Arihant Superstructures Limited ($506194)

Ladies and gentlemen, good day, and welcome to the Arihant Superstructures Limited Q4 FY '26 Earnings Conference Call. [Operator Instructions] Please note that this call is being recorded. I now hand the conference call over to Ms. Kunjal Agarwal. Thank you, and over to you.

Thank you so much. Hello, and good afternoon to everyone. On behalf of Arihant Capital Markets Limited, I thank you all for joining into Q4 FY '26 Earnings Conference Call of Arihant Superstructures Limited. Today from the management, we have Mr. Ashok Chhajer, the Chairman and Managing Director; Mr. Parth Chhajer, the Whole-Time Director; and Mr. Udit Kasera, the Chief Financial Officer of the company. So without any further delay, I will hand over the call to the management for his opening remarks.

Yes. Thank you. Good afternoon, everyone, and thank you for taking time to join Arihant Superstructures Limited conference call to discuss the results and business updates for the fourth quarter and financial year 2026. I believe you've had the opportunity to review our financials and investor presentations, which have been filed with the exchanges. I now request our CFO, Mr. Udit Kasera, to take you through the financial highlights for the quarter, after which I will share the key operational and business updates.

Good afternoon, everyone. Let me first start by briefing you on the financial highlights for the quarter under review. The consolidated operating revenue for Q4 FY '26 stood at INR 181 crores, reflecting an increase of 18.5% Y-o-Y while showing a sequential growth of about 43% compared to Q3 FY '26. The EBITDA stood at INR 30 crores, up 37% Y-o-Y and about 4% higher than the previous quarter. The EBITDA margin stood at 16.7% and the PAT for the quarter stood at INR 12 crores with a PAT margin of 6.58%. For the financial year ended 31st March 2026, the operating revenue stood at INR 551 crores, representing a growth of about 10.5% Y-o-Y. The EBITDA was at INR 127 crores, an increase of 21% and the EBITDA margin improved to 23% by roughly 200 basis points. The PAT for the company stood at INR 46 crores with a PAT margin of 8.35%. The net worth of the company as on 31st March stands at INR 450 crores. With this, I hand over the call to Mr. Parth to talk about the operational highlights.

