee projects in Wadala and Bandra successfully launched in late Q2, with positive buyer response observed in October. * **Robust Pipeline Execution:** Seven upcoming projects set to contribute **INR 4,357 Cr** in GDV, reinforcing near-term revenue visibility and growth trajectory. * **Land Bank Expansion:** Active pursuit of **three to four new projects** targeting **over INR 3,000 Cr** in future revenue, pending regulatory approvals. * **Diversified Launch Plan:** Portfolio includes residential and boutique office assets across key micro-markets including Vikhroli, Versova, Bangalore, and Wadala. ## C. Ongoing Projects * **Scaled Project Execution:** Aggressive rollout planned across **nine ongoing** and **six to seven upcoming projects**, supporting delivery of ~15–16 projects over next 3–4 years. * **Sustained Sales Performance:** Manhattan project transitions into sustenance phase after strong initial sales, with continued contribution expected over coming quarters. * **International Monetization Path:** Bahrain project exited with down payment received; repatriation of proceeds expected within **a couple of quarters** post-completion. --- # 4. Product & Segment Mix ## A. Business Model Buckets * **Headline:** Four-pillar business model spans greenfield, joint development, outright purchases, and slum/society/MHADA redevelopment, with dedicated teams across each. * **Headline:** Greenfield projects deliver **higher margins** due to low-cost legacy land, while redevelopment activities exert downward pressure on overall profitability. * **Headline:** Strategic evaluation of new Mumbai redevelopment opportunities underway, leveraging robust owned land parcel in high-potential locations. --- # 5. Construction & Delivery ## A. Key Figures * **Sales Completion:** **89%** Ajmera Manhattan Phase-1 · **74%** Ajmera Greenfinity · **98%** Ajmera Eden · **81%** Ajmera Vihara Bhandup · **97%** Lugaano & Florenza (Bangalore) * **Delivery Volume:** **533 homes** delivered in H1 FY'26 · Target of **~1,000 homes** for full FY'26 * **Podium Construction Cost:** **₹2,500–3,000/sq ft** (shared across four buildings) * **Bahrain Receipts & Entitlement:** **₹35 Cr** received (primarily FY'22) · **>10,000 sq m** inventory in advanced completion stages ## B. Project Progress * **High Sales Absorption:** Strong pre-sales momentum across key projects, with five developments exceeding **70% sales completion**, reflecting sustained demand and brand traction. * **Advanced Construction Stages:** Structural work largely complete or well advanced in all major projects, with finishing work commencing or imminent, supporting near-term revenue recognition. * **Complex Cost Allocation:** Revenue recognition for Manhattan tied to **25% cost-based completion** and IndAS POC criteria; podium costs are **shared across four towers**, complicating per-project accounting. * **Construction Efficiency:** Total built-up area estimated at **1–2x saleable carpet area**, factoring in podium, lobbies, and shared infrastructure, highlighting development intensity. ## C. Completion Timeline * **On-Track Deliveries:** Manhattan Phase-1 targeted for completion by **Dec 2026–Mar 2027**, with internal stretch goal set for **December 2026**, ahead of RERA deadlines. ## D. Delivery Volume * **Robust FY'26 Delivery Pipeline:** Over half of the annual target already delivered; remaining **~467 homes** expected in H2, signaling strong execution and cash flow visibility. --- # 6. Pricing & Market Demand ## A. Key Figures * **Realization/SF:** ₹28,000 avg. (H1 FY26) (+23% YoY) · ₹30,000–32,000 for Manhattan project * **Land Cost Benchmark:** ₹10,000–15,000/SF (MMRDA & Wadala plots) * **Expected End-Product Pricing:** ₹45,000–50,000/SF (Wadala) · ₹50,000+/SF (MMRDA) ## B. Realization Trends * **Pricing Power Confirmed:** Significant improvement in average realizations driven by premium project launches and rising land cost pass-through. * **Value Enhancement:** Future realizations expected to benefit from area development uplift, particularly around existing plots. ## C. Segment Demand * **Favorable Macro Tailwinds:** Luxury and mid-income segments seeing strong momentum, supported by lower interest rates and policy stimulus (GST cuts, monetary easing). * **Near-Term Sales Constraint:** Sales volumes flat due to limited inventory availability and selective buyer preferences. ## D. Competitive Positioning * **Strategic Project Shift:** Next-quarter sales focus moving to Vikhroli, offering higher volume at a relatively lower price point than Manhattan. * **Differentiated Offering:** Manhattan’s effective open space exceeds **50%**, positioning it favorably against peers like Lodha despite comparable benchmarks. --- # 7. Risks & Approvals ## A. Regulatory Delays * **Headline:** Regulatory environment improving overall, with faster approvals enhancing market stability amid industry consolidation. * **Headline:** Versova redevelopment progressing through phased approvals; **NIC secured**, with **society breakdown expected within 20 days**, followed by CC and RERA. * **Headline:** Kanjurmarg project facing multi-agency coordination challenges; **EC application pending** but expected imminently, with **basic approvals anticipated post-BMC elections**. * **Headline:** **100% likelihood of election-related delays** confirmed; team accelerating pre-election approval efforts across key projects. * **Headline:** Leasehold-to-freehold conversion underway with authorities, though **no fixed timeline** has been established. ## B. Project-Specific Risks * **Headline:** Vikhroli project nearing launch, with approvals in **advanced stage** and rollout expected in **days to weeks**. * **Headline:** Wadala Manhattan project features **~80% open area** due to **7-acre car-free podium** supporting only four towers, mitigating density concerns. --- # 8. Guidance & Outlook ## A. Key Figures * **Estimated GDV:** **INR 6,400 Cr** for FY '26 · **INR 2,100 Cr** from two launched projects ## B. Sales Guidance * **Full-Year Confidence:** Management expresses 100% confidence in meeting sales guidance, backed by strong H1 execution and successful project launches. ## C. Growth Outlook * **Market Maturity:** Indian real estate is entering a more mature growth phase, with steady momentum in FY '26 following record performances in FY '24 and FY '25. * **Margin Trajectory:** Expectation of margin expansion in coming quarters as higher-margin projects like **Manhattan** contribute to revenue, offsetting current lower-margin drag.