Key Financial Highlights (Historical)

The presentation provides a detailed historical financial performance overview:

Income Statement (INR mn):

  • FY26: Revenue: 5,385; EBITDA: 4,497 (83.5%); PAT: 3,163 (58.7%); EPS: INR 37.93
  • FY25: Revenue: 9,935; EBITDA: 8,130 (81.8%); PAT: 5,981 (60.2%); EPS: INR 71.72
  • FY24: Revenue: 8,989; EBITDA: 6,301 (70.1%); PAT: 4,607 (51.2%); EPS: INR 55.25
  • FY23: Revenue: 6,208; EBITDA: 2,563 (41.3%); PAT: 1,022 (16.5%); EPS: INR 12.00
  • FY22: Revenue: 3,849; EBITDA: 1,355 (35.2%); PAT: 706 (18.3%); EPS: INR 12.47
  • FY21: Revenue: 1,820; EBITDA: (377) (-20.7%); PAT: (1,053) (-57.8%); EPS: INR (21.38)

Balance Sheet (INR mn) as of FY26:

  • Shareholder's Equity: 23,312
  • Reserves & Surplus: 22,478
  • Borrowings: 3,049
  • Total Liabilities & Equity: 28,261
  • Net Fixed Assets: 9,720
  • Current Assets: 18,530
  • Total Assets: 28,261

Cash Flow and Ratios (FY26, INR mn):

  • Operating Cash Flow excl. WC: 4,142
  • Working Capital Changes: (2,014)
  • Investment Activities: (5,432)
  • Financing Activities: 2,318
  • Debt/Equity: 0.13x
  • Net Debt/Equity: 0.11x
  • Return on Equity (RoE): 13.57%
  • Return on Capital Employed (RoCE): 17.80%
  • Book Value Per Share (BVPS): INR 279.56

Operational and Project Updates

Million Minds IT SEZ – Phase 1 (Commercial Project):

  • Total development: ~1.4 million square feet with 8.5 lakh sq ft GLA.
  • Leasing Status: ~55% of leasable area is under active discussions, LOIs, or EOIs, primarily from Global Capability Centers (GCCs), hybrid workspace providers, and technology firms.
  • Timeline: Fit-outs and completion are approaching, with lease rentals expected to commence by Q3 FY27.
  • Funding: The project cost for the first phase has been funded from internal accruals, and the company may not require debt for the balance construction work.
  • Certification: The project is IGBC Platinum pre-certified (as of July 2025). It is described as the first IGBC platinum IT building in Ahmedabad.
  • Features: Grade A++ office towers, SEZ and Non-SEZ spaces, largest floor plates in the region (42,000 sq ft carpet), 100% power backup. The project is spread across 65 acres with over 15 million sq. ft. of planned development, designed by RSP Architects and managed by Tishman Speyer.

One 91 Thaltej:

  • A strategic shift towards land monetization has been made due to favorable market conditions, aimed at enabling upfront cash generation.

Land Bank & Acquisitions:

  • Total fully paid land reserves: ~518 acres.
  • Breakdown: ~411 acres at Godhavi Township; ~65 acres at Million Minds SEZ; balance in Thaltej and Malabar Retreat corridors.
  • New acquisitions: Some new parcels were under negotiation/acquisition during Q4 FY26, not yet included in the 518-acre figure. Partial payments have already been made.

Completed Projects - Malabar Exotica & Malabar County 3:

  • Malabar Exotica is 100% completed, booked, and ready for delivery, with possession having started. It used precast construction technology.
  • Malabar County 3 was completed well ahead of time and inaugurated on September 30, 2023, by Shri Amit Shah, Hon'ble Union Home Minister, and Shri Bhupendra Patel, Hon'ble Chief Minister of Gujarat.
  • Malabar Exotica was recognized as India's top tech structure for 2023 by ICI and endorsed by the Hon'ble PM for innovative precast tech and safety standards.

Garden Oasis Amenity:

  • Encompasses 32,385 square meters.
  • Features a tranquil lake with 5 crore litres of water, a Miyawaki Plantation with 40,000 trees, a 1100-meter meandering path, walkways, a jogging track, a cafeteria, a viewing deck, and yoga/meditation spaces.

Market Context - Ahmedabad Real Estate

  • Ahmedabad is highlighted as India's most affordable high-growth real estate market with an EMI-to-income ratio of ~18%.
  • The city was ranked India's cleanest large city in Swachh Survekshan 2024-25.
  • Hosting the 2030 Commonwealth Games is expected to boost infrastructure and investor sentiment.
  • Property values are expected to appreciate by 10–15% annually.
  • Ahmedabad accounts for ~42% of Gujarat's real estate investments.
  • Unsold inventory data by ticket size segment (source: Knight Frank) is presented.

Corporate Strategy & Overview

  • Mission: "To continuously innovate and use the latest technology to provide high-quality spaces to our customers."
  • Vision: "To be the most trusted, transparent, and admired real estate developer."
  • The company has delivered 23 million square feet of real estate in Ahmedabad to date.
  • It has a low capital gearing ratio, reflecting prudent financial management.
  • The forward development pipeline is ~31 million square feet with an estimated total sales value of ~INR 225,000 million.
  • The company was incorporated in June 1991 and has been listed since 1993.

Leadership Team

  • The experienced leadership team is listed, including:
  • Dipak Kumar Patel (Chairman)
  • Shekhar Patel (MD & CEO)
  • Rajendra Shah (CFO)
  • Rishit Patel (President - Treasury)
  • Neeraj Kalawatia (VP - Finance)
  • Pankaj Teraiya (President - Projects)
  • Aman Mehta (President - Liasoning & Corporate Affairs)
  • Viren Mehta (President - Sales & Marketing)
  • Vijay Lalaji (President - Legal & Secretarial)
  • Tenures and experience levels for each executive are provided.

Strategic Priorities

Key strategic priorities outlined are: Continuous Innovation, Building Internal Organization, Increased focus on Marketing, Strengthening Position in commercial/retail segments, and Delivering Sustainable Value.

Forward-Looking Statements

The presentation contains forward-looking statements subject to risks and uncertainties. It is explicitly stated that the presentation does not constitute an offer or solicitation for securities.