Prestige Estates Projects Limited (PRESTIGE) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Prestige Estates Q4 FY26 Earnings Conference Call hosted by Axis Capital Limited. As a reminder, all participant clients will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Pitesh Sheth from Access Capital Limited. Thank you, and over to you, sir.

Thank you, Sagar. Good afternoon, everyone, and thanks for joining for the call. From the Management of Presbyterian States, we have Mr. Irfan Razak, Chairman and Managing Director, Mr. Redh Noman, Executive Director, and Mr. Amit Mohr, the Chief Financial Officer. I'll now hand over the call to the management for their opening remarks. Thank you, and over to you.

Translating into a phase of over 9,500 crores from a single product alone. We also achieved our first major residential completion in Mumbai during the year, showcasing the continued strength of our execution capabilities across the regions. During the year, we also crossed a milestone of having completed 200 million square feet across 300 projects since inception. Also during the year, and most importantly, we delivered our highest ever annual sales of over 30,000 crores, reflecting a growth of over 76% year-on-year, supported by robust launches across geographies, healthy demand conditions, and disciplined execution and strong collections. For the full year, sales volumes grew 77% year-on-year to 22.28 million square feet, while collections crossed 18,500 crores, reflecting a strong 53% year-on-year growth. We also launched over 31 million square feet during the year, with a launched GDV of approximately 27,000 crores, demonstrating the scale and depth of our development pipeline. These launches witnessed a high sales velocity of 63%, contributing to 17,300 crores in FY26 sales itself. Our performance was well diversified geographically, with Bangalore, NCR, and Mumbai continuing to contribute meaningfully to overall sales. Importantly, we also continue to see healthy realisation growth across both apartments and cottage developments. Beyond residential, our annuity business continues to demonstrate resilience and stability. Our portfolio maintains healthy occupancy levels of 92%, supported by sustained leasing demand from GCCs, tech companies, and domestic corporations. Our retail portfolio continues to perform exceptionally well as well, with near full occupancy of 99%. The hospitality segment also delivered a steady operational performance during the year. On the business development front, we added projects with a GDME of over 50,000 crores in FI26, further strengthening our future pipeline across Bangalore, Mumbai, NCR, Hyderabad, and Chennai, possessing us well for sustained long-term growth. Coming to our financial performance, for the full year, revenues stood at 13,196 crores, Thank you. Thank you.

Thank you very much.

We will now begin with the question and answer session.

Anyone who wishes to ask a question may press star and then 1 on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, to register for a question, please press star and then one. Your first question comes from the line of Puneet from HSBC. Please go ahead.

Yeah, thank you so much, and congratulations on great performance. My first question is if you can give some color on what you're seeing currently in last one month in terms of the demand environment and the business development environment.

So, the quarter started with a bang for us. We launched a project in Hyderabad, Prestige, Golden Grove and Telapur, where we've done some significant sales, 2,300 pros of sales over there. And I think that's a fantastic result. Overall, I think the momentum has been very healthy across cities as well. And we feel this momentum will continue.

And similarly, on the business development side, any change in competitive intensity, land pricing, etc.?

I think things remain the way they are. Things don't change immediately overnight. We have seen, wherever we have taken up transactions, we've maintained whatever is feasible for the company, and we'll match, you know, feasibility.

And secondly, if you can talk a bit about, you know, the hospitality part of your business, what was the, you know, revenue, EBITDA, you know, that you made during the year and that quarter?

Yeah, in the hospitality vertical, we touched the top line of 1,050 and EBITDA of close to 400 crores after deducting even the corporate over. So, at the hotel, if you see, at the hospitality level, it's close to 440 groups for the center financially.

Okay. And what is the progress on completion of your key hotels in Delhi? And any hotel?

Well, actually, the office should be ready in the next two months, but otherwise, the teams are working hard, And we should have a grand opening sometime before or after Diwali. Both the hotels? Yes, yes, yes. It's one box, it's one project. So it's both the same pieces as well as the Marriott Marquis, as well as the office for 600 plus 1,000 square feet. All that will be ready, and we should start trading the hotel after Diwali.

Understood. And just on the financial side, we've noticed on the Q4 perspective, we put the capex run rate and the residential spend run rates have gone up. Should we think of that as a new run rate or do you think there were some one-offs in the fourth quarter?

So that should be the going forward strength to me. You can say 10,000 flows on the 9,000-10,000 Thank you so much.

