Current/ Expected Orderbook/ Pending Orders?

Eldeco Housing has a strong project pipeline for FY26, including two projects—Eldeco Hanging Gardens and Eldeco Skywalk—totaling around 5 to 5.5 lakh square feet with an expected Gross Development Value (GDV) of approximately INR 360 crores. A third, much larger project (52 acres, undisclosed location #3) is being aggregated, with approvals expected within the year and a potential launch toward year-end, projecting a total pipeline close to INR 1,000 crores. The pipeline represents projects already approved or in the approval process; additional projects are anticipated but not yet disclosed.

Any current/future new fundraising through debt or equity?

Eldeco Housing & Industries Limited has taken a debt facility of INR120 crores, which has already been deployed for new land acquisitions. Currently, there are no plans or indications for taking on additional debt in the near future. There is no mention or discussion related to any equity fundraising in the transcript. The company appears focused on organic growth through launches and approvals rather than raising fresh capital through debt or equity at this time.

Future growth expectations in sales/revenue/volumes?

Eldeco expects to double its sales from current levels in Lucknow, driven by supply constraints easing and rising demand. Two projects, Eldeco Hanging Gardens and Eldeco Skywalk, with combined saleable area of 5 to 6 lakh sq ft, are set for launch in FY26, offering INR360 crores of GDV. A third large project (~52 acres) is anticipated for launch in the second half of FY26, potentially increasing total sales pipeline to around INR1,000 crores. Annualized fresh bookings target of over INR400 crores is realistic for FY26 and beyond. Sales velocity has improved significantly, with about 50

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

Eldeco expects improved revenue recognition starting FY26, notably from Imperia Phase 2 with higher margins (~45-50%), which should raise consolidated EBITDA margins back toward historical levels of ~40%. Average realization per sq. ft. is projected to increase to INR 5,000-6,000 range from previous ~INR 3,500, supported by luxury projects like Eldeco Trinity. Sales bookings and collections have shown strong YoY growth (bookings +107%, collections +108% in 9MFY25), indicating robust demand. New project launches in FY26, including Hanging Gardens and Skywalk (5-6 lakh sq.ft. combined, GDV ~INR

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Eldeco Housing & Industries LtdQ4 FY26Realty

Eldeco Housing & Industries Ltd Q4 FY26 Earnings Call Analysis

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

Price: ₹805P/E: 36.1Market Cap: ₹818 CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Eldeco expects to double its sales from current levels in Lucknow, driven by supply constraints easing and rising demand.
→Two projects, Eldeco Hanging Gardens and Eldeco Skywalk, with combined saleable area of 5 to 6 lakh sq ft, are set for launch in FY26, offering INR360 crores of GDV.
→A third large project (~52 acres) is anticipated for launch in the second half of FY26, potentially increasing total sales pipeline to around INR1,000 crores.
→Annualized fresh bookings target of over INR400 crores is realistic for FY26 and beyond.
→Sales velocity has improved significantly, with about 50-60% of inventory being booked shortly after launch, except for premium projects like Trinity.
→Average realization expected in the INR5,000-6,000 per sq ft range, up from INR3,500 previously, indicating premiumization trend.
→Earnings momentum expected to restore EBITDA margins around 35-40% with recognition of higher margin projects like Imperia Phase 2.

Margin guidance

Category 3

→Eldeco expects improved revenue recognition starting FY26, notably from Imperia Phase 2 with higher margins (~45-50%), which should raise consolidated EBITDA margins back toward historical levels of ~40%.
→Average realization per sq. ft. is projected to increase to INR 5,000-6,000 range from previous ~INR 3,500, supported by luxury projects like Eldeco Trinity.
→Sales bookings and collections have shown strong YoY growth (bookings +107%, collections +108% in 9MFY25), indicating robust demand.
→New project launches in FY26, including Hanging Gardens and Skywalk (5-6 lakh sq.ft. combined, GDV ~INR 360 crores), plus a larger upcoming project, should fuel revenue and cash flows.
→Construction spend and deliveries have doubled, supporting sustained operational growth.
→While EBITDA margins may moderate slightly due to competition, a sustainable margin range of 32-40% is expected.
→Overall, the company anticipates steady earnings, revenue, and profit growth over FY26 and beyond.

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Fundraise plans

→Eldeco Housing & Industries Limited has taken a debt facility of INR120 crores, which has already been deployed for new land acquisitions.
→Currently, there are no plans or indications for taking on additional debt in the near future.
→There is no mention or discussion related to any equity fundraising in the transcript.
→The company appears focused on organic growth through launches and approvals rather than raising fresh capital through debt or equity at this time.

Order book

Yes

→Eldeco Housing has a strong project pipeline for FY26, including two projects—Eldeco Hanging Gardens and Eldeco Skywalk—totaling around 5 to 5.5 lakh square feet with an expected Gross Development Value (GDV) of approximately INR 360 crores.
→A third, much larger project (52 acres, undisclosed location #3) is being aggregated, with approvals expected within the year and a potential launch toward year-end, projecting a total pipeline close to INR 1,000 crores.
→The pipeline represents projects already approved or in the approval process; additional projects are anticipated but not yet disclosed.
→The current backlog includes unsold inventory of about 9 lakh square feet and approximately INR 275 crores in receipts not yet recognized as revenue.
→The company expects to maintain or exceed an annualized sales booking of more than INR 400 crores as a new normal going forward.

Capex plans

Yes

- Eldeco Housing & Industries Limited has been actively acquiring land, having added 7.3 acres during Q3 FY25. - They have a strong pipeline with projects like Eldeco Hanging Gardens and Eldeco Skywalk ready for launch upon securing RERA registrations. - Another larger project (~52 acres) is in the approval pipeline, anticipated to be a major launch in the second half of the year. - The company has deployed the INR120 crores debt facility primarily for new land acquisitions. - There are no immediate plans for raising additional debt as of now. - The company intends to continue expanding through new projects and land acquisitions, focusing on generating an annualized fresh booking of over INR400 crores. - They remain open to strategic formats like JDAs if the opportunity aligns with their business metrics, though local market limitations exist. Overall, the current and near-future capital investments are focused on land acquisition and project development in Lucknow, leveraging existing financial strength.

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