Eldeco Housing & Industries Ltd

- 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.

- 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.

- 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.

- 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.

- 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.