GANESH HOUSING LIMITED (GANESHHOU) Q3 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Ganesh Housing Ltd. Q3 and F826 Only Conference Call hosted by GoIndia Advisors. As a reminder, all participant lines will bend the lesson 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 then zero on your touchtone phone. Please note that this conference has been recorded. I now hand the comments over to Mr. Gachit Gupta from Goindia Advisors. Thank you, and over to you, sir.

Yeah, thank you, Ganesh. Good afternoon, everyone, and welcome to Ganesh Housing Limited Earnings Call to discuss the Q3 FY26 Reserves. We have on the call with us today Mr. Rajendra Shah, Chief Financial Officer, Mr. Neeraj Kalawatiya, Vice President Finance, and Mr. B. Ravi, Corporate and Financial Advisor. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risk that the company faces. I now request Mr. B. Ravi to take us through the company's business outlook and financial highlights, subsequent to which we will open the corporate Q&A. Thank you and over to you, sir.

Thank you, Rajat. Good afternoon, everyone, and a warm welcome to all of you Thank you to the Ganesh Housing Limited Q3 FY26 earnings call. Thank you for taking the time out to join us today and for your continued interest and support. The third quarter of FY26 has been a period of steady operational progress for the company, even as revenue recognition remains a milestone-driven one and uneven across quarters. While the reported financials Before discussing the quarter in detail and as well as the project, it's important to place our performance in the broader context of the Ambrevash real estate market, which It continues to remain one of India's most structurally attractive urban growth stories. Ahmedabad today stands as one of the country's most affordable large cities, with an EMI to income ratio of around 18 persons, significantly lower than most metropolitan markets. This affordability combined with improving infrastructure, strong employment generation, and steady migration inflows continues to drive end-user demand across residential and commercial segments. Over the past few years, the city has seen a series of structural triggers. These include expansion of Gibbs City, the ongoing Metro Phase II development, improved road connectivity across the western and northern corridors, And the expected infrastructure push around the Commonwealth Games 2013. If you have seen, the Ahmedabad Municipal Corporation's recently announced budget outlines the maximum push the NPS is driving to give in Ahmedabad on all fronts, Be it infrastructure, tourism, sports, mobility, water, digital governance, inclusivity, housing, and urban aesthetics. All this will trigger an all-round growth in real estate with both residential and commercial projects taking off right. Together, these factors are shaping, or rather re-shaping, the city's growth corridor and driving both residential, absorption, and corporate leasing demand. Furthermore, these factors are increasingly influencing homebuyers, buyers, and investors' preferences, especially among professional and U.A. businesses. Gujarat itself has been consistently ranked among India's top 7 states, frequently appearing in the top 3 for key developments with parameters including economic growth, industrial output, FDI inflow, etc. Also, many ultra-large developments are coming up in the next 5 years, and Ahmedabad lies in the forefront of all this. Coming to the company's performance during the quarter, In QC, FY26, the company reported revenues of 92 crores. EBITDA was about 72 crores with an EBITDA margin of 82.3%, while profit after tax came in at 54 crores, transmitting at a FAT margin of 58.7%. For a nine-month period, revenues stood at 417 crores and FAT at 255 crores. Despite the modern moderation, compared to last year's high rates, our margin profile continues to remain amongst the strongest in this sector. This reflects the inherent strength of our asset base, the low-cost landline, and our disciplined approach to capital allocation. This year, there has been, as you have noted, a decline in absent revenue and profits, both equally and year-on-year. However, I would like to quote, at this point in time, a Sanskrit flow, which goes this way, Sharmastagato bhanuhu unhar udepit dihtimanamah, which translates to, The sun sets only for a moment and rises again in full brilliance the next morning. This applies exactly to what our performance has been. I would say the past water represents a temporary pause in an otherwise steady trajectory. With structural drivers intact, we are positioned for renewed growth ahead. While revenue and profits could be lower year-on-year on a differential basis, this is primarily a function of the timing of the revenue retention and the framing of the land transaction. As we have consistently communicated, FY25 was an exceptional year, driven by large Hulali plan monetization deals too. And FY26 was expected