Arihant Superstructures Limited (ARIHANTSUP) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the Aryan Superstructures Ltd. Q4FY26 Earnings Conference Call. As a reminder, all participant lines will be in the listenerly mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this call is being recorded. I now have the contents call over to Ms. Kunjal Agarwal. Thank you and over to you.

Thank you so much. Hello and good afternoon to everyone. On behalf of Aryan Capital Market Limited, I thank you all for joining into Q4FI26 Earning Conference Call of Aryan Superstructure Limited. Today from the management, we have Mr. Ashok Chajal, the Chairman and Managing Director, Mr. Pat Chajal, the full-time Director, and Mr. Udhis Khasaria, the Chief Financial Officer of the company. So without any further delay, I will hand over the call to the management for his opening to the park.

Good afternoon, everyone, and thank you for taking time to join Arian Superstructure's limited conference call to discuss results and business updates for the fourth quarter and financial year 2026. I believe you've had the opportunity to review our financials and investor presentations, which has been filed with the exchanges. I now request our CFO, Mr. Udit Kaseira, to take you through the financial highlights for the quarter, after which I will share the key operational and business updates.

Good afternoon, everyone. Let me first start by briefing you on the financial highlights for the quarter under review. The consolidated operating revenue for Q4 F526 stood at Rs. 181 crores, reflecting an increase of 18.5% YOY, while showing a sequential growth of about 43% compared to Q3 F526. The EBITDA stood at Rs. 30 crores, up 37% YOY, and about... 4% higher than the previous quarter. The EBITDA margin stood at 16.7% and the PAT for the quarter stood at INR 12 crores with a PAT margin of 6.58%. For the financial year ended 31st March 2026, the operating revenue stood at Rs. 551 crores representing a growth of about 10.5% YUI. The EBITDA was at 127 crores, an increase of 21%, and the EBITDA margin improved to 23% by roughly 200 business points. The PAT for the company stood at Rs. 46 crores, with a PAT margin of 8.35%. The net worth of the company as on 31st March stands at Rs. 450 crores. With this, I hand over the call to Mr. Path to talk about the operational highlights.

Thank you. Now, moving on to the key operational highlights for the quarter. During the quarter, the company achieved sales bookings of 395 units, equivalent to 3.98 lakh square feet of area, amounting to 313 crores in value. The average price per square foot achieved was 7,870 rupees per square feet, which when compared to the same quarter last year, stood at 7,461. Rupees per square feet, with reflecting a year-on-year increase in the average selling price by 5.5%. For the year ended March 2026, the company achieved sales bookings of 1,155 units, equivalent to 12.58 lakh square feet of area, amounting to 977 crores in booking value, which is an increase by 10% from the year before. The year average price per square foot achieved for the entire financial year stood at 7,769 rupees per square feet. Versus 6,082 rupees square feet in the year, FY25. Reflecting a year-on-year increase of 27% in the average price achieved. And the average price for the units sold stood at 84.62 lakhs for this financial year. Collections for this financial year stood at 539 crores. Key highlights during the quarter was that we achieved OC for two towers in Aryanthaspire phase 1, wherein we delivered 657 units, which is approximately 7,37,000 square feet of area. With this, FY26 also became a landmark year from the standpoint of project deliveries and execution, wherein the company delivered a total of 1,721 units in the FY financial year 2026, which represents a substantial increase over the last previous years. The sharp improvement in deliveries reflects a strong execution. Capability that the company holds continued with focus on timely completion of projects and marks the beginning of the larger delivery cycle with subsequent phases and additional projects expected to enter delivery stages from FI27 onwards as well. In this last quarter, we also launched a new tower named Benita and Arin Daspire at Panvel. Thank you. The Prime Minister has also emphasized the importance of prudent consumption and efficient resource utilization. We have been well prepared to navigate such situations and have historically emerged stronger through challenging cycles. Fortunately for the real estate sector, the customer journey lasts much longer and we recognize revenues over multiple quarters for a specific unit sold during the initial phases of a project. This helps us navigate short-term macro disruptions more effectively while remaining long-term business stability. In real estate, apart from location, two of the critical success factors are velocity of sales and execution capability. We believe our strong sales fraction, along with increasing delivery momentum, demonstrates our ability to execute efficiently across various cycles. I'm glad to share that our gross development value has now increased to approximately 14,000 crores from around 12,000 crores last year, despite higher execution and deliveries in FY26. This increase has been supported by improved realizations across ongoing projects and the strong infrastructure-led transformation which is underway in Navi, Mumbai. Navi Mumbai International Airport has now been operational for more than six months and handling close to 150-plus flights daily. We have been witnessing a gradual shift of corporates and their ecosystems towards Navi Mumbai, which is positively impacting residential demand across several key micromarkets where we have a strong presence. On the premium housing side, World Villas continues to remain a strategically important project for us. The integrated development comprising villas, hotel, and Jumkhana is expected to create long-term annuity income straits for the company in the coming years. As of March 2026, the unsold inventory stood at 71 units, which has a book value of 14 crores, reflecting healthy absorption across our portfolio. Going ahead, we remain confident that Navi Mumbai is entering Large infrastructure development, improving connectivity, and rising economic activity. With our diversified portfolio, strong land bank, and disciplined execution capabilities, we believe we are well positioned to benefit from these opportunities and create sustainable long-term value for all shares.