Thank you. Your next question comes from the line of Pritesh Sheth. Please go ahead.

Yeah, thanks for taking my question. First, we congrats on a good year. If you can help us with the guidance for next year in terms of, you know, the key parameters, pre-sales, collections, you know, that would be helpful. Yeah, that's my first question.

We've actually run some phenomenal sales this current year. We've gone up from 17,000 to 30,000. That's almost a 100% jump from the last year. And even the collections have done, the maximum collections they've ever done in the company is 18,000 crores. And now going forward, the base is very high, very large. But I do believe that there is more scope, more room for growth, and the teams are focused. So I believe that we should look at a growth between 50% to 20%.

And on the collection strength, since we had a good year last year, so what should be the ballpark growth rate there?

Of course, in the same, similar 15 to 20 percent growth should be there. But again, it's a function of launches and function of sales. But I do believe that this is what we should and will achieve when something drastic happens. But as of now, I think that's the plan.

Sure, and just to clarify on the business development, if I heard you correctly, you said 9,000 to 10,000 crore of business development spend from here on?

No, development business, I meant on the construction side, residential side, will be spending 9,000 to 10,000. On the business development, if you see what has happened in the current financial year, the business development spend is on the higher side. This is basically because there were some government and corporate land which were available, which we have acquired. So basically one parcel in Hyderabad, and we have acquired three parcel of land in Chennai. So whatever capital deployed on business development, good financial use on the higher side. Now for the next year, we expect what we have allocated right now is $4,500 for the business development.

$4,500.

Okay. Okay. Got it.

And just to clarify again, this 2,600 crore that we spent in Q4 was only for the acquisitions we did in this quarter or something from the previous quarter also slipped over to this quarter and hence we had this higher number?

Some portion is of the previous quarter also. For example, the Raidul plan, what we acquired in the previous quarter, one installment, the final installment and the registration was falling due in the current quarter. So, we paid that amount in the quarter close to 600 crores, 650 crores, what we have paid. Just on that part.

Sure. Got it. Got it. On the commercial side, I think we have made a good progress in leasing the BKC asset, which is 70% pre-lease now, if I understand that correctly. The Mahalakshmi, the prestige Mahalakshmi is still 10%. Is it a kind of deliberate strategy to hold on to those leases or our rental expectations are something which probably right now market is not considering and hence we are a little slow on that leasing?

No, no, it's a deliberate strategy to delay that leaving in Mahalakshmi because Mahalakshmi will be a product which will not be, which has not been seen and which can't be seen in the near future. So we are being a little slow. Having said that, I think we have committed something like about 400,000 square feet even there to some top-notch clients at some great It will happen. But then we are not in any desperation or any hurry, because it's still a long way to go for us to complete the project.

That's helpful. That's it from my side, and all the best. Thank you.

Thank you. Before we take the next question, a reminder to all the participants, if you wish to register for a question, please press star and then one now. Your next question comes from the line of Kunal Lakin with CLSA. Please go ahead.

Yeah, hi, good afternoon. Firstly, on the next year's launch pipeline, if you can get some color on in terms of what could be the GDV of the new launches that you're targeting for 27, and on the key launches, which you contribute to 27, where are we on the approval side or development plan side?

Yes, sir. So on the BD front, we added about 50,000 crores of pipeline across the company. This year as well, we will also continue to add projects to the TPE. But in terms of upcoming launches, for this quarter, we have about three to four projects which we will launch, around 5,000 crores of GDV. That is Cardinia Phase II in Bangalore, Palm Coast in Chennai, and Forest Hills in Mumbai. That should give you around 5,000 crores in GDV. The balance total is about 57,000 crores of GDV for the rest of the year is what we expect to launch. Just to add that, Kunal, we have already launched Golden Group, so 9,000 pinders have already launched, and apart from that, 5,000 is expected to be launched.

Hello?

Kunal, sir, does that answer your question? As there is no response from the line of current participant, we'll move on to our next question. Our next question comes from the line of Abhinav Svina with Jeffries. Please go ahead.

Hi, sir. A couple of questions. So, firstly, on the lease business, what are the renters you have received in BKC and also, secondly, in Bangalore? How are the renters trending right now?

The rentals in BK3 and the rentals in Bangalore.

Rentals will be pretty strong, and I think today it's around the 360 rupees mark. Okay, and Bangalore? Bangalore depends on which location. You see, Bangalore also, the rentals can be anywhere between 60 to 130, which is outer, and CBD will be around 200 plus.

