1. Panvel mega township (Belmac Codename) - The 11.4-acre township in Panvel’s NAINA region has a guided GDV exceeding ₹2,500 crore, with IOD and building permission applications filed in September 2025 and AAI height clearance of 159.1 metres received in November 2025. Management expects construction to begin between Q2 and Q3 FY27, with revenue recognition starting Q3 or Q4 FY27, opening a project whose guided top line is over 13× the company’s current market capitalisation.
2. Belmac Codename Infinity (Panvel) - This first neo-classical style residential project in TPS 2, Panvel, carries a guided GDV of approximately ₹90 crore and is currently under construction. Full revenue recognition is expected over six quarters beginning Q3 FY26, providing near-term cash flow from a project already past the approval stage.
3. NSE listing and preferential allotment - The equity shares were listed on the NSE on 3 February 2025, and a preferential allotment of 14.7 lakh shares at ₹62 each raised ₹9.11 crore in October 2024 to fund growth capital and capital expenditure. The listing broadens the shareholder base and the fresh equity provides funding headroom for the Panvel pipeline without adding debt to a nearly debt-free balance sheet.