Thank you. Now moving on to the key operational highlights for the quarter. During the quarter, the company achieved sales bookings of 395 units, equivalent to 3.98 lakh square feet of area amounting to INR 313 crores in value. The average price per square foot achieved was INR 7,870 per square feet, which, when compared to the same quarter last year, stood at INR 7,461 per square feet, reflecting a year-on-year increase in the average selling price by 5.5%. The average price per unit sold stood at INR 79 lakhs approximately. Collections for the quarter stood at INR 169 crores. For the year ended March 2026, the company achieved sales bookings of 1,155 units equivalent to 12.58 lakh square feet of area amounting to INR 977 crores in booking value, which is an increase by 10% from the year before. The year average price per square foot achieved for the entire financial year stood at INR 7,769 per square feet versus INR 6,082 square feet in the year FY '25, reflecting a year-on-year increase of 27% in the average price achieved. And the average price for the units sold stood at INR 84.62 lakhs for this financial year. Collections for this financial year stood at INR 539 crores. Key highlights during the quarter was that we achieved OC for 2 towers in Arihant Aspire Phase 1, wherein we delivered 657 units of -- which is approximately 737,000 square feet of area comprising both the towers. With this, FY '26 also became a landmark year from the standpoint of project deliveries and execution, wherein the company delivered a total of 1,721 units in the FY financial year 2026, which represents a substantial increase over the last -- previous years. The sharp improvement in deliveries reflects a strong execution capability that the company holds, continuing with focus on timely completion of projects and marks the beginning of the larger delivery cycle with subsequent phases and additional projects expected to enter delivery stages from FY '27 onwards as well. In this last quarter, we also launched a new tower named Benita in Arihant Aspire at Panvel, comprising of 382,000 square feet of saleable area. The total launch further strengthens our presence in Panvel micro-market, wherein demand continues to remain healthy, supported by improving infrastructure connectivity. Given the current global macro uncertainties and energy-related concerns, the Prime Minister has also emphasized the importance of prudent consumption and efficient resource utilization. We at Arihant remain well prepared to navigate such situations and have historically emerged stronger through challenging cycles. Fortunately, for the real estate sector, the customer journey lasts much longer, and we recognize revenues over multiple quarters for specific units sold during the initial phases of a project. This helps us navigate short-term macro disruptions more effectively while remaining long-term business stability. In real estate, apart from location, 2 of the critical success factors are velocity of sales and execution capability. We believe our strong sales traction along with increasing delivery momentum demonstrates our ability to execute efficiently across various cycles. I'm glad to share that our gross development value has now increased to approximately INR 14,000 crores from around INR 12,000 crores last year despite higher execution and deliveries in FY '26. This increase has been supported by improved realizations across ongoing projects and the strong infrastructure-led transformation, which is underway in Navi Mumbai. Navi Mumbai International Airport has now been operational for more than 6 months and is handling close to 150-plus flights daily. We are witnessing a gradual shift of corporates and their ecosystems towards Navi Mumbai, which is positively impacting residential demand across several key micro markets where we have a strong presence. On the premium housing side, World Villas continues to remain a strategically important project for us. The integrated development comprising villas, hotels and gymkhana is expected to create long-term annuity income streams for the company in the coming years. As of March 2026, the unsold inventory stood at 71 units, which has a book value of INR 14 crores, reflecting a healthy absorption across our portfolio. Going ahead, we remain confident that Navi Mumbai is entering a long-term structural growth cycle supported by large infrastructure development, improving connectivity and rising economic activity. With our diversified portfolio, strong land bank and disciplined execution capabilities, we believe we are well positioned to benefit from these opportunities and create sustainable long-term value for all stakeholders. With this now, I also open the floor for questions and answers. Thank you.

[Operator Instructions] Question comes from the line of Aneesha Agarwal, an individual investor.

I just have a few questions. So between Q3 and Q4 FY '26, the total sellable area of World Villas Phase 1 alone jumped from 4.14 lakh square feet to 10 lakh square feet, like, quite increase in percentage, while units only moved from 176 to 180. So similarly, Town Villas sellable area nearly doubled from 30 lakhs square feet to 58 lakhs square feet. So the Q3 highlight mentioned singling 3.5-acre joint venture at Jok-Manivali, taking the township to 96.5 acres. So is this entire area increase attributable to that single 3.5-acre JV addition? If so, so the per acre FSI implied seems extraordinarily high. Like can management reconcile this number and confirm whether any additional regulatory approval or plan revision?

Yes. So to make it more easier to understand for all our investors and shareholders, we converted the carpet area -- RERA carpet area, which was existing in the World Villas and Town Villas project to sellable area so that the parameters for judgment for all the factors leading to the costs as well as the sales for any project can be compared more comfortably and easily, which is why the increment in area is being witnessed. Apart from that, there is obviously some design change also in the villas, some increase in carpet areas for each villa have happened, so which has also led to the increase in area, but majority of the increment is due to the conversion from carpet area to sellable areas so that for an investor, it becomes easy to monitor and compare other factors of cost for -- with the other ongoing projects that we have on the same level basis.

Okay, sir. And sir, like are you considering any equity raised funds for World Villas like CapEx of INR 3.5 billion? Or will this be entirely debt-funded?

No. So this is majorly going to happen through internal accruals from the project and debt. We are not considering any specific equity raise for World Villas project.

Okay. And sir, like the rupee -- due to rupee weakness, any supply disruption is there? Like, what percentage of your construction material costs are import linked? And have you hedged against further currency depreciation?

