Arihant Superstructures Ltd

- No explicit mention of new debt fundraising going forward; existing debt was primarily taken for land acquisitions. - The company aims to rely on customer sales and internal accruals for funding project developments, minimizing additional debt. - There was a preference share capital infusion plan of INR 25 crores in the hotel subsidiary Dwellcons, with INR 5 crores expected to convert into equity in Q4 FY '25. - Promoter funds contributed significantly to unsecured debt, with an average cost of 13% per annum, but no mention of fresh fundraising from external lenders. - Credit rating has been obtained (BBB- stable outlook), and efforts are ongoing to improve the rating, which may support future financing if needed. - No direct indication of immediate equity fundraising apart from the preference share infusion in the subsidiary.

- For FY '25, Arihant Superstructures plans capex of around INR 25-30 crores focused on three major luxury projects: World Villas, Club 10 Gymkhana, and a 5-star hotel. - Construction work has started on World Villas and Club 10; excavation work has begun for the hotel. - The World Villas and Club 10 projects have a development timeline of about 2 years, targeting first deliveries by December 2026. - The Club 10 Gymkhana is expected to be completed by calendar year 2027. - The 5-star hotel is anticipated to be ready by March 2028. - Credit facilities are available from SBI to support the capex from FY '26 onwards. - Preference share capital infusion of INR 25 crores planned into hotel subsidiary Dwellcons, with a portion converting into equity in Q4 FY '25.

- FY '25 Revenue Growth: Expected around 20% growth over FY '24 revenue of INR511 crores. - FY '26 Revenue Growth: Projected CAGR of 26%, indicating strong growth momentum. - Q4 FY '25 Deliveries: Anticipated to be around INR250 crores, driven by multiple projects reaching the 10% completion threshold. - Pre-sales Guidance: INR1,200 crores for FY '25 and INR1,550 to INR1,600 crores for FY '26. - EBITDA Margins: Targeting around 30%-33% EBITDA margin at project level, with company-level EBITDA margins expected to improve from 23% last year. - Ongoing and forthcoming project momentum supported by new land acquisitions (87+ acres added in current financial year) and increased capital availability. - Real estate market sentiment remains positive, boosted by infrastructure projects like Navi Mumbai Airport and metro expansions, expected to sustain demand across affordable, mid-income, and premium housing segments.

- Q3 FY '25 reported a consolidated revenue of INR151 crores, up 26% YoY, and EBITDA of INR43 crores, up 66% YoY, indicating strong growth momentum. - EBITDA margin hit a record high for the company at 28% in Q3 FY '25. - Profit Before Tax increased by 77% YoY to INR33.34 crores; Profit After Tax was up 63% YoY at INR25.4 crores. - Guidance for FY '25 revenue growth is around 20% over INR511 crores of FY '24. - For FY '26, a revenue CAGR growth target of 26% is expected. - Project-level EBITDA margins targeted at 30%-33%; achieved 28% in Q3 FY '25 and aiming to maintain/improve. - Pre-sales guidance: INR1,200 crores for FY '25 and INR1,550-1,600 crores for FY '26, supporting future cash flows and profitability. - Debt repayments to start from FY '27, with interest capitalization on ongoing projects enhancing near-term P&L. - New project launches and strong demand across premium, mid-income, and affordable segments underpin growth.

- Current GDV (Gross Development Value) stands at INR 12,500 crores. - Portfolio includes 307 acres of land as of December 2024, up from 220 acres in April 2024. - Recent land acquisitions: 23 acres at Chowk for Town Villas (GDV potential INR 2,500 crores) and 11-acre addition to World Villas. - Approx. 75%-80% of the GDV expected to be completed in 5 years, balance in 2 years thereafter. - Around 57% of GDV (INR 7,000+ crores) is concentrated in the Navi Mumbai Airport Panvel area. - 16% of ongoing/forthcoming projects are under asset-light models (JV, JDA, redevelopment). - The company aims for 20% growth in revenue for FY '25 and a CAGR of 26% for FY '26 onwards. - Multiple projects are nearing revenue recognition as they cross the 10% completion threshold.