GANESH HOUSING LIMITED (GANESHHOU) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the Ganesh Housing Ltd. Q4 FY26 Earnings Conference Call, hosted by Go India Advisors. As a reminder, all participant lines 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 this conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Rajat Gupta from GoIndia Advisors. Thank you, and over to you, sir.

Yes, thank you, Larit. Good afternoon, everyone, and welcome to Ganesh Housing Limited earnings call to discuss the Q4 and FY26 results. We have on the call with us today Mr. Rajendra Shah, Chief Financial Officer, Mr. Neeraj Kalawadiyah, 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'll open the floor for Q&A. Thank you, and over to you, sir.

Thank you, Rajat. Good afternoon, everyone, and a very warm welcome to all of you to Ganesh Housing Limited's Q4 and FY26 earnings conference call. Thank you for joining us today and for your continued trust and engagement with the company over the years. At the outset, as you all know, FY26 had been a little problematic year with the West Asia crisis and the economic and geopolitical challenges, which has been reflected in our numbers also when compared to FY25. Due to this uncertainty, the cost of input materials and many other things have gone up, as you all know. We shall see the impact of this in the coming times. FY26, however, has been a very important transition year for Ganesh Housing. The reported financial performance moderated as compared to FY25, but you know that FY25 was an exceptionally strong year. However, operationally and strategically, this has been one of the most significant years in the company's journey, that is FY26. Over the last 12 months, we have moved from primarily being a land-rich real estate developer to building the foundation of a much larger integrated development platform across commercial, residential, township, and annuity-led businesses. The progress achieved across Million Minds Dectity and Malabar Retreat, coupled with planned 191 Thaltej and Million Minds Phase 2, gives us increasing confidence about the next phase of growth for the company. Before I discuss the quarter and the project's updates, I would like to briefly touch upon the broader Ahmedabad and Gujarat growth story, which continues to remain According to several industry reports, Ahmedabad remains among India's most affordable major housing markets, with their EMI to income ratios significantly lower than most metro cities. Over the last five months, the real estate market in Ahmedabad and wider Gujarat has seen a strong mix of infrastructure-led growth, premium housing demand, institutional interest, and some emerging cost pressures, of course. The biggest driver continues to be the combined impact of gift city, metro expansion, and large-scale urban development. Here are the key developments shaping the market. The recent momentum around Global Capability Centers, GCC in short, technology paths and service sector investments in Gujarat is particularly noteworthy. Over the past few months, we have seen increasing policy support and institutional interest towards positioning Amdabag as an emerging technology and innovation hub alongside India's established GCC markets. I will, of course, come to the Million Minds project in this context a little later. Gibbs City has become the biggest real estate catalyst. The strongest trend is the Gibbs City ripple effect. North Andabar corridors have seen major appreciation in both residential and commercial demand. Developers are aggressively launching mixed-use developments around the Gandhianagar and the The market sentiments now treat the Andhrabab-Gandhi Nagar belt almost as one integrated economic zone. The third development is the Andhrabab metro phase 2, which is materially changing the valuations. The operationalization and expansion of phase 2 of Gujarat's metro rail corporation metro network have become a major valuation trigger. So, the fourth is the luxury housing that has become the fastest growing segment in Ahmedabad. One of the biggest shifts in Ahmedabad has been this, and this movement is from value housing city to premium luxury living city. Micro markets leading to this, that is the Vaishnavi Circle, the Ampli, Bhopal Road, Shilaj, S.J. Highway, and Haltej. Developers like Ganesh are also pushing Amdabar's AI smart-enabled homes, sustainable architecture, branded residences, and township-style developments. Record residential launches have been there as a fifth point in Q1 FY2026. If you notice, Amdabar has recorded a major spike in launches in early 2026. According to Kushman and McVee, residential launches touched about 6,745 units in June 2026. This was about 29% higher year on year. This indicates developers remain highly bullish on medium-term demand. Infrastructure-led corridors, this demand, data centers, the market is now moving beyond traditional core and the bud. The seventh development has been that the commercial real estate has trended once again. It is in demand