Signatureglobal (India) Limited (SIGNATURE) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Signature Global India Limited's Q4FY26 Results Conference Call hosted by ICICI Securities. As a reminder, all power spin 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 the conference call, please signal an operator by pressing star 10-0 on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Adidev Chattopadhyay from ICICI Security. Thank you, and over to Mr. Chattopadhyay.

Good morning, everyone. On behalf of ICSA Securities, I'd like to welcome everyone on the call today. As always, from the Signature Global Management, we have with us Mr. Pradeep Kumar Agarwal, the Chairman and Whole-Time Director, Mr. Lalit Kumar Agarwal, the Vice Chairman and Whole-Time Director, Mr. Ravi Agarwal, Managing Director, Mr. Devinder Agarwal, Joint Managing Director and Whole-Time Director, Mr. Rajas Kathuriya, the Chief Executive Officer, Mr. Sanjeev Kumar Sharma, the Chief Financial Officer, and Ms. Hritika Singh, Head of Investor Relations. I would now like to hand over the call to the management for their opening remarks and comments. Over to you. Thank you.

Good morning, everyone. It is a pleasure to welcome you all to the Q4 F526 Earning Conference Call of Signature Global. Thank you for joining us today. I hope you have had the opportunity to review our financial results and investor presentation shared yesterday. To begin, I would like to reflect on the... Global and Indian housing and economic environment, which continues to support long-term real estate growth. Globally, real estate markets have remained stable compared to other asset classes, supported by urbanization, growing lifestyle, and strong demand for quality housing in India. The momentum is even stronger. The call is driven by strong economic growth, rising income, rapid urbanization, infrastructure development, and policy reform that continue to improve transparency and investor confidence in the sector. According to a recent GLL report, Delhi NCR recorded a strong 30% year-on-year growth in a housing field during quarter 1. This is Guru Gram, the remaining one of the high-performing markets. Further highlighting this momentum, nearly INR 27,000 crore was invested into new real estate projects in Guru Gram during the first four months in 2026, as per Guru Gram Grader data. And with this positive backdrop, Signature Global has invented its presence across the key residential micromarket while advancing in the diversification strategy. We have entered in a large-scale commercial development through a strategic collaboration with RMG Group. Through this, we will develop a mixed-use commercial project. In Section 71 on Southern Periphery Road, Guru Gramm. Recently, we have entered in a branded residence segment with a strategy collaboration with the Tonino Lamborghini for a premium branded residence project in Section 71, Guru Gramm. This move will further enhance our growth strategy with rising demand for branded residents. We see strong long-term potential and will continue to pursue similar opportunity aligned with the involving customer aspirations. FY26 has been a year to stable progress for Signature Global. We saw strong customer demand across projects, better sales price, and constant growth in our core market. Our profit for FY26 reached an all-time high, while revenue from operations also grew in a balanced manner. Net debt has come now to historical low level, reflecting our continued focus on financial discipline. Looking ahead, we remain positive on the long-term growth on the housing sector. Especially in the Groogram and Delhi NCR, supported by better infrastructure, strong end-user demand, and urban growth, we believe the market will continue to offer strong opportunity for quality developers. At Signature Global, our focus will remain on timely delivery, customer-first approach, and financial discipline, and sustainable growth. With that, I would now like to invite our CEO, Mr. Rajat Kathuriya, to take you through the company's financial performance in detail. Thank you once again for joining us today and for your trust and support in Signature Group.