And how are they tending, considering we have a large pipeline now opening up in FI27? Are you still seeing growth on a YOY basis, or rentals are flat now for the last few months?

There is growth. In fact, there is no space that we have which is ready, and so that is a good positive thing for us. And I believe that as and when space gets ready, we are The

second question on the balance sheet side with about 0.65x net carrying, Are you comfortable with the current level, or you would like to bring this down?

It's work in progress. Ultimately, net net is when all our CAPEX assets are ready, whether it's office or retail or hospitality, there will be a retail and ITO, and that will help us unlock capital. And in the residential side, we really don't need any debt as such because it's all self-liquidating. Only at some point, as we are buying some big tracts of land, there will be a requirement for capital. But that moment the project is launched, we'll start slashing out. So it's all, you see, there's no hard rule and how it's done. But then at the same time, I think whatever we've done is pretty comfortable and I would say pretty easy. Okay.

And finally, on the launch pipeline question, I think which Kunal was also asking, for some of the large projects which we have in Chennai and the remaining pipeline in Hyderabad, what should be the timeline for those?

Sir, we've just bought land. That is the Ramco land. We've just bought. The planning is done. Now, it will go in for approval. Similarly, we've got the previous land. Again, we'll go for approval. So, it will take six to eight months for these approvals to come. Now, there's a brand new dispensation which is talking all positive things. So, hopefully, it will not take too long and we should be able to launch quickly.

Great. Thanks and all the best.

Thank you. The next question comes from the line of Parekshit Kanterpal with HDFC Securities. Please go ahead.

Yes, sir. Hi. Congratulations on a decent quarter. So, just one clarification first. So, this Prestige 101, so you have leased out 70%, so it includes both the tower X and Y, right?

Uh-huh. Which one? What did you say?

Sir, we have said Prestige 101.

Today, we are only talking about X. We said we will complete X and then we will talk about Y, because Y also has a edition hotel also. So, we want to do it properly. So, today, the leasing is we are only talking about the X tower. Though all towers are getting ready, of course, X will get ready faster than Y. It is all a work in progress.

Okay. Second question is for now seeing we have started seeing momentum on the construction on the commercial side. So do you think is it the right time to look at some strategic investor to come in and probably dilute some stake in the commercial portfolio and raise some capital for growth or CAPEX, so which may elevate some issue around the market?

Not just now, not just now, not just now. The game plan is we've got a good goal. I think we'll be working towards that goal.

Is there any timeline? I mean, are you open to option or are you not, Simon? You will first build out and then only look at doing some kind of monetization there?

We have an open mind, but the idea is now to build out and lease it and then do whatever.

Okay, build and lease and then do whatever you want to do. Okay. Sure, sir. And third thing, sir, just on the Mumbai portfolio. So now we see that there is whatever GDV is left now. So we are not seeing any major project, new project coming up beyond the sustenance. I think only the commercial is coming up. So how is the business development pipeline building out in Mumbai? Because it has been a good contributor last year. So how in next two years, how do you think this will build out? And I also see that you have added Lona Vla as in the land bank. So what is that project?

No, no, no. See, the thing is, there's a big pipeline for business development in Mumbai. Actually, we go slow. At the same time, there's a lot of opportunity. We've got the biggest one, which is called Prestige Place, which is in Worli, where they've done the plans, everything else. Even that will come into the market. We've tied up something in Gauravili. We've tied up something in Thane. And then, of course, we have office, which is about a million plus square feet in, what's that, near the airport, Saha airport. So, it's quite a lot of things that are there. There's no question about not being there. There's a big pipeline, and we are, we play, we are very conservative. We are very measured in what we take. There's no sense in going full speed ahead.

Okay. So, within the pre-sales now, from Mumbai, how much you are targeting this year? I mean, you have done 6,000 last year. So, what would be, internally, you would be targeting from Mumbai in this year?

Mumbai has done 6,000. As I said, we are looking at a growth of 15-20%. If you get more, it will be great.

Okay. Sure, sir. Thank you.

Those are my questions. I wish you all the best. Thank you.

Before we take the next question, a reminder to all the participants, Please press star and then one to ask a question. Your next question comes from the line of Akash Gupta from Nomura. Please go ahead.

