Management Participants

  • Mr. Manan Shah – Managing Director
  • Mr. Ashok Mehta – Director and Group CFO
  • Mr. Yashesh Parekh – DGM Investor Relations & Corporate Finance

Event Overview

This document contains the transcript of the Q1 FY27 Virtual Analyst Meet held on Friday, August 21, 2026, submitted pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Business Highlights & Project Updates

Western Suburbs Portfolio

Mira-Bhayendar (Aaradhya Parkwood): Achieved significant milestone with 50% of the project (Tower C and Tower D) receiving occupation certificate. The project comprises 5.3 lakh square feet carpet area spread over 1000 units with sales potential of ₹925 crores. 90% of inventory across all four towers has been sold. Construction of balance two towers underway with expected completion by end of 2027.

Vile Parle (Jade Park): Cluster redevelopment project spread across 3.5 lakh square feet carpet area. More than 60% of total inventory sold. Project on schedule with 100% RCC expected by next year.

Bandra Portfolio:

  • Marina Vista (Pali Hill): Ultra-luxury project launched in June 2026 with total potential of approximately ₹500 crores. Sold 30% of total inventory within two months of launch.
  • Artek Park (BKC): Launched earlier in 2026 with more than 25% of total inventory sold.
  • Berkeley House (Mount Mary): New ultra-luxury project secured with Intimation of Approval received. Project has significant potential with over ₹1,000 crores GDV. Demolition of existing building to commence soon.

Eastern Suburbs Portfolio

Mulund West:

  • O2 High Street: New commercial building launched, the last phase of Atmosphere project
  • Tower G: Final tower of Atmosphere with 3.2 lakh square feet carpet area. 75% of total sales potential achieved. Expected delivery by December 2027.

Central Suburbs Portfolio

Ghatkopar (Aaradhya One Park): Total potential of 5.3 lakh square feet carpet area across 11 towers. More than 60% of total sales achieved. Project expected to be delivered before March 2027 with buildings and structure already completed.

South Mumbai Portfolio

Aaradhya Avaan (Tardeo): One of the tallest towers in the country at 306 meters tall with 6.5 lakh square feet carpet area. More than 60% of total sales achieved. Project will be delivered in two phases, with first phase (up to 32 habitable floors) expected by March 2028, nearly two years ahead of RERA schedule.

Tardeo 2.0: New ultra-luxury skyscraper with potential of more than ₹2000 crores GDV. IOA received with launch expected within FY27 (originally planned for Q1 FY28).

Financial Performance

Q1 FY27 Consolidated Results:

  • Revenue from operations: ₹218 crores (8% YoY growth)
  • Profit after tax attributable to shareholders: ₹72 crores (29% YoY growth)

Balance Sheet Position (as of June 2026):

  • Cash and cash equivalents: ₹768 crores (increased from ₹686 crores at FY26 end)
  • Total borrowing: ₹78 crores (majority represents partner contributions)
  • Net debt-free company status maintained

Sales Performance & Guidance

Q1 FY27 Pre-sales: 85,000 square feet carpet area (₹290 crores)

FY27 Launch Pipeline: 1.1 million square feet carpet area with estimated ₹6,600 crores GDV

Future Guidance:

  • Maintain FY27 guidance of over 25% growth in PAT over FY26
  • Target cumulative pre-sales of ₹5,000 crore over next two years
  • Vision 2031: Building development portfolio with GDV over ₹35,000 crores by 2031

Operational Strategy & Market Outlook

  • Focus remains exclusively on Mumbai market due to superior margins and market resilience
  • Joint venture approach preferred to de-risk projects and expand portfolio
  • Strong emphasis on ultra-luxury segment with higher margins
  • In-house EPC capabilities with ₹9,000-10,000 crores of future construction order book
  • Pricing policy maintains 0% appreciation assumption in business plans

US Operations (Miami, Florida)

  • Completed one large villa (sold), second villa retained as show house, third villa under construction with expected sales value of ~$15 million
  • Ritz-Carlton branded residences project: $25 million in pre-sales, expected completion by December 2030
  • Additional $5 million investment in oceanfront property
  • Total ~$35 million transferred to US operations, expected full principal return within 4 years

Q&A Session Key Points

  • Company prefers joint ventures to expand portfolio without increasing debt
  • No plans to expand beyond Mumbai in near term due to superior margins
  • EPC division in advanced negotiations for significant port project
  • Company maintains strong liquidity position (₹768 crore) with no need for equity fundraising
  • Ultra-luxury projects command significantly higher margins than affordable housing
  • Marine Lines project (₹3000+ crore GDV) targeted for launch by March 2027
  • Goregaon SRA project has potential for 1 crore sq ft construction area (~₹10,000 crore GDV)
  • Execution capabilities strengthened with international consultants for skyscraper projects
  • Target to reach ₹500 crore PAT in coming years
  • Development management (DM) projects require less than 10% investment of GDV