# 1. Financial Performance ## A. Key Figures * **Total Income:** **₹45 Cr** consolidated · **EBITDA:** **₹19.8 Cr** (43.7% margin) * **PAT:** **₹13.7 Cr** (30.2% margin) * **Collections:** **₹86 Cr** Q3FY26 (+21%) · **₹255 Cr** 9MFY26 (+43% YoY) * **Cash & Debt:** **₹178 Cr** cash · **₹106 Cr** total debt → **negative net debt** ## B. Revenue & Income * **One-Time Recovery Fully Recognized:** Bareilly loan repayment, including principal and interest, treated as other income and **not a capital gain**, with **no future profit impact**; transaction previously accrued and now closed. * **Related Party Transaction Unwound:** Equity investment with minimum guarantee successfully exited; **INR 55 Cr received** and interparty loan resolved. ## C. EBITDA & Margins * **Stable Margin Profile:** Blended margins held steady, supported by **higher-margin plot sales** offsetting lower-margin group housing. ## D. PAT & Profitability * **Modest Bottom-Line Conversion:** PAT margin of 2% reflects income structure and cost base, with **non-operating income from Bareilly** contributing to quarterly profit. ## E. Balance Sheet & Debt * **Strong Liquidity Position:** Negative net debt underscores robust balance sheet; **₹50 Cr holding company loan fully repaid**, eliminating intercompany exposure. ## F. Cash Flow & Collections * **Healthy Customer Collections Growth:** Underlying business momentum reflected in **21% Q3 and 43% nine-month collection growth**, despite RERA constraints. * **RERA Cash Flow Mechanics:** Only **30% of customer receipts** immediately free; **70% locked in project accounts**, released progressively with construction milestones. --- # 2. Sales & Bookings ## A. Key Figures * **Q3FY26 Bookings:** **₹52 Cr** (value) · **81,000 sq ft** (area) * 9MFY26 Bookings: ₹361.2 Cr (value) · 5.62 Lakh sq ft (area) (+30% YoY) * **Solano Gardens GDV:** **₹350 Cr** booked of **₹1,000 Cr** potential ## B. Quarterly Bookings * **Anomalous Q3 Value:** Despite solid area bookings, Q3 value was **disproportionately low** at ₹52 Cr, resulting in only 1% YoY growth despite strong volume momentum. * **Solano Momentum:** Nearly **35% of total project GDV** already pre-sold, with allotments expected next quarter, signaling strong market acceptance. ## C. 9M Booking Growth * **Outperformance vs Prior Year:** 9M sales value has surpassed full-year prior period, reflecting a **materially higher run rate** despite Q3 weakness. ## D. Area & Value Trends * **Volume Strength:** Robust **30% YoY growth in area booked** over 9M underscores strong underlying demand and execution capability. * **Margin Pressure:** Q3 EBITDA margin expansion constrained by **elevated contribution from lower-margin EWS/LIG projects**, weighing on profitability trajectory. --- # 3. Project & Launch Pipeline ## A. Key Figures * **Solano Gardens GDV:** **>₹1,000 Cr** (5-year development) * **Solano Gardens Area:** **20 lakh sq ft** saleable | **55-acre** project * **Commercial Projects:** **37,000 sq ft** (City Courtyard) · **25,000 sq ft** (Imperia Avenue) ## B. Recent Launches * **Phase 1 Launch:** Solano Gardens launched in January 2026 (post-Q3), marking a major residential rollout with multi-year development horizon. * **Excluded from Current Metrics:** Solano Gardens not reflected in current financials, indicating future revenue visibility. ## C. Upcoming Projects * **Near-Term Commercial Launches:** Two commercial projects approved and set for launch pending RERA, though combined area represents **<10%** of total development footprint. * **Residential-Centric Pipeline:** Portfolio remains heavily skewed toward residential; commercial assets to play **minor role over next 3–5 years**. * **FY27+ Visibility:** Pipeline includes balance of Solano Gardens (30%-40% sold) and new projects detailed in investor materials. ## D. Launch Delays * **Q3 Launch Gap:** No launches in Q3FY26; Solano Gardens deferred by one quarter, contributing to **lower sequential bookings**. * **Trinity Project Slippage:** Eldeco Trinity delayed by **5 months**, postponing associated sales momentum. --- # 4. Inventory & Deliveries ## A. Key Figures * **Homes Delivered:** **63** Q3FY26 (+28%) · **254** 9MFY26 (+23%) * **Unsold Inventory (Area):** **53,000 sq ft** Imperia Phase 2 * **Imperia Phase 2 Revenue:** **₹299 Cr** total expected · **₹38 Cr** recognized in Q3 ## B. Homes Delivered * **Strong Delivery Momentum:** Robust YoY growth in both quarterly and nine-month home deliveries, reflecting improved execution