to be more execution-less. Our balance sheet continues to be a key strength. We remain debt-free as of now for over three years, support by strong internal approval and prudent financial management. This provides us with significant flexibility to fund ongoing development, pursue new opportunities, and navigate market cycles without any pressure. Now, the more important point is the operational update on key products which are going on very well. First, Million Minds Tech Park. The Million Minds Tech Park building is now fully constructed with a total build-up area of about 13.5 lakh square feet. It also includes a state-of-the-art visitor center spanning about 25,000 square feet designed to showcase their project and host corporate engagement. The visitor center would be a common expenditure for all the faces of the project. The leasable carpet area is about 7.2 lakh square feet, which will shortly be applying for the BU or the occupation certificate. On the leasing status, I am glad to say that of the total leasable area of 7.25 lakh square feet, LOIs already received are to the tune of 4 lakh square feet. Average agreed rentals are more than 100 rupees per square feet on the carpet. And several tenants have already commenced the interior pit-out. Final negotiations are ongoing for the balanced area and we are confident of achieving 100% leasing before end March. Once operational, billion miles will not only provide predictable lease income starting from FY26 first month itself, but also position the company more firmly in the commercial development and annuity segment. Over time, with multiple phases, this project has the potential to become a meaningful contributor to our overall earnings profile. The second project, which is Malabar Retreat on the Housing Front, is a premium residential project, and the construction thereon continues to progress steadily. The project overall is completed about 74%. In fact, the construction of the structure is almost 100% complete, and work on finishing has started. As the structure advances and the visibility improves, we are seeing sustained buying interest, which is typical for any project approaching completion. We expect this action to translate into stronger conversions as we move closer to delivery. As we know, we started this project in March 2024, less than two years back, and the project is projected to be completed March 27, probably could be even earlier, looking to the schedule and looking to the completion, whichever it is received till now. On the updation of the actual sales, the total sale value, as we know, is 450 crores, and it could be more because the pricing only improves as we, as a date progress. As of now, the bookings done are a same value of almost 155 crores or more, which is about 25 to 40%. The third project, which is planned, is 191.38. At this point in time, I can say that the plans have been submitted for statutory approvals and the approvals are expected in the next 1 month or so. The project launch will follow immediately post-approval. This is a premium office, as you know, and retail also built into it. And this will have a good, you know, numbers going forward in the coming two or three years. The fourth project is Million Minds Phase 2. Plans have already been submitted for approval again in this, and we expect the approval timeline to be end of February, this month or early March itself. And the pre-launch preparations are already underway. The fifth project is Godavi Township. As you are aware, the strategic land monetization was already initiated nine months ago and is going on smoothly. The current year, about 58 acres till now have been successfully sold with an average realization of about 14.5 broads per year. Total amount of monetization till now is about 35 or 40 acres. As a summary, Lettree states that our strategy remains focused on value maximization rather than volume-driven sales. With a fully paid land reserve across multiple growth corridors, we have multi-year visibility across project development, residential projects, and mixed-use assets. First, our business model is evolving into a balanced platform across land monetization, development income, and annuities of revenue. Land sales remains a capital efficient vertical, with while projects like Malabar Retreat, Million Minds, and 191 Saltage represent the next phase of development net growth. Second, with our million miles phase 1 hearing completion, we are approaching our first meaningful annual income sheet. Over multiple phases, this development has the potential to bring us a substantial recurring revenue base over the next 5 to 7 years. And third, the land monetization approach remains disciplined and value focused. So therefore, on all fronts, The way the projects are at this point in time, we have built in a strong base and going forward in the coming years is only going to be built thereon. With that, we can now open the floor for questions. Thank you.