because of the improving BFSI and fintech companies, hospitality demand, co-working absorption, and retail-led mixed-use projects. Motera and SG Highway especially are seeing stronger investment interests. The last in this is that Gujarat is increasingly viewed as a stable, long-term ROI market compared to Mumbai, NCR, or Bengaluru. Ahmedabad is still considered relatively affordable. Rental yields around 3.5-5% are attracting investors. Appreciation has been steady rather than speculative. This is attracting NRIs, family offices, SME business owners, long-term investors, and manufacturing linked wealth from Gujarat. Of course, there are certain emerging challenges of increased construction costs and product delays, but these are either manageable or surmountable. In conclusion, the Gujarat real estate story is now shifting from affordable tier 2 city growth to institutional infrastructure-driven urban expansion. Coming to the financial performance, for Q4FI26, the company reported revenues of 122 crores, registering a sequential growth of 33%. EBITDA stood at 98 crores with EBITDA margins of about 80.7%, and PAT came in at 61 crores with PAT margins of about 50%. For the full year FY26, revenues stood at 539 crores and PAT at 316 crores. While these numbers are lower than that of FY25, it is important, as I said earlier, to remember that FY26 was in a lead transition phase. Our margin profile continues to remain strong and may be the strongest in the industry. The inherent strength of Ganesh, in terms of its standing in the real estate, ensures that the coming years and the years thereafter, especially with all the projects lined up and being executed by Ganesh, maybe it's an appropriate time to quote a Sanskrit sloker which best describes this. What this literally means is that a diamond or a gem, glass, maybe paste, always remains. To apply this to our situation, a temporary fall in performance of fortunes does not diminish the intrinsic capability and value. Now let me discuss some of the key project updates. As you know, Gujarat and union government have been encouraging setting up the IT industry in the States. Our Million Minds Tech City project has achieved an important milestone during the quarter. As many of you are aware, the Honourable Union Home Minister, Sri Hamid Shah, inaugurated the first phase of Million Minds Tech City. This is not merely a completion of another commercial building for us. We believe that this marks the beginning of a long-term integrated technology and innovation ecosystem for Amdabhar. Million-mined state city development is a potential of over 18 billion square feet across commercial offices, residential developments, hospitality, retail, and social infrastructure. Phase 1, which is about a leasable area of about $0.85 million, has been inaugurated, and fit-outs are progressing well. The traction has continued to improve steadily. The progress has advanced meaningfully. We also believe the timing of this project is strategically very favorable. Ahmedabad's emergence as a GCC destination is increasingly visible. Infrastructure developments, improving connectivity to GIF City, and the broader push towards service sector expansion and creating a strong long-term foundation for technology-led commercial real estate in the region. 5% of the leaseable area of William Wines Phase 1 has already been let out, all in the last stages of the book. The number of inquiries of these lease spaces after the inauguration on May 17 has a Malaman retreat, approximately 79% complete in August. As the project moves closer towards completion, we are witnessing increasing fraction of 518 acres of fully paid land reserves. Certain new land acquisitions and negotiations are underway and would add to this number in the times to come. We are acquiring significant consumers to create. The modernization strategy remains flexible. What an aspect of our business evolution is the increasing contribution expected from annuity income over the coming years. With million mines now clearing operationalization, Ganesh Housing is entering property. We will now begin the question and answer session.

Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. 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 Prith Nagarseth with Wealth Finvisor. Please go ahead.

Yes, sir. Thank you. So, thank you for those updates. The thing I wanted to better understand is, do you have any kind of guidance on the top line as well as EBITDA numbers for FY27?

We shall be doing that in the Q&A results when we announce that. We'll be doing it at that time. That will be more clear at the end.

So, what is the reason why the company has been shy of giving guidance for the last, I would say, four quarters running, every single quarter? I think we get told that the next quarter we will be able to give a guidance. And then that next quarter comes that is further delayed by a quarter. So, what's happening on the ground, because of which the confidence isn't there to give any kind of guidance?

