Any current/future capex/capital investment/strategic investment?

Eldeco Housing & Industries Limited has marginally expanded its land bank by acquiring an additional 3.84 acres during the quarter. The total land aggregation for fresh township projects now stands at 63 acres. The company is in the process of applying for approvals for about 45 acres of this land and is optimistic about getting these approvals early. A new project based on this land is expected to launch early next year, with a revenue potential estimated to be more than INR 600 crores, possibly closer to INR 800 crores, depending on the final plan approved. Eldeco is focused on tying up more

Future growth expectations in sales/revenue/volumes?

Eldeco expects sustenance in sales from existing new launches with about 10 lakh sq. ft. of sales sustaining. Three projects under active approval (7-8 lakh sq. ft.) expected to launch soon; approval process taking 6-9 months. Three more projects in land aggregation phase, targeting approvals and launches shortly; total fresh inventory expected around 2 million sq. ft. Annual sales target runs between INR300-500 crores, with presales benchmark maintained above INR400 crores. Revenue potential from upcoming 45-acre project estimated at over INR600 crores, possibly closer to INR800 crores. Expec

Future growth expectations in earnings/operating earnings/profits/EPS?

Eldeco expects sustained sales growth with annual sales potentially reaching INR300-500 crores, driven by ongoing launches and approvals for new projects. The unsold inventory and land bank (3.6 million sq ft) provide a revenue potential of around INR2,600 crores over the next 4-5 years, supporting future growth. EBITDA margins were around 40%-45% recently, a rebound from earlier expected margins of 30%-35%, due to better pricing and stable costs, suggesting improved profitability. Margins differ by project phase; e.g., Imperia Phase 1's lower margin pulls down overall EBITDA, but Phase 2 show

Current/ Expected Orderbook/ Pending Orders?

Eldeco has about 10 lakh square feet of sustainment sales from projects already launched. There are 3 projects under active approval, expected to add about 7-8 lakh square feet. Additionally, 3 projects are under land aggregation awaiting approval application. Total expected inventory including unsold and fresh projects is approximately 36 lakh square feet. This translates to a sales potential of around INR1,800 crores at INR5,000 per square foot. Combined with INR800 crores worth of already sold but undelivered inventory, total orderbook potential is about INR2,600 crores. The company aims to

Eldeco HousingQ2 FY25Realty

Eldeco Housing Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹782P/E: 20.8Market Cap: ₹753 CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Eldeco expects sustenance in sales from existing new launches with about 10 lakh sq. ft. of sales sustaining.
Three projects under active approval (7-8 lakh sq. ft.) expected to launch soon; approval process taking 6-9 months.
Three more projects in land aggregation phase, targeting approvals and launches shortly; total fresh inventory expected around 2 million sq. ft.
Annual sales target runs between INR300-500 crores, with presales benchmark maintained above INR400 crores.
Revenue potential from upcoming 45-acre project estimated at over INR600 crores, possibly closer to INR800 crores.
Expectation to launch projects immediately post-approval to maintain momentum.
Market demand in Lucknow remains strong with supply below demand; no expansion plans outside Lucknow currently.
Sales volumes projected at around 20 lakh sq. ft. over next 3-4 years from combined existing and new projects.

Margin guidance

Category 3

Eldeco expects sustained sales growth with annual sales potentially reaching INR300-500 crores, driven by ongoing launches and approvals for new projects.
The unsold inventory and land bank (3.6 million sq ft) provide a revenue potential of around INR2,600 crores over the next 4-5 years, supporting future growth.
EBITDA margins were around 40%-45% recently, a rebound from earlier expected margins of 30%-35%, due to better pricing and stable costs, suggesting improved profitability.
Margins differ by project phase; e.g., Imperia Phase 1's lower margin pulls down overall EBITDA, but Phase 2 shows margins near 45%-50%.
Company aims for sustained presales above INR400 crores annually for the next 3 years.
Debt levels may rise modestly to fund land acquisition but are expected to be repaid quickly given fast collections.
Overall, operational and financial metrics indicate confidence in steady growth in earnings and profits moving forward.

See what Eldeco Housing management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

- Eldeco Housing & Industries Limited is possibly planning to raise more debt to tie up additional land parcels in Lucknow. - The company sees Lucknow entering a golden period of growth and does not want capital constraints for this expansion. - Any debt raised is intended to be repaid within a couple of years, supported by fast sales and collections from projects. - There are no explicit updates or mentions of equity fundraising or a merger with the unlisted company at this time. - The management expressed confidence that the scale of operations and construction can be handled without concern from a debt perspective. (Information from pages 10, 14 and 15 of the document)

Order book

Yes

Eldeco has about 10 lakh square feet of sustainment sales from projects already launched.
There are 3 projects under active approval, expected to add about 7-8 lakh square feet.
Additionally, 3 projects are under land aggregation awaiting approval application.
Total expected inventory including unsold and fresh projects is approximately 36 lakh square feet.
This translates to a sales potential of around INR1,800 crores at INR5,000 per square foot.
Combined with INR800 crores worth of already sold but undelivered inventory, total orderbook potential is about INR2,600 crores.
The company aims to achieve these sales over the next 4-5 years.
Fresh inventory from land aggregation expected to yield around 20 lakh square feet.
Approvals for new projects expected within 6-9 months, with immediate launches post-approval.

See what Eldeco Housing management said on order book — free account, 30 seconds.

Capex plans

Yes

Eldeco Housing & Industries Limited has marginally expanded its land bank by acquiring an additional 3.84 acres during the quarter.
The total land aggregation for fresh township projects now stands at 63 acres.
The company is in the process of applying for approvals for about 45 acres of this land and is optimistic about getting these approvals early.
A new project based on this land is expected to launch early next year, with a revenue potential estimated to be more than INR 600 crores, possibly closer to INR 800 crores, depending on the final plan approved.
Eldeco is focused on tying up more land parcels in Lucknow, indicating potential for further capital investments or strategic land acquisitions to support growth, with no current plans to expand outside Lucknow.

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