Hi, thank you for taking my question and congratulations on a set of numbers. So my first question is on the Maharsmi asset. Has there been any delay by one year of completion from FI 28 to FI 29? And if that's the case, we are not seeing any change in the exit rental estimate. So, that's my first question. What's on that front?

No, no, there's no delay at all. We are all on track. Everything, whatever we are now, right from the J1, we've been consistent. There's no delay.

Understood. Sir, the second question is on the left.

It was calendar year when we planned to finish it in 2028. So, maybe it moved from FY28 to FY29, but it's the same calendar year.

Understood. Sir, my second question is on the Jijamata Nagar project. I thought we were expecting it in FY27, but now it's moved to FY28. So, is there any chance of it moving again to FY27? What's the thought on that front?

I think it could happen. You see, it's all a question of, you know, timing. It's a question of getting the approval. We've done the plan. But, you know, regulatory stuff, still the regulatory stuff gets done. Otherwise, the plan is clear. It's a flat plan today, and I think it's only about approvals.

Understood. Understood. And, sir, just how should we look at the peak net debt or peak net debt to equity? And this thought on operating cash flows and what's our peak net debt equity, or is there any hurdle that we don't want to cross from our peak net debt perspective?

Again, this quarter we have seen a slight spike in the debt equity level because of what we mentioned that we had acquired a couple of land passes. Now, all those land passes that we have acquired, we are looking at launching in the current financial year. So there will be a lot of capital which will get unlocked. So in the current financial year, we don't see the debt equity pricing further. So we have kept a cap of 0.75. We don't believe that we should be at 0.75 as well.

And plus, what happens is we can't look at it quarter on quarter. We have to look at it holistically. Now, we spent 800 crores for Ramco, another 350 or 400 crores on TDS. So, a lot of money has gone in. And then something in Aranagar in Mumbai. So, all these investments have been made, and they get cashed out eventually.

Understood, sir.

Moreover, operating costs also have been quite healthy. So, current financial year, we have done 7,000 flows of operating cash flow, and the growth of the operating 15% to 20% should result in the coming financial year of operating cash flow of 8,500 to 9,000 crores. So, we don't see any further spiking unless we do some large acquisition.

Understood. And so my final question is on the EBITDA margin front. In the fourth quarter, we have recorded roughly 26%. Eventually, we expect this number to go to 30%. So when should we expect that number to start coming in? Because I think now in FY27, our FY22-23 projects should start getting updated, right?

I agree that whatever we have done in 22 is getting recorded in the current financial year, and maybe whatever we have done in 23 will be recorded in the financial year 27. But what has happened also in the last couple of years is quite fast. So we had across 10,000 crores of sales in FI 22, and that is what we have recorded close Thank you. So, since the time my revenue recognition does not catch up with the PCS number, you will see some difference in the reported number versus the actual number.

Understood, sir. That's all the question I had. Thank you so much.

Thank you. The next question comes from the line of Kunal Lakhran with CLSA. Please go ahead.

Yeah, hi. Sorry I got disconnected. So, just following up on my question, in terms of like, If you look at the launches of 57,000 crores, and say, last year, I think almost 60-65% of sales came from our new launches, or new launches were almost 60-65% sold. You know, if you just kind of do the same math, and the 3,000, 3,500 crores of investment sales, we should be able to, like, you know, be on the higher side of the guidance, or maybe possibly even surpass the guidance that we are giving for 27. Would that not be a fair assumption?

Well, I believe that is a fair assumption, but at the same time, we want to be conservative in how we approach this. Of course, we will make the best efforts to exceed our guidance, but we will, at bare minimum, need to guide them to 15-20%. Understood, understood. Thank you.

The demand side of things, right? I mean, when we look at FY27, a lot of our launches are Bangalore and Hyderabad-heavy or centric, right? How should we look at in terms of like the demand environment in these markets? Are they, you know, considering like the narrative that's going on on the IT side of things, tech side of things, you know, in terms of hiring as well as job cuts, how should we look at the, what are you sensing on the demand side? Are you seeing some slowdown in the decision-making, some impact on footfalls, conversion?

I mean, it's been very healthy so far. Sales have been consistent month-on-month across different geographies. And the base customer, I mean, ex-Mumbai, has been the IT customer. So I would say, yes, they have accepted, you know, the higher pricing and, you know, the larger ticket price forms as what it was compared to years back. But we've also been very cognizant of what the appetite is, and we've also been designing products as such, not to exceed a certain ticket price. So, as long as we're selling within that region, I think sales will be very healthy, and, you know, the mid-income is always evergreen. So, we haven't seen any kind of slowdown.