Yes. So obviously, the geopolitical situation as of now is not so great and is impacting the cost and manufacturing sector in a big way. We see that costs could change anywhere between 3% to 5% for a company like ours also in a short -- in the long term. We'll have to wait and watch how much exactly the increment happens. But as of the prices that are ongoing today for all the commodities, the prices have increased from what it was 3 months ago.

Okay, sir. And sir, like with recent PM Modi's speech, like, do you see any risk of demand softening among NRI buyers who are a key segment for premium projects like World Villas?

Yes, we have seen increments in inquiries for premium projects across our portfolio from NRI buyers. There has been an increase and there have been some conversions as well. So interest levels have gone up for the NRI buyer segment over the last 2.5 months.

Okay. So there is no risk, like, after PM Modi's appeal to reduce consumption.

Well, that is an appeal to the entire public at large that we hold as in the country. However, business cannot stop. So there is a higher cost which we'll have to bear from what we expected to the tune of 3% to 5%. And we'll be able to recover the same by increasing the selling price for the balance units. So there's no risk to the company as such.

The next question comes from the line of Raj Kumar, an individual investor.

Hello, am I audible?

Yes.

So I have just a few questions. So last quarter, you had mentioned seeing improvement in the footfall for the World Villas. So -- but this quarter, only 4 villas sold. So is there any risk? Or what is the broader demand scenario?

See, the improvement in villa walk-ins has obviously been encouraging for us. And sometimes decisions don't happen immediately. People take more time in a segment like this to decide and finalize. So turnaround time for any transaction is anywhere between 75 to 120 days in such a product. So it will obviously reflect in the coming quarters.

So what is the expectations for next quarter? Like any kind of expectation...

I can't highlight every project level expectation. It's not possible to give you exact count on what we can expect. But yes, we are looking at doing good numbers in this financial year. Project is progressing well. We are constructing around 112-odd villas as of now, and the project is moving on very well. So the development will obviously add to the value of the unit. And I think we'll be able to realize a lot more in this financial year.

Okay. No problem. Now only one more question. Can you give, like, a margin difference for all 3 segments, premium, affordable, like all these 3 segments. Can you give a margin break regarding them?

So as a company, whenever we look at taking on a project, we expect an EBITDA margin of 33% across all the segments and PAT margins to the tune of 24%. Some projects will obviously give us more margins like the World Villas and Town Villas, where our land cost is much, much lower. And that will give us a better margin to the tune of almost EBITDA margins being at 45%, 47% in these 2 projects. But this is merely only because of the low land cost and the early mover advantage that the company took over the last 2.5, 3 years, which was timed very well because the MTHL - Atal Setu as well as the airport have been inaugurated in the last 1, 1.5 years. So we've got that advantage with us, and that will reflect in the company's balance sheet over the next 4 to 5 years.

[Operator Instructions]The next question comes from the line of Aditya, an individual investor.

So my first question to you, sir, is that the PAT declined 15.9% year-over-year despite revenue growing 10.5%. Interest costs jumped 65% to INR 677 million. So what's the plan to deleverage? And when do you expect the net debt to equity to improve from the current 1.81x?

See, we have debt across multiple projects. So debt is required at the initial stage of a project. And when the project advances, the debt gets repaid back. Right now, apart from construction finance loans, we are also -- I mean, apart from the residential business, we are also developing annuity assets, which will require debt and some debt will be at a long-term stage also going forward. So we can achieve -- I mean, our goal is to obviously reduce the debt, which is standing at almost INR 451-odd crores today, which is the secured debt, INR 453 crores precisely. So our goal is that we reduce some of that in some ongoing projects, but then it will add on in the annuity asset projects. So I think it can increase by another INR 50-odd crores from here on. I mean to give you an example, our Arihant Aspire loan, which is from Tata Capital, the outstanding amount at the end of September was around INR 82 crores. And at end of March, we are sitting at INR 40 crores. And this financial year FY '27, which is ongoing, we'll be repaying the entire debt. So as the project advances to nearing completion stage, we were able to repay off all the debt through the sales and the internal accruals. So similar case will also happen in the other ongoing projects like Arihant Advika at Vashi, the World Villas. So those debts also will be paid off as and when the projects advance.

