Ganesh Housing Limited (526367) Q3 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Ganesh Housing Limited Q3 and FY '26 Earnings Conference Call, hosted by Go India Advisors. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Rajat Gupta from Go India Advisors. Thank you, and over to you, sir.

Yes. Thank you, Danesh. Good afternoon, everyone, and welcome to Ganesh Housing Limited earnings call to discuss the Q3 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 risks that the company faces. I now request Mr. B. Ravi to take us through the company's business outlook and financial highlights, subsequent to which we'll open the floor to Q&A. Thank you, and over to you, sir.

Thank you, Rajat. Good afternoon, everyone, and a warm welcome to all of you to the Ganesh Housing Limited Q3 FY '26 Earnings Call. Thank you for taking the time out to join us today and for your continued interest and support. The third quarter FY '26 has been a period of steady operational progress for the company, even as revenue recognition remains a milestone-driven one and uneven across quarters. While the reported financials reflect the timing of project completions, leasing cycles and the land monetization, the underlying fundamentals of the business remain strong with healthy margins, a robust balance sheet and clear execution visibility across our key projects. Before discussing the quarter in detail and as well as the projects, it's important to place our performance in the broader context of the Ahmedabad real estate market, which continues to remain one of India's most structurally attractive urban growth stories. Ahmedabad today stands as one of the country's most affordable large cities with an EMI-to-income ratio of around 18%, significantly lower than most metropolitan markets. This affordability, combined with improving infrastructure, strong employment generation and steady migration inflows continues to drive end user demand across residential and commercial segments. Over the past few years, the city has seen a series of structural triggers. These include expansion of GIFT City, the ongoing Metro Phase 2 development, improved road connectivity across the western and northern corridors and the expected infrastructure push around the Commonwealth Games 2030. If you have seen, the Ahmedabad Municipal Corporation's recently announced budget outlines the massive push AMC is driving to give in Ahmedabad on all fronts, be it infrastructure, tourism, sports, mobility, water, digital governance, inclusivity in housing and urban aesthetics. All this will trigger an all-round growth in real estate with both residential and commercial projects taking a flight. Together, these factors are shaping or rather reshaping the city's growth corridors and driving both residential absorption and corporate leasing demand. Furthermore, these factors are increasingly influencing home buyers and investor preferences, especially among professional and new age businesses. Gujarat itself has been consistently ranked among India's top 7 states, frequently appearing in the top 3 for key developmental parameters, including economic growth, industrial output, FDI inflow, et cetera. Also, many ultra-large developments are coming up in the next 5 years, and Ahmedabad lies in the forefront of all this. Coming to the company's performance during the quarter. In Q3 FY '26, the company reported revenues of INR 92 crores. EBITDA was about INR 72 crores with an EBITDA margin of 82.3%, while profit after tax came in at INR 54 crores, translating into a PAT margin of 58.7%. For the 9-month period, revenue stood at INR 417 crores and PAT at INR 255 crores. Despite the moderation compared to last year's high base, our margin profile continues to remain amongst the strongest in the sector. This reflects the inherent strength of our asset base, the low-cost land bank and our disciplined approach to capital allocation. This year, there has been, as you would notice, a decline in absolute revenue and profit, both sequentially and year-on-year. However, I would like to quote at this point in time a sanskrit shlok, which goes this way [Foreign Language], which translates to the sun sets only for a moment and rises again in full brilliance the next morning. This applies exactly to what our performance has been. I would say the past quarter represents a temporary pause in an otherwise steady trajectory. With structural drivers intact, we are positioned for renewed growth ahead. While revenue and profits could be lower year-on-year on a sequential basis, this is primarily a function of the timing of revenue recognition and the phasing of the land transactions. As we have consistently communicated, FY '25 was an exceptional year, driven by large Godhavi land monetization deals too. And FY '26 was expected to be more execution led. Our balance sheet continues to be a key