No, Rick, I would want to correctly cite on that, and that is, we give guidance for the full year at the beginning of the year, for the next year, that is, and for FY26, we are given guidance at the beginning, and we had said that maybe quarter on quarter, whether we'll be able to meet up to the guidelines of FY26 or not, that we had to say for the next two years, right? Headlines, we always are given at the beginning of the year in Q1, and we'll continue to do that for FI 26 also, also, sorry, 27 also.

Is this because the launches, see, every quarter also, if you look back, right, every single quarter question gets asked on when is this project launching, and the answer is hopefully the next quarter. And that, say, for example, four quarters running, it's been moved to a quarter ahead. Now, what is really happening on the ground? If you can shed some light, is it possible that you'll see a launch this year? Is it planned for next year? How do you see this, if you can just give some color?

Sure, sure, please. See, the kind of projects, residential project is the same one, which has not been done for some time. As you rightly said, we have not done that. That will also be coming up in Q3 of this year. It depends upon just launching a project or something. We actually look at what are the developments which are happening in the surrounding, what is best for the company in terms of various things which are happening, whether it is the profitability, whether it is the configuration of the project. So many things have to be taken into impact before we can actually launch. Why that is there is we have had a bad experience years back when we had launched and when it was not there and it could not be sold for launch period for various reasons. These guys, these days, if you notice, any project which has been launched, is being launched with a very clear understanding of the timeframe within which it will have to be completed, and also the launches, but it has always been for the good, because ultimately, the land at which the area where we are trying to...

See, the challenge is that there are other companies also in the same market, say another listed tier, and these companies continue to launch projects, and they are able to successfully do that, take the market, gain market share, while Ganesh continues to not launch and hence thereby lose market share. Yes, your value on land increases, but for minority shareholders, that really doesn't add any value because in the near term, at least, these financials don't add or they don't come. So, I think the concern was that, fine, FY26 went as a transition here, but hopefully in FY27, we will see some launches.

Yes, FY27, as I told in my speeches, the truth would definitely comprise of three or four very different kinds of incomes for the company. And that's the reason why I said let us wait for Q1 to be able to give you the guidance which we are thinking about, because some things will be fluctuating by that time. And in terms of the market share in all the things, Ganesh has been slightly sits on a different platform In terms of the other valuable companies in the market, worthy competitors, that is, and that is the land bank itself. Now, most of the time, the land bank, also the verticals, as we keep telling for the last three years, has been giving us enough value, revenues, profit, and cash flow to be able to come to the stage where we are in. And that is one thing which we have monetized as and when we felt the opportunity to be right. Projects are another way of monetizing this land bank, and that comes with the, you know, various other things. That is whether in the visibility, whether there's enough demand at the price at which you're trying to launch, and what makes more sense of that or the land monetization at a particular spot in time. So this is the reason why things might have been very different from the other real estate markets. But, yes, to conclude on this, as we rightly said, FY27, as we mentioned in this speech also, will be a very different year.

Thank you and all the best.

Thank you. The next question comes from the line of Dipesh Sancheti with Mania Finance. Please go ahead.

Hi, I'm Audible.

Yes, please go ahead.

Yeah. You mentioned 60% to 65% of the leasable area is either leased or under finalization post-innovation. Could you quantify the expected rental yield or annual annuity potential from phase 1 once it is stabilized?

Yes. We had, if you recollect, we had talked about 72 crores being the annual lease revenues from phase one. At this point in time, with the fraction which you already have and the various other inquiries which are in the process, we believe that we'll be exceeding that 72 crores, maybe even towards 75 or 77. So, I think we will not only achieve, but we will also be probably exceeding 75 crores of rental income. And if things go well, well, it could be towards the higher part of 70, rather than being at 72.

This is for the full year, right?

Yeah, yeah, we are talking about full year, yes. FI 27, you might have a partial year only, but from 28 onward, it will be a full year, yes. Yes.