Thank you so much. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question, may press star and 1 on their touch phone telephone. If you wish to ignore 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. Our first question comes from the line of Bhargavi Patel from Abhinash Mentor Research.

Yes, go ahead. Bhargavi, you may please proceed with your question.

Good afternoon, sir. Am I audible?

Yes, you are.

Thank you, sir, for giving me the opportunity. I have a couple of questions to ask. So, my first question is, for the 191th Haltish project, is demand visibility largely pre-commitment driven, or will the project rely on speculative absorption post-launch?

Can I take the answers, or are you going to finish the question also?

Shall I ask the second question?

Yeah, you will do that both. Yes, I can answer both together.

So, my second question is, how much of the expected demand uplift around the 2030 Commonwealth Games, you think, is already reflected in the land pricing and investor interest? Also, which micro markets within the Ahmedabad stand to benefit the most, and how exposes companies land down to these zones?

Yeah, okay. I'll take both. 191, Saltage, it's always a mix. The such kind of projects, generally what we have seen, especially for the next thousand, continuously, quite a bit of them are always having an interest even before the project has been launched. But obviously, this is a very big project, and not the entire thing can always be driven by that. So, though there is a good amount of interest in that, quite a bit of that would have to be post-launch driven only. So, maybe the fitting up of these things can be much faster than normal projects, but still it will be driven by both the pre-sales as well as the post-launch sales. On the other side, you know, I would say that just an announcement of 2030 has yet been completely absorbed in the existing land price growth or, for that matter, an investment interest completely. I would see that the moment the work starts, which will, it just started to happen very slowly right now, but when the momentum picks up, that's when you will actually see a lot of traction in the land prices as well as the investors interested in that. So, I would want to raise for another six to nine months to see in which all pockets this is happening, to really say that the prices have been already factored in or not. The same goes for any micro, you know, the fact that other micro-economic factors. Definitely, the interest that is pushed, and especially what the ANC, Ahmedabad Ministry Corporation has announced recently, definitely looks at a lot of things that are going to happen on the connectivity and also the, you know, the communication part itself, and therefore, yes, in all those places where we have land, we do see good development happening in those areas in the coming months. Anything I need to start?

Understood, sir. Thank you for giving such an elaborate answer. All the very best to you.

Thank you.

Thank you. Our next question comes from the line of Krish Bhatia from Anandrati Share & Stock Brokers Limited. Please go ahead.

Hi. Thank you for taking my question. So, in Q2, you have indicated the clarity on guidance to emerge post Q3. And based on the execution, what are the key factors that could materially alter FI27 guidance?

Yeah, the FI27, I would definitely want to wait for the next quarter to be completed, and I'll give it along with the final results of this year. But at this point in time, I would definitely want to add one thing, And that is, the way the project has been completed, especially in the Marlborough retreats, as you know, it's a more coherent, it's a permanent road, there's probably, that is likely to be completed within the next financial aid itself, and also probably, you know, even the possession handle. The way it is going to be completed well before March, the way it looks at this point in time, like in all other projects also. So, surely, that entire state will come up. And also, the way the Godabi land has been having traction at this point in time, it can always have a quarter-on-quarter changes. But on a long-term basis, that's going to be one more very big addition to the entire state hill for the next year. But very importantly, the lease rentals which we are looking at and which are more than what we had earlier predicted, that's also going to be adding as a almost a full year, if not full maybe, this is 10-11 months of year for the lease rentals into this revenue. So I do see FY27 to be 100% driven by all these projects. More in the media, of course, and we will give you the exact item maybe in April or May.

Thank you. That's helpful. And the second question is, how does the expected yield from million mines compare with similar grey-way assets in GIF City and perhaps the long-term market? As future phase rule out, will the sales strategy tilt more towards leasing or selective asset monetization to e-file to establish it?

If I understood correctly, GIF City and what We have, they are very complimentary. Gip City has got the financial center, so it's mostly driven by all the financial companies and the financial businesses which are run there with their tax holidays, whatever has been given. And the other ones which we have, let's say the 1 million miles, is driven by pure IT pay. Both 50% is excess and 50% is non-SSA, right? So, both these are effectively actually quite complementary to each other, while one caters to the financial, one just will cater to the IT and IT-related services. And that's the kind of attraction we have been seeing also. So, but put together, Ahmedabad as a whole, both these, what we have in SZN and their kind of development is happening, will catapult Ahmedabad into the IT sector and IT-related services, whether it is financial or non-financial. And I think that offers very well for us, especially as a company and for Ahmedabad in general.

Thank you. Thank you so much. That's helpful. That's it from my side. Thank you. Thank you.

Thank you. Our next question comes from the line of Aruvind Mahadi, one from Equiventure Capital Advisors. Please go ahead.

Hello, sir.

Am I audible?

Yes, you are.

Okay. So, thank you for giving me the opportunity. My question number one is, out of the total revenue generated out of this quarter, Sir, how much of it belongs to land monetization, sir?

See, I would call it the project of Godabi. It is 100% that. 100% project is driven of land only, which is, as you know, Godabi has got both the plotter and the land itself. Plus, the development is going to happen, as I mentioned earlier, from September or so this year. That is, in fact, when it comes to climate.