and demand traction. * **Project Phase Transition:** Trinity and Skywalk have moved from launch to sustenance phase, with **30%–40% of inventory sold** during initial launch. ## C. Unsold Inventory * **Limited Completed Inventory Exposure:** Minimal unsold inventory in completed projects outside Imperia Phase 2, valued at ~**INR 50 Cr**, though subject to valuation assumptions. ## D. Revenue Recognition * **Phased Revenue Rollout:** Imperia Phase 2 revenue recognition is progressing steadily, with nearly **₹38 Cr** booked in Q3 and a similar amount expected next quarter. * **Clear Visibility Ahead:** Company expects to recognize **80%-90% of total ₹299 Cr** from Imperia Phase 2 by next year, ensuring revenue visibility over the next 4–5 quarters. --- # 5. Land Bank & Acquisitions ## A. Key Figures * **Land Acquired:** **5 acres** in aggregation areas · **40-odd acres** under aggregation (to reach **~60 acres** soon) * **Financing:** **INR 110 Cr loan** secured for land acquisition and construction finance ## B. Land Acquisition Strategy * **Strategic Expansion:** Recent land additions and active aggregation support scalable residential project pipeline in high-potential zones. * **Funding Alignment:** Capital raise via **INR 110 Cr loan** directly supports land and construction needs, enabling near-term development. ## C. Development Focus * **Residential-Only Focus:** All new land, including Solano Gardens, allocated exclusively for residential projects, reinforcing core market positioning. --- # 6. Pricing & Market Trends ## A. Key Figures * **Realization/Sq Ft (Solano Gardens):** **₹6,000** (plots & villas, group housing) * **Lucknow Avg. Realization/Sq Ft:** **₹3,500** FY20 → **₹6,500** current year (strong YoY CAGR) ## B. Pricing Dynamics & Segments * **Pricing Plateau in Plots:** Limited upward headroom expected in plot segment despite broad price appreciation across Lucknow. * **Premiumization Trend:** Current realizations at Solano Gardens exceed city average, indicating successful positioning in higher-value horizontal and group housing segments. ## C. Lucknow Market Demand * **Underpenetrated Growth Market:** Small base and low commercial penetration create multi-year runway; strong launch response seen within affordable price bands. * **Commercial Strategy on Hold:** No near-term commercial projects planned, though opportunities may be pursued opportunistically given land bank scale. ## D. Affordability Outlook * **Cyclical Optimism:** Management sees sustained demand driven by wage growth and moderate price increases, supporting appetite for quality housing. * **Growth Sustainability Caution:** Current high CAGR in pricing not expected to persist indefinitely; long-term assumptions beyond 10 years deemed overly aggressive. --- # 7. Risks & Execution ## A. Key Figures * **Construction Spend:** **₹39.9 Cr** Q3 FY26 (+11% YoY) · **₹116.5 Cr** 9M FY26 ## B. Land Deal Finalization * **Execution Risk:** Land acquisition remains pending for certain sites, with current status reflecting only highest bids and **no written agreements** in place. ## C. Project Timelines * **Steady Execution:** Construction spend progressing steadily, demonstrating continued momentum in project development. ## D. Margin Sustainability * **Non-Recurring Margins:** Historical EBITDA margins of 45%-50% were driven by **monetization of legacy land banks**, not reflective of future project economics. * **Commercial Projects:** While delivering **higher EBITDA margins** than residential, commercial assets remain immaterial to overall financials due to **limited scale and contribution**. --- # 8. Guidance & Outlook ## A. Key Figures * **Sales Bookings:** **9MFY26** surpassed full-year **FY25** levels (value & area) * **EBITDA Margin Outlook:** **~30%** sustainable range going forward ## B. FY26 Sales Expectation * **Record Year Ahead:** FY26 poised to be the company’s best sales year on record, driven by strong 9M momentum and underpenetrated market opportunities in **Lucknow**. * **Growth Normalization Goal:** Management aims to institutionalize INR 500 Cr+ booking performance as the new baseline, pending approvals and market conditions. ## C. Launch-Dependent Growth * **Pipeline Fuels Momentum:** Growth sustainability hinges on successful execution of **3 upcoming projects**, including Solano inventory and 2 new launches. * **Margin Stability Expected:** EBITDA margins anticipated to stabilize around 30%, reflecting improved operating leverage and project mix.