Ganesh Housing Limited (526367) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Q1 FY '26 Earnings Conference Call of Ganesh Housing Corporation Limited, hosted by Go India Advisors. [Operator Instructions]. Please note that this conference is being recorded. I now hand the conference over to [ Ms. Riddhi Shah ] from Go India Advisors. Thank you, and over to you, ma'am.

Thank you, Steve. Good afternoon, everyone, and welcome to Ganesh Housing Corporation Limited earnings call to discuss the Q1 FY '26 results. We have on the call with us today Mr. Rajendra Shah, Chief Financial Officer; Mr. Neeraj Kalawatia, Vice President Finance; and Mr. B. Ravi, Corporate and Financial Adviser. We must remind you that the discussion on today's call may include certain forward-looking statements and must be, therefore, viewed in conjunction with the risk that the company faces. I now request Mr. B. Ravi to take us through the company's business outlook and financial highlights, subsequently to which we will open the floor for Q&A. Thank you, and over to you, sir.

Thank you, Riddhi. Good afternoon, everyone, and a warm welcome to all of you on this Q1 FY '26 earnings call of Ganesh Housing. I truly appreciate the time and interest you continue to show in Ganesh Housing Corporation. It's a pleasure to connect with you again, as we embark on a new financial year with fresh goals, evolving market dynamics and an exciting pipeline of opportunities. Q1 FY '26, if I may say, it was a quarter of stabilization. While the macro indicators, including the repo rate expectations, cost of capital and urban consumption remained relatively benign, the real estate market in Ahmedabad saw a somewhat cautious sentiment, especially in the month of April and May with very few new projects being launched with a wait-and-watch approach and that was especially in the housing sector. But by June, towards the third week and fourth week of June, we began to see a distinct pickup in activity with a stronger traction. This aligns well with our internal expectations. And if you recollect, we have mentioned in the last call that we anticipate a midyear turn in the buyer sentiment, and that shift is now becoming visible. And of course, in that, Ahmedabad continues to be a place of action in Gujarat. To elaborate further, Ahmedabad has cemented its position as Gujarat's real estate powerhouse. The city now accounts for 42% of all real estate investments in the state as per the recent reports and leads in both residential and commercial development. What's especially encouraging is the structural nature of this growth driven by infrastructure upgrades, migration trends, job creation and rising investor interest and not just within Gujarat, but also from across India. Now let me walk you through the key project updates and operational highlights of Q1. The Malabar Retreat project, which is the premium residential project continues to move ahead of schedule. The structural work is largely completed in the initial towers with about 43% of the construction completed. Sample flats were ready in the last month and for walk-throughs. As you know, this is a crucial milestone because in the premium segment, visual experience often drives conversion. And we have improved right in that because we already see a clear uptick in footfalls since opening the show units. Bookings in Q1 were steady, and we expect much stronger momentum from Q2 onwards, as the festive season approaches. With about 160 units, the average realization of around 6,000 square feet, the project is well positioned to deliver strong margin accretion. Million Minds SEZ project that the Phase 1, as we know, it's -- again, it's well ahead of schedule, as you already know. The leasing activity here continues to actually exceed expectations because as of today, almost around 80% of the leasable area is either under active discussions or concluded with letters of intent and expressions of interest put together from a strong mix of global capability centers, hybrid workplace providers and tech firms. We are on track to commence lease income by Q3, Q4 FY '26 latest with expectation of the rentals to be around 7% to 75% per square feet. This is ahead of what we had earlier mentioned. The fit-outs for this are already set to begin in Q2, maybe another month or so for -- that is this current quarter. And we are now working in parallel for Phase [ 2 ], which may be in advanced stage depending on the demand visibility. The One Thaltej commercial project of 1.8 million square feet, that is in the final process of receiving all the design approvals. And we do believe that the construction commencement could start towards the later part of this quarter. Once it is done, it will be generating about INR 2,100 crores in the lifetime revenue. The Godhavi township, which is the 450 acres integrated development which you have had is really making a good progress. It's a very good land parcel, as you know, with a lot of activities in and around that place. And especially in Godhavi, as we keep mentioning, it has got a lot of interest both from the end users as well as other developers. We have already monetized about 18 acres in FY '21 as we spoke to you in the last call. The sales therein continue into Q1 of FY '26 also. And I think we did about 10 acres this quarter. The average sales realization -- the price that is of both these things has been around INR 30,000 per square feet. Majority of the Q1 income FY '26 is from this project. We expect to pursue a hybrid monetization strategy on own plotting schemes along with bulk sales to reputed developers. We believe that the way it is going, the estimated sales potential could be well over INR 5,000 crores, which we had initially envisaged. And this will be transforming Godhavi into a self-sustained urban micro market over the next 7 to 10 years. Now to talk about the financial numbers. As we said the -- and we had indicated this in the last call, too, that the numbers of this Q1 are muted. The revenue in Q1 stood at INR 151 crores, which is a Y-o-Y drop of about 30%. But with the EBITDA margins being stronger, which have widened to 85% from 71%, the EBITDA Y-o-Y reduced only by 18%, and it stands at INR 128 crores. The PAT margins also widened by 10% from 51.6% to 61.6%, and the PAT stood at INR 93 crores, which is down from about INR 114 crores Y-o-Y. However, we expect the next quarters to be better and would make up for the slight decrease. On the balance sheet front, we continue to operate with negligible gross debt and a strong cash position. This gives us ample flexibility to execute at high scale, while maintaining financial discipline. Looking ahead, our focus remains consistent. As market conditions evolve, we are sharpening execution across all the 3 areas of timely project execution, revenue diversification and capital efficiency. As you know, we continuously invest in technology, and we continue to do that for sales, CRM and project monitoring. Additionally, with this project, especially of SEZ that's Million Minds, Phase 1, the ESG principles are now integrated into our design and planning process from green buildings to responsible land use. To sum up, we are optimistic but yet grounded. The real estate cycle in Ahmedabad continues to move in a structurally positive direction. Demand is shifting towards branded developers, credible execution and well-planned community areas where Ganesh Housing is exceptionally well positioned. Thank you. We can open the floor for questions.

