Thank you very much, sir. We will now begin the question -and-answer session. Our first question is from the line of Varun Shivram from Choice. Please go ahead.

Hi, sir. Am I audible?

Yes, thank you, sir. Thanks for the opportunity, and congrats on a good set of numbers. The first question I had was on the new BD project of Juhu. So, can you share few more details on that, and what kind of GDV should we expect? What is the kind of completion dates we should be looking at for this project?

Yes, this is a commercial redevelopment project. This is like a shopping centre in Juhu and a very, very prestigious project. And we expect a GDV about INR1,600 crores. And hopefully, we will be starting this project next year, after passing of plans, and other formalities. Will take about 3 to 4 years thereafter to complete the project.

Understood. Thank you, sir. My second question would be that we had a very strong pre -sale number of around INR409 crores. So, with these pre -sale numbers, I believe that we can achieve the annual guidance of around IN R2,000 crores. So, is this achievable, and if this is achievable, what makes you think that we'll grow by 55%-60% for the full year?

So, Varun, we are launching four new projects during the year, and we are getting good response for our already launched project, Trident and Aquaria, and Celestia, we have already taken the more than INR400 crores sales from last two quarters. So, we are very confident that we will easily achieve the INR1,800 crores guidance.

Understood, sir. Thank you, sir, for the detailed answers and all the best.

Thank you.

Thank you. We have a next question from the line of Harsh Pathak from Motilal Oswal Financial Services. Please go ahead.

Yes. Hi, Anand ji and team. Good morning and first of all, congratulations on the strong quarterly performance and also congratulations on the new deal win. So, my first question is on the pipeline for the next three quarters. Like you highlighted, there are four p rojects coming up. Can you please indicate which quarters are these projects lined up for and what is the approximate GDV for these respective projects that we can look forward to?

So, Harsh, good morning. Sanjay Jain here. So, we are la unching the four new project. One is the Lotus Sky Plaza that is in the Oshiwara, and that will be launched either this half -year end or start of the third quarter. So, approximate GDV is the around INR1,500 crores for that. Second project we are launching at Bandstand , that is Lotus Odyssey, and that will be the GDV of INR1,000 crores, and it will be the fourth quarter of this year. Third project we intend to launch is that in Versova, Lotus Portofino, and mostly it will be launc hed within 3 to 4 months, and this has GDV of around INR500 crores. And fourth project we intend to launch is Lotus Aurelia, that is in the Napean Sea Road, and that will also have around INR600 crores to INR700 crores GDV.

So, Harsh, this is right in Juhu, you know, in middle of Juhu, the project is, and its existing shopping centre and commercial offices. It's more than 5,000 square meters of plot, which is one of the largest in Juhu. So, what we will be doing is, this would be a redevelopment project, so we will be rehousing those establishments there again, and remaining portion will be using for our commercial pipeline. Right now, we are not sure that we want to keep it for rental because it's a very high -value ticket size there. So, maybe we might think about some other area for our rental annuity, but not this particular project.

Understood. And what would be the total capital outlay, what are the what is the profitability we have assumed in this?

As we have mentioned that our EBITDA would be in the range of about 40% and net profit about 25% to 30%. I'm sure we'll be able to achieve that or beat that in this project.

Surely. And my last question is on the Gift City pro ject. What are the updates there and when are we looking on further steps on this project?

Gift City project is going very well. Actually, that particular about 300 acres of land they have included into Gift area. So, that is how we got included into Gift area. We wanted a mixed use. So, government is right now changing that that process is going on so that we can achieve our mixed use that is commercial, retail, and residential. So, we are expecting that by the end of this year, we'll ge t all our approvals in place. Immediately after that, we will be starting the project.

Understood. Okay, thanks a lot, Anand ji and Sanjay, for taking my questions.

Thank you, Harsh.

The next question is from the line of Akhil from Monarch Networth Capital. Please go ahead.

Sir, congratulations on the stellar set of numbers. I see the collections have also improved this quarter. Sir, just two questions from my end. One, we have a guidance of around 55 % to 60% revenue growth and INR1,800 crores to INR2,000 crores of pre -sales. What, what's our goal for cash collections this year? And if you can also give some insights on how the EBITDA margin we can expect going forward. Will it further improve from her e from 36% to 38% or is this the kind of sustainable level of margin we should keep in mind?

So, Ankit, good morning. Regarding the cash collection, because most of the project last year and this quarter are in the basement or at the plinth stage. At the end of this financial year, our three projects, Arcadian will be completed 90% of the total project cost, Varun wil l be also completed 90%, Amalfi will be around 60% to 70%. So, then the cash collection will be improved because the billing will be done and the all the payment will be due. So, this year we are intend to collect around INR1,000 crore s. Regarding

EBITDA margin, we are on the same range whatever we have guided, appro ximately 33% to 36%.

Understood, sir. Thank you.

Thank you. We have a next question from the line of Manish Ostwal from Nirmal Bang Securities. Please go ahead.

