Aditya Birla Real Estate Ltd

- Keyur Shah mentioned raising INR10 billion in debt, mainly for business development purposes. - There was no specific mention of new equity fundraising in the provided transcript. - The company is actively engaged in business development, with about INR30,000 crores of projects in advanced due diligence stages, indicating potential future capital needs. - No new land deals were made recently, implying current fundraising is geared towards project development and execution rather than land acquisitions. - The company has also secured IFC funding in the Thane project SPV, which reduced direct outflows from their side. Overall, current fundraising primarily involves debt expansion to support business development, with no explicit announcement of equity raises noted.

- The company plans aggressive business development with INR10,000 to INR15,000 crores of project acquisitions expected by the end of the financial year, focusing on joint ventures and outright acquisitions (Page 15). - For FY26, the launch pipeline is estimated at INR13,900 crores GDV, including new phases in Worli, Gurugram, Thane, and Boisar (Page 4). - Total GDV stands at INR70,000 crores, indicating multi-year growth and investment visibility (Page 4). - The company is investing in construction scale-up: 6 million sq ft completed last year, 11 million this year, scaling to 50 million in near future, supported by expanding the team from 300-400 to 700+ employees and an operational excellence program with BCG (Page 15). - INR10 billion debt being raised mainly for business development purposes (Page 15). - Planning commercial office space of roughly 1 million sq ft in Worli (Page 11). - Planned launch of Niyaara Tower C and other projects in Q4, indicating ongoing capital deployment (Pages 10-11).

- Aditya Birla Real Estate aims to become one of India's largest real estate companies in 3 to 5 years. - Targeting a sales booking (top line) of around INR 20,000 crores annually over the next 3 to 5 years. - Focus on not just size, but reputation, customer centricity, design, sustainability, and operational excellence. - Strong launch pipeline with projected GDV of INR 13,900 crores for the remainder of FY'26 and total GDV across projects at INR 70,000 crores. - Plan to aggressively grow business development with INR 10,000-15,000 crores of GDV expected to be finalized before year-end. - Mix of joint ventures and outright acquisitions for new projects, with no additional own land except current Worli. - Scaling construction from 6 million sq. ft. last year to 11 million this year, 35 million next year, and 50 million sq. ft. subsequently. - Operational excellence initiatives underway to enhance delivery speed and quality.

- The company aims to become one of the largest real estate players in India within 3 to 5 years, targeting a top line of around INR20,000 crores annually. - Growth will be driven by a robust launch pipeline with a total GDV of INR70,000 crores providing multi-year visibility. - Focus on operational excellence is expected to lead to timely execution, higher quality, and no project delays, supporting profit growth. - EBITDA margins are roughly estimated at 25%, enabling healthy operating profits. - Launches planned for FY26 are around INR13,900 crores with future launches targeting INR33,000 crores. - The company expects to consistently exceed previous years' sales bookings, supporting steady cash flow and earnings growth. - Enhanced execution capabilities with accelerated construction (from 6 million sq.ft last year to up to 50 million sq.ft in the near future) are expected to scale operating earnings. - Strategic partnerships and a mix of JV and outright projects will balance capital allocation and returns.

- The total Gross Development Value (GDV) stands at INR 70,000 crores, providing multi-year growth visibility. - The launch pipeline for the remainder of FY'26 is robust, with an estimated GDV of INR 13,900 crores including Birla Niyaara (Worli), Birla Navya (Gurugram), and new developments in Thane and Boisar. - They are confident of achieving the guided launch pipeline for the year. - Ongoing projects have an estimated cash flow potential of around INR 74 billion, representing Birla's share excluding PE partners' share. - Business development pipeline: current projects in advanced stages have a BD target of INR 30,000 crores, with plans to finalize INR 10,000 to 15,000 crores of GDV by end of this financial year. - The pipeline will be a judicious mix of joint ventures and outright acquisitions, with no new owned land projects except Worli.