[Operator Instructions] The first question is from the line of Jahnvi Shah from Share India.

Sir, I just had 2 questions, actually. The time lines of our planned projects have been consistently extended since we first launched them, like for almost a couple of years, they have been extended. Additionally, our earlier cash flow expectations have also been revised downwards. I just want to understand the status of these projects in more detail. Since we don't have like -- no more -- like aggressively, we are not launching new projects. So can we expect these projects to progress in a timely fashion?

Yes, Jahnvi. It's relevant at this point in time to mention that, yes, these projects have been delayed from whatever earlier timelines we have said, but that is very consciously done not as a fact of getting delayed because of lack of planning. But looking to the market conditions, we have been -- we are trying to develop the projects when there is a demand for it in the market and not when we are ready with it. We are ready with many of those projects. However, unless there is a specific demand, they could lead to inventory stuff like that. So while we might have postponed some of the residential projects in SEZ, the Malabar Retreat project, which we have done had -- was not even there on the scale when we talked about 1.5 years back, but we got it because that was an area where we thought that would really do well. And yes, we have been proven there is traction in that. The one which we talked about the Million Minds in -- the township project, we had mentioned last year. We had earlier said that we will be monetizing it last year itself, that is FY '25 beginning. But as you know, we had said that there's a lot of traction. There's a lot of development happening in the place in and around that. And that, again, we have been proved extremely correct because of late, when we started to monetize that, we have been getting the prices, which are much higher than what we had envisaged earlier. We have been getting, as I just said, about INR 30,000 per square meter, which was far lesser when we had really talked about it, almost 20%, 30% lower when we had projected it and we had planned it earlier. So all this has been done with a very clear indication of an eye on the profitability and cash flow always being positive and strong. And we are -- in the end, to answer your question, yes, we are confident that all these projects as envisaged, maybe with a lapse of maybe 6 to 8 months or whatever will all come on stream because work on all this is going on simultaneously.

And sir, just like one more question since you spoke about Malabar Retreat, how much inventory do we have currently?

In terms of what in Malabar Retreat or overall?

In Malabar Retreat.

In Malabar Retreat, we have roughly around INR 280 crores of inventory there.

That's under construction right now, and bookings are happening even as we speak. So that way, yes, the inventory would be of the balance ones, which are not yet booked.

And sir, since we are aiming at a growth of around 20%, 30%. Should we expect land sales to remain a significant contributor in the coming FY '26 as well?

No. Because see, if you recollect, we have been talking about one of the biggest projects being of the Godhavi, the township project. That is where we have started to do -- and this quarter, almost the entire income is from that -- from the project. And therefore, that land income, as you -- as we have been understanding, which is one of the verticals, is not there at this point in time. This is from the project itself, we had put it in the public domain saying that we'll be monetizing this. So we have started that already.

