Financial Performance Summary (INR in Crores)

| Particulars | Q2 FY2027 | % of Revenue | Q2 FY2026 | % of Revenue | H1 FY2027 | % of Revenue | H1 FY2026 | % of Revenue |

| Revenue from Operations | 286.76 | 100.00% | 364.78 | 100.00% | 589.57 | 100.00% | 672.21 | 100.00% |

| Other Income | 12.37 | 4.31% | 11.54 | 3.16% | 29.34 | 4.98% | 23.42 | 3.48% |

| Total Revenue | 299.13 | 104.31% | 376.33 | 103.16% | 618.91 | 104.98% | 695.63 | 103.48% |

| EBITDA | 46.82 | 16.33% | 63.09 | 17.30% | 93.55 | 15.87% | 108.70 | 16.17% |

| Less: Depreciation and Finance Cost | 16.37 | 5.71% | 17.08 | 4.68% | 31.55 | 5.35% | 33.61 | 5.00% |

| Profit before tax and before exceptional items | 30.45 | 10.62% | 46.01 | 12.61% | 62.00 | 10.52% | 75.09 | 11.17% |

| Exceptional Items | 0.00 | 0.00% | 0.00 | 0.00% | 0.00 | 0.00% | 0.00 | 0.00% |

| Profit before tax and after exceptional items | 30.45 | 10.62% | 46.01 | 12.61% | 62.00 | 10.52% | 75.09 | 11.17% |

| Less: Tax Expenses | 7.70 | 2.69% | 11.32 | 3.10% | 15.68 | 2.66% | 18.48 | 2.75% |

| Net Profit | 22.75 | 7.93% | 34.69 | 9.51% | 46.32 | 7.86% | 58.61 | 8.42% |

Performance Analysis

Revenue Decline: Operations were lower by 21.39% in Q2 FY2027 compared to Q2 FY2026 (₹286.76 Cr vs ₹364.78 Cr). For the half year ended September 30, 2026, operations were lower by 12.29% compared to the corresponding period of the previous year (₹589.57 Cr vs ₹672.21 Cr).

Margin Performance: Despite revenue decline, the company maintained robust EBITDA margins of 16.33% for the quarter and 15.87% for the half year. Net profit margin stood at 7.93% for Q2 and 7.86% for H1.

Cost Structure: Depreciation and finance costs were ₹16.37 Cr (5.71% of revenue) in Q2 and ₹31.55 Cr (5.35% of revenue) in H1. Tax expenses were ₹7.70 Cr (2.69% of revenue) in Q2 and ₹15.68 Cr (2.66% of revenue) in H1.

New Orders and Execution Timeline

  • Received new order in Rajasthan worth ₹630 Crores which is at design, approval and implementation stage
  • Expected to commence execution by 3rd quarter of the current year
  • Other order received in Telangana worth ₹459 Crores has already commenced operations in the current quarter

Real Estate Segment Progress

A. Dosti Greenscapes — Pune (Hadapsar)

Project Structure: Monetizing land at Hadapsar, Pune (5,19,729 sq.ft. approx.) through joint development with Dosti Realty Ltd. on revenue sharing basis (38% to Company, 62% to Dosti Realty Ltd.)

Total Potential: 12 residential towers and 1 commercial tower with total RERA carpet area of 10,95,288.67 sq. ft. (approx.)

Project Status (Partial RERA approval):

  • Phase I: 3 towers, 335 units, 2,29,323.79 sq. ft.
  • Phase II: 3 towers, 258 units, 2,68,432.42 sq. ft.
  • Phase III: 2 towers, 334 units, 2,28,366.23 sq. ft.
  • Phase IV: 1 tower, 98 units, 50,598.01 sq. ft.
  • Phase V: 1 tower, 123 units, 1,15,332.00 sq. ft.
  • Total: 10 towers, 1,148 units, 8,92,052.45 sq. ft.

Occupancy Certificate: Occupation Certificate (O.C.) expected for 5 towers in the current financial year. Remaining 3 towers will be launched according to launch planning by Dosti Realty Ltd.

Sales Performance (as on 31.10.2026):

  • Units booked: 811
  • Agreement value: ₹682.05 Cr
  • Company's share (38%): ₹259.18 Cr
  • Advance received: ₹197.81 Cr
B. Kalpataru Blossoms and Kalpataru Aurevia— Pune (Vadgaon)

Project Structure: Monetizing land at Vadgaon, Pune (6,73,826 sq.ft. approx.) through joint development with Kalpataru Ltd. on revenue sharing basis (32.50% to Company, 67.50% to Kalpataru Ltd.)

Project Subdivision: Plot A (Land area: 2,24,967.60 Sq.ft. approx.) and Plot B (Land area: 4,48,858.80 Sq.ft. approx.). Plot A currently under development, Plot B to be taken in due course.

Kalpataru Blossom (Plot A Potential):

  • 3 residential towers with commercial units
  • Total RERA Carpet area: 5,65,086 Sq. ft. (approx.)
  • Tower 1: 70 units, 1,36,711.00 sq. ft.
  • Tower 2: 213 units, 2,61,504.00 sq. ft.
  • Tower 3: 180 units, 1,54,830.00 sq. ft.
  • Commercial: 7 units, 12,041.00 sq. ft.
  • Total: 470 units, 5,65,086.00 sq. ft.

Sales Performance (Plot A as on 31.10.2026):

  • Units booked: 247
  • Agreement value: ₹494.20 Cr
  • Company's share (32.5%): ₹160.62 Cr
  • Advance received: ₹90.66 Cr

Kalpataru Aurevia (Plot B Potential):

  • Residential and commercial development potential of 8,72,000 Sq. ft. carpet area
  • 5 towers subject to final approval of drawings
  • Currently under various approval stages

Order Book Position

Estimated balance value of work as at 27th October, 2026: ₹4,476.36 Crores

Comparative position as at 31st October, 2025: ₹3,922.66 Crores

L1 Projects: The Company is L1 in six projects having value of ₹165.22 Crores as at 27th October, 2026.

Cash Flow and Working Capital

The company noted that strong operating margins coupled with surplus cashflow generated by monetization of idle land parcels at Bangalore and Hyderabad in recent years, along with cashflow received from development of real estate in two projects at Pune, has resulted in substantial reduction of working capital borrowing and borrowing costs.