Major Strategic Development: Monte South Acquisition

  • Board approved acquisition of Adani Group's 60% stake in Monte South project for INR335 crores on October 31, 2026
  • INR200 crores already paid towards the acquisition
  • Acquisition expected to complete in Q3 FY27, increasing ownership from 40% to 100%
  • Project has estimated future Gross Development Value (GDV) of INR6,500 crores on 100% basis
  • Comprises 4 residential towers (64-storey each) and commercial tower totaling 25 lakh square feet
  • Tower A: Received full occupation certificate
  • Tower B: Occupation certificate up to 45th floor, RCC structure fully completed
  • Tower C: Complete up to 35th floor
  • Tower D: Yet to be launched (residential)
  • Commercial tower: Yet to be launched

Financial Performance Q2 & H1 FY27

Consolidated Figures:

  • Q2 FY27 Revenue: INR145 crores
  • H1 FY27 Revenue: INR362 crores
  • Q2 FY27 EBITDA: INR61 crores
  • H1 FY27 EBITDA: INR127 crores
  • Q2 FY27 PAT: INR45 crores
  • H1 FY27 PAT: INR98 crores

Operational Metrics:

  • Q2 Presales: INR154 crores
  • H1 Presales: INR240 crores
  • Q2 Collections: INR127 crores
  • H1 Collections: INR244 crores
  • Q2 Area Sold: 71,000 square feet
  • H1 Area Sold: 109,000 square feet

Project-wise Performance Details

Monte South (40% share during quarter):

  • Area sold: 15,800 square feet
  • Booking value: INR58 crores (up from INR50 crores in Q1)
  • Collections: INR57 crores
  • Total apartments: 1,800, with 800 already sold
  • Future sales potential: INR7,000 crores from remaining 15 lakh square feet
  • EBITDA margin: 30-35%

Marathon Nexzone Panvel:

  • Area sold: 28,200 square feet (doubled from Q1)
  • Booking value: INR39 crores (vs INR17 crores in Q1)
  • Phase 3 contributed over 10,000 square feet
  • Full occupation certificate received for Cedar and Daffodil towers
  • Phase 3: Excavation and footing work nearly complete, plinth slab for 2 towers nearing completion

Bhandup Portfolio (NeoValley, NeoPark, NeoSquare):

  • Area sold: 23,600 square feet (vs 8,300 sq ft previous quarter)
  • Booking value: INR41 crores (vs INR15 crores)
  • Collections: INR30 crores (vs INR18 crores)
  • NeoValley Narmada contributed INR31 crores bookings

Commercial Portfolio (Marathon Futurex Lower Parel):

  • Financial services group expanded by 45,000 square feet
  • Area sold: 21,700 square feet (vs 4,000 sq ft in Q1)
  • Booking value: INR107 crores (vs INR19 crores)
  • Collections: INR91 crores

Construction Progress Update

Bhandup Execution:

  • NeoValley Kaveri: 100% RCC complete, walls and internal clustering 95% complete
  • Wing A: 95% RCC complete, walls and internal clustering 90% complete
  • NeoValley Narmada A Wing (rehab): RCC complete, finishing 60% complete
  • Narmada B: Completed fourth slab
  • Narmada C: At plinth slab level
  • NeoPark Ashoka A & B: Ready up to 22 floors, terrace landscaping 30% complete
  • Ashoka C: Completed 21st slab

New Project Additions

  • Three new projects added in Versova, Sewri, and Kanjur
  • Combined estimated GDV: INR1,740 crores
  • Versova and Sewri projects: Combined GDV approximately INR900 crores
  • Kanjur project: Already generating profit in Q1 and Q2

Merger Update

  • NSE/BSE issued "No Adverse Observation" letter submitted to NCLT
  • Unsecured and secured equity stakeholders meeting convened by NCLT completed with positive reports
  • NCLT hearings scheduled for November 2026

Financial Position

  • Net debt-free balance sheet as of September 2026
  • Positive net cash position

Future Launch Pipeline (Management Commentary)

  • FY28-FY29: Bhandup projects with GDV ~INR1,000+ crores
  • Panvel Phase 3: GDV ~INR600 crores (already launched)
  • Monte South Commercial: Launch in FY28, GDV ~INR3,400 crores
  • Monte South Tower D: Launch in FY29, GDV ~INR1,800 crores
  • Versova and Sewri projects: Launch within next 2 financial years

Infrastructure Impact

  • Navi Mumbai International Airport fully operational, benefiting Panvel corridor
  • Goregaon-Mulund Link Road (GMLR) development progressing, benefiting Bhandup
  • Government of Maharashtra's 60-minute MMR connectivity vision

Management Participants

  • Mr. Chetan Shah – Chairman and Managing Director
  • Mr. Kaivalya Shah – Director
  • Mr. Samyag Shah – Director