Great. Okay. Ahmedabad is transitioning from affordable housing market to a more institutional and infrastructure-led real estate. How do you see Ganesh's positions evolving related to the national development of entry, Gujarat?

No, we have been. Also, if you see, the Exotica project which we completed and the Malabar retreat which we are doing are all on the premium side. So we are also looking at premium housing projects only. Even the one which is going to come up in the 65 acres mill and mines place, which is the non-processing, which I said is the first residential which will launch this year, also will be in a similar spot because that's what will actually give us the value. So, we do believe that we have been more or less always in that range. We've never been an affordable house in that way. So, we are in the mid-segment and now we have moved to the premium.

You discussed the expected KPEX intensity for the upcoming phases of Million Minds and 1 to 91. And how do you intend to fund these projects? Is it through internal approvals, construction finance, strategic partnerships, or a preferential?

Sir, 191 Galtej has a sale value of 2,100, and the cost of about, including land cost is about 1,500. And most of the land is already paid for, so that would be the construction cost is going to be incurred thereon. And that's the reason why we'll have enough money from our internal tools itself to develop that project. Even the housing project, which we are talking about in phase one of residential in million mines, will that, of course, the cost and all that will be coming when we actually complete the plan and which when we launch it. So that may be about two quarters away from now. And therefore, we'll be able to tell you exact amounts therein. But what we have done is that we have a very good combination of our internal outdoors And the sales from completed projects, which give us enough money to do this project construction on our own, like what we have done, million mindsets. That entire thing has been done from our internet, of course. We are not shy of borrowing the small amounts, as I always have mentioned in all our earlier, some bets in the current year.

Right. And when you say FI27 is going to be a great year for the company, do you expect the sales to go similar towards FI24, FI25?

Rather than giving a number, let me tell you what can happen. There is this lease income, of course. Malabar retreat is at the stage of which it is right now. Now, it could be completely handed over and completed by FY27. That's what is targeted at this point in time. If that happens, that's going to be a big value for all project sales itself. Whatever number of 450 crores is the sales value, right? So that is going to be one big number of just the project. And of course, we have coming up in this year itself. And rather than give a number, which of course I'm going to give a guidance as I told in Q1 FY27,

And when you mentioned that 450 crores is a GDV, how much of it has been recognized in the last year? I mean, in FY26?

No, because it's only after completion can be recognized. We haven't recognized anything right now. It's all on the... Okay.

The next question comes from the line of Majad Ahmed from SpinPoint X Capital.

Audible, sir?

Yes, yes.

Yes, sir. Sir, at Ghazavi Township, only 46 acres have been monetized so far at 14.1 crore rupees per Given the infrastructure development underway in the Ahmedabad gift city corridor, what is the management's view on the embedded value potential of the remaining land parcel?

The remaining land parcel would be there to the tune of almost 400 acres or so, right? 411 acres. And 411 acres, given all that which is happening in that area, purely on a value of land itself, at the prices at which we have sold, can only be increasing beyond that average price of 14 acres, 14 crores per acre. So the potential by itself of Bodhavi is extremely high. We have been monetizing that as in when we get a very good traction on a good deal. That kind of a deal should be continuing in this year also. So, other than that, of course, if things go, and because, you know, the entire development of the sports, I have a concave and all, that whole thing is happening in that side only. And therefore, if it happens that the demand for the other kind of housing and other things are increasing in that area, then rather than just the land part, we will actually be doing development of projects also, Which will be only increasing the value of that land, apart from the value of land itself. So, I think that's a very good potential we have as a huge landmine, and we have seen good traction the years through non-mine, and we continue to believe that it will happen in this year and the next year also.

Got it, sir. And, sir, for Malabar retreat, how much of them have we recognized in the income statement?

No, retreat cannot be recognized till the time the entire completion happens. We believe that FY27 and the completion will happen and the entire thing will be recognized because accounting standards don't allow us to do completion record. It's only after the completion.

And, sir, about in regards to Million Minds Tech Park, when are we expecting the lease rental to come in, sir, and how much are we expecting this for this year?

