Date: 5th November 2026

Financial Results (Standalone & Consolidated)

Q2 FY27 Performance (₹ million):

  • Revenue from operations: ₹166.4 (up 7% YoY, up 9% QoQ)
  • Other income: ₹38.8
  • Total income: ₹205.1
  • EBITDA excluding other income: (₹45.08)
  • EBITDA: (₹6.32)
  • EBITDA margin: (38.00%)
  • Depreciation: ₹11.3
  • Finance cost: ₹23.5
  • Profit before tax: (₹49.4)
  • Profit after tax: (₹316.3)
  • PAT after minority interest: ₹5,665.57 (includes gain on sale of mall businesses)
  • Q2 EPS: ₹37.22

H1 FY27 Performance (₹ million):

  • Revenue from operations: ₹318.8 (up 39% YoY from ₹229.5 in H1 FY26)
  • Other income: ₹43.9
  • Total income: ₹362.7
  • EBITDA excluding other income: (₹99.27)
  • EBITDA: (₹55.37)
  • EBITDA margin: (17.4%)
  • Depreciation: ₹18.5
  • Finance cost: ₹37.6
  • Profit before tax: (₹117.7)
  • Profit after tax: (₹384.71)
  • PAT after minority interest: ₹5,579.2

FY26 Reference (₹ million):

  • Revenue from operations: ₹659.2
  • Other income: ₹25.9
  • Total income: ₹685.1
  • EBITDA excluding other income: (₹118.0)
  • EBITDA: (₹92.1)
  • EBITDA margin: (14.0%)
  • Depreciation: ₹38.9
  • Finance cost: ₹33.1
  • Profit before tax: (₹155.2)
  • Profit after tax: (₹142.2)
  • PAT after minority interest: ₹106.9

Strategic Actions

Mall Sale Completion:

  • Both malls (Coimbatore and Chh. Sambhaji Nagar) transferred to K Raheja Corp group on 24 August 2026
  • Transferred to Inorbit Malls Pvt Ltd, part of K Raheja Corp group
  • Mall businesses now reported as discontinued operations under Ind AS 105
  • Prior periods have been restated accordingly
  • Strategic rationale: Crystallized value from mature, stabilized malls operating at peak occupancy to free up capital for higher-growth opportunities

Business Model Transformation:

  • Company moves from retail-annuity model to land monetization and development-led model
  • Greater balance sheet flexibility achieved
  • Hive-off of balance land to PRL expected next quarter
  • Evaluation of new Mumbai projects underway, to be funded from sale proceeds

Operational Updates

Residential Project Performance:

Coimbatore Residential:

  • 3 towers with 540 apartments in Phase 1
  • 410 of 540 apartments sold (76%)
  • ₹2,363 million sale value, ₹1,596 million collected
  • ₹204 million collected in Q2 FY27
  • Manhattan and Splendour towers completed
  • TN RERA completion received
  • 140 homes handed over (Splendour: 91 of 144 units, Manhattan: 49 of 216 units)
  • Florenza tower under construction
  • Total project: 7 towers, 1,152 apartments
  • Amenities: clubhouse, pool, tennis and squash courts, gym, amphitheater

Nagpur Residential (Palms):

  • 336 apartments launched
  • 255 of 336 apartments sold (76%)
  • ₹1,780 million sale value, ₹1,596 million collected
  • Part OC for 264 units up to 11 floors received
  • 211 units handed over
  • Amenities: clubhouse, pool, tennis and squash courts, gym, amphitheater

Nagpur Elante (Plotted Layout):

  • Wardha Road, Chinchabhavan location
  • 38 plots launched
  • 21 of 38 plots sold (55%)
  • ₹250 million sale value, ₹93 million collected
  • Mixed-use layout on 30 m DP road and 12 m road, along Metro corridor

Indore Residential:

  • 43.5-acre township including 5 acres for commercial
  • Phase 1B: 75 plots approved
  • 37 of 75 Phase 1B plots sold (49%)
  • ₹404 million sale value, ₹294 million collected
  • Phase 1A: completion certificate received for 74 plots

Collections and Sales Pipeline:

  • Total residential sales booked: ₹4,797 million
  • Total collected: ₹3,579 million (75% collection rate)
  • Amount still to be collected: ₹1,218 million
  • 266 unsold units and plots in launched phases

Land Bank and Development Potential:

  • Coimbatore: 4 towers/612 apartments in later phases
  • Ch. Sambhaji Nagar: ~3.5 acre under planning for Residential, ~1.5 acre for future planning
  • Nagpur: 0.5 mn sq ft retail in advanced stage of approvals, further 0.39 mn sq ft development potential
  • Nagpur Elante: 17 plots remaining
  • Indore: Phase 1C and commercial development potential
  • Mumbai: New projects under evaluation

Shareholding Pattern

As at 30 September 2026:

  • Key Non-Promoter Investors:
  • Sandeep Raheja Group: 4.23%
  • ACACIA Group: 3.01%
  • Radhakishan Damani & Family: 0.91%

Capital Allocation Priority

Sale proceeds will be deployed in clear order of priority:

1. Balance sheet strength

2. New projects (only where they fit the strategy)