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

The first question comes from the line

of Anisha Agarwal, an individual investor. Please go ahead.

Yeah, thank you for the opportunity. I just have a few questions. So, between Q3 and Q4, the total sellable area of World Village Phase 1 alone jumped from 4.14 lakhs square feet to 10 lakhs square feet, like a quite increase in percentage, while unit only moved from 176 to 180. So, similarly, town villa saleable area nearly doubled from 30 lakhs to 58 lakhs. So, the Q3 highlight means singling 3.5-acre joint venture at Chalk Maniwali, taking the township to 96.5-acre. So, is this entire area increase attributable to that single 3.5-acre JV addition? If so, So, the per acre FCI implied same extraordinary high. Like that, management reconciled this number and confirmed whether any additional regulatory approval or plan revision.

Yes, so to make it more easier to understand for all our investors and shareholders, we converted the carpet area, which was existing in the World Villa and Town Villa project, to sellable areas so that the parameters for judgment for all the factors leading to the costs as well as the sales for any project can be compared more comfortably and easily, Which is why the increment in area is being witnessed. Apart from that, there is obviously some design change also in the villas. Some increase in the carpet areas for each villa has happened, which has also led to the increase in area. But majority of the increment is due to the conversion from carpet area to sellable area. So that for an investor, it becomes easy to monitor and compare other factors. and projects that we have.

Like Apex of 3.5 billion or will this entirely debt fund?

We are not considering any specific equity rates for World Villas project.

Okay, and for like the rupees, due to rupee-based weakness, any supply disruption, is there like what percentage or for construction material cost or import link can have you hedge against further currency depreciation?

Yes, so obviously the geopolitical situation as of now is not so great and is impacting the costs and manufacturing sector in a big way. We see that costs could change anywhere between 3% to 5% for a company like ours also in the long term. We'll have to wait and watch how much exactly the increment happens, but as of the prices that are ongoing today for... Thank you. Yes, we have seen increments in inquiries for premium projects across our portfolio from NRI buyers. There has been an increase and there has been some conversions as well. So interest levels have gone up. For the NRI buyer segment over the last two-and-a-half months.

Okay, so there is no risk like after PM Modi's appeal to reduce consumption?

Well, that is an appeal to the entire public in large that we hold in the country. However, business cannot stop. So there is a higher cost. Which we'll have to bear from what we expected to the tune of 3% to 5%. And we'll be able to recover the same by increasing the selling price for the balance units. So there's no risk to the company as such.

Okay, okay. So that's it for myself. Thank you so much.

Thank you. The next question comes from the line of Raj Kumar, an individual investor. Please go ahead.

Hello. Hello. Am I audible?

Yes.

Yeah. Thank you for the opportunity. So, I have just a few questions. So, last quarter you had mentioned the improvement in the football for the world we love. So, but this quarter, only four will have the call. So, is there any risk or what is the broader demand scenario?

See, the improvement in Villa walk-ins have obviously been encouraging for us. And sometimes decisions don't happen immediately. People take more time in a segment like this to decide and finalize. So turnaround time for any transaction is anywhere between 75 to 120 days in such a product. So it will obviously reflect in the coming quarters.

So, what is the expectation for next quarter? Like, any kind of expectation?