Thank you. Rentals will start off from Q3 for sure, if not end of Q2 itself, but that will be partial for this year, and I think the full year's potential of 75 crores will be what we see from 1st April 27 onwards.

Sir, any plans, you know, to spin this off into a separate REIT model, REIT structure kind of a thing? Do you have any plans to make the additive model into that?

So, that's something which is always financially to be evaluated at an appropriate time. So, the moment these 100% lease are done, and also there is a year or two which goes by, I'm sure that such kind of a premium building, which is, I mentioned, one of the top buildings in Ahmedabad and another few in India, we are sure that with full lease rentals kicking in, There will be a plentiful opportunity of trying to monetize that. So, next two years, can we just monetize the entire phase one? We never know. But yes, we have not thought about it at this point in time because we are concentrating on completion of complete lease. But yes, that can be always be there on the cards.

Thank you. As well as the potential development of the township from the current prevailing rate and also we have considered the one selfish project also with the expected free cash flow from that project. So all these numbers which has come coming out in terms of 9,950 are on a conservative basis. Though with the progress of the time, the actual free cash flow will be increasing given the consideration of the increase in the prices year on year.

Because as per your assumption, I was looking that the number, the realization is coming around 5,300 rupees per square foot. So that's what I was thinking very conservative.

Ha, ha, ha. That's what we have considered as a prevailing rate on a conservative basis. So that at least we will reach to this level in future.

So just want to understand, how did we compute the free cash flow margins? Like what are the assumptions if you can give some color that would help you?

Largely, free cash flow are the where we have considered all the invested part of the land as a sum cost, so that the monetization of that part also will come from the revenue side, as well as whatever the margin you will be making from the over the construction costs. Your free cash flow will be higher than your profit.

Yes, sir. You are right. Sir, finally, I just want to know about our Tishman's partnership. How are we looking to, how is it going currently, sir? Any future development with them?

That was completed for Phase 1. We had only taken them for Phase 1. And we'll look at it in terms of whether we meet them for Phase 2 or not. That point has not yet been evaluated. But yes, the partnership with Phase 1 went well, and we'll see how Phase 2 is launched.

Got it, sir. And thank you all. They're very pleased. Thank you.

Thank you. The next question comes from the line of Satyam Badera with Avinash Mentor Research.

Thank you for the opportunity. I have a couple of questions. As you mentioned, new line acquisitions are underway. Would you please elaborate on the strategy here? Are there acquisitions around the existing clusters, or are you entering entirely into new micro markets?

No, we are not entering into all new micro-markets, that much I can say. But I can add that it's not exactly adjacent to where we are having also. Those possibilities are never ruled out, but at this point in time, the major acquisitions are happening in the most happening places of Ahmedabad. All the places where I had mentioned in the speech also where good development is happening, in terms of the infrastructure growth and the commercial as well as residential, these are the areas where we are acquiring good land parcels in the process at this point in time. I will not be able to disclose this exact area because obviously, you know, it's very sensitive in terms of what the game plan of acquisition of land is always a sensitive matter. But I can only tell you that these are going to be at 25 multiple growth in the years to come, which is what has led to where we are today. And we'll continue to work on those, in short, at very, very attractive prices at very good locations. Okay, thank you.

My other question is, on a million mind phase one, can you help us to understand the nature of the current leasing pipeline? Specifically, what percentage is undersigned, allowed versus advanced negotiation? And what kind of payment profile mix are you seeing between DCC for working operators and technology firms?

Well, the total, what I mentioned was around 60-65% is already leased, and or just in the final closes, you know, of lease being signed. But as you know, the lease agreement will be done once the BU is received, but all these are allowed at this point in time. We are seeing traction for the balance also. As I said, a lot of inquiries happened after the building was inaugurated. And if you see that, it is a very good structure. It is standing there, very attractive. So, a lot of inquiries have started off, and that will be quickly closed. This is a good combination. It's a co-working spaces, the GCCs, the IT, IT, ES, all these kind of people are there who are either present or likely to be present in the future in terms of the balance needs. Development will be very different again. That can be the large GCCs and all that. But at this point in time, we have a very good mix of technology companies, the co-working spaces, and innovation-led enterprises, and such kind of, of course, technology firms also.