Okay, sir. So -- and another question is to you that the operating cash flow has been negative for 4 consecutive years. So at what point does the company expect to turn free cash flow positive?

I think next financial year onwards, we should turn free cash flow positive because right now, we have -- last 2, 3 years, we have been -- we raised money so that we could finish off our projects in time, which is also reflected in the deliveries that we have done in FY '26, and it will continue and increase better in FY '27 as well. So I think next 2 years, 3 years, definitely in 2 years, we'll be cash flow positive from now on.

Okay. So another question is that the units sold fell down by 26% year-over-year even as presales value grew. This suggests a significant shift towards higher ticket products. Is this intentional? And how does it affect your affordable housing positioning?

Well, see, we have all the things on the platter. But yes, last year, we saw better performance from mid-income and luxury segment housing. So things are changing. And yet affordable housing is contributing at large even today with respect to the number of transactions. But the company's focus is now increasing also in the mid-income and luxury housing segment going further. So we are quite happy with the change, and we expect to continue this momentum going forward as well.

Okay. So sir, to continue this question, so you delivered 1,721 units in FY '26, which is 5x year-over-year. So could you give some guidance on delivery volumes for FY '27 and FY '28 by project?

Project-wise, it's difficult, but we are expecting a big number this financial year as well with respect to deliveries. It will go upwards of 2,000 very easily. Some of the projects that are lined up include Arihant Aalishan Kharghar Phase 2, then Arihant Aspire Della Tower, then Arihant Advika at Vashi. So these will contribute significantly in the number of deliveries for this ongoing financial year FY '27. And obviously, Q1, I mean, we'll be expecting project deliveries for Arihant Anaika 5, Arihant Aaradhya. So all in all, it looks very positive with respect to the lineup of deliveries and completion of multiple projects in this financial year. So ready stock that whatever is nearing to possession will see great movement and that will give good cash flows to the company as well.

Okay. My another question is that with gross debt at INR 873 crores and unsecured loans of INR 361 crores, what is the cost differential between secured and unsecured borrowings? And what's the repayment schedule for unsecured debt?

So unsecured is blended average at 13%, 13.5% and secured debt is today averaged at somewhere around 12.5%. So the blended cost to the company is around 12.75% with respect to cost of debt. And repayment for unsecured is -- so the loan is from the promoters, it's payable when enabled. So as the projects are nearing to completion, we should be able to repay back loans. But the first priority goes to the secured loan lenders. So once that is done, then we repay the unsecured.

Okay, sir. So -- okay. And my last question to you is that are you considering any equity raise to fund the World Villas plus hospitality CapEx of INR 3.5 billion? Or will this be entirely debt funded?

Yes, this will be a mix of internal accruals and debt funded majorly. We are not seeking equity specifically for this project because we've already acquired the land. We've got the approvals in hand. So only thing now that we have to do is construct and make the assets, and debt comes at a cost of around, say, 10% to the company, which is reasonable because then equity cost will be much, much higher compared to the debt. So we are not seeking any specific fundraise for this project. As a company at a company level, we may look at some fundraise at a later stage, but nothing today.

The next question comes from the line of Vishal V, an individual investor.

My question was regarding, sir, as we can see in the EP, the units sold have declined from INR 1,500 to around INR 1,155. Even the area sold has fallen down from 14.61 to 12.58. But our value of sales has increased from, like, INR 887 crores to INR 977 crores. So what is the trend of like realization? What was the average realization in the quarter and for the entire year? And what trend do you see in the area that you operate in?

Yes. So Mr. Vishal, last year, the average realization per square foot stood at INR 6,082. And for this financial year FY '25, it stood at INR 7,769 per square feet. So we've seen a 27% increase in the average realization, which is majorly due to more sales coming from the premium and mid-income category of products.