I like every project level expectations. It's not... It's possible to give you exact count on what we can expect. But yeah, we're looking at doing good numbers in this financial year. Project is progressing well. We're constructing around 112 odd villas as of now. And the project is moving on very well. So the development will obviously add to the value of the unit. And I think we'll be able to realize a lot more in this financial year.

Okay, no problem. Now, only one more question. Can you give like a margin difference for all three segments, premium, affordable, like all these three segments, can you give a margin break regarding them?

So, as a company, whenever we look at taking on a project, we expect an EBITDA margin of 33% across all the segments and pad margins to the tune of 24%. Some projects will obviously give us more margins, like the World Villa and Town Villa, where our land cost is much, much lower, and that will give us a better margin to the tune of almost EBITDA margins being at 45-47% in these two projects. But this is only because of the low land cost and the early mover advantage that the company Over the last two and a half, three years, which was timed very well because the MTHL, Apple C2, as well as the airport have been inaugurated in the last one, one and a half years. So we've got that advantage with us, and that will reflect in the company's balance sheet over the next four to five years.

Okay, no problem. Thank you.

Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. The next question comes from the line of Aditya Banerjee, an individual investor. Please go ahead. Yeah, hi.

So, my first question to you, sir, is that the PAD declined 15.9% year-over-year despite revenue growing 10.5%. Interest cost jumped 65% to $677 million. So, what's the plan to be leveraged? And when do you expect the net debt to equity to improve from the current 1.81 times?

See you all. We have debt across multiple projects, so debt is required at the initial stage of a project, and when the project advances, the debt gets repaid back. Right now, apart from construction finance loans, we are also, I mean, apart from the residential business, we are also developing annuity assets which will require debt, and some debt will be at a long-term stage also. Going forward. So, we can achieve, I mean, our goal is to obviously reduce the debt, which is standing at almost 451 odd crores today, which is a secured debt, 453 crores precisely. So, our goal is that we reduce some of that in some ongoing projects, but then it will add on in the annuity asset project. I think it can increase by another 50-odd crores from here on. I mean, to give you an example, our Ariandas Pire loan, which is from Tata Capital, the outstanding amount at the end of September was around 82 crores. And at the end of March... We are sitting at 40 crores, and this financial year, FY27, which is ongoing, we'll be repaying the entire debt. So, as the project advanced to a nearing completion stage, we were able to repay off all the debt through the sales and the internal accruals. So, similar case will also happen in the other ongoing projects like Karyan Datvika Advashi, the World Villas. So, those debts also will be paid off as in when the projects advance.

Okay, sir. So, and another question is to use that the operating cash flow has been negative for four consecutive years. So, at what point does the company expect to turn free cash flow positive?

I think the next five... We have, last two, three years, we've been, we raised money so that we could finish off our projects in time, which is also reflected in the deliveries that we have done in FY26, and it will continue and increase better in FY27 as well. Definitely. In two years, we'll be...

The next question is that the units sold fell down to 26% year-over-year, even as pre-sales value grew. This suggests a significant shift toward higher-ticket products. Is this intentional, and how does it affect your affordable housing position?

Well, see, you've got all the things on the platter, but yeah, last year we saw better performance from mid-income and luxury segment housing. Things are changing, and yet affordable housing is contributing at large even today with respect to the number of transactions, but the company's focus is now increasing also in the mid-income and luxury housing segment going further. So, we are quite happy with the change, and we expect to continue this momentum going forward as well.

Okay. So, sir, to continue this question, so you delivered 1721 units in FY26, which is five times year over year. So, could you give some guidance on delivery volumes for FY27 and FY28 by project?

Project-wise, it's difficult, but we are expecting a big number this financial year as well with respect to deliveries. It will go upwards of 2,000 very easily. Some of the projects that are lined up include Aryan Dalishan at Kargar Phase 2, then Aryan Aspire, Della Tower, then Aryan Adhika at Vashi. So these will contribute. Significantly in the number of deliveries for this ongoing financial year, FY27. And obviously, Q1, I mean, we'll be expecting project deliveries for Ariyant, Anaï Cup 5, Ariyant Aradhyay. So, all in all, it looks very positive with respect to the lineup of deliveries. Completion of multiple projects in this financial year. So, ReadyStock, whatever is nearing to position, will see great movement and that will give good cash flows to the company as well.

Okay. So, another question is that with gross debt at 873 crores and unsecured loans of 361 crores, what is the cost differential between secured and unsecured borrowings, and what's the repayment schedule for unsecured debt?