The next question is from the line of Henil Bagadia from Equicorp.

Yes. Sir, on the project side for the IT SEZ part, sir, if you could just put some explanation as in -- so as we did commercial and we just held back to the commercial because we're seeing a lot of traction and probably 20%, 30% more realization. So how would you plan your projects in the residential part also, given that the slowdown plus the residential actually gives you a lot of upfront cash flows? So I mean, if we further plan to, I mean, hold more phases of the commercial projects, so how would that work? So some understanding there?

Yes. Henil, small correction. What I said about the 20%, 30% higher realization in late was the Godhavi, Million -- the township project, not the IT SEZ. IT SEZ, as you know, is the -- Phase 1 is all on lease, where I mentioned that about 80% of that is already being leased. And probably looking through this traction the way we are giving out for fit-outs next month itself, and we are going to have the lease incomes from maybe 3, 4 months thereafter, we may plan the commercial that is Phase 2 of Million Minds. That which was supposed to be later. We might do that right away. Residential, you are right, we need to observe how the entire market is behaving in that, and we believe from August onwards, it will be better. So it will have an immediate impact on our Retreat projects. And depending on how that is going, we can plan the next project of residential also in that.

Okay. So the INR 150-odd crores cash that is sitting in the balance sheet, I guess, so that would help us. I mean, with the Phase 2 and even if you plan to go on the same lease model for the Phase 2, would that be -- is this right? I mean is this the right way to look at it?

Yes. You are right because there will be 2, 3 streams of income: one, which is the profitability of the existing profits every quarterly performance. Two, we'll have an excess amount which will be coming from the bookings because land is already paid for in the Malabar Retreat. So that's the money which can be used. That's an excess cash which is available. And third, of course, we will start the lease rentals maybe from the next quarter, as we said, Q3, Q4 early beginning. That will help another way to ensure that the cost of the total construction is met from completely internal sources alone without the necessity of a debt.

Okay. So that was helpful. So on the rental side, I actually wanted to understand how the rentals have been working out because I mean, from -- I mean, February to right now, we've seen 100 basis correction on the repo side and probably we may see a future small correction or so. So I mean, one of the things for the rental yield is, I mean, your basis points as well as your demand-supply equation. So I mean further on, if you actually go and look, say, you are doing the Phase 2 right now, so would that make more sense on the sale model? Or would that still make more sense on the lease model?

At this point in time, Phase 1 is all expected to go on the...

No, on the Phase 2. So on the Phase 2, sir. Phase 1, I think, 80% is done on the LOIs...

Yes. So maybe -- yes, Phase 2 also, we'll have to really see how this whole thing is developing. It could be on a lease model itself unless, of course, somebody really comes up and gives us that kind of a value for the entire building. We keep our options open, but that is only from a deal perspective. But on a strategy perspective, it's expected that Phase 1 and 2 also will be on the lease model. Phase 1, 2 is getting completed. Phase 2 also would be on the lease model. And if there is a change, we shall come back to you well ahead to say that no, the model or the strategy has changed for Phase 2.

On the Phase 2, if I'm not wrong, so we expect about the 6%, 7% yields to, I mean, continue. You don't see a significant fall despite the -- I mean, the repo fall just because of the demand being high.

Yes. No -- absolutely not. Actually, the rentals which we assumed to come to the 6%, 7% yield is far lower than which already we have been getting in Phase 1. So obviously, Phase 2, the rentals will be higher. Today, the commercial market of Ahmedabad is having extremely good high rentals. And we have assumed a slightly lower and a little more conservative estimate of the 70 to 75, which we spoke. We are very clear that we should be able to do better than that. And therefore, the yield will actually improve going forward.

Okay. Sir, coming on the regulation side, I mean, some days back there was an AUDA Board meeting wherein they actually rezoned about 160 acres of land near Godhavi and Nidhrad. So if you could give more clarity -- I mean, there was -- already there was a zoning that was done earlier. So I mean, what was the reason for this rezoning? And I mean, what our land parcel are part of that rezoning also? So some more clarity there?

See, if you could follow that news that we have said earlier also that Godhavi is the one area, which has been earmarked for the Olympic sports city by the government. Accordingly, they have identified an allocated area, which they want to develop as a sports city. So government has accordingly notified, but these are not our land because our land is a private land. So this is outside our territory. So that is how they are planning for Olympic preparation.

Okay. So...

PP survey.