Okay, just a follow-up on that. Are you alluding towards some push?

Sorry, we're not able to hear you clearly.

Kunal, sir, we have lost your audio once again. Kunal, sir?

Yeah.

Sir, we had lost your audio once again.

Sorry, can you hear me now?

Yes, sir.

Yeah. So, I was just asking that, are you alluding towards there is some pressure or pushback on the higher ticket size apartments in these markets? In fact, there is no pushback at all. The demand is the same. There is no pushback at all. Okay, sure. And lastly, on the Jeeja Mata Nagar launch, right, the STP-related issue, is it sorted? And what could be the contingency on this, if this prolongs?

You can see it all will be done. We are coming up with a much better scheme. It's only work in progress. In the next quarter, we will be very, very sure where we are. And then I think maybe in the next call, we will be able to tell you something very positive.

Perfect.

Thank you so much on all the rest.

Thank you.

Your next question comes from the line of Beplup from MPA Global. Please go ahead.

Good afternoon, and congratulations on the excellence here. So, first question is more of a clarification on the net debt issue. I didn't understand. So, sir, are you saying that there would be moderation in the, or the net debt number won't go up in absolute terms, and it will stay at 11,000 crore level, or you are referring that debt equity ratio will stay at the same level?

See, we are not saying that it will remain at the same level, but it will remain within 0.75 equity level. There will be applied maybe 1,000, 1,500. Go up and go down. This is not a problem. It's dynamic. It's dynamic. So what we are saying is it will remain within 0.75 levels. We have healthy cash flows which will sustain our development business as well Okay, thanks.

And on the, you know, the rental assets that you are developing in BKC, Mahalakshmi, and Dayal, so by when do you expect them to generate rental, full-page rental, I mean, say, 70% occupancy and generating rental? Okay, so by 29, if the property, I mean, you mentioned about the property getting ready, do you expect them to be fully leased and generating rental full place? Yes, yes, yes, yes, there's no doubt. Okay, okay. And final question is on the, you know, the NOIDA project, Bougainvilla. Is it at the same level that it was earlier or there is some progress? Because we keep on reading news that there is some Supreme Court order, things are moving in that sports city sector.

Now, finally, there's some positive move on that. The master plan has been approved. So, now we can go and get our building plans approved and we'll be ready for launch in the next quarter.

Oh, oh, that's great. Thank you, sir. Very positive, sir. Thank you, sir.

Thank you. The next question comes from the line of Parve Skazi with Nuwama Group. Please go ahead.

Hi, good afternoon, and thanks for taking my question. So, my first question is, continuing to the question, in NCR, we also have added another project, Prestige Meadows, 3.8 million square feet. So, just wanted to get some more color on it. Is this our Burgaon project, and do you expect to launch this in FI27?

Yes, yes, we do.

The plan is to launch it this year. And this is the sector 90 or sector 92, if I'm not wrong, right? 92, right? 92, sure. Second question is, in Q4, what was the contribution of launches to our pre-sales? Q4, what was the contribution of launches? Launches to our pre-sales. So, what percentage of our Q4 pre-sales came from the projects that we launched in the same quarter?

Sir, I'll take the data offline.

Lastly, of the 50-odd thousand crore GDP addition that we did in FY26, what is the payment which is still to be made for those projects added?

Thanks.

See, whatever we have added on the business development, the balance with all those plans we have fully paid, the one we acquired in Raizouk and the two land parcels in Chennai, the balance to pay is close to 500 crores. Sure. Thank you. I think the balance will be good.

Sure. Thanks, and all the rest. Thank you.

The next question comes from the line of Gaurav Khandilwal with J.P. Morgan. Please go ahead.

Hi. Good afternoon. Thanks for taking my questions. I just wanted to ask if you're seeing any issues in construction in terms of raw material availability, labor issues across your different project sites, geographies, owing to the West Asia conflict. That's my first question.

See, more than the West Cheshire conflict, we had election in the Northeast in India. So, about one month, all our labor had gone for elections and voting and all that. Now, the good news is they started coming back. And I think by first week of June, we'll be fully labor. Yes, now on the commodity front and on the availability of materials, it's only to be seen. As of today, there's no shortage, but if things go really bad, then there's something for us to get concerned about. As of today, I think availability is there, but the pricing is definitely going to go up.