So, unsecured is a blended average at 13, 13.5%. Thank you very much. Secure debt is today averaged at somewhere around 12.5%. So the blended cost to the company is around 12.75% with respect to cost of debt. And repayment for unsecured is, so the loan is from the promoters, it's payable when enabled. So as the projects are nearing to completion, we should be able to repay back loans. But the first priority goes to the secured loan lenders. So once that is done, then we repay the unsecured.

Okay, sir. So, okay. And my last question to you is that are you considering any equity raise to fund the World Will Us plus hospitality capex of 3.5 billion? Or will this be entirely debt funded?

Yeah, this will be a mix of internal accruvals and debt funded majorly. We are not seeking equity specifically for this project because... We've already acquired the land. We've got the approvals in hand. So only thing now that we have to do is construct and make the assets. And debt comes at a cost of around, say, 10% to the company, which is reasonable because then equity costs will be much, much higher compared to the debt. So we're not seeking any specific fundraise for this. As a company, at a company level, we may look at some fundraisers at a later stage, but nothing today.

Okay, sir. Thank you so much. Thank you.

Thank you. The next question comes from the line of Vishal B., an individual investor. Please go ahead.

Hi, sir. Thank you so much for the opportunity. My question was regarding, sir, as we can see in the ET, the units sold have declined from $1,500 to around $1,155. Even the area sold has fallen down from $14.61 to $12.58. But our value of sales have increased from like $887 to $977. So what is the trend of like realization? What was the average realization in the quarter and for the entire year? And what trend do you see in the area that you operate in?

Yeah, so Mr. Vishal, last year the average realization per square foot stood at 60. And for this financial year, FY25 stood at 7,769 rupees per square feet. So we've seen a 27% increase in the average realization, which is majorly due to more sales coming from the premium and mid-income category of products.

Okay, sir. And another question was, sir, what would be the target for FI27 in terms of pre-sales?

Do we expect to grow by 25 to 30% CAGR?

Oh, okay, sir. Thank you so much. If I have any question, I will join back again.

Thank you. Participants, if you wish to ask a question to the management, you may press star and one. The next question comes from the line of Roshni, an individual investor. Please go ahead.

Thank you for the opportunity. So my question is regarding the World Villa. So the World Villa phase one is only 23% complete with 55 units booked out of 180. So what is the velocity target and completion timeline?

We expect sales of around 65-70 odd more units, and completion timeline for the entire project from today, it looks like it will go to 2030. For phase one, phase one is targeted for completion It will be continued by 2027 of October.

Okay, got it. And the 5-star hotel in Pandil and the 4-star in Kopuli represent a new business model. So, what is the expected CapEx timeline and when do we anticipate the first revenue contribution from the hospitality?

So, for the hotel that we are developing at Pandil Chalk, which is inside the World Vila project, We should finalize our brand by this first quarter and work has already started off. We've completed the excavation and we'll expect three to three and a half years from now to start triggering the first revenues for this. The new hotel at Khopoli is just finalized very recently, so it's under the approval stage right now. And that will involve an investment of around 60 crores in total. But the timeline for that also, since it's a smaller scale development, it will take about three years from now as well.

Okay, correct. So, one more question. The daily has grew from 1,400 crore to 1,250 crore last year. So, can you break down how much of this increase came and size appreciation versus new project addition?

See, last year, new project, new land were purchased only in the town villa project. So prior to last year, we were, I mean, at the end of March 2025, we were at somewhere around 78 acres of land, I think. We added another 20-odd acres in this financial year. And that's been the new acquisition that we have done in last financial year. The major increase in the GDV from 12,500 to 14,000 crores has come from across all the projects. So, due to the airport and the infrastructure development around it, we have projected better prices, and we are already realizing higher prices now as well. Compared to what was projected a year back. So that's the major reason, apart from the new addition of land to take the GDV from 12,500 to 14,000.

Got it. Sir, can you please throw some light on the project pipelines for FY27?

So, a lot of ongoing projects are underway right now. New launches will be expected in Aryanth Aspire. One more tower, we should open Aryanth, Avanti, Ashil, Pata. By Q4, we should expect Townvillad also to launch. So, these are three new projects that we expect to launch. Thank you.

Okay, sir. Thank you so much.