Thank you, Mr. Deepi, for giving the opportunity. Good morning and thanks to everyone for joining this call today. Okay, so... As a brief for the entire year, we launched two large high-rise projects during the year. The first launch was under the name of Cloverdale, which is about 1.75 million square foot development in sector 71 on the southern peripheral road in Gurgaon. And the second key launch was under the name of Signature Global Server, which is even larger, almost closer to 3.75 million square foot. This project happens to be just off the Dwarka Expressway market. Put together, these two launches contributed almost like 85% of the total launches, which added up to about 6.5 million square foot. The balance being certain leftover areas in Earth-12 projects or certain extensions in Earth-12 projects. So, you know, these two were the, you know, larger launches which the company did in its key markets over the previous year. With the help of these launches and some of the inventory which we were sitting with, we achieved... Pre-sales of 82.5 billion, 82 plus billion INR, which can be seen in two manners. One is, of course, as a comparison to the previous year, which is FI25, there was a dip in pre-sales. But we prefer to see it more as a longer-term trend because if you look at the sales pattern between fiscal year 22 till fiscal year 2026, We've grown upwards of 30% on a year-on-year basis. So as a longer-term basis, I think sales has an upward trajectory. Half of the sales came out of the new launches, which the company did in the previous year, by and large, just approximations. About half the sale came out of the new launches, which the company did, while the balance came from sustaining sales from the erstwhile projects. We sold in excess of 5 million per foot, and about 2,100 plus housing units got sold in order to achieve this sale, which was steady across quarters. There was no lumpy quarter, but yes, I think, by and large, we've been selling on a steady basis across four quarters. One of the primary reasons for the same being that over the last one or two years, we've done multiple launches and, you know, we've... Created some inventory, so hence, you know, sustain in sales and new launch sales happen in tandem with each other. I would like to add on that if we look at the trend over the last eight to nine quarters, the company has launched multiple projects, both high-rise projects as well as large township projects. Put together, we've added, you know, launched almost 21. So, effectively, you know, we've been formally believing that, you know, supply creation leads to demand creation and vice versa. So, you know, we've been creating continuous supply across the micromarkets in Gurkhaon. As far as realizations and collection go, per square foot realization crossed 15,000 rupee mark. Which is, of course, a 20% plus, you know, realization on a per square foot basis with the previous year. But this was primarily led by escalation in each of these individual markets. of more group housing product, which is, you know, the upper end product being offered by the company. We didn't come up with any new launches of, you know, mid-rise floors, which are, you know, comparatively lower in ticket size as well as price points. So, it was more premiumized product. In general, some escalation in each of these markets. Now, despite, so, a bit of dichotomy here that, you know, one could feel that while the markets in general are not doing well, why are the sales prices, you know, still escalating? One of the key factors, very specific to Gurgaon, which we are able to understand is that Huge shortage of actual units which have been handed over to customers. You know, a lot of sales has happened over the last few years, ever since, you know, the markets have rebound. Limited availability of livable inventory in Gurgaon market, and that continues to push up prices of first the secondary stock and has a follow-on impact on the primary stock, which we are creating on a quarterly basis, along with other players in the industry. Yes, realizations have gone up. They went beyond 15,000 rupees a foot in the previous year. Even in the current year, we do expect certain normative increase, certain inflationary increase in selling prices. We are not going to push that sale prices up, but yes, I think if market forces help us to price the product at a higher price, then of course we are going to grab that price increase for the company. The collection trend was steady. Again, very similar to the sales trend that if we look at a longer-term trend of last three to four years, we'll see an annual sales collections have grown at more than 30%, whereas vis-a-vis the previous year, there was a marginal dip in the annual collections. It's important to note that if we also consider the collection stroke realization which the company did out of the JV partnership formed, put together about 40 billion of annual collections and about 12.5 billion near about of the money, you know, which we received out of the JV transaction, we've, you know, the total cash collection by the company stood close to about 52, 53 odd billion INR. Moving on to the portfolio position, we've till date completed close to 18 million square foot of development. We were anticipating previous year to be better than what it ended up being in terms of completion, but there is some slippage into the current year because there were first bit of excessive range and then fairly elongated NGT restrictions got applied. This year, there's a bit of cover-up activity for us to do. There's another 12-odd million square foot, which is very close to completion, and we are giving ourselves just next two to five quarters to complete that entire Earth-12 stock. which will, by and large, help us complete almost all the affordable projects which are still under development and bulk of the floors which we launched under the Deem de Al-Awas future policy. So both of those projects are nearing completion, and we don't envisage more than four to five quarters now where we are in terms of completing that stock. So in a few quarters from now, I think we'll be close to 30 million square foot of completed and delivered. You know, projects for the company. In addition to that, you know, like to club two buckets effectively, you know, one project which we've launched over the last, you know, eight quarters, which is in excess of 21 million square foot. And there's another 19 million square foot, which, you know, land resource we currently have in the company. So put together, this is about 40 million square foot. Put together, the GDV of both these sets of projects crosses 700 billion INR, 70,000 crores of GDV is there in between these two subsets of the portfolio. Amongst the forthcoming set of projects, which is again nearing 20 million square foot, about... 