strength. We remain debt-free as of now for over 3 years, supported by strong internal accruals and prudent financial management. This provides us with significant flexibility to fund ongoing developments, pursue new opportunities and navigate market cycles without any pressure. Now the more important point is the operational updates on our key projects, which are going on very well. First, Million Mind Tech Park. The Million Mind Tech Park building is now fully constructed. There's a total buildup area of about 13.5 lakh square feet. It also includes a state-of-the-art visitor center spanning about 25,000 square feet designed to showcase the project and host corporate engagements. The visitor center would be a common expenditure for all the phases of the project. The leasable carpet area is about 7.2 lakh square feet, which will shortly be applying for the BU or the occupation certificate. On the leasing status, I'm glad to states that of the total leasable area of 7.25 lakh square feet, LOIs already received are to the tune of 4 lakh square feet. Average agreed rentals are more than INR 100 per square feet on the carpet. And several tenants have already commenced the interior fit-outs. Final negotiations are ongoing for the balance area, and we are confident of achieving 100% leasing before end of March. Once operational, Million Mind will not only provide predictable lease income starting from FY '26 first month itself, but also position the company more firmly in the commercial development and annuity segment. Over time, with multiple phases, this project has the potential to become a meaningful contributor to our overall earnings profile. The second project, which is Malabar Retreat on the housing front, is a premium residential project and the construction thereon continues to progress steadily. The project overall is completed about 74%. In fact, the construction of the structure is almost 100% complete and work on finishing has started. As the structure advances and the visibility improves, we are seeing sustained buying interest, which is typical for any project approaching completion. We expect this traction to translate into stronger conversion as we move closer to delivery. As you know, we started this project in March 2024, less than 2 years back, and the project is projected to be completed in March '27, probably could be even earlier, looking to the schedule and looking to the completion, which we received till now. On the updation of the actual sales, the total sale value, as you know, is INR 450 crores. And it could be more because the pricing only improves as the dates progress. As of now, the bookings done are a sales volume of almost INR 155 crores or more, which is about 35% to 40%. The third project, which is planned is One 91 Thaltej. At this point in time, I can say that the plans have been submitted for statutory approvals and the approvals are expected in the next 1 month or so. The project launch will follow immediately post approvals. This is a premium office, as you know, and retail also built into it. And this will have a good numbers going forward in the coming 2 or 3 years. The fourth project is Million Mind Phase 2. Plans have already been submitted for approval again in this, and we expect the approval time lines to be end of February, this month or early March itself, and the prelaunch preparations are already underway. The fifth project is Godhavi Township. As you are aware, the strategic land monetization was already initiated 9 months ago and is going on smoothly. The current year, about 28 acres till now have been successfully sold with an average realization of about INR 14.5 crores per acre. Total monetization till now is about 35 -- 38 or 40 acres. As a summary, let me state that our strategy remains focused on value maximization rather than volume-driven sales. With a fully paid land reserves across multiple growth corridors, we have multiyear visibility across plotted development, residential projects and mixed-use assets. First, our business model is evolving into a balanced platform across land monetization, development income and annuity revenues. Land sales remains a capital-efficient vertical while projects like Malabar Retreat, Million Mind and One 91 Thaltej represent the next phase of development-led growth. Second, with our Million Mind Phase 1 nearing completion, we are approaching our first meaningful annuity income stream. Over multiple phases, this development has the potential to bring a substantial recurring revenue base over the next 5 to 7 years. And third, the land monetization approach remains disciplined and value focused. So therefore, on all fronts, the way the projects are at this point in time, we have built in a strong base and going forward in the coming years is only going to be built there on. With that, we can now open the floor for questions. Thank you.