Thank you. The next question comes from the line of Amish Kanani with Noonwise Investment Managers. Please go ahead. Your line has been unmuted. Please go ahead with your question.

Yeah, sorry, I was unmuted. Yes, sir, congrats on a good Q4, you know, vis-a-vis, you know, at least... Last year. The question, sir, is one, you know, there was a very low margin in Q4 despite a growth. So, if you can give us some sense of, you know, why this didn't, you know, kind of reflect in our EBITDA margin, you know, which has come down to 16.7% and because of which our overall annual margins have kind of. Come to us, like, although it's improved on a yearly basis, it's come down to 23%. So, one, what is it that, you know, anything specific in Q4, which, you know, was affecting our margin, and in that context, we can give us some sense of, you know, given that our premium mix of our premium project is improving, should we assume that, you know, things will improve from here on, on an annual basis.

Before we started recognition for world data projects, the margin declined due to the interest as well as because when the project gets recognized for the first time, all the pre-operating expenses are also recognized with that. By the load of the marketing expenses and etc. that we would have done, have also participated in the cost for this quarter. Going further, obviously, we expect this is for World Villas.

World Villas, okay, sure, sure.

Okay, so going forward, obviously, margins will improve because now that the... The backlog of the pre-operating as well as marketing expenses has already been incurred in the P&L. Going further, the new sales as well as the progress from construction will help us realize higher margins. So, pad margins reduced due to... EBITDA margin and take it to 25-27% reach, because the contribution from the new projects will add on to the P&L going further.

And, sir, you know, our pieces have reached a kind of 1,000 crore mark on an annual basis, and, you know, the collection also is about 540 crore, that is stable for the last two years. But our revenue is stuck in that 550 crore mark, which means, you know, we need to do a lot on, you know, delivery and, you know, kind of execution. So, one, when will this gap, you know, so as to speak, can, you know, we expect to fill, which means we see a revenue at, you know, say, 1,000 crore plus kind of a level. We understand pre-sales, we are saying probably a growth of 25-30% from here, which means maybe pre-sales, we can present selling model some number like, say, around 1,50 crores. But in terms of actual delivery of projects and completion and, you know, handover, when will the revenue also kind of take a jump, if at all, it can give us some sense of, you know, based on the current execution time answer.

Yes, so we follow percentage completion method. So as the project progresses, we recognize revenues proportionately. Like I said, this financial year also we are expecting a lot of deliveries. So good numbers are going to come from multiple projects that are lined up for closure as well as possession in this financial year. That will give us more revenues. Like Aryan Dalishan, at Khargar, at Aspire, at Panvel, as well as Aryan Tatvika, at Mashi. So these are key projects which will contribute to the revenue of the company at large. And because of this, we will be able to jump forward from this 500-550 crore top line to around 700 plus crores this year.

Sure, sir. That's helpful, sir. And, sir, Valvilla, you know, we saw phase one not picking up as greatly as, you know, one would have expected. Even that, there's a traction around, say, Navi Mumbai airport. So, the question is, will we launch phase two only after we have a decent traction in Valvilla 1? Any thoughts there, sir?

You know, yeah, see, with also doing velocity, we have to take care that we are able to earn the right margin for which we work. So, we're very conscious on that for this project also. We don't want to just give away the prices to the customers for the sake of doing more velocity. Our focus is that we make this. This project is a standout. Obviously, with respect to design, it is a standout today also. There is nothing which competes with this in the entire vicinity. By the customer that We'll see the reflection of that in this financial year very smoothly.

Sure, that's very encouraging to you, sir. We may have holding price not to, you know, kind of sell a discounted one. Sir, what is any indication of what are the kind of price rises that you're seeing? Some indication because I had noted probably 1 mila was about 3.5 crore, you know, when we were launching. Any per square fee price or per mila price, you know, in percentage terms, what is the price increase that we're making, sir? You did mention overall, you know, GDP value increasing. Maybe we can apply from that, but you can give us some sense.

The price increase for world villas has happened by almost one crore plus at realization levels. From what we had started off. So we have multiple categories, there are three configurations, then there's a lot of options. So the prices vary from what the customer chooses to buy. Some buy with elevator, some buy without a pool. Some by bear shell, some by witch finishing. So, pricing varies, but overall, we've been able to increase the price by 1 crore from the launch period. And that is why you'll see better numbers going further as well. Across the sector, Thank you. I'm in the margin. Demand is just... Thank you. All the products that we are catering to. Fortunately, the population is healthy enough to help the company as well as help the economy pass through this phase that we are going through.

