Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q1 FY27 revenue INR200 Cr +23% y-y; EBITDA INR161 Cr +36% y-y; EBITDA margin 80% - IPO raised INR4,250 Cr; net debt reduced to INR2,500 Cr (12.5% of EV) - Contracted revenue run rate INR970 Cr; leased 1.9 mn sq ft in Q1, 75% industrial - FY27 development target 6.5 mn sq ft; in-city Pune asset delivery by Q4 FY27 - Growth drivers: 5% annual rent escalations, large park expansion, in-city growth (2-3x rents), value-added services - Capex INR1,500-2,000 Cr over 3 years; 1/3 internal accruals, 2/3 incremental debt - Rental growth high single-digit; re-leasing spreads 12-15%; 7-year lease WAL - In-city yields 13-14% vs 11-12% for big parks; construction cost INR4,500/sq ft - Pre-leases 20-30% of developments; stabilization 9-12 months - Pro forma cash PAT Q1 INR116 Cr; P&L loss INR12 Cr due to non-cash depreciation and interest - Blackstone holds promoter stake; no shares sold in IPO; hold period likely >5 years - Expansion focused on existing 10 markets with selective Tier-2 entries - In-city assets 7 mn sq ft (~10% area) expected to contribute 25% revenue at maturity - Industrial leases longer (9-15 years) with 15-20% higher rents than warehousing - Value-added services (solar, worker accommodation) to contribute 5-10% revenue in 5 years - Q2/Q3 FY27 expected to turn P&L profitable