Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 presales INR2,762 Cr, +109% y-y; sales volume 2.38 mn sq ft; avg price INR11,607/sq ft +32% - H1 FY27 revenue INR1,928 Cr +60% y-y; PAT INR107 Cr vs loss INR111 Cr last year - EBITDA margin Q2 at 27%; operating surplus INR596 Cr in Q2 - Net debt down INR470 Cr to INR2,366 Cr; net debt-to-equity 1.26x; cost of debt 10.94% - FY27 sales guidance INR11,200 Cr; 37.5% achieved in H1 including INR626 Cr commercial asset sale - Launch pipeline 14.5 mn sq ft with GDV INR22,600 Cr; new land acquisitions GDV INR14,100 Cr - Commercial rental income expected INR330 Cr annually from Aerocity and Hebbal - Redevelopment projects save ~60% initial capital vs land purchase - Collection guidance INR6,000 Cr for FY27; operating surplus expected > INR1,000 Cr - Confident on approvals and launches in South and West markets; NCR entry launch expected Q4 FY27 or Q1 FY28