Sure, sir. Last question from my side, sir. CapEx, you know, I had noted that we have to do a lot of CapEx to develop this world villa, more so the hotel and, you know, the gymkhana that we are planning. And so in that context, if you can give us some sense of, you know, one, you know, we probably have pre-sales, a lot of things. So maybe, you know, the normal execution, normal, you know, residential construction maybe could be self-funded away, I understand. But if you can give us some sense of, you know, what is the CapEx for this year, including the new model that you mentioned at, you know, with the 60 crores that you mentioned, what is the new CapEx for this year, and whether it's self-funded or do we need to worry about getting an increase even from your father?

So, debt will be taken for the gymkhana and the hotel development, which will, I mean, this financial year, we should do a capex of around 75 crores for these two assets. Sure. That much debt will add on. Obviously, like I said earlier, simultaneously, the projects which are advancing and nearing completion. So that is starting to get repaid back as well in those projects. So, overall, debt could increase by another 50 crores from here. That's what we are envisaging. We intend to spend around 400 plus crores in construction this financial year across all the projects. So that's our target for CAPEX.

Thank you. Participants, if you wish to ask a question, please press star and 1. The next question comes from the line of Raj Shah, an individual investor. Please go ahead.

Hello, sir.

Am I audible? Yes.

Yeah, so my question is regarding the GDV. So what is the GDV of the recent phase of Aria and Taspire, and how much of the booking has been recognized in the last quarter?

We launched.

Oh, yes, sir. You're audible.

I didn't get your question. Which phase are you referring to?

The most recent phase of Ari and the Spire.

So, yeah, we launched Phase 4 with the Benic Tower, that's 382,000 square feet of total developable area for the capex, for that project will go around 190 odd crores for this particular tower.

Okay, sir. And my next question was more regarding an industry outlook also. So, given the ongoing geopolitical uncertainties, are you witnessing any change in customer behavior, particularly delays in booking decisions from the end users? And additionally, how is the company managing the impact of rising construction costs? And do you expect any meaningful impact on project margins or, you know, your demand going forward?

So, yeah, I mean, the situation is being witnessed by all with respect to some panic from some customers, but we are not seeing any stoppage with respect to decisions. There is obviously more time, which some customers may require, but we are not seeing any slowdown in transactions. Transactions are continuing to the similar levels as what it was before the war started. With respect to the construction cost, obviously, whatever is sold will remain around the same price, but we'll have to recover from the balance unit sales, the incremental cost that will go towards the construction. I think it's nothing to worry, and to highlight, we're doing very well in projects which have already seen deliveries either in the previous phases or they are expected to be delivered in the close timeline. So, we're not seeing any challenges as such across multiple projects. So, things are moving on very well. Obviously, it's... It's a time where people will have to wait and be patient, and I think there could be surprises going further for the Indian economy.

Thank you so much for that answer to all my questions. Thank you.

Thank you. The next question comes from the line of Tanya Arora, an individual investor. Please go ahead.

Hi, I just have two quick questions. So the first one is, I just wanted to know what's the current status of finalizing the five-star hotel, which was under the World's Villa project.

Hopefully, this quarter-end, we should be able to come back with the name that we have finalized.

So, have we identified any hospitality partner or a brand, a management brand?

Yes.

Okay, and could you also give me a quick update on the Gymkhana segment, like how the total memberships we have sold till date, and what's the current membership pricing structure?

Come back to you on visits. I mean, we've done, say, 800-plus memberships. They'll get back to you on the pricing that is there. You should not discuss and mix that with the financial developments that we are discussing here.

Okay, all right. Thank you so much.

Thank you. There are no further questions. I would like to hand the conference over to Ms. Kinjil Agarwal for closing comments.

Thank you to the management and the participants for joining this group of FY26 sponsors call of Enhanced Instructure. I would now hand over the call to the management for closing remarks.

Thank you, everyone, for joining in today's earnings call. We hope we were able to address all your queries to your satisfaction. In case you have any further questions or would like any additional information, feel free to reach out. To our team, industry relations team at Ballerim Advisor, or connect with our finance team, we also thank Varian Capital for hosting this call for us. Thank you very much.

Thank you. On behalf of Aryan Superstructures Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.