Okay, sir. So, we were planning to monetize around 50 acres of land for the current financial year, out of which we had already monetized 33 acres. So, the value in 17 acres, how much of that is left, sir,

as of now, 38 acres have been monetized, and about 12 acres are still left on the train once.

So, that would be done by Q4, right?

Well, I'll be giving you too much of an advance guidance for that. I'll be waiting and watch for that. I will complete the year, please, and I'll continue for that. I will profit, sir.

Okay, sir. Okay, sir. And last question being, what is the timeline for the call case project? When can we expect it to be completed by?

Completion is three years from the date of launch. And maybe a natural three-and-a-half years, then they will be.

The ideal time is four years for this kind of productivity. Yeah, I'm only two million square feet of the development. So ideal time will be the four years.

Okay, okay, okay, fine. Thank you. And last, sorry, sorry, last question. We have already received 50% of LOI in the last quarter.

Yes, by March, we expect 100% alloy stability for leasing. At this point in time, it is 4 out of 10.25 lakhs. It is almost like 60%.

Thank you.

Thank you.

Our next question comes from the line of Henil Bagadia from Equicorp. Please go ahead.

Thank you for the opportunity, sir. I just got some questions related to the capital part. Since we are going to launch the one-cultured project in the FY27, and it's going to take about three years, so by FY30, also we have got certain other launches that is on the Million Minds SCZ part, we have got other launches on the commercial part and the residential part, and we just have about say 12 acres land parcel that is yet to be monetized. So, how do we manage, how do we see the cash flows going ahead? And for the Malabar, we are at about 30 to 40% projects sold out, right? Or has the number gone up beyond 50%?

Yeah, I'll tell you. Malabar, to answer the last one, Malabar is about 35-37% at this point in time. And that's around 160 crores of sales value. And the total sales value is 450. That is one of the cash flows which are going to be coming in in this year itself Because the project, as I said, is, structures are almost 100% complete, and we expect completion in the next 6 to 8 months, right, or 6 to 10 months, let's say. So, that is going to be one of the main cash flows. Obviously, that's going to be used for the project, some of them, but the land is already been paid for, so that will come as a cash flow inflow for that. The second one, it's not just, you know, the 12 acres. Frankly, that was the first phase in Rolabi, the land monetization we talked about in the first phase was 50, and maybe 50 in the second phase also get growth earlier. So, in terms of the value which we can realize from that is tremendous, and therefore, it will not be restricted only with 20 acres. It can go beyond that also, provided we get the right kind of fraction in that, and the A lot of movements are happening in that area. So, obviously, we are very, not just hopeful, but we believe that the kind of a making which has happened will only give us more value to that land with all this development. So, that's going to be another cash flow, for sure. So, 191 Thalse is something which will be, it's not going to be a lease one. So, therefore, there again the land has been paid for. And the construction would begin with a very small requirement of money from our own side in terms of construction. But as in when the phase of that happens, the cash flow from the sale also will start coming in. So, at this point in time, as we see, there is a strong cash flow for the projects as such. But, always there is any development of any new land and all that, which could be always something which can come up at any point in time. So, we are planning at this. Let us see how all the tax changes we are doing on land acquisition as well as all this project monetization going ahead. That will tell us whether we do have a cash flow requirement, a shortage, if at all, for project or for temporary cash flow. All that will happen in the next three to four months. So, the next year's guidance, next year's numbers, we will be able to spell out every aspect of this. At this point in time, I can say that the cash flows are very well balanced.

Just to add to what Raviji just said, we will have almost 90-95% lease tied up for phase 1 of SES, and we can always go for horizontal discounting in respect of those leaseals which are tied up.

So, just to get a little more clarity here, so will you be able to sell the complete Malaba project in FI27, that is about 60%, about 60%, that is the... And that comes up with 300 crews?

Yes, that's what we are planning and that's what we are hopeful. Because the project is very well visible at this point in time and we do see traction. While we are making these numbers, when we had the board meeting, we had, after the, you know, the last 3-4 days, we got about 5-7 bookings additional. So, it is going on well. So, the management has been definitely hopeful of completing the entire sale and handled over in a 5-8 channel.

Okay. Sir, if I just put some numbers to it. Sir, we, it is about 300 crores that we got from the Malabag project. Altage project, if I see the cost based on our construction, since you said the land is already paid, it would, it could be about say 400 crores. And if we actually see the Godavi land parcel based on the current settlement, it comes about say 200 crores. So, on a macro level, I think the cash won't be a problem, just the timing effect could be a little bit of an issue, if I'm not wrong.