14.5 million will be executed solely by the company, whereas about 5.5 million square foot is being done in partnership with the RMZ Group, and I'll talk about that in a little bit more detail, you know, just in a short while. In summary, 18 million are completed, 12 million nearing completion, another 40 million put together, half of it has been launched. We've demonstrated, you know, steady supply through these launches over the last eight to nine quarters. And we are in a very good position to launch the balance over the next, you know, similar time period of eight to 12 quarters. But, you know, put together this portfolio. Let's say in 8 to 12 quarters won't be like a land portfolio. This would be a cash generating project portfolio worth nearing 700 billion INR. Speaking a little bit more about the RMZ trade, so in sector 71, which is on the southern peripheral road, as of today, we have access to 90 plus acres of land. About 18 acres of land is where we've entered this partnership, primarily because this 18 acres was, we could have done, you know, yield assets on that particular land parcel, whether it be offices, retail, hotel spaces, but that was good for office spaces, for commercial development. We've always been on a build-to-sell model of development and wanted, didn't want to, you know, learn a build-to-yield basis by doing it ourselves. So we found very complementary skill sets, you know, in RMZ, whom we chose as a partner, to do this 5.5 million square foot of development. This project in itself is at an advanced stage because Land is fully licensed, which is a very local Gurgaon, New York, New York, New York, New York, New York. The land is fully licensed. Almost all DTCP-related approval payments have been made. And now we are together designing this project through one of the world's best architects. And we do intend to activate this project within this year itself. This project will primarily have office spaces, which will be in excess of 4 million square foot, between 4 to 4.5 million square foot, and the balance area will be split across retail and hotel spaces, and the exact numbers are getting worked out, so we just have an approximation of these areas as of now. But, and by and large, this would be done on a build-to-lease basis. You know, sell just a portion of it, but all that strategy is yet to be formed up. But by and large, this will be on a build-to-sell basis. And once developed, both the partners anticipate that the capital value of this asset will be in excess of 150 million INR. In addition, last year we did certain business developments in the Sona market, which is one of our key focus markets. We spent upwards of 7 billion INR and added close to 2.5 million square foot. It was lower than what we've been doing over the last couple of years, but we were just spreading a little cautiously in the previous year, given all the macro headwinds. As a result, we start this year with a very strong BD pipeline, which, you know, we can execute. At the same time, we've also started this year with a very good liquidity position because of both our operating cash flows as well as the consideration out of the RMZ trade. Talking about some numbers, we did revenue recognition of close to $26 billion. In area and value terms, this was about 3.75 million square foot of area got completed. And the average realization of the area which got completed was about $6,800, $6,900 per square foot. We generated a gross profit margin of about 30%, a beta margin of 9% to 10%, and courtesy the exceptional item, which is this transaction, I think the PAT surged to about, you know, 1,100 plus crores, so about another, you know, 11 billion plus of PAT, you know, the company generated. But if you look at the operating surplus, we created an operating cash flow of close to 21 billion INR, and that could be split into three heads, three similar-ish heads, so to say. So about one-third of it, about 7 billion plus, went into business development. A similar number went towards debt reduction, which really brought our net debt down to near zero levels. We've maintained over the last one or two years that from a development business perspective, since we are going through a good business cycle, we do hope and we are now at a situation where net debt is actually down to a near zero level. It's just two billion. It could have been positive two or minus two, but by and large, this is almost down to a zero level net debt position. And the balance of the OCF of the company was used towards, you know, approval costs for upcoming projects or for, you know, interest payments. So that's how this 21 billion, 21 billion plus, you know, of operating cash surplus, which the company generated through last year of operation, you know, went into business development, reducing debt, as well as, you know, doing approval costs and, you know, making interest costs. So, fairly good, healthy cash position for the company, fairly bullish on the, you know, business development prospects for the coming year. And as a culmination of, you know, as a best estimate basis, if we see the year going forward, we are estimating that, you know, we'll do new launches in excess of $150 billion. A bulk of this is coming through launch of certain group housing projects. The first and foremost being in Sector 71, you know, even Pradeepji updated that we've done our tie-up with Tonino Lombavini to do a branded residence over some 12-plus acres of land and, you know, a little excess of 2 million square foot in Sector 71 Gurgaon, followed by two more launches in the group housing category itself, which will take our yearly launch target in excess of 150 billion. In addition, we expect to do sales which are nearing, you know, $100 billion. We achieved this mark, you know, in fiscal 25, but, you know, feeling confident at the start of the year that, you know, we should be able to achieve this mark again during the current year, both on the bank of good launch pipeline as well as certain inventory in hand. So as a mix of both, we are hopeful of achieving, you know, sales in excess of $100 billion. Completion and collection, you know, go hand in hand, and hence we've kept a target of $50 billion for both of these. of 50 billion, which means we'll have to do, you know, completions in the range of 60 to 65 billion, and even collections, we are expecting it to cross 50. So, this is a brief of the year gone by and what we expect in the year to come. Happy to take any questions from your side.

Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask questions may please press star and one on their touchtone phone. If you wish to withdraw yourself from the question field, you may press star and two. Participants are requested to use only handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press star and want to ask questions. The first question is from the line of Parves Kazi from Nuwama Group. Please go ahead.

Hi, good morning. Thanks for taking my question. So, my first question is regarding our launch pipeline of 150 billion. Would be great if we could get some more color, one with regards to the timeline of various launches across the four quarters in FY27, and also the potential GDV and the location of these projects. Thank you.

Hi, Purveys. Morning. So, Purveys, the first launch is, so you could split the launch into three different sets. The first launch is in quarter one, which is roughly 2 million square foot, which is these branded residences in sector 71 under the brand name of Tonino Lombogany. So, that's planned for quarter one of this year. The second launch would be again a similar quantum. But that would be more towards or timed more around the Diwali time, you know, Q2 stroke Q3, not at the beginning part of Q2, but, you know, towards later part of Q2 or sometime in Q3. Q3 is when, you know, the second launch is being planned, again in sector 71. And the third launch will be towards the fourth. As part of this, you know, trade which we've done with RMZ, while the trade is for the commercial portion of the development, there's a residential component which is held 100% by the company. We did not divest it, rather carved it out into a parent before getting into that partnership. There's another 2 million square footage of very prime land, you know, which is right at the frontage of the southern peripheral road. So another 2 million square foot is expected towards the... Later part of the year as part of that development. So that's the split off as visible as of now for the entire year. All these land parcels are completely tied up. We have, you know, full approvals for the first project and, you know, fairly advanced approvals for the other two projects which we intend to launch as part of this year.

A related question, do we have any launch plans for either Sector 37D or SORNA this year?

We have, we'll have a smaller launch in Sona. There was certain inventory which was, you know, held by us, you know, that we do intend to launch as part of project reduction during the course of the year. And in 37D, we are not launching up maybe a new project, but yes, a kind of a phase two of project Serbam is something which, you know, we will do as part of this. But that's not like a fresh, new launch. It's more like, you know, part of something, a larger project which we've launched, and under that banner, you know, some of the inventory will be, you know, getting released.

Sure. And my second question is regarding our PD approach. So, I mean, we obviously have a very strong balance sheet position now. So, what is our overall PD approach? Do we want to acquire more land in the three micro markets where we are present or we are looking for land passers in maybe other parts of Gurgaon or other parts of NCR? How should one look at it?

So, see, we are focusing on two markets and product segment in terms of BD right now. One is in the Sona market, we are quite actively, you know, looking at certain transactions and quite hopeful of closure in, you know, the first half of this year itself. Thank you. And we want to, you know, create larger, you know, projects. You know, the way we did this project called City of Colors, which was in Maneser, you know, last year, that's again, that was a plotted development comprising of residential and industrial plots. We are looking at some more projects, stoke projects of similar nature, and hence certain larger format, you know, land parcels, maybe, you know, acquired stoke. Thank you.

Thanks. I'll come back for more questions. Thank you.

A reminder to all the participants that you may please press star and want to ask questions. The next question is from the line of Rishat Shah from Access Capital. Please go ahead.

Yeah, thanks for the opportunity, sir. Two questions from my end. First one is cash flow, so collections. Actually, we started the year with about a 6,000 crore guidance, and we understand that, I mean, maybe construction was, progress was maybe slower than expected, and we ended at about 4,000 crores, but for the next year, we are again targeting about 5,000 crores. So, with the contractors and all appointed and construction, I mean, progressing now, I mean... I would have expected a higher guidance on that. Any comments on that?