But in this case, sir, do we then think that this quarter, as in 1QFI 27, the constructions would be a bit on the slower side?

No, no. See, we have to make up because we've got best-in-class contractors like L&T and Kalpatru. They will definitely ramp up better and make sure that they don't lose time. So our endeavor always will be, our focus will be to see that we are on the ball on that, and I don't think we should have any concerns.

Got it. Thanks for that. That's very clear. My other question is if you could just give us some sense of how many of your customers are NRI customers, and I know this is still early to ask, But are you seeing any potential shift in demand from the Middle East to India property markets?

That we can't really engage, you see. But we've always had a small percentage of NRI customers, and they keep buying. It's not that everybody in Middle East will come and start buying here. That's not going to happen. But it's only a matter of time.

But at least in terms of, let's say, year-on-year trend or sequential trends, are you seeing the interest from that small NRI cohort? Is that still the same or moving up or moving That is very sentiment-driven.

We consistently do some NRI sales every year, and that number is around the same. I think mindset of NRI is very different to our primary buyer, which Got it.

And if I can just confirm, how much would NRI constitute in the form of sales, Like, 10% of the total sales or something around that zip code.

Yeah, that's about 5% to 8% of our overall sales. That's about 1,500 goals.

Got it. Okay.

Those are all my questions. Thank you.

Thank you.

The next question comes from the line of Akash Gupta with Nomura. Please go ahead.

Hi. Thank you for taking up my follow-up question. Sir, my question was more on the strategic front and, like, a timeline from a three-to-four-year perspective. Currently, we're looking at 35,000 crores of pre-sales, which would be roughly 4% to 5% market share. In, like, five years, would it be okay to estimate prestige taking 10% market share, which would be, like, roughly a 70,000 crore, 80,000 crore pre-sales? The question is, is that a reasonable assumption?

Thank you. Today, I've got 65,000 crores worth of unrecognized revenue in my books. Today, the product is sold and not coming to my books because it's just sold and it's not coming to the books because of the accounting system. And that's 65,000 crores.

And so my second question is on this, again, in two to three years' time with all this AI I think happening in this IT slowdown happening. Obviously, we're not seeing a slowdown in footfall right now, but then in two to three years' time, do you think there are other industries, GCCs, et cetera, that are offsetting that sluggishness in the IT demand? Which other sectors are offsetting it? And like, especially in a city like Bangalore, how are you seeing that mix changing in two to three years' time?

No, there is demand on the VCCs that are picking up more space, and then if you say AI, AI also needs space, AI data centers need space, and then AI and data centers, the type of job creation will happen, will be a different type of job creation. So, it's a failure. One business will lead to the other.

Understood. That's all the question I answered. Thank you so much.

Thank you.

We take our next question, coming from the line of Yash Gupta with Ashit Koteja Family Office. Please go ahead.

Yeah, good afternoon, everyone. Ashan, of course, first question is on EBITDA margin. As we have said that our revenue recognition needs to pick up to the pre-sales number. But I think the GAF will always be there. So, do you think our reported EBITDA margin will always be 25% only other than 30%?

It will be in the range of 25% only, because the catch-up will take some time. So, on our time, when the catch-up doesn't happen, it will be in the range of 25%.

But, sir, do you think like in 2021, we have some legacy projects which is a low margin project? So, once those projects are over, so in next FY27, we will be going to have some better margin?

That's why I mentioned 25 percent, yes, because in a financial year, 26 years, the post-year flow to 21-22 percent of the dollar margin. The drop on 25 percent was mainly because of whatever legacy projects which we had acquired in Mumbai, okay, whatever had been always sold by the US2Y and the developer, which we had to honor those prices and all that.

So, margins My second question is on the completion basis. We are projected to complete a 20-plus residential project in FY27. How much revenue are we going to recognize in FY27?

Revenue recognition will be in the range of $12-$13,000 on the residential budget.

In this quarter, we have read this Prestige Cozinoor and Prestige Quantum Commercial in Mumbai. Can you throw some light on both this project?

Sorry, Prestige Cozinoor and?

Prestige Quantum in Commercial.

Thank you so much

for your faith and believe reports in us. I think the team is very dedicated, and we're all very focused on achieving some good results for the coming year, and also creating some good delays for our investors and our customers. So thank you very much, and have a good year.

Thank you. On behalf of Access Capital Limited, that concludes this conference. Thank you, everyone, for joining us, and Human Outers Connect Alliance.