Aditya Birla Real Estate Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Aditya Birla Real Estate Ltd filed with BSE on 13 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Aditya Birla Real Estate reported Q4 FY26 presales of Rs 4,288 crore, a 69% quarter-on-quarter increase, with collections of Rs 994 crore and area sold of 3 million square feet. For the full year FY26, the company closed with presales of Rs 8,136 crore, collections of Rs 3,341 crore and area sold of 5.5 million square feet. Management discussed a business development pipeline of about Rs 60,000 crore under pursuit, an ITC transaction expected to conclude this quarter, and a maiden redevelopment project signed in Khar with a GDV potential of Rs 1,700 crore.
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Numbers mentioned
Presales: INR 4,288 crores (Q4 FY26)
p. 4
“We achieved presales of INR 4,288 crores, reflecting a robust 69% Q-o-Q increase.”
R.K. Dalmia, page 4 of the filed PDF · View the filing
Collections: INR 994 crores (Q4 FY26)
p. 4
“Collection for Q4 FY '26 remained healthy at INR 994 crores, and we recorded area sales of 3 million square feet, making an impressive 75% Q-o-Q growth.”
R.K. Dalmia, page 4 of the filed PDF · View the filing
Full year presales: INR 8,136 crores (FY26)
p. 4
“For the full year FY '26, we closed with a pre-sales of INR 8,136 crores, collections of INR 3,341 crores and area sold of 5.5 million square feet reflecting the depth, resilience and stability of our business.”
R.K. Dalmia, page 4 of the filed PDF · View the filing
Khar redevelopment GDV potential: INR 1,700 crores
p. 4
“On redevelopment front, we announced our maiden redevelopment project in Khar with a GDV potential of INR 1,700 crores.”
R.K. Dalmia, page 4 of the filed PDF · View the filing
Land bank GDV: INR 70,000-72,000 crores
p. 14
“I think we have sort of delineated it in our presentation, the kind of land bank, we have about INR 70,000 crores, INR 72,000 crores of GDV today, of which about -- how much is launched about close to 30,000.”
K.T. Jithendran, page 14 of the filed PDF · View the filing
BD pipeline under pursuit: INR 60,000 crores
p. 7
“Overall, I could say roughly about INR 60,000 crores of projects we are at this point, kind of pursuing.”
K.T. Jithendran, page 7 of the filed PDF · View the filing
MMR share of BD pipeline: INR 35,000 crores
p. 7
“MMR will be about 35,000 crores.”
K.T. Jithendran, page 7 of the filed PDF · View the filing
Construction spend: INR 924 crores (FY26)
p. 10
“So in that sense, last year, we spent INR 924 crores on construction.”
Keyur Shah, page 10 of the filed PDF · View the filing
Niyaara Tower B units sold: 119 out of 148 units
p. 16
“Niyaara, Tower B, I think they've sold about net-net about 119 units out of 148 units.”
K.T. Jithendran, page 16 of the filed PDF · View the filing
Cash and mutual fund balances: INR 1,000 crores mutual fund balances and INR 1,300 crores cash and RERA balances
p. 10
“We have almost INR 1,000 crores of mutual fund balances at a consol level.”
Keyur Shah, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Construction spend — INR 1,200-odd crores · FY27
stated firmly by Keyur Shah
p. 10
“This year, we should be spending INR 1,200-odd crores for construction.”
Keyur Shah, page 10 of the filed PDF · View the filing
ITC transaction closure — this quarter
stated conditionally by Keyur Shah
p. 9
“Now certain state-level approvals are pending, and we expect to conclude the transaction in this quarter.”
Keyur Shah, page 9 of the filed PDF · View the filing
Presales target of INR 15,000 crores — INR 15,000 crores · FY28 or FY29
stated conditionally by K.T. Jithendran
p. 12
“Looking at this kind of trajectory that we're having today, it's quite possible that INR 15,000 crores instead of FY '28 may kind of slip over to FY '29.”
K.T. Jithendran, page 12 of the filed PDF · View the filing
Birla Niyaara Tower C launch — Q2 or Q3 FY27
stated conditionally by K.T. Jithendran
p. 6
“So it may be -- we may just get RERA at the end of Q2, and we may launch it either in Q2 or maybe early Q3.”
K.T. Jithendran, page 6 of the filed PDF · View the filing
Mathura Road approval — early next year
stated as an aspiration by K.T. Jithendran
p. 11
“I don't want to take a chance and declare that will happen this year, but I'm quite confident that it will happen early next year.”
K.T. Jithendran, page 11 of the filed PDF · View the filing
Commercial construction start in Worli — this year
stated firmly by K.T. Jithendran
p. 12
“But whether we get a partner or not, we'll definitely start -- commence the construction this year.”
