Key Financial Figures

Sales Performance (H1 FY27):

  • Sales Value: ₹38 billion
  • Units Sold: Approximately 675 units
  • Area Sold: 1.6 million square feet
  • Average Realization: ₹17,000 per square foot (portfolio level)

Collections (H1 FY27):

  • Total Collections: ₹17 billion
  • Quarterly Run Rate: Approximately ₹10 billion per quarter (historical trend)

Cash Flow (H1 FY27):

  • Cash Surplus: ₹4.8 billion (prior to investments in land/approvals or debt repayments)
  • Surplus as % of Collections: 28%

Balance Sheet Position (as of H1 FY27):

  • Gross Debt: ₹28.7 billion
  • Cash Balance: ₹24+ billion
  • Net Debt: ₹4.5 billion
  • Credit Rating: CARE A+ with stable outlook

Profitability (H1 FY27):

  • Gross Profit Margin: 31% (H1), 36% (Q2)
  • EBITDA Margin: 13% (H1), 18% (Q2)
  • PAT: ₹50 crores

Revenue Recognition (H1 FY27):

  • Revenue from Completed Projects: ₹14 billion

Business Development & Land Acquisition

Farrukhnagar, Gurugram Acquisition:

  • Total Land: 194 acres (25 acres acquired, 169 acres via collaboration)
  • Location: 15 minutes from Dwarka Expressway, off Pataudi Expressway
  • Planned Development: Farmhouse/villa community with resort development
  • Regulatory Context: Outside zoned area (no high-rise); Gurugram allows 1+ acre farmhouses vs. Delhi's 2.5+ acre requirement

Sohna Market Addition:

  • Land Added: 31 acres (via collaboration)
  • Location: Adjacent to existing Project Dakshin (125 acres)

Other Additions:

  • Sector 71 and Sector 37D: Smaller additions
  • Total Developable Area Added (H1 FY27): 10 million square feet
  • Net Addition to Portfolio: 8.4 million square feet (after deducting sales)

Portfolio Summary:

  • Delivered to Date: 19 million square feet
  • Nearing Delivery: 9 million square feet
  • Launched (Feb 2024-present): 23 million square feet (GDV ~₹350 billion)
  • Pipeline for Launch: 27 million square feet (GDV ~₹300-350 billion)

Project Updates

Tonino Lamborghini Residences:

  • Location: Sector 71, Southern Peripheral Road, Gurugram
  • Units: 800+ units
  • Segment: Premium/Branded Residences
  • Performance: Strong response noted
  • Brokerage Expense: Approximately 4%

Mixed-Use Development with RMZ Group:

  • Development Size: 5.6 million square feet
  • Components: Primarily office spaces, two hotels, high-street retail (design district)
  • Location: Southern Peripheral Road, Gurugram
  • Architect: KPF appointed for master planning
  • Status: Design and approval stage progressing
  • Business Model: Primarily yield portfolio with small build-to-sell portion

Guidance & Outlook

FY27 Full-Year Guidance:

  • Sales Target: ₹100 billion (reaffirmed)
  • Sales Phasing: 40% in H1, 60% expected in H2
  • Revenue Recognition Target: ₹50 billion from project completions
  • Cash Surplus Forecast: ₹12-15 billion by year-end
  • Business Development Budget: Roughly equivalent to operating cash flow (₹12-15 billion)

Market Commentary:

  • Gurugram accounts for 43% of NCR housing sales
  • Delhi NCR saw fastest price rise among top 7 cities at 12% YoY
  • Micro-markets driving growth: Dwarka Expressway, Southern Peripheral Road, New Gurugram, Sohna
  • Realizations seeing single-digit escalations, providing inflation hedge

Upcoming Launches (H2 FY27)

Sector 71, Gurugram:

  • Size: 2+ million square feet
  • Location: Adjacent to Tonino Lamborghini Residences

Dwarka Expressway:

  • Project: Iconic single tower with expressway frontage
  • Size: <0.5 million square feet (300,000-400,000 sq ft)

Sohna (Project Dakshin):

  • Units: ~400 units pending launch

Operational Considerations

GRAP Impact:

  • Construction bans due to pollution are considered recurring events
  • Business plans assume ~10 months of construction activity per year
  • Material availability and construction scheduling account for these disruptions

Construction Costs:

  • H1 FY27 Construction Spend: ₹880 crores
  • Annual Escalation Trend: 7-9% (labor and material combined)
  • FY27 Forecast: Not expected to reach ₹2,000 crores for full year

Participants

Management Participants:

  • Mr. Pradeep Kumar Aggarwal – Chairman and Whole-Time Director
  • Mr. Lalit Kumar Aggarwal – Vice Chairman and Whole-Time Director
  • Mr. Ravi Aggarwal – Managing Director
  • Mr. Devender Aggarwal – Joint Managing Director and Whole-Time Director
  • Mr. Rajat Kathuria – Chief Executive Officer
  • Mr. Sanjeev Kumar Sharma – Chief Financial Officer
  • Ms. Preetika Singh – Head Investor Relations

Moderator:

  • Mr. Adhidev Chattopadhyay – ICICI Securities Limited

Analysts:

  • Parvez Qazi – Nuvama Group
  • Pritesh Sheth – Axis Capital
  • Harsh Pathak – Motilal Oswal