Okay, sir. And another question was, sir, what would be the target for FY '27 in terms of presales?

So we expect to grow by 25% to 30% CAGR.

[Operator Instructions] The next question comes from the line of Roshni, an individual investor.

Sir, my question is regarding the World Villas. So World Villas Phase 1 is only 23% complete with 55 units booked out of 180. So what is sales velocity target and completion timeline?

So -- I mean, this financial year, we expect sales of around 65, 70-odd more units. And completion time line for the entire project from today, it looks like it will go to 2030. For Phase 1, Phase 1 is targeted for a completion by 2027 of October.

Okay. Got it. And sir the 5-Star Hotel in Panvel and the 4-Star in Koproli represent a new business model. So what is the expected CapEx time line? And when do we anticipate the first revenue contribution from hospitality?

So for the hotel that we are developing at Panvel Chowk, which is inside the World Villas project, we should finalize our brand by this first quarter and work has already started off. We have completed the excavation. And we'll expect 3 to 3.5 years from now to start triggering the first revenues for this. The new hotel at Koproli has just finalized very recently. So it's under the approval stage right now. And that will involve an investment of around INR 60 crores in total. So -- but the time line for that also, since it's a smaller scale development, it will take about 3 years from now as well.

Okay. Got it, sir. Sir, one more question. The GDV has grown to INR 1,400 crores (sic) [ 14,000 crores ] from INR 1,250 (sic) [ 12,500 crores ] crores last year. So can you break down how much of this increase came and price appreciation versus new project addition?

See, last year, new project -- new lands were purchased only in the Town Villas project. So prior to last year, we were -- I mean, at the end of March 2025, we were at somewhere around 78 acres of land. I think we added another 20-odd acres in this financial year. And that's been the new acquisition that we have done in the last financial year. The major increase in the GDV from INR 12,500 crores to INR 14,000 crores has come from across all the projects. So due to the airport and the infrastructure development around it, we have projected better prices, and we are already realizing higher prices now as well compared to what was projected a year back. So that's the major reason apart from the new addition of land to take the GDV from INR 12,500 crores to INR 14,000 crores.

Got it. Sir, can you please throw some light on the project pipeline for FY '27.

So a lot of ongoing projects are underway right now. New launches will be expected in Arihant Aspire, one more tower, we should open Arihant Avanti at Shilphata. And we should -- by Q4, we should expect Town Villas also to launch. So these are 3 new projects that we expect to start off with in this financial year as well.

The next question comes from the line of Amish Kanani with Knowise Investment Managers.

Congrats on a good Q4 vis-a-vis at least last year. The question, sir, is, one, there was a very low margin in Q4 despite the growth. So if you can give us some sense of why this didn't kind of reflect in our EBITDA margin, which has come down to 16.7% and because of which our overall annual margins have kind of come to a slightly, although it's improved on a yearly basis, it's come down to 23%. So one, what is it that anything specific in Q4, which was affecting our margin? And in that context, if you can give us some sense of given that our premium mix of our project is improving, should we assume that things will improve from here on, on an annual basis?

Yes. So in Q4, we started recognition for World Villas project. So the margin declined for -- obviously, due to the interest as well as because when the project gets recognized for the first time, all the pre-operating expenses are also recognized with that. So heavy load of the marketing expenses, et cetera, that we would have done have also participated in the cost for this quarter. Going further, obviously, we expect -- this is for World Villas, which...

World Villas, okay. So going forward this remains same.

So going forward, obviously, margins will improve because now that the old backlog of the pre-operating as well as marketing expenses has already been incurred in the P&L and further the new sales as well as the progress from construction will help us realize higher margins going ahead. And the PAT margins reduced due to higher interest costs for this financial year versus the last financial year. However, this -- we expect in this FY '27 to increase our EBITDA margin and take it to 25%, 27% range because the contribution from the new projects will add on to the P&L going further.