Is the survey done for the entire parcel?

Yes. That is -- see, this is how -- after only that survey is only government is notifying those areas. Before survey, they don't notify it.

See this was anyway expected -- is expected sometime back. Now they have done it, frankly. And it was anyway to happen along with all the development was to happen. It's slightly delayed, I would call it.

Okay. Sir, and on the regulation side, I think they also discussed in the Board meeting that they want to increase the intercity TDRs, I mean, to reduce the illicit black transaction that happens in Ahmedabad plus -- I mean, TDR is also a bit of a short supply in Ahmedabad. So I mean multicity TDR where I mean people holding land parcel in the semi-urban side of Surat, Vadodara, et cetera and also, I mean, trade the TDRs with developers in Ahmedabad. So does that put upward pressure on our GDVs given that, I mean, we already are developing a lot of projects. So have we factored that in? Or are we yet to factor in? And how do you see the early signs?

See, if you see, that is yet to be notified formally. And as such, if the additional TDR is there, that will add to the developer profitability. So that's not something which you are saying that will create a pressure, rather that will add to a better...

No, no. Of course, I mean, it would improve our yields.

You're right, Henil. It will be an upward pressure for sure. But I would say it is a stated objective in all the plans. Once it gets started getting notified and when the execution starts, let's see if there is any impact, positive or negative for that matter. I'm being cautious about in this. In our opinion, the benefit will happen to the people who are having land and who can have this TDR available. And on that side front, Ganesh Housing is extremely well placed. So if at all, if there is any impact, it will be positive.

Exactly. I mean we have got a huge land bank in, I mean, in and around Ahmedabad region so I mean -- plus intercity TDR is also probably beneficial for us. So I was just...

Yes, yes. TDR also will require some land to be applied on, meaning if you want to...

To be given [indiscernible].

Yes. Okay. Sir, and given the current regulation wherein they put a 20-year mobility plan, they put -- I mean, they are increasing the bus rapid transport system, I mean, beyond Ahmedabad because of the Olympic City, GIFT, and multiple developments. And we are also seeing, I mean, things around the third ring road and I mean the area where we are also focusing on. So would that also open up, I mean, a large -- open up to -- I mean, the city to a large competition given that right now Ahmedabad is more around unorganized players and Ahmedabad specific players with -- I mean just a very few, probably Godrej or somewhere -- or Godrej who are doing development, I mean, in the Ahmedabad region? And how will we see the competition?

Yes, the competition until now hasn't really impacted every quarter. Each of these have been very few and far in between and concentrated to particular areas only, especially, let's say, Godrej what you said. They have a Godrej City. That's where they have been concentrating. They have really not gone elsewhere. But having said that, see, if there is this kind of a development which happens, and of course, the infrastructure development and all these is happening in Ahmedabad with a really good speed with a lot of eye and on the Olympics for sure. And plus otherwise also, Ahmedabad has been a little in the forefront in terms of infrastructure development. All that will open up new areas. I think there'll be enough for everyone to really come in and have a development done, if at all. It's -- really good competition is always welcome. Having said that, it's history that not many who have come ventured out of their states or out of their cities and gone into other states have necessarily succeeded barring a few very large developers. And therefore, we do believe that if that happens, yes, there will be a good healthy competition. But that's good for the development, and that's good. And especially homegrown brands like Ganesh will thrive.

Sir, lastly, contrary to what is happening, I mean, the government is increasing -- supplies are increasing, I mean, the healthy competition. But if we see the inventory buildup that was on your slide, I mean, 74% of the inventory -- there is a 74% spike in the region where we are I mean INR 1 crores to INR 2 crores and INR 2 crores to INR 5 crores range, which is short up by 30% and 42%. So -- and I mean the absorption is up to about 7 quarters. So how do you see this figure going ahead given that, I mean, launches have also become very cautious?

This is how real estate really behaves. There is always cycles. And then therefore, when there is demand and a lot of people coming to that and suddenly, there is an inventory buildup. But we have seen in the last 3 to 4, 5 years, especially, this inventory slowly gets absorbed with the growth, which is there and with the demand picking up. These are normally very short cycles, and we do believe that this inventory buildup is there -- is not going to last for too long and new projects will come up, and that's where we have mentioned that from the second or third quarter onwards, we see good developments in the real estate in Ahmedabad.