Yeah, it's more like once-but-in-twice-shy situation. We don't want to kind of, you know, get sound very aggressive with regard to these plans. We are very, and if you'll see even last year, you know, effectively see collection and completion will go hand in hand. We are giving a number on both these accounts, which we feel is really achievable.

And secondly, a bookkeeping question. So, in the ongoing projects, what would be the value of the inventory that we have right now?

It's very minimal. It would be about, I think it's coming in the presentation, it's probably 7 billion or something, which, you know, is there. Not the ones which we recently launched. Over there, that number will be closer to... 70 to 80 billion, things which we've launched recently, but as part of the ongoing book, I think that number is about 7 billion.

Sure, okay, so about 80-85 billion of total inventory, wouldn't it?

Yes.

Okay, thanks.

You may please press star and want to ask questions at this time. We'll take the next question from the line of Adirev Chattopadhyay from ICICI Securities. Please go ahead.

Yeah, thank you for the opportunity. The first question is on our launches of 15,000 crores which we have lined up. So, in our guidance of the year, how much are we targeting to sell out of that as part of the guidance? Any ballpark number?

So, Adhidev, see, the first target as we launch any new project is to achieve, you know, that 40% sort of a benchmark number, you know, out of the launch value because, you know, with a 40% achievement, we are able to very comfortably cover the construction costs over the span of that project. So, that tends to be our first primary target which we give to our sales team. So if you look at the balance sheet position of this entire 40 million in terms of recently launched and forthcoming projects, you know, this 700 billion worth of GDV exists. At the same time, on the liability side, in terms of actual net debt, it is just 2 billion. So honestly, a simple way to understand the balance sheet is that basis the operating cash flows earned over the last, you know, decade, we've accumulated this. You know, portfolio projects, and of course, you know, proceeds from the IPO, you know, which came in, but there is no significant debt sitting on the books. So, as we launch any new product, of course, 40% is the minimum internal benchmark which we create. So, if we launch products worth, you know, 15,000 crores, we will target, like, you know, about 60 billion to be achieved out of these projects, and the balance, you know, give or take should come out of the sustenance. You know, sales being done by the company.

Okay, so 4,000 from sustenance, and I think you mentioned number

8,000 crores, the inventory you have to sell, or is that number higher? Yes, yes, yes.

So, you're looking to monetize half the inventory this year from the sustenance projects, and another 6,000 crores, which is 40%, 15,000 crores. That's our interest. Yeah, okay, fine, fine. The second question is now with the RFG tie-up done. Please help us guide what are going to be the CAPEX requirements for the next 4-5 years, and on the accounting, how does this work? Is this something or JV of the books, or will the entire CAPEX come onto our books? How does it work in terms of the CapEx? Will Holy Signature do it or R&G will also take an equal share? Will this help us understand the structure now going forward?

So, Aditya, commercially, this is a 50-50 joint venture. One owns one share more than the other. So, it's absolutely equal share partnership with equal controlling rights, both in terms of directors and any representation. It's absolutely equal. Based on our skill sets, we've divided the roles and responsibilities. For instance, you know, the land was already in place. Any approvals-related activities is something which we'll take up. Any, you know, construction-related activities because of our, you know, local presence is something, you know, which we'll take up. So, R&Z in parallel, while, you know, design is a joint aspect, but still, you know, they will take some lead on the design side, you know, and appointment to certain, you know, larger contractors with whom they have a good relationship, and on the leasing side. So, you know, those are the aspects where, while the decision-making will remain joint, but R&Z will take a lead as far as, you know, those aspects are concerned. In terms of KPEGs, Both the parties are open to taking construction loan for development of this asset and any contribution which the JV entity needs from both parties can keep pumping in that much requisite equity from their own book to fund the particular development. Two and a half million square foot, you should assume, you know, capex in the range of about, you know, 3,500 to 4,000 odd crores should happen by both the parties put together over the next.

Okay, 35 to 4,000 crores, which means around our share, maybe 1,500 to 2,000 crores, right, out of that. So, your buddy was saying you may also take debt at that JV level, right? You may not. Okay, and just to understand the accounting, whatever money we put in will show up in the consolidated balance sheet as an investment in that JV, right? It's not a direct capex which will come up, right, on the consolidated balance sheet tax, if the understanding is correct.