Sure, sir. And sir, our presales have reached kind of INR 1,000 crore mark on an annual basis and the collection also is about INR 540 crores, that is stable for last 2 years. But our revenue is stuck in that INR 500 crores and INR 550 crores mark, which means we need to do a lot on delivery and, kind of, execution. So one, when will this gap, so to speak, can we expect to fill, which means we see a revenue at, say, INR 1,000 crores plus kind of a level. We understand presales, you are saying probably a growth of 25%, 30% from here, which means maybe presales we can presume penciling in model some number, like, say, around INR 1,250 crores. But in terms of actual delivery of projects and completion and handover, when will the revenue also kind of take a jump, if at all, you can give us some sense of based on the current execution time line, sir?

Yes. So we follow percentage completion method. So as the project progresses, we start recognizing revenues proportionately. Like I said, this financial year also, we are expecting a lot of deliveries. So good numbers are going to come from multiple projects that are lined up for closure as well as possession in this financial year. That will give us more revenues like Arihant Aalishan at Kharghar, Aspire at Panvel as well as Arihant Advika at Vashi. So these are key projects which will contribute to the revenue of the company at large. And because of this, we'll be able to jump forward from this INR 500 crores, INR 550 crores top line by, say, to around INR 700-plus crores this year.

Sure, sir. That's helpful, sir. And sir, World Villas, we saw Phase 1 not picking up as greatly as one would have expected, given that there's a traction around, say, Navi Mumbai Airport. So the question is, will we launch Phase 2 only after we have a decent traction in World Villas 1? Any thoughts there, sir?

Yes. See, with also doing velocity, we have to take care that we are able to earn the right margin for which we work. So we're very conscious on that for this project also. We don't want to just give away the prices to the customers for the sake of doing more velocity. Our focus is that we make this project standout. Obviously, with respect to design, it is a standout today also. There's nothing which competes with this in the entire vicinity, but we want to earn a good amount of money from this project because we -- from the launch price to now, we've also increased the selling price. And that's why velocities have gone down recently. But we -- now it is being understood by the customer that they'll have to pay a price if they want to participate in this property. And we'll see the reflection of that in this financial year very smoothly.

Sure. That's very encouraging to hear, sir. We were holding price, not to, kind of, sell at discounted one. Sir, what is -- any indication of what are the kind of price rises that you have seen, some indication? Because I had noted probably 1 villa was about, say, INR 3.5 crores when we were launching and per square feet price or per villa price where in percentage terms, what is the price increase that we have taken, sir? You did mention the overall GDV value increasing. Maybe we can imply from that, but if you can give us some sense, sir?

So price increase for World Villas has happened by almost INR 1 crore plus at realization levels from what we had started off. So it's -- we have multiple categories. There are 3 types of configurations, then there is a lot of options. So the prices vary from what the customer chooses to buy, some buy with elevators, some buy without a pool, some buy bare shell, some buy with finishing. So pricing varies. But overall, we've been able to increase the price by INR 1 crore from the launch period. And that is why you'll see better numbers going further as well. Across the sector, prices have also increased due to the infrastructure development that we have witnessed in this part of the city. Going further, obviously, now with the geopolitical situation, we are bound to increase more price for the balance inventories in all projects because we cannot lose on the margins. So obviously, it will be a wait and watch. But I think demand is still strong across multiple segments of housing. We are still witnessing great traction, great interest across all the products that we are catering to and there is -- I mean, fortunately, the population is healthy enough to help us -- help the company as well as help the economy pass through this phase that we are going through.

Sure. Sir, last question from my side, sir. CapEx, I had noted that we have to do a lot of CapEx to develop this World Villas, more so the hotel and the gymkhana that we are planning. And so in that context, sir, if you can give us some sense of, one, we probably have presales, a lot of things. So maybe the normal residential construction maybe could be self-funded the way I understand. But if you can give us some sense of what is the CapEx for this year, including the new hotel that you mentioned at the INR 60 crores that you mentioned, what would be the, say, new CapEx for this year? And whether it's self-funded or do we need to worry about debt being increased even from here?