So a lot of players have heard the news. I'm not very sure on the range, but a lot of players have actually, I mean, gone below the belt and they're giving about, say, 1%, 2% concession on the stamp duty because they're expecting government to actually reduce the stamp duty. They're probably coming up with 10, 19, 18, 20 plans. I mean that is increasing leverage on the side of developers. At the same time, it is also -- I mean, it is making the customers more cautious because I mean, they're getting very good deals as of now. So do you still think that continue for a long time? Or we see that some stopping somewhere?

This has to stop, to answer the last question first. These things happen when people have become a little more overambitious, if I can say. And those who do not have too much of staying power, then they have bought land and they have constructed and they have to sell for the sake of closing their inventory so that they can go on to the next project. That happens in a very small pocket or with those unorganized ones and you might see such kind of concessions being given. But that's not to be applied or to be thought that it is an industry phenomenon. It is not. It is only specific to those projects and specific to those builders. And therefore, I would not venture to conclude on a generic basis that this will happen. But at the same time, there is a sentiment which is there on this basis because of that only precisely earlier I answered to Jahnvi's question that we have been very calculative in that. So we don't have to -- we don't have any pressures to either build or to liquidate, okay? And a similar kind of good companies, good builders are there around. So I don't think it's an industry phenomenon.

The next question is from the line of Deepesh Sancheti from Manya Finance.

You've guided around INR 72 crores annual rental from Million Minds Phase 1. What is the expected stabilized yields on the project cost? And how does it benchmark against the commercial assets in GIFT City and that catchment?

Rental yields could be in the vicinity of 10% to 12% on the project cost. How much is that?

It will be around 6%, 7%.

7%, sorry. Okay. On our -- but including our land cost, it will be much higher, right? This is only on the construction. Okay. Yes. Sorry, what was the other part of the question?

What is the expected stabilized yield and how does it benchmark against the commercial assets in GIFT City catchment?

No, they are 2 different pockets. And the people who will be going into GIFT City, especially the SEZ part of it, that is the IFSC, that will be different. And here, it will be both processing and nonprocessing. So it may not be one-on-one comparable. But the rentals of 7%, what we just said, the way it's calculated the current INR 72 crores, right? So in all likelihood, this is going to be increasing with the rentals being slightly higher than what we had estimated, as I said earlier. And this may not be one-on-one compared to GIFT City, but I think in and around -- that's my guess. I really need to work on that more, but maybe these are around 6% there too in GIFT City.

That's in the construction cost or even on the land?

The land.

On the project cost...

On the provide intact. So that's where the GIFT City is looking like.

Sir, you mentioned that is -- you're adding something in this?

No, no, no. Go ahead. We'll come back to that if there are more clarification needed later.

Annual rental...

Yes. Please go ahead.

You mentioned planned development of FCF potential of around INR 99.5 billion over the next decade. Could you share how much of that you expect to realize within the next 3 years? And also you have...

Sorry, I missed the question. What was the question?

The free cash flow potential of around INR 99.5 billion over the next decade, that is what you had mentioned. Now could you share how much you expect to realize within the next 3 years?

See, we are planning 2 of the residential phases of IT SEZ as well as full commercial project, that is 191 Thaltej. So this 3 projects is being targeted for next 3 years, where the cash flow will be coming gradually as and when every quarter, they will be booking and collection because all these 3 projects are built to sell only.

So how much will that be around? Let's say if talk about INR 2,100 crores per...

INR 2,100 and INR 500 crore each for both.

So INR 1,000 crores, around INR 3,100 crores. That means 1/3 of this is what we are talking about, right?

Okay. And also...

A cash flow it will come. He is asking for 3 years. Yes, please go ahead.

Yes. And also with your 500 acres in your land reserves, which are the mini markets you are likely to see the next development activity after One Thaltej?

This is one that 400 acres, 430 acres that we have of Godhavi, that's actually an ongoing one. As I said we have been doing that for the last year as well as this quarter. So -- and those two residential ones at SEZ itself, that's going to be the one which is coming up apart from what's already ongoing. And yes, Phase 2 of Million Minds that SEZ -- the commercial property that is expected to come on looking to the traction which you have had. So I think if you talk about in the next 1 year itself, apart from the ones which you are already doing the project at Godhavi, there is 191 Thaltej, residential and SEZ. So it is 3 or 4 projects.

Okay. And I just wanted to understand what is your guidance for the next 3 years of sales growth as well as ROE? Because right now, what we have done is around 35%, 36%. Do you think it will be around in the same line for ROE and sales growth?