Okay, thank you. One more question is, Malabar Retreat is now 79% complete, with bookings of Rs.175 against the project value of 450 crore. As the project is near completion, do you expect any meaningful acceleration in pricing and bookings?

Oh, yes. Every day there is some movement or the other, and once the entire structure is ready, And you can see that, you know, there's a lot of blasting and those kind of work, the finishing work which is going on. The more the visibility of that happens, the attraction increases. So we do believe, as we had told earlier also, that by not only, you know, booking of that, but also handing over.

Okay, thank you. Thank you.

The next question comes from the line of Petavora with Monarch AIF. Please go ahead.

Yes, hi, sir. I've had a couple of questions. Could you help me with the land purchased in Q4 in acres?

We have roughly acquired around 7 acres of land during this quarter, last quarter.

Okay, okay, all right. So, secondly, I see in our balance sheet of loans have gone up, you know, compared to FY25. Could you help me understand what are these loans exactly taken for?

In the last quarter, the last week of FY26, that is in March, we have taken about 150 crores about loan based on our visas, which were their alloys, which were signed. So it was more of a LRD kind of facility that we took on our million mines. This was for various opportunities which are coming up, both from our construction and as well as various business opportunities in terms of acquisition, which is likely to be in place. So, till now, we completed everything with our accruals, and we thought that when an opportunity comes in, we should not be shy of borrowing. So, we took a small 150 crore LRD-based loan, and that's the reason why the borrowing went up in the balance sheet.

I also see that short-term borrowings went to $149. So, what is that pertaining to?

These are largely the loans from the group companies and entities.

So, what new entities?

Group entities. These are largely from a group company. Unsecured borrowings.

All right. So, is it now that we are, you know, going to see more residential projects coming up in FY27, can we please expect a separate pre-sales program in our presentation, the press release? And along with it, if you could also just say that, you know, LRD percentages, now that we are, you know, open to taking up more debt. So, that would be very helpful for us to analyze.

Sure, we'll keep that in mind for sure. I think that would be more appropriate in the Q3 onwards. But yes, we take your suggestion. We'll keep that in mind.

Sure, so thank you. And so, just one last question. In our Kodavi land parcel, are we open to also considering, you know, JDAs with other developers? Since, you know, we have access to massive land, that would also help us with developing it?

Yes, I mean, the opportunities can never be ruled out. What you have said, such kind of opportunities can come in. Till now, we have never done that, frankly, in terms of joint development and all. But when it comes up, whether a very good project or some real good brand comes up, we cannot rule it out in the future. Because opportunity in business should always be tapped. That's all we believe. And never say no to anything for that matter. But at this point in time, there is no such proposal.

Okay. Understood. All right. Thank you so much.

Thank you.

The next question comes from the line of Sandeep Agarwal with Samar Singh Investment Advisory. Please go ahead.

Good afternoon, management. Thank you for taking my question. Firstly, congratulations on the operational progress across Million Mines and Malabar Retreat. Okay, so my first question is, like, what, with million mines, like, nearly operational, what could be the company's preferred capital allocation priority over, like, next, for two to three years, next project launches, or, like, land acquisition or scaling commercial assets?

Well, it would have to be a very good mix and blend of both. While on one hand, we have to monetize the land with good development, especially in that million wines area, of course. And also, on the other hand, we might also sell, monetize the land as in when an opportunity comes in. But land being the raw material, which is always the case for any real estate development, the acquisition of new parcels of land will always be parallelly. All material has to be official. One and two more projects, which are definitely likely, which we already have put earlier also, but we will definitely launch those. On the other side, whenever a land opportunity comes in, in terms of Gunavi or any other place, we will monetize that land. That will be the projects side, the projects of land together. That's the revenue side. On the acquisition side, as I said, we have already in the process of acquiring more land, and we'll continue to do that in the future also.