[Operator Instructions] Our first question comes from the line of [ Bhargavi Patel ] from Avinash Mentor Research.

I have a couple of questions to ask. So my first question is for the One 91 Thaltej project, is demand visibility largely precommitment driven? Or will the project rely on speculative absorption post launch?

Can I take the answer or you're going to finish the question also?

So shall I ask the second question?

Yes, you may do that both. Yes, I can answer both together.

So my second question is, how much of the expected demand uplift around the 2030 Commonwealth Games you think is already reflected in the land pricing and investor interest? Also, which micro markets within the Ahmedabad stand to benefit the most? And how exposed this company's land bank to these zones?

Yes. Okay. I'll take both. One 91 Thaltej, it's always a mix. Such kind of projects, generally, what we are seeing for -- especially for Ganesh Housing continuously, quite a bit of them are always having an interest even before the project has been launched. But obviously, this is a very big project and not the entire thing can always be driven by that. So though there is a good amount of interest in that, quite a bit of that would have to be post launch driven only. So maybe the filling up of these things can be much faster than normal projects, but still it will be driven by both the presales as well as the post-launch sales. On the other side, I wouldn't say that just an announcement of 2030 has yet been completely absorbed in the existing land price growth or for that matter, an investment interest completely. I would say that the moment the work starts, which will -- it just started to happen very slowly right now. But -- and when the momentum picks up, that's when you will actually see a lot of traction in the land prices as well as the investors' interest in that. So I would want to wait for another 6 to 9 months to see in which all pockets this has been happening to really say that whether the prices have been already factored in or not. The same goes for any micro -- other microeconomic factors. Definitely, the infrastructure push and especially what the AMC, Ahmedabad Municipal Corporation has announced recently, definitely looks that a lot of things are going to happen on the connectivity and also the communication part itself. And therefore, yes, in all those places where we have land, we do see good development happening in those areas in the coming months. Anything I missed out?

The next question comes from the line of Krish Bhatia from Anand Rathi Share and Stockbrokers Limited.

So in Q2, you had indicated that clarity on guidance will emerge post Q3. And based on current execution, what are the key swing factors that will materially alter FY '27 guidance?

Yes. So FY '27, I would definitely want to wait for the next quarter also to be completed, and I'll give it along with the final results of this year. But at this point in time, I would definitely want to add one thing, and that is the way the projects have been completed, let's say, especially in the Malabar Retreat, as you know, it's about INR 450 crores, INR 500 crores sales project. That is likely to be completed within the next financial year itself and also probably even the possession handle. The way it is going, it could be completed well before March, the way it looks at this point in time, like in all other projects also. So surely, that entire sales will come up. And also the way the Godhavi land has been having traction at this point in time. And yes, it can always have a quarter-on-quarter changes. But on a long-term basis, that's going to be one more very big addition to the entire sales for the next year. And third, very importantly, the lease rentals, which we are looking at and which are more than what we had earlier projected, that's also going to be adding as almost a full year, if not full, maybe it is 10, 11 months of lease rentals into this revenue. So I do see FY '27 to be 100% driven by all these projects, more [indiscernible], of course. And we will give you the exact guidance maybe in April or May '26.

That's helpful. And second question is, how does the expected yield from Million Mind compared similar [indiscernible] assets in GIFT City and peripheral Ahmedabad markets. But as future phase rollout, will the sales strategy tilt more towards leasing or selective asset monetization to recycle capital?

See, if I understood you correctly, see GIFT City and what we have, they are very complementary. GIFT City has got -- it's a financial center. So it's mostly driven by all the financial companies and the financial businesses which are run there with the tax holidays, whatever has been given. And the other ones which we have, let's say, the Million Mind is driven by pure IT play. Most -- 50% is SEZ and 50% is non-SEZ, right? So both these are effectively actually quite complementary to each other, while one caters to the financial one, this will cater to the IT and IT-related services. And that's the kind of a traction we have been seeing also. But put together Ahmedabad as a whole, both these -- what we have in SEZ there and this GIFT City, the kind of development that is happening will catapult Ahmedabad into the IT sector and IT-related services, whether it is financial or nonfinancial. And I think that augurs very well for us, especially as a company and for Ahmedabad in general.

Our next question comes from the line of [ Arvind Mahadevan ] from Equiventure Capital Advisors.

My question number one is, out of the total revenue generated out of this quarter, how much of it belongs to land monetization, sir?

See, I would call it -- the project of Godhavi, it is 100% that -- 100% project-driven of land only, which is, as you know, Godhavi has got both the plotted and the land itself plus the development which is going to happen, as I mentioned earlier, from September or so this year, that is FY '27. So this quarter, like in the earlier ones also, it is related to that project only.

Okay, sir. So we were planning to monetize around 50 acres of land for the current financial year, out of which we had already monetized 33 acres. So the balance 17 acres, how much of that is left, sir, as on date?

See, as of now, 38 acres have been monetized and about 12 acres are still left for the Phase 1.

So that would be done by Q4, right?

Well, I'll be giving you too much of an advanced guidance for that. I'll need to wait and watch for that, [ Arvind ]. Just let us complete the year, please. And I'll tell you for that, but the prospects are good.

Okay, sir. Okay, sir. And last question being, what is the time line for the Thaltej project? And when can we expect it to be completed by?

Completion is 3 years from the date of launch and maybe a maximum of 3.5 years [indiscernible].

Ideal time is 4 years for this kind of project [indiscernible] 2 million square feet of the development. So ideal time will be the 4 years.

