Financial Performance Highlights

FY26 Financials:

  • Revenue from operations: INR46.2 crores (vs. INR39.88 crores in FY25), representing 15.84% year-on-year growth
  • Book value for the year: INR35.2 crores, reflecting year-on-year growth of approximately INR6.92 crores
  • Collections: INR24.92 crores, growing 36.69% year-on-year
  • PAT: INR5.59 crores, declining 43% year-on-year (attributed to transition from previous Naysaa Securities business model and carryover profits from previous entity)

Q4 FY26 Financials:

  • Revenue: INR18.48 crores (vs. INR12.12 crores in Q4 FY25), growing 52.47% year-on-year

Project Portfolio and Operational Update

Ongoing Projects (Current GDV: ~INR280 crores, 290,000 sq. ft.):

  • Riviera, Goregaon West: 1 unsold inventory, ready for handover within a month, OC expected within 16 months from CC receipt
  • Rivaan, Goregaon West: 6 unsold inventory (some bookings picked up but not registered), 20-story building, on 17th slab of 20, expected completion by December 2026 (ahead of March 2027 RERA timeline)
  • Shree Pranam, Versova: Decent booking flow, 30-35% conversion to registrations expected in current quarter
  • Manju Villa, Goregaon West: 3 unsold inventory expected to convert to sold in next two quarters
  • Joshville, Santa Cruz West: Just launched, 15% inventory remaining with 70% of total GDV pre-sold

Planned Launches (May 2026 - December 2026):

  • Commercial project in Wagle Estate, Thane West: Estimated GDV INR300 crores, RERA expected by end June 2026, launch date June 22, 2026
  • Residential project in Khar West: GDV INR60 crores, approvals pending, expected bookings in Q2 2027
  • Residential project in Bandra West: GDV INR240 crores, launch in Q2 2027, bookings expected Q3 2027
  • Residential project in Juhu, Vile Parle West: GDV INR50 crores, launch expected Q1 2027 (possibly delayed to Q2 2027 by 15-20 days)

Pipeline Development:

  • Robust pipeline of multiple projects with confirmed and awaiting final sign-ups
  • Approximately 1 million square feet of development area with estimated GDV exceeding INR1,000 crores
  • Total ongoing and upcoming development portfolio: Estimated GDV exceeding INR2,100 crores across Mumbai and adjoining markets
  • Kandivali project: Largest in pipeline (~INR500+ crores GDV), self-funded so far, first stage land registration complete, awaiting MOD height approval changes

Strategic Positioning and Market Outlook

  • Focused on redevelopment-driven, capital-efficient business model across premium Mumbai micro-markets (Goregaon, Andheri, Versova, Bandra, Santa Cruz, Khar, South Mumbai)
  • Strategy emphasizes speed, quality, transparency, premium/mid-premium residential and commercial development, controlled leverage
  • Mumbai residential real estate demand remains healthy driven by urbanization, infrastructure development, stable interest rates, rising disposable incomes
  • Industry consolidation towards developers with strong execution record, transparent governance, prudent capital allocation
  • Premiumization trend continues, particularly in Mumbai, with buyers prioritizing lifestyle, connectivity, design quality, timely delivery

Operational Efficiency and Execution

  • Target to complete projects 15-20% faster than industry standards
  • Using Marvan construction technology, biophilic building designs, and planning software to improve execution time by 10-15%
  • Fixed price cost contracts with vendors, with some negotiation flexibility for price increases
  • Meghna One IT Park: Grade A gold certified green building, representing diversification into commercial real estate

Financial Strategy

  • Debt-zero balance sheet maintained
  • Negative operating cash flow attributed to investments in future project acquisitions and working capital requirements
  • Funding primarily through self-accruals and pre-sales, open to debt leverage for specific projects like Kandivali
  • Future diversification target: 80% redevelopment projects, 20% outright land acquisitions

Management Commentary

  • Expect GDV to double over next three years from current INR2,100 crores portfolio
  • PAT decline temporary due to project lifecycle phase; profitability expected to improve in FY27
  • EBITDA margin compression (29% to 22%) due to project mix, project cycle costs, and acquisition pipeline expenses
  • Pre-sales target: 20-30% of total inventory at launch across all projects
  • Considering entry into SRA segment if value addition opportunities exist