Okay, so, basically, you are saying that it will be a good blend and the land acquisition will be of the top priority.

Land acquisition and project execution, both will be of the top priority. Whichever time, it will be only a matter of time. Today, there will be a opportunity of both coming up together, or today will be only land acquisition, tomorrow there will be only a project execution, which can be of the top priority. Both these things are equally Okay, sir.

Thank you. I have one more follow-up, one more question. Like, what kind of pre-launch interest you have witnessed for, like, HealthAge 9-1, and how does it compare with the management's initial expectation?

See, pre-launches are, this is a project which is being done by known people, that is, and a very good brand, and who have got, you know, very good track record of execution and delivery. Therefore, in terms of booking, these soft bookings, you know, a lot of people will always be interested in trying to say, come into such an area which is there as well as such a building. Having said that, these soft launches, you know, can be only told when the project is launched and when it is converted after the era. Only then we can actually be able to tell anything on the quantum and all. So, we'll have to wait for that.

Okay. Thank you, sir, and all the rest.

Thank you.

The next question comes from the line of Arvind Mahadevan with EquiVenture Capital Advisors. Please go ahead.

Hi, good evening, and thank you for the opportunity. My question number one would be, in Q3, the LOI received with regards to million mines were close to 60%. And in Q4, we are just at 66%. So, can you give me an idea about why the growth rate has been so slow, or the experts from interest has been so weak?

Yes. One, the earlier period, you know, there were only just inquiries. And now, when we are talking about, they are either already LOI signed or in the last stages. So, therefore, the quality of that is better. Leave alone the percentage. The quality of the strategy is much better. That's one. And second, yes, the percentages haven't dropped, haven't increased dramatically, only because of, one, the completion had to be seen, and the second, more often than not, very large ones who are there, maybe sitting on the fence at this point in time, would come in only when the BU is there, which is, that is, building the U certificate, in particular, though every other details, commissions are there. So, that is happening even as we speak, maybe today or tomorrow, really. That's as good.

Yeah, sad enough. Apart from that, sir, since Malabar would get completed as a good possibility of Malabar Retreat getting completed this year, so there would be a significant jump in revenue for the current year, for FY26 per se. But, sir, what about the future projects, for example, phase 2 of million mines, when can we expect it to be commissioned by quarter 2 or quarter 3?

Of commercial, you are talking about, right? Phase 2? Yes, sir. Yeah, yeah. Phase 2 is quarter 2. Phase 2 of a million miles is quarter 2. The residential will be in quarter 3. Actually, the phase 2 can be, you know, even before earlier. If we think that everything is placed, we might do it even earlier.

And we can expect it to be completed within two years trying to reach?

That has been the strike record. That will take three years. That's a larger construction. That will take three years.

Okay. Okay. Okay. That's just from my answer. Thank you. Thank you for the opportunity and all the best.

Thank you very much.

The next question comes from the line of Janat Shah from the Wealth Company. Please go ahead.

Good evening, everyone. Good evening. Thank you. And the operational, pure operational performances. So, because of the delay of Thaltejwan and Smile City, I think maybe, like, can you give more clarity as to, like, I already heard that you said that in quarter one, you'll be giving guidance regarding that. But, like, Smile City also, like, it has been to the presentation since the last 18 months. But there is no progress on any sort of launch in Smile City. Vis-a-vis, like, our nearest competitor is also Ahmedabad-based, and they have no land bank, but they have seen more than four launches in the last 18 months. So, could you please explain on this?