Okay. Okay, fine. And last -- sorry, sorry, last question. We had already received 50% of LOI in the last quarter itself. [indiscernible] you expect it to be 100% [indiscernible] with regard to Million Mind?

Yes, yes. By March, we expect 100% LOIs to be received for leasing. At this point in time, it is 4 lakhs out of 7.25 lakhs, which is almost like 60%.

Our next question comes from the line of Henil Bagadia from Equicorp.

I just got some questions related to the cash flow part. Since we are going to launch the One Thaltej project in the FY '27 and it's going to take about 3 years, so by FY 30. Also, we have got certain other launches that is on the Million Mind SEZ part, we have got other launches on the commercial part and the residential part. And we just have about, say, 12 acre land parcel that is yet to be monetized. So how do we see the cash flows going ahead? And for the Malabar, we are at about 30% to 40% project sold out, right? Or has the number gone up beyond 50%?

Yes, I'll tell you. To answer the last one. Malabar is about 35%, 37% at this point in time. And that's around INR 160 crores of sales value and the total sales value is INR 450 crores. That is one of the cash flows which are going to be coming in, in this year itself because the project, as I said, is -- structures are almost 100% complete, and we expect completion in the next 6 to 8 months, right, 6 to 10 months, let's say. So that is going to be one of the main cash flows. Obviously, that's going to be used for the projects, some of them, but the land has already been paid for. So that will come as cash flow inflows for that. The second one, it's not just the 12 acres. Frankly, that was the first phase. In Godhavi, the land monetization we talked about in the first phase was 50 and maybe [indiscernible] in the second phase also get sold earlier. So in terms of the value which we can realize from that is stupendous and therefore, it will not be restricted only to the [indiscernible]. It can go beyond that also provided we get the right kind of traction in that and the right kind of prices and a lot of movements are happening in that area. So obviously, we are very -- not just hopeful, but we believe that the kind of a waiting which has happened will only give us more value to the that land with all these developments. So that's going to be another cash flow for sure. One Thaltej is something which will be not -- it's not going to be a lease one. So therefore, there again, the land has been paid for. And the construction would begin with a very small requirement of money from our own side in terms of construction beginning. But as and when the sale of that happens, the cash flow from the sale also will start coming in. So at this point in time, as we see, there is a strong cash flow for the projects as such. But always, there is -- development of any new land and all that could be always something which can come up at any point in time. So we are planning at this. Let us see how all the traction which we are doing on land acquisition as well as all these project monetizations going ahead. That will tell us whether we do have a cash flow requirement, a shortage, if at all for projects or for temporary cash flow, all that would happen in the next 3 to 4 months. So the next year's guidance, next year's numbers, we will be able to spell out every aspect of this. At this point in time, I can say the cash flows are very well balanced.

Just to add what Ravi ji just said. We will have almost 90%, 95% leased tied up for Phase 1 of SEZ, and we can always go for lease rental discounting in respect of those leases which are tied up. This will be -- in case we require -- in case there is a shortfall in liquidity, we can always bank on that. And without creating any burden on our corporate cash flow, we can have this debt.

So just to get a little more clarity here. So will we be able to sell the complete Malabar project in FY '27, that is about 60% -- about 60% that comes to about INR 300 crores?

Yes. That's what we are planning, and that's what we are hopeful because the project is very well visible at this point in time, and we do see traction. While we are making these numbers -- when we had the Board meeting, we had -- after the -- even the last 3, 4 days, we got about 5 to 7 bookings additional. So it's going on well. So the management definitely is hopeful of completing the entire sale and hand it over in FY '27.

Okay. Sir, if I just put some numbers to it. Sir we -- it is about INR 300 crores that we might get from the Malabar project. At this project, if I see the cost based on the construction since you said the land is already paid, it could be about, say, INR 400 crores. And if we actually see the Godhavi land parcel based on the current sale rate, it comes to about, say, INR 200 crores. So on a macro level, I think the cash won't be a problem just the timing effect could be a little bit of an issue, if I'm not wrong.

Yes. So what you just summarized, we have to put it in one sentence, there could be a temporary requirement. There could be some quarter or the other quarters which can be a mismatch. But I think overall, the corporate cash flows, the way they have gone about, there will be a very good balance, and we will be to manage for all the projects without any difficulty.

[indiscernible]...