Yeah, so, you know, what you just summarized, we have to put it in one sentence. There could be a temporary requirement, there could be, you know, some quarter or the other quarter which can be a mismatch pricing. Overall, the prospect cash flows are made and run about. They will be a very good balance and we will be able to manage for all the projects without any difference. See, many times we do hold back certain inquiries too, looking for a better opportunity and a better sale value. So, and if we want to really, one time on that, at that point in time, if there is a requirement of money, we will as well do that rather than just pay for it. So, these are all things which are very flexible in Asia. Yeah, please go ahead, you're saying something.

Sir, he is in December 2025, and the Municipal Corporation actually came out with a higher SAR for certain areas, around 10 roads or so, which I'm not wrong, from 4 to 4.5. Does it impact us in any way, or we've got a neutral impact?

See, most of this development and favorable things have been done for the Western Andabas. I mean, I'm well aware that most of our landmines are located in Western Andabas only. So, keeping the commonwealth development in mind, they have proposed a lot of infrastructure development as well as a new facility. So, definitely that will add to our volume case.

No, sir. So, there is a specific transit-oriented zone, which actually came during the board meeting of Ahmedabad's Urban Order Authority. Sir, from that particular notification, the SSI was introduced from 4 to 4.5 for about 6...

This is what the major decision which has been taken in the meeting. They will come up with an actual guideline and actual survey

numbers where these will be applicable. So, further details, meaning minute details, are yet to be known. This is policy decision which is taken at the ORDA. Now, which all landfers will get benefits is something which lies in detail. However, we are hopeful that we will be beneficiary because most of the land bank is located in areas which are transit zones and which are in the heart of development, which is hidden.

Okay, so if probably the Thaltej, if they, if at all they come with a particular CPS numbers, Thaltej, Malabar could be the biggest beneficiaries, or even, or does Million Mines also fall under that particular possible zone?

Thaltej will be definitely one? Million Mines will definitely be one of the beneficiaries.

It was the intersection of the Ahmedabad-Gani-Nakar road,

expressway, and the two very vital roads, SP Ring Road and SGE Highway, both these are accessible from Miriam Mines.

Okay.

Thanks, sir, for this. Sir, lastly, there is a premium exemption that real estate developers get on using, I mean, on green initiatives and using more ESG-friendly material or type of construction. And since we have also got the platinum award, sir, are we seeing a significant benefit pass on? Because I think so, the exemptions have moved in recently, about 7% to 12% exemptions from the Gujarat government.

Surely, we will be the biggest beneficiary because all these nuances of sustainability which are implemented by local authorities. In fact, we, Ganesh, being in forefront of development, we are also in forefront of implementing all these new things which are being helpful to environment and people at large. So, if you see our corporate presentation, in fact, if you see our corporate presentation, we have developed, meaning, a public garden, we have provided green spaces, we have, we were, in fact, when authorities had not laid down, we started rainwater harvesting and all those things. Meaning, we are kind of ahead. And just to give you further details, our forest station of Western Hills in India is the project wherein we have donated, our corporate, Ganesh Housing Corporation has donated So, we are important of taking care of environment and benefits to people at large.

It will definitely benefit us.

So, lastly, after the completion of Million Pine Decision's first tower, do we see a new tower actually coming up in 2027? Yeah, and also the residential part, do you plan to begin construction on this?

At least the commercial side, as I just said earlier, we are looking at launching the second tower, just next to this. On the residential, at this point in time, we have not yet finalized on which, when, and what, how much of the area we will be doing on that. But maybe in the next six months, we come up with plans of that also.

So, since 50% of the customers are actually from the IT or ITS background, is there any demand or any potential we can put up any data centers or the land is too valuable for a data center project to actually come up there?

The land, of course, is a huge amount there. At this point, the master fund doesn't contain any specific data center as such. But, you know, it's all always demand-driven. And specifications, if we believe that it's going to be beneficial to us and also at large, you know, it's beneficial to the occupants, as well as the latest in the state itself, then we might look at it. I would want to add that at this point in time, our master plans do not have any specific data center, but tomorrow it could be another day. It could be another day. Anything can happen.

Okay, thank you all for the opportunity, sir, and wish the team all the best. Thank you. Thank you.

Thank you. Our next question comes from the line of Janak Shah from Wealth Finvisor. Please go ahead.