I'll ask Sanjeev to address this.

Yeah, yeah, yeah.

Hi, Adhidev. Sanjeev here. You are right. It is not going to be considered as a debt in the consolidated balance sheet. Whatever debt is being or will be taken by this JV, it will remain in JV's books. And if, as Rajat mentioned, if needed, both the partners may invest something in this JV in the form of equity. That will definitely come as an investment as in the standalone and as well as the consolidated balance sheet. But you are right, that will not add up in the consolidated debt of the company.

Yeah, so just to declare, it will show up as an investment in the JV, right?

It's that whatever we are putting in money, incrementally, okay, okay, fine. Yeah, yeah. Okay, okay, fine. Yeah, yeah. Okay, that's it from my side. That answers my questions. Yeah.

Thank you and all the best. reminder to all the participants that you may please press star and want to ask questions. We'll take the next question from the line of Parveskazi from Novama Group. Please go ahead.

Oh, hi. Thanks for taking my follow-up question. So, a couple of questions. First, I mean, how do we see the Kudgaon market now? Obviously, frenzy has abated, market has normalized. So, what are your views on, let's say, demand? And, I mean, you just said that we would expect maybe 40% of our launches that we intend to do in FY27 to get sold. So, what's your view overall on demand and pricing and also on the unit sizes, we are somewhere closer to about 4 crore if one looks at our FY26 performance. And in future, Will it remain somewhere around these levels or do we intend to rationalize it?

Sure. Thanks for asking this question. So, I'll break up the supply and demand of units in Gurgaon in two key segments. You know, so over the last 10-11 years since, you know, the company came into existence, we've created a lot of supply in affordable and early mid-income segments, which was either these high-rise affordable apartments or, you know, low-rise floors under the Deenryal Janavas Yojna, which used to exist for Gurgaon. And still exists for areas on the peripheral areas of the kurkawa market. So a lot of supply we created, and, you know, of course, other players also created in this, you know, market over the last 10 years. And bulk of that launches are seeing, have seen completion or are, you know, seeing completion, you know, over these years. Thank you. But the launches which we are planning, which are these high-rise apartments in this particular coming year, if you look at the block period between 2014 till about 2022, for the seven or eight years while the markets in general weren't doing so well, there was literally zero supply of newer group housing units in Gurgaon throughout this, you know, seven, eight year span. We've seen quite a few launches in this market by a lot of good pedigree players post-2022, but none of that supply has actually reached a completion stage. So while, you know, you may feel that, okay, a lot of supply is happening, but actually on ground there is very little sort of, you know, delivered units which are available in Gurgaon. And that's why... Despite a run-up in prices, you know, prices continue to go up because there isn't, like, adequate supply of good quality, grade A, good location, good developer, you know, grade A housing spaces, you know, they're not available in the kind of quantum one would assume or estimate them to be in the market. So that is why, you know, we continue to create more supply in this space. We continue to see as a market, you know, prices still going up a little rather than coming down. And we feel confident that, you know, any of these projects which are being launched by Signature Global, you know, will get like reasonable absorption of, let's say, 40% plus at the time of launch itself. That's been our kind of experience, even in the previous year, and, you know, we are Fairly hopeful that this trend is going to continue. There are certain global headwinds right now. No one can predict how that's going to pan out for the country or for the region, but yes, assuming the dust settles over some time, I think we have full year, and with these two or three launches, we are fairly hopeful of doing what we are.

Second question, I mean of the two major projects that we launched in FY26, Cloverdale and Sarvam, how much proportion would we have sold and what proportion of the FY26 collections came from these two ones?

Put together, I can share the specific number separately with you, but put together, you know, if we did launches of 10,000-odd clues, I think we've sold, we've done sales in excess of 4,000 clues for entire bucket put together. So 40% plus sales did get achieved out of, you know, whatever launches as a basket we did in the previous year.

And lastly, we did about 700 crore of BD in FY26, any target guidance for FY27.

The number for the current year, I think, should be in between 1,000 to 1,500 crores.

And all the best.

Ladies and gentlemen, as there are no further questions, I now hand the conference over to the management for closing comments. Thank you and over to you.

Thanks a lot, everyone. I think wishing you all a good day and a great year ahead. Thank you. Thank you a lot.

Thank you.

Thank you, members of the management. On behalf of ICICI Security, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.