We have -- we always have given a guidance for a 30% CAGR on the bottom line. I think in spite of this one quarter, which is slightly lower, we do believe that the 30% increase CAGR year-on-year on the profit will be maintained.

Okay. And I could sense that there was some cautiousness in your guidance. Is it because of the market scenario? And how do you think -- I mean, do you think that this cautiousness is only for the time being? Or it will actually determine your land acquisition strategy also?

No, it's actually for the time being one. And I have not been -- in the guidance, we haven't been cautious. We have maintained always that we'll be doing between 30% to 35% bottom line increase CAGR. And I think I'm still continuing to guide that it will happen. So there is no caution on that, only on the new projects and the last -- this quarter being slightly muted. That's where I was being cautious saying that we need to really look at what the project start time is before we can just launch them. That's the only cautiousness. But otherwise, we do believe that things are looking up.

Okay. And you see that this quarter will be -- I mean, this first half of the year would actually take care of this -- I mean, downward performance of the first quarter, you think that way? Or overall, we should look at it the whole year, I mean, compare it year-on-year? What do you think?

I think it should be better to compare year-on-year. Let's see how the next quarter goes, a little early to really talk about it, but it's more prudent to compare year-on-year.

The next question is from the line of Aman from Arihant Capital.

Yes, sir. So how sensitive is the end user demand in your core micro markets to mortgage rate movement? And what is the base case assumption for the rate cuts and the potential demand fill up in H2?

See, in terms of the customer sentiment, you say little people where more the sentiment were disturbed largely because of the economic circumstances. You see that the first quarter has been largely been disturbed because of the Indo-Pakistan challenge as well as the international -- whatever has been happening, especially on the U.S. side on tariff uncertainty. A lot of these things have created a lot of uncertainty in the economics. And that actually created some sort of caution kind of sentiment until unless that thing gets settled so you will see this kind of turbulence in terms of customer sentiment. But overall, on the demand side, we don't see any challenge on the customer demand. The customer demand is still stable as well as it is -- because the kind of inquiry which we are receiving in our current project as well as the upcoming project also, we are seeing the customer demand is still static. It's not that customers are not running away. It is just a matter of time when the things getting settled.

So the rate cut definitely is a very good incentive for people to really come back when the going is good. So that will help in faster growth and faster sale of units whenever it starts happening. But the first ice has to be broken on the sentiments part of it, which we believe in a couple of months, it will change. And as Neeraj said, it's already started to see the green shoots.

Our next question is from the line of Raj Shah from Capital Bridge.

I just wanted to sense on how many square meters did you sell of the Godhavi project in Q1?

See, we have sold around 10 acres of -- let's say area in the Godhavi.

Square meters.

That's fine. The acreage is fine. So that help us understand the split between the land trading and the project.

Sorry, come again? We lost you in the middle.

The acreage is fine, even if you don't have the square meters numbers.

No, we have. It's 41,000 square meters.

41,000 square meters?

Yes, yes.

And also based on your estimates, could you help us understand what would be the split between the project profitability and pure land trading in F '26?

Land -- pure land sale will be just a land. If there's a project, there will be construction project, also if there's construction. Development -- there will be construction profit added. So only on a pure land sales basis, we had earlier guided that we'll have INR 5,000 crores of revenue -- I mean cash flow from there, which actually has been much better than that. And as I said in a little while ago, it's almost like 20%, 30% higher already. If you add construction profit to it, it's going to be only better than where we are right now.

So I was specifically talking about F '26.

Talking about, sorry?

FY '26.

FY '26, the pricing you're saying? The pricing of this...

I'm saying that let's say, Q1 we did 41,000 square meter sales of Godhavi project because of that, the profitable has come and majorly that's Q1 you said. Based on your understanding and estimates for full year FY '26, how much profitability would be contributed by projects like let's say Godhavi...

Sorry, almost like 80%, 90% is what we look at.

And could you just help us the type of companies, if you could share the name that we're engaging for the Million Minds Phase 1 projects?

I'm sorry, Raj, at this point in time, no, we have not yet got the permission to really discuss all the names. I think next quarter -- because that's when the fit-outs have been given, I'll be in a better position to give that. So excuse us for this moment, please.

Once we have a binding agreement with our tenants, that is the time when we can disclose their names. Right now, it is pre-LOI and LOI sales. We can't. We are bound by the NDA with them. We just can't do it.

That's fair, fair enough. What would be the current acreage of the company. I think the last quarter was 535 acres, if I'm not wrong?