Thank you for the opportunity. Sir, I have a couple of questions. As we discussed this call, looking at 25-26, we might end up a bit lower than 24-25, And the current Q3, the revenue has come down to 91 crores, out of which 80% is the margin. So, again, as we assume that is from the land sale of Qatari. So, my question was that when the shift happens from just land sale to the sale of projects going forward in the next 2-3 years, would it be good to assume that the margin, which It is currently at 80%, would be like something like 30-ish, because the sales would also, like, increase many-fold.

Well, see, 30-ish has never been the kind of, even for a developer project, that's never been our margin, it's been much higher than that. And on top of that, see, the whole thing is about, it's a good combination of all those projects where there will be margins around, it's around 37-40%, As well as, another, as well as the land by itself. Godabi has got 438, because 415, now they've got more 438 acres or so, or 418. So, that aspect, where the bid fractions have to be, will always be there. So, if at all there has to be a number given, it would be in between what you said and the 80%. Technically, it will not be 80% in all the projects. That will be wrong to assume. But what you said is also on the lower side. Having said that, I would not want to put a number to it at this point in time. We will reverse this when we are given the guidance for FY27. We will have reversed these things and we will be able to tell you what would be the proportion because a good portion of our sales are also going to be from a development project. It's a Malaba retreat itself. Therefore, I think we will work this out and tell you.

Right, sir. Sir, my second question was that, like, in the year 26-27, can we assume that the 70 crore annuity income from Million Minds Project 1 would start? Yes, it would start. Okay, that is it. And what would be, according to you, what would be the benefits of Commonwealth Games 2030, as we have the largest land bank in Buda?

Well, that's precisely what we are also trying to evaluate at this point in time. Not much of work has started on, and therefore, there has been, unless the work on the Commonwealth, it all starts with the government doing various announcements, which they already have done. Once the budget is done, when the announcement has been made, they have to actually put that into an order, government order, ethical order and all that. So, once that happens, and when the entire, let's say, opening up of all these roads and all are more clearly pronounced, that is when we think that the value of that will be increasing. Definitely, it will have an impact in the coming six to seven months, where a lot of traction will happen in the Godavi and all, because all of the land has been acquired for 2030 years itself by the others and the government. So I think, as I already said earlier too, that from September 26th onward, the real project of what is going to be done in terms of the Godabi go to land will be much clearer, because by then we believe that all these announcements and all these things will have come to a little more clarity and a very specific way of going about it. So, yes, a short answer would be definitely the Commonwealth will have a lot of ups to all the land which we have. It's going to be a positive to us. How much can be the benefit? We'll really have to wait for so many things to be coming about to be announced by the government itself.

Right. So, my last question being that because of this, are we going deliberately slow because we want to have the benefits of the Commonwealth Games? And is the Thaltage 1 and 191 Thaltage the KM project? Yeah, yeah. Okay. And in the PPTs, we are looking at the 191 Thaltage and also about the Godavi being launched. But we are waiting since a long time. Any specific month in 2026, any of the two would be launched, like a concrete launch?

Yes. First, a slight correction on what we have said, Janet, and that is Godavi won the monetization and the development and what we have been doing. It has already been done for the last 15 to 18 months already, last September, October, I think we have started. So, we have begun work, but the project work on Godavi, that's what has not started, but the land monetization is a part of the Godavi project has been already done, which is a very significant part of it. So, that is, it is already in case, and yes, there was a slight wait-in-watch till last December or October to December, that is, 24, I am talking about, because we saw these announcements and we saw these things coming up, and therefore, we had definitely deliberately put the project distance till September 26th. But till then, whenever we saw a fraction, we started to monetize the Godawi project's land, and that has been coming in, as I said, 38 acres have already been monetized, of the total 450 acres. So that's the fact of it. 191 Salte, as I said, we expect the plants to be there in place by March, and therefore that project, if I have to put a stage to it, in all provinces, in March 2026, this project will be launched.

Thank you so much, sir, and all the best.

Thank you. Thank you, Jena.

Thank you. Our next question comes from the line of Neeraj from Kalki Manches. Please go ahead.

Hi, sir. Since you mentioned that, you know, how full-act of the building mines project has already reached out,

will it be possible for you to share names of some of the tenants who are trying the LOI?

Because if it is a sudden of the couch, I think it will be good if we can know the kind of occupiers you're getting.

