Operational Performance Highlights

Q2 FY27 Performance:

  • Booking value: ₹94.9 crores, up 7.8% year-on-year
  • Area booked: 1.21 lakh square feet
  • Collections: ₹125 crores, increased 37.5% year-on-year
  • Construction spend: Nearly ₹60 crores during the quarter, representing 60% year-on-year growth
  • Deliveries: 125 units covering approximately 1.57 lakh square feet

H1 FY27 Performance:

  • Booking value: Approximately ₹200 crores
  • Area booked: Approximately 2.47 lakh square feet
  • Collections: ₹256 crores, increased 51% year-on-year
  • Construction spend: ₹117.7 crores, representing 54% year-on-year growth
  • Deliveries: 177 units covering approximately 2.07 lakh square feet

Financial Performance

Q2 FY27 Financials:

  • Total income: ₹52 crores, increased 49% year-on-year
  • Profit after tax: ₹7.4 crores, increased 180% year-on-year

H1 FY27 Financials:

  • Total income: ₹103 crores, growing 55% year-on-year
  • Profit after tax: ₹22.5 crores, increased 290% year-on-year

Project-Specific Updates

Ongoing Projects:

  • Latitude 27: Total saleable area ~5 lakh sq ft, with 4 lakh sq ft already allotted (value ₹213 crores). Balance ~90,000 sq ft available for allotment. Total revenue potential estimated at ₹265-270 crores. EBITDA margins expected at 25-30%. Targeting completion certificate application in Q4 FY27.
  • Imperia Phase 2: ₹160 crores of inventory remaining to be recognized over next 1.5 years, with gross margins in 55-60% range.
  • Eldeco City Courtyard: 1.68-acre commercial development with ~37,000 sq ft saleable area. Over 45% area sold as of end Q2 FY27.

Forthcoming Projects Pipeline:

  • Total forthcoming projects: 3.5-4 million square feet
  • Estimated execution value: ₹3,000-3,200 crores
  • Land bank: Additional ~₹1,000 crores potential
  • Total pipeline: ₹5,500 crores to be executed over 5-6 years

Land Acquisition and Development Plans

  • Acquired 9.72 acres during Q2 FY27
  • Targeting launch of three projects by March 2027: Shaheed Path (No. 5), Palm Springs (No. 6), and Namah (No. 7)
  • LDA GH-8 and LDA GH-7 projects expected to launch in Q2 FY28 (September 2027)
  • Payment terms for LDA projects include installment payments and payment moratorium for first couple of years

Market and Business Development

  • Focus market: Lucknow, described as being at an "inflection point" with explosive growth
  • Sweet spot for ticket sizes: ₹1-3 crores
  • Annual price increases expected at inflation plus 3-4%
  • Company targets tripling in size over next 5-6 years
  • Limited commercial exposure (98% portfolio residential)

Project Margins and Financial Metrics

  • Q2 FY27 average realization: ₹7,840 per square foot
  • Gross margins: Q2 at 56% vs previous quarter at 62% (due to product mix variation)
  • Latitude 27 margins: 25-30% EBITDA margins due to negligible land cost (historical land acquisition)

Management Participants

  • Mr. Pankaj Bajaj – Chairman and Managing Director
  • Mr. Vaibhav Singh – Group Chief Executive Officer
  • Mr. Rajiv Khurana – Group Vice President, Accounts and Taxation
  • Mr. Abhishek Bhatt – EY Investor Relations (Moderator)

Forward-Looking Statements

Management indicated that most identified forthcoming project pipeline was targeted for launch during FY27, subject to approvals and market conditions. The combination of existing portfolio, upcoming launches and expanding development pipeline provides a strong platform for growth over coming years.