Yes, sir. Thank you for the opportunity. I have a couple of questions. First on the micro-market where we operating, so over the last one year, how much price hike you have seen in your existing projects or launched projects? Can you just give a direction about that? And secondly, in our sales strategy, when we launch the project, how the sales strategy works? Like 30% inventory we sell at the launch, then in next one year, how our strategy on sales works? And third, premium portfolio pricing versus peers like Lodha and Oberoi in our market, how much premium w e are operating or whether we are in line with these operators? Thank you.

So, you have I think two or three questions. So, as far as price rise is concerned, it's about 5 % to 10% we have seen the price rise. As far as sale is concerned, since we are in ultra-luxury, it's difficult to predict how the sale will happen. But generally, what we do is about 20 % to 30% we sell it during the launch time, and then slowly as we come out of the plinth, slowly, gra dually it starts picking up. So, within the span of three years, generally as a thumb rule, we complete the project, so every year we offload about 30% of the stock.

So, regarding the pricing related to ot her developers, so normally in our micro-market we are getting 10% to 15% higher than the other developers.

And last, sir, on the balance sheet leverage, what is our view, how we want to use our balance sheet for leverage for future growth?

So, Manish, we have total around INR18,000 crores GDV and we have the net worth of around INR1,900 crores net worth. So, normally in the redevelopment, approximately 10% of the GDV is the our investment and we have sufficient balance and future profit also will come. So, we are confident that we can able to use this fund and we will execute. And for the future also, for every year we are getting good balance sheet addition in the net worth.

All right, sir. Thank you very much. Wish you all the best for remaining part of the quarters.

Thank you.

Yes, sir. So, thank you for the opportunity. Sir, could you please share the latest update on the progress of Lotus Varun , and I just wanted to know how much construction work has been completed for Varun?

Hi, Raj. R egarding that Varun, so we have just completed the plinth level. Now, we have around 20 slabs, so we are confident before January we'll complete the RCC work and 90% of the work will be completed till March.

Okay, sir. Thank you so much.

Thank you. The next question is from the line of Aniket Madhwani from Step trade Capital. Please go ahead. Aniket? Aniket, are you there? As there is no response, we'll move on to the next participant. Next question is from line of Pra bal Gandhi from InCred AMC. Please go ahead.

Hi, am I audible?

Yes. Yes, Prabal.

Hi, sir. Thank you for the opportunity and congratulations on the quarter. My first question was as of March end, our GDV was about INR 17,000 crore. Now as of June end, how much is this, including the Juhu project that we've won?

So, Prabal, in the , as on March around INR16,500 crore s or INR16,700 crore s was the GDV and the additional INR1,600 crore s GDV will be added in this . So, it will be around INR18,000 crores will be the GDV.

Okay. And for the current quarter, how much was the pre -sales from the launch sales and how much was the sustenance number?

So, we are getting good response from the Trid ent, so we already done this quarter INR150 crores sales from the Trident.

Which meaning out of INR410 crores of pre -sales, about INR150 crores was because of the launch sales?

No. So, sorry. So, I am saying the between July to September, we are getting good response from Trident and we have already within one month we have achieved INR150 crores pre-sale from the Trident. And regarding this June quarter, Rakesh will give that, yes.

So, for the June quarter, the pri mary number came from the launch, recent launch, which we done in last financial year. So, around INR350-plus crores was from the existing launch which we done in FY26, and remaining from the...

No, no. Reverse way. So, new launch was only two projects in this quarter, which is around INR25 crores, and balance was from existing launch which was done in FY26 and prior.

Understood. Sir, and secondly, when I see your presentation, so there are multiple projects within the residential as well as within the commercial which are stated to commence in FY27 itself. But in the previous participant question , you mentioned that in this year we are only planning four launches additionally. So why is there a discrepancy there?

So, six project in this year we are launching six project, out of six project two project are commercial, four are resident ial. And we are talking about the total construction activity for the all the residential and commercial project. So, ongoing project of the residential also and commercial ongoing project is only two, the other is the residential projects.

Okay. So additionally, these four projects which are expected to come, two will be in commercial and two will be in residential, right?

So, out of list given in the presentation, four projects will be launched in next nine months, and remaining will be we will be starting construction activity, but launch will happen in the maybe next quarter or the next-to-next quarter. So, that is what we are guiding right now.

Okay, understood. And secondly, sir, so there have been ar ticles that in the in the Versova area, the luxury redevelopment is seeing a lot of demand. And given our balance sheet strength and the collections that we are seeing, are we planning to planning to bag some projects there?

We already have three projects there, and all three are on the sea front projects. And we are getting excellent response there. And we are in talks with some of the societies there, more societies. And yes, what you are saying is correct. Versova is getting good momentum.

Understood. And sir, with respect to promoter equity, so our stake is about 82%. How do we see the timeline for reducing that to 75% or below?

So, we have got total three years. One year has passed, so we have still two years to go. And within that time, I think we'll be able to dilute that.

Any range that you're looking at or any discussions that you have started with investors?