See, we are actually waiting for the occupation certificate to come in. Many people, you know, want the declaration to happen once the occupation certificate is there. And that's the reason why we are unable to tell you the names. But I have given you, I can give you that it's a very good combination of IT, IT, education, services, co-working spaces, and the like. And therefore, I think we have to wait for a maximum one month before we can actually tell. And what is the launch unit in terms of telling the public, telling everyone that, you know, a OC has been received and these are the names who are going to come in. Just, we have to hold on for another one month or so, please. Okay, and just for my knowledge, I wanted to understand, in the GIP city, since

there is a tax holiday that has been extended, but I am sure that no IT companies or IT services companies can actually take part in the GIP city area, because that would be like a very big dampener for millions of money.

No, I would definitely not say that because the companies who are there in IT and IT-related services are a much larger portion than those who are there in potential services as such. And that's what is going to happen in history. It's all related to, you know, potential services sector. And that's going to be benefited by, in terms of, like, demands and the various other, you know, financial, let's say, the instruments and everybody dealing in that. But IT is far beyond that, and IT related services especially are beyond that. And therefore, I would say, as I was told earlier in my speech, that it will be a very good complementary aspect that both of these will go together, and probably it will be beneficial overall. And both these big beneficiaries will definitely help the residential, where we are only there, is only for their part in space. So, I think overall, both these will be complementary, and we would be able to get a very good traction on the IT and IT related services for our IT days.

Okay. Thank you, sir.

Thank you.

Thank you. Our next question comes from the line of Aditya Peep, an individual investor.

Sir, thank you for giving the opportunity. So, I have two questions. First is, will we have revenue generating out-of-line sales next year as well? And if yes, then to what extent?

To what extent, I would be a bit difficult to say. But yes, it's a very, very important part of the total verticals that, you know, Ganesh housing has. One is the lease rentals, second is the residential and commercial, and third is the landfall. So, incidentally, we happen to have the development happening in 64 acres of where it is a million miles as well as a residential project will come or Malabar is very close by. But on the Godali side, it's basically land at this point in time. It's a project which is having a huge land bank. That monetization would always happen whenever there is a good opportunity to come because that's a good part of our vertical.

All right, sir. Thank you. And my next question is, forecast revenue overall for the Q4 as well as for the next financial year?

Both these things. Forecast revenue, surely the way we have guided, I think it will be lower than what it was. For Q3, I think it will be lower than what it was. That's quite visible at this point in time. For FY27, I have to give a guidance only when we finish the previous year of FY26, and when we have the board meeting, let's say, April or May of February 26.

All right. Sorry, sir, can you repeat again? You mentioned it will be less than the Q3, or you have mentioned it will be less than the Q4 of the last year.

Now, I said FY26 as compared to FY25, the revenues and the profit looks to be lower the way the three quarters have functioned. So, we believe that that's how it will end up with. But FY27, we'll give the forecast in April or May, actually. That's correct.

Alright. Sir, if possible, can you just provide estimation figures in terms of figures, if it's possible?

When we have non-developmental one, you know, this kind of revenue, it becomes very difficult to really predict how much of the demand can come up and we believe that it's a good price to be selling it. So that is always going to be as per the opportunity. So while we had very good opportunity in Q1, Q2 of this year itself, Q3, we didn't get that opportunity and we were not, Happy with the kind of sales value which was coming in. So, we did not do it. But, in this quarter, it can come up. So, to lay a hand on saying how much will happen would be, you know, erring or rather inductors or trying to say something which may not necessarily be proved right. So, I would not venture to do that. I think we have to wait for this FY26 mid-completion to do four numbers. But I still said that the way it is going, FY25 was higher than FY26 will remain that. That's what I said. All right, sir.

Thank you, sir. Thank you for answering all of your questions.

Thank you.

Thank you. Ladies and gentlemen, as I know for the question from the participant, I would like to hand the conference over to the management for the question and comments. Thank you, and over to you, team.

Thank you, everyone, for the great interest that you have shown and simply asked. All the questions are also extremely relevant and very good. But I can definitely say that I am excited to say that FY26 has seen a significant stream of projects, income, and profits in billion-mines coming up in FY27, I think, from new income, Thank you so much, sir.

Ladies and gentlemen, on behalf of Crow India Advisors, that concludes this conference. Thank you for joining us and you may now describe your lines.