Many a times, we do hold back certain inquiries to looking to a better opportunity or better sale value. So -- and if you want to really monetize on that at that point in time, if there is a requirement of money, we'll always do that rather than just wait for it. So these are all things which are very flexible in it. Yes, please go ahead. You're saying something.

Sir, if you see that December 2025, Ahmedabad and Municipal Corporation actually came out with a higher SAR for certain areas around 10 roads or so, if I'm not wrong, some 4 to 4.5. Does it impact us in any way, or we've got a neutral impact?

See, most of this development and favorable things have been done for the Western Ahmedabad. And we are well aware that most of our land banks are located in Western Ahmedabad only. So keeping the Commonwealth development in mind, they have proposed a lot of infrastructure development as well as a new facility. So definitely, that will add to our volumes here.

No, sir. Sir there is a specific transit-oriented zone, which actually came during the Board meeting of Ahmedabad Urban the AUDA Authority. So for that particular notification, the FSI was increased from 4 to 4.5 for about say, areas and...

This is what the major decision which has been taken in the meeting. They will come up with the actual guideline and actual...

Actual survey numbers and CTS number where this will be applicable. So further details, meaning minor details, are yet to be known. This is policy decision, which is taken at AUDA, now....

Okay.

Which all land parcels we'll get benefit is something we live in detail. However, we are -- meaning we are hopeful that we will be biggest beneficiary because most of the land bank is located in areas where -- which are transit zones and which are in the heart of development, which is taking place.

Okay. So probably the Thaltej, if at all they come with particular CTS numbers, Thaltej, Malabar could be the biggest beneficiaries or even -- or does Million Minds also fall under that particular possible zone?

Outside will be definitely one...

Million Minds will be -- definitely will be the one of the beneficiary, so that is exactly the intersection of the Ahmedabad-Gandhinagar Expressway [indiscernible].

And the 2 very vital roads, SP Ring Road and SG Highway, both these are accessible from Million Minds.

Okay. Sir, lastly, there is a premium exemption that real estate developers get on using -- I mean, on green initiatives and using more ESG-friendly material or type of construction. And since we have also got the Platinum Award. Sir, are we seeing a significant benefit pass on because I think the exemptions have moved in recently about 7% to 12% exemptions from the Gujarat government on the...?

Surely, we will be biggest beneficiary because all these nuances of sustainability, which are implemented by local authorities. In fact, we -- Ganesh being in forefront of development, we are also in forefront of implementing all these new things, which are main helpful to environment and people at large. So if you see our corporate presentation, in fact, if you see our corporate presentation, we have developed meaning public garden, we have provided green spaces. We have -- we were -- in fact, when authorities had not laid down, we started rainwater harvesting and all those things, meaning we are kind of ahead. And just to give you further details, meaning of forest restriction of -- meaning forest restriction of Western Hills in India is the project wherein we have donated our corporate -- Ganesh Housing Corporation has donated INR 5 crores. So we are in forefront of taking care of environment and benefit to people at large. It will definitely benefit us.

Okay. Sir, lastly, after the completion of Million Minds SEZ first tower, so do we see the new towers actually coming up in 2027?

Yes. We...

Announced on the residential part, any -- do you plan to begin construction on there?

At least the commercial side, as I just said earlier, we are looking at launching the second tower there just next to this. On the residential at this point in time, we would -- we have not yet finalized on which when and what -- how much of the area we'll be doing on that. But maybe in the next 6 months, we'll come up with plans on that also.

So since 50% of the customers are actually from the IT or IT background, is there any demand or any potential we can put up any data centers or the land is too valuable for a data center project to actually come up there?

The land, of course, is a huge amount there. At this point in time, master plan doesn't contain any specific data center as such. But it's always demand driven. And specifications, if we believe that it's going to be beneficial to us and also at large, it beneficial to the occupants as well as the let us say the state itself, then we might look at it. I would want to add that at this point in time, our master plans do not have any specific data center. But tomorrow, it could be another day. To be another -- anything can happen. Yes.

Wish you the team, all the best.

Thank you.

Thank you.

Our next question comes from the line of Janak Shah from Wealth Finvisor.

Sir, I have a couple of questions. As we discussed this call, looking at '25-'26, we might end a bit lower than '24-'25. And the current Q3, the revenue has come down to INR 91 crores, out of which 80% is the margin. So again, as we assume that is from the land sale of Godhavi. Sir, my question was that when the shift happens from just land sale to the sale of projects going forward in the next 2, 3 years, would it be good to assume that the margin, which is currently at 80% would be like -- something like 30-ish because the sales would also like increase manyfold.