No, not at all. It is very premature at this point of time, I think.

Understood. Thank you, sir, and all the best.

Thank you.

Thank you. We have a next question from the line of Sahil Vaidya from Sa kman Capital. Please go ahead.

So, this INR800 crore s is company part only. What we disclose as a GDV is our saleable portion only. The because the area of the tenants are given free to the these existing tenants, so it is not included.

Okay. And sir, what's the pricing per square foot you have launched the Aquaria project?

So, it is starting at around INR85,000 per square feet.

Okay. That's all from my side. Thank you.

Thank you. We have a next question from the line of Darshan Parekh from PGE Industries. Please go ahead.

Yes. Hi. Am I audible?

Yes.

Yes. Hi. First of all, thank you guys for giving me the chance, and congratulations on a very good number quarter. I just have two, three, two questio ns from your presentation. So, one of the brand equity slide where you have an average appreciation of Lotus which is given to the customers as well as end-users, do you see the influx of the new amount of supply coming into the market affecting this avera ge appreciation and do you think this affects anything of your projects in the future? And yes, the second question I have is primarily also to the residential projects that are upcoming. You have a quarter two project of Lotus Monarch in Juhu, which is a very high INR2.40 lakh square feet. Just any more information on these two things. That's it. Thank you so much.

Okay. So, as far as appreciation is concerned, that's honestly is not our business. But yes, we are seeing good demand in ultra-luxury because what is happening that people who want to shift to their new house, they want to shift to the better product. And our product, right now majority of our product is attracting B and G, blue and green theory, where from the project we can see water, that is sea front or garden. So, this is always scarce in Mumbai or anywhere. So, we see that by the time we complete our project, yes, there would be a considerable appreciation. As far as second project is concerned, Lotus Monarch is concerned, there is some paperwork going on, and there are many stakeholders included in that. So, right now, we are in process of getting it concluded.

Okay. Thank you. Thanks for the insight.

Yes. Hi. Thanks for the follow -up. I just wanted to know on the operational side, like, we won this Juhu project on the commercial redevelopment front. So, I believe the kind of tenant profile and the people you would be dealing is different from the residential redevelopment. So, what had set us apart and can you walk us through, the process and how we finally bagged the project?

First of all, what is happening in Mumbai particularly is a concept of walk-to-work, and people want their workplace nearby their residences. So, people who are buying our product in Juhu as residential clients, significant of them are wanting to have their own offices or back office or their family offices very nearby. So, client profile would be, I would guess, more or less similar for this project.

Understood. And sir, since now we have also started incurring expenses on the sales and marketing front, what are they currently as a percentage of pre -sales, and what is our medium - term target?

So, I would I mean, there were two, three reasons why we started this our marketing activity. Number one, we got listed last year. So, in the benefit of our investor also, larger awareness should be there, so that is why we started our campaign. That's one. Second, we are entering into fresh new micro -markets of Mumbai. So, there our visibility was required, and that is how we started. And third, as far as balance sheet impact is concerned, I would guess net-net it won't impact us. Of course, our expense would be I would say about 1% approximately, but that also will be able to recover because what happens that during this advertising, there would be many c lients we will be getting directly, where we will not be spending any money on brokerage. So, that is how we feel that will not have any net impact.

Understood, Anand ji. Thanks a lot for taking my questions.

Thank you, Harsh.

Thank you. We have a next question from the line of Sahil Vaidya from Sa kman Capital. Please go ahead.

Thank you for the follow-up. So, my question is in the presentation…

Sorry to interrupt, Sahil. Can you please be a little louder?

Can you hear me now?

No.

A little better, but if you can be a little louder, it would be great.

Yes. Okay, yes.

So, my question is, so in the presentation you have given the estimated carpet area for each of the projects. So, like, is it your total share or it does that include the tenant component also, and if it is included, what is the average percentage the tenants have the share?

So, in presentation, we actually gave both the numbers. One is our total carpet area for the project as well as our saleable carpet area for the project. So, the saleable part is after removing the area which we are giving free to our existing tenants.

Okay. great. Yes, sure. That's all from my side. Thank you.

Thank you. That was the last question of the day. I now hand the conference over to the management for closing comments.

We thank everyone for joining the call today. This quarter reflects the resilience of our business model in a real estate landscape that continues to reward the right positioning. India's luxury segment has held firm, even as the broader market has moderated, and M umbai's infrastructure-led connectivity gains and limited land supply keep it among the most compelling growth opportunities within it. Lotus doesn't compete on volume. We compete on the quality, design, and exclusivity of our product in micro -markets wher e new supply is genuinely scarce. That focus, backed by rigorous governance, transparent disclosures, and a net debt -free balance sheet, is what allows us to pair strong growth with industry -leading margins, and it's a positioning we intend to protect as we scale. We thank you for your continued engagement and confidence. For any further queries, please reach out to SGA, our Investor Relations Advisors. Thank you and have a wonderful day.

Thank you, everyone. On behalf of S ri Lotus Developers and Realty Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.