Sure. One thing which we have always explained all these years, and I'll continue to do that now, is that one of the very important verticals of Danish housing, apart from the various projects which we have launched, executed, and handed over, when it was Malabar retreat, Malabar exotica and all, this is also happening to be one of our very important verticals. And our historic prices of land and acquisition actually gives us the top opportunity to monetize that as and when required, because land always is in short supply at the places where it is required, especially. And that is the strength of Ganesh, that is, we have been able to monetize exactly at the appropriate time because we had bought it low. So, that will always continue in terms of being one of the verticals, apart from the projects which we have launched, or we are under construction, or which we will be launched. What I can say that Smile City one, that is where we have already, it's not the project, project need not necessarily be only a construction project. In Smile City, that is that Godavi land, we have sold around 46 acres, what I mentioned earlier, and that has been, you might categorize it as land or you can categorize it as a project, because land by itself has been done as a land fish, as a part of the total Godavi project. So, as and when the opportunity comes up in that, we will do a development, which may be in this year or next year, but definitely if an opportunity comes, we will sell the land also. So, that we can categorize as a land sale, or we can categorize as a project sale. I would put it as a project sale, because it's a Smile City project, which is comprising of land plus projects. So, that is 65 acres, and the last four quarters have been comprised, as I just mentioned. So it's a combination, I would call, which is leading to the total growth of Ganesh housing. Maybe, yes, the kind of what you are saying, people recognition and reward is pretty slow in coming. But what is important is that for a real estate company is that it has got a very low acquisition cost for a large land bank, which is easily monetizable, one. Second, it has got a very good traction of execution for the future. And third, very importantly, has the cash available at an appropriate time to continue to develop new projects or buy new land and then balance out with a zero debt. You know, that kind of possibility only happens when you have this inherent sense of the land bank to start with and then the projects to get along with. So, it's a good combination of both, I would say, and I'm sure the markets will be able to recognize that as we go along.

Thank you, sir. But, Dr. Thaltejman, clarity would surely come in the quarter one results, right?

Yeah, sure, sure. Yes, definitely.

My last question is that, like, see, our dividend payout, though we declared a 15% dividend, in 2024, it was a 110% dividend, which came down to 50%. And it is right now 15%. Now, if we see we are like, in the sense, like all three companies, we have just taken it for namesake, then why can't the dividend be maintained also looking at the promising prospects of Ganesh housing in the long term?

Yeah, see, this time I think the board discussed and then came at the 15% because good opportunities are coming up for where the cash can be utilized for the growth. So, the growth of the company has been kept uppermost in mind while giving a lower dividend so that the cash can be conserved, especially when, you know, when such a lot of things are happening in Amlapar. So, that is the only consideration, but I'm sure if the cash position and the projects and all go as planned for the next year, the dividend, I'm sure the board will always feel more enthused to go back to their earlier limits.

Yes. That's right, sir. And, sir, a small other question. See, looking at how it is going on, with in mind, we are going to do many, many such projects, like maybe seven. Then, would some also be open for educational purposes and some other purposes, or only it will be for leads?

Educational purposes, we haven't thought about at this point in time in terms of planning. So, I mean, university. No, in the future, today, whatever we have, it would not be there for the next phases, for sure. We have thought about all of them being as a commercial development only, and we do believe, looking at the GCC capability which is coming up, which I think has received a lot of traction, that could be another center for that in that year's to come. So it could be all commercial development.

Okay, sir. Thank you for your answers. Thank you.

Ladies and gentlemen, due to time constraints, we will take that as the last question for today. I would now like to hand the conference over to the management for their closing remarks.

Thank you all for joining the call and asking important, relevant, and pointing questions. I hope I have been able to satisfy your answers to all the questions, but they are always open to be asked through GIA and others also. So, I can surely say that we believe that the foundations being built today will position our company, well, not just for the next one year, one or two years, but for the next decade. It could be demand that demand patterns are changing. And in this changing landscape, we believe that Ganesh housing is uniquely positioned. So there may be a few delays, but the kind of position that we are in with a near-debt, zero-debt, large strategic bank, strong execution capabilities, and of course an increasingly diversified development platform, we do believe that these things will be all seen in the coming times. So, as always, we remain committed to disciplined growth, transparent governance, prudent capital allocation, and sustainable long-term value creation for the stakeholders. Goodbye, and see you soon. Thank you.

Thank you, sir. Ladies and gentlemen, on behalf of GoNDI advisors, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.