So debt will be taken for the gymkhana and the hotel development, which will -- I mean, in this financial year, we should do a CapEx of around INR 75 crores for these 2 assets. That much debt will add on. Obviously, like I said earlier, simultaneously, the projects which are advancing at -- and nearing completion like Arihant Advika at Vashi, Arihant Aspire. So debt is starting to get repaid back as well in those projects. So overall, debt could increase by another INR 50 crores from here. That's what we are envisaging. CapEx, we intend to spend around INR 400-plus-odd crores in construction this financial year across all the projects. So that's our target for CapEx.

Including INR 75 crores, should we assume that, including the INR 75 crores of gymkhana and hotel, right, sir?

Yes.

[Operator Instructions] The next question comes from the line of Raj Shah, an individual investor.

Am I audible?

Yes.

Yes. So sir, my question is regarding the GDV. So what is the GDV of the recent phase of Arihant Aspire? And how much of the booking has been recognized in the last quarter?

[indiscernible] phase we launched -- hello?

Yes, sir. You are audible.

Yes, I didn't get your question, which phase are you referring to?

The most recent phase of Arihant Aspire.

So yes, we launched Phase 4, which is Phoenix Tower, that's INR 382 crores -- 382,000 square feet of total developable area. So the CapEx for that project will go around INR 190-odd crores for this particular tower.

Okay, sir. And my next question was more regarding an industry outlook also. So given the ongoing geopolitical uncertainties, are you witnessing any change in customer behavior, particularly delays in booking decisions from the end users? And additionally, how is the company managing the impact of rising construction costs? And do you expect any meaningful impact on project margins or your demand going forward?

So yes, I mean, the situation is being witnessed by all with respect to some panic from some customers, but we are not seeing any stoppage with respect to decisions. There is obviously more time, which some customers may require, but we are not seeing any slowdown in transactions. Transactions are continuing to the similar levels as what it was before the war started. With respect to the construction cost, obviously, whatever is sold will have to be -- will remain around the same price, but we'll have to recover from the balance unit sales, the incremental cost that will go towards the construction. So I think it's not nothing to worry. And to highlight, we're doing very well in projects which are -- which have already seen deliveries either in the previous phases or they are expected to be delivered in the close time line. So we're not seeing any challenges as such across multiple projects. So things are moving on very well. Obviously, it's a time where people will have to wait and be patient. And I think there could be surprises going further for the Indian economy.

The next question comes from the line of Tanya Arora, an individual investor.

I just have 2 quick questions. So the first one is I just wanted to know what's the current status of finalizing the 5-Star hotel, which was under the World Villas project.

Yes. So we are almost in the final stages, by hopefully, this quarter end, we should be able to come back with the name that we have finalized.

So have we identified any hospitality partner or a brand management brand?

Yes.

Okay. And could you also give me a quick update on the gymkhana segment, like how the total memberships we have sold till date? And what's the current membership pricing structure?

I'll tell my sales team to come back to you on this. I mean, we've done, say, 800-plus memberships. They'll get back to you on the pricing that is there. That's -- we should not discuss and mix that with the financial developments that we are discussing here.

There are no further questions. I would like to hand the conference over to Ms. Kunjal Agarwal for closing comments.

Thank you to the management and the participants for joining the Q4 FY '26 conference call of Arihant Superstructures. I will now hand over the call to the management for closing remarks.

Thank you, everyone, for joining in today's earnings call. We hope we were able to address all your queries to your satisfaction. In case you have any further questions or would like any additional information, feel free to reach out to our team -- Investor Relations team at Valorem Advisors or connect with our finance team. We also thank Arihant Capital for hosting this call for us. Thank you very much.

Thank you. On behalf of Arihant Superstructures Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.