Well, see, 30 years has never been the kind of even for the developed projects. That's never been our margin it is been much higher than that. And on top of that, see, the whole thing is about -- it's a good combination of all those projects where there will be margins around, let's say, around 37%, 40% as well as another -- as well as the land by itself. See Godhavi has got 478 acre, it was 450, now we got about 430 -- 420 acres or so or 418. So that aspect where the big traction is happening will always be there. So if at all, there has to be a number given, it would be in between what you said and the 80%. Definitely, it will not be 80% in all the projects, that would be wrong to assume. But what you say is also on the lower side. Having said that, I would not want to put a number to it at this point in time. We will rework this when we are giving the guidance for FY '27, we would have reworked these things, and we will be able to tell you what will be the proportion because a good portion of our sales are also going to be of a development project, Malabar itself. So therefore, I think we'll work this out and tell you.

Right, sir. Sir, my second question was that like in the year '26, '27, can we assume that the INR 70 crore annuity income from Million Mind Project 1 would start?

Yes.

Okay. That is it. And what would be -- according to you, what will be the benefits of Commonwealth Games 2030 as we have the largest land bank in Godhavi?

Well, that's precisely what we are also trying to evaluating at this point in time. Not much of work has started on. And therefore, there has been -- unless the work on the Commonwealth, it's all starts in the government doing various announcements, right, which they already have done. Once the budget is done, when the announcement has been made, they have to actually put that into an order, government order, the city order and all that. So once that happens and when the entire -- let's say, opening up of all these roads and all are more clearly pronounced, that is when we think that the value of that will be increasing. Definitely, it will have an impact in the coming 6 to 7 months, wherein a lot of traction will happen in the Godhavi and all because all of the land has been acquired for 2030 games itself by the others and the government. So I think we'll -- I had already said earlier too that from September '26 onwards, the real project of what is going to be done in terms of the Godhavi total land will be much clearer because by then, we believe that all these announcements and all these things would have come to a little more clarity and a very specific way of going about it. So yes, a short answer would be definitely the Commonwealth will have a lot of ups through all the land which we have. Anyway, we are positive to us. How much can be the benefit? We'll really have to wait for so many things to be coming about to be announced by the government itself.

Right. Sir, my last question being that because of this, are we going deliberately slow because we want to have the benefits of the Commonwealth Games? And is the Thaltej 1 and One 91 Thaltej the same project? And...

Yes. Yes.

The other question. Okay.

Yes. Go ahead. Go head.

And sir, in the PPTs, like we are looking at like the One 91 Thaltej the Godhavi being launched. But like we are waiting since a long time. Any specific month in 2026, which any of the 2 would be launched like a railway concrete launch?

Yes. Yes. Well, first, a slight correction on what you have said, Janak, and that is Godhavi one, the monetization and the development and what we have been doing it, it has already been done for the last 15 to 18 months already. Last September, October, I think we have started. So we have begun work, but the project work on Godhavi, that's what has not started. But the land monetization, which is part of the Godhavi project has been already done, which is a very significant part of it. So that is already in place. And yes, there was a slight wait and watch till last December or October to December, that is '24 I'm talking about because we saw these announcements, and we saw these things coming up. And therefore, we had definitely deliberately put the project itself till September '26. But till then, whenever we saw traction, we started to monetize the Godhavi projects land, and that has been coming in, as I said, 38 acres have already been monetized of the total 450 acres. So that's the fact of it. One 91 Thaltej, as just said, we expect the plans to be there in place by March. And therefore, that project, if I have to put a date to it, in all probably in March 2026, this project will be launched.

All the best.

Thank you.

Thank you, Janak.

Our next question comes from the line of Neeraj from Kalki Ventures.

Since you mentioned that around 4 lakh square feet of the Million Minds project has already been leased out. Will it be possible for you to share names of some of the tenants who have signed the LOI because since they started fit out, I think it will be good if we can know the kind of occupiers you're getting?

See, we are actually waiting for the occupation certificate to come in. Many people which want the declaration all to happen once the occupation certificate is there. And that's the reason why we are unable to tell you the names. But I have given you -- I can give you that it's a very good combination of IT, IT related services, coworking spaces and the like. And therefore, I think we have to wait for a maximum 1-month before we can actually tell not only the launch it in terms of telling the public, telling everyone that this OC has been received and these are the names who are going to come in. Just we have to hold on for another 1-month or so, please.

Okay. And just for my knowledge, I wanted to understand the GIFT City since there is a tax holiday that has been extended. But...

Yes.

Are you sure no IT companies or IT services companies can actually take part in the GIFT City area because that will be like a very big dampener for Million Minds?

No, I would -- I will definitely not say that because see the companies who are there in IT, and IT-related services are a much larger portion than those who are there in financial services as such. And that's what is going to happen in GIFT City. It's all related to financial services sector. And that's going to be benefited in terms of like the banks and the various other -- the financial, let's say, the instruments and everybody dealing in that. But IT is far beyond that and IT-related services especially are beyond that. And therefore, I would say, as I told earlier in my speech that it will be a very good complementary aspect that both these will go together and probably it will be beneficial overall, and both has been beneficial will definitely help the residential for -- we are only there in -- GIFT City is only for their participants. So I think overall, both these will be complementary, and we would be able to get a very good traction on the IT and IT-related services for our [indiscernible].

Our next question comes from the line of Aditya P., an Individual Investor.

Am I audible?

Yes.

So I have 2 questions. First is, will we have revenue generating out of land sales next year as well? And if yes, then to what extent?

To what extent I would be -- it will be difficult to say. But yes, it's a very, very important part of the total vertical that Ganesh Housing has. One is the lease rentals; the second is the residential and commercial; and third is the land sales. So incidentally, we happen to have the development happening in 64 acres of where SEZ Million Minds as well as residential projects will come or Malabar Retreat which is nearly close by. But on the Godhavi side, it's basically land at this point in time. It's a project which is having a huge land bank. And that monetization would always happen whenever there is a good opportunity which will come because that's a good part of our vertical.

All right, sir. And my next question is forecast revenue overall for the Q4 as well as for the next financial year?

Next -- both these things, forecast revenue, surely, the way we had guided, I think it will be lower than what it was for Q3, which we have seen it will be lower than what it was there in FY '25. That's quite visible at this point in time. For FY '27, I'll have to give a guidance only when we finish the complete year of FY '26 and when we have the Board meeting, let's say, April or May of 2026.

All right. Sorry, sir, can you repeat again? So you mentioned it will be less than the Q3 or you have mentioned it will be less than the Q4 of the last year?

No, I said FY '26 as compared to FY '25, the revenues and the profit looks to be lower the way the 3 quarters have functioned. So we believe that, that's how it will end up with. But FY '27, we'll give the forecast in April or May of '26. That's what I said.

All right, sir. Sir, if possible, can you just provide estimation figures in terms of figures, if it's possible?

See, when we have nondevelopmental one, when such kind of revenues it becomes very difficult to really project how much of the land demand can come up, and we believe that it's a good price to be selling it. So that is always going to be as per the opportunity. So while we had very good opportunity in Q1, Q2 of this year itself, Q3, we didn't get that opportunity, and we are not happy with the kind of a sales value which was coming in. So we did not do it. But in this quarter, it can come up. So to lay a hand on saying how much will happen would be erring or rather in darkness or trying to say something which may not necessarily be proved right. So I would not venture to do that. I think we'll have to wait for this FY '26 to be completed to know Q4 numbers. But I still said that the way it is going, FY '25 was higher than FY '26 will remain that. That's what I say.

Thank you. Ladies and gentlemen, as there are no further questions from the participant, I would like to hand the conference over to the management for the closing comments. Thank you, and over to you, team.

So thank you, everyone, for the great interest that you have shown and continue to ask. All the questions are also extremely relevant and very good. But I can definitely say that I'm excited to say that FY '26 has seen a significant stream of projects income and profits in Million Minds coming up in FY '27, I mean, from lease income, Malabar Retreat projects and everything, including, of course, land monetization, as I just said. So with a strong land bank, high-margin projects, a debt-free balance sheet and an improved execution momentum that we have been seeing in all these projects, we believe that Ganesh Housing is well positioned for a steady and sustainable value creation in the coming years. That's what I can say. Thank you for the interest, and see you again soon. Thanks.

Thank you so much, sir. Ladies and gentlemen, on behalf of Go India Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.