K.T. Jithendran, page 12 of the filed PDF · View the filing
Thane commercial portfolio — 5 lakh square feet
stated as an aspiration by K.T. Jithendran
p. 9
“But definitely, there are plans to create at least about 5 lakh square feet of commercial.”
K.T. Jithendran, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management declined to give clear guidance, citing difficulty predicting sales, but noted new launches and sustenance sales pipeline for the year.
Answered by K.T. Jithendran
Asked by Karan Khanna: What sustenance sales are expected from the remaining Rs 7,300 crore inventory going into FY27?
p. 5
“All I want to tell you that -- I mean, for the current year, -- we have got about INR 9,000-plus crores of new launches and INR 7,000 crores of sustenance sales coming up.”
K.T. Jithendran, page 5 of the filed PDF · View the filing
Management said the Niyaara Tower C launch timing is uncertain and could spill to Q3, while other Mumbai projects were performing well.
Answered by K.T. Jithendran
Asked by Karan Khanna: How is the company managing launch timelines and approval risks in Mumbai?
p. 6
“As far as the launch for Birla Niyaara Tower C is concerned, it's really touch and go.”
K.T. Jithendran, page 6 of the filed PDF · View the filing
Management said they want to maximize pricing and margins by waiting given limited remaining inventory and rising prices in the market.
Answered by K.T. Jithendran
Asked by Pritesh Sheth: Why is the last Trimaya phase in Bangalore not being launched this year?
p. 8
“I think we really would like to now maximize the revenue from our final phase.”
K.T. Jithendran, page 8 of the filed PDF · View the filing
Management said collections were strong overall but bookings from March launches would flow into Q1 FY27 collections instead.
Answered by Keyur Shah
Asked by Fenil Brahmbhatt: What caused the collections dip quarter-on-quarter?
p. 13
“So our collections for the bookings which we have announced in March would come in Q1 of the coming year.”
Keyur Shah, page 13 of the filed PDF · View the filing
Management defended its selective BD approach, attributing strong sales and margins to careful project selection, and said it aims to be a top company by both size and reputation.
Answered by K.T. Jithendran
Asked by Dixit Doshi: Can the company become a top 3-5 real estate player given its smaller BD volumes versus competitors?
p. 15
“And we are very sure that we would like to be among the top real estate companies in India, but not just by size, but also by reputation.”
K.T. Jithendran, page 15 of the filed PDF · View the filing
Management attributed the payment plan flexibility to geopolitical developments affecting buyer liquidity, not to a demand slowdown.
Answered by K.T. Jithendran
Asked by Varun Julasaria: Why were payment plans offered this quarter despite strong conversion rates?
p. 17
“Payment plans are more due to market forces and there has been this geopolitical development, which happened in the last quarter.”
K.T. Jithendran, page 17 of the filed PDF · View the filing
Management said no impact has been seen yet due to contingency planning, but flagged potential future impact if disruptions continue.
Answered by K.T. Jithendran
Asked by Varun Julasaria: Is construction material cost escalation a concern for FY27?
p. 17
“But if the current situation continues or deteriorates further, then of course, there will be an impact.”
K.T. Jithendran, page 17 of the filed PDF · View the filing
Management declined to give a presales guidance figure, saying it was too difficult to predict.
Answered by K.T. Jithendran
Asked by Biplab Debbarma: Given a similar FY27 launch pipeline including lower-absorption Niyaara, could presales be flat or lower than FY26?
p. 18
“I don't want to comment on that because as I said, it's very difficult to give you -- in other words, you're asking for guidance, which I can't at this point of time give you.”
K.T. Jithendran, page 18 of the filed PDF · View the filing
Risks flagged
Approval delays for Birla Niyaara Tower C launch dependent on environmental and NGT clearances
p. 8
“Approvals are largely based on two things. One is the environmental and the NGT. So those are pretty indeterminate things.”
K.T. Jithendran, page 8 of the filed PDF · View the filing
Talegaon land remains agricultural and unconverted, with no clear development timeline
p. 9
“Also, you must remember that Talegaon land is an agricultural land, it needs to be converted, etc. So it's in a very preliminary stage.”
K.T. Jithendran, page 9 of the filed PDF · View the filing
Business development due diligence risk that could delay or derail acquisitions
p. 10
“The only thing is that in due diligence,we are very particular about what kind of risk we take. So some of them have happened, some of them doesn't happen.”
K.T. Jithendran, page 10 of the filed PDF · View the filing
Geopolitical developments affecting buyer liquidity and cash flow
p. 17
“People are not able to really take money -- get money quickly into the market it was forced, all these things happened in the last quarter.”
K.T. Jithendran, page 17 of the filed PDF · View the filing
Construction cost escalation from oil prices and supply chain disruption
p. 17
“Yes. So because of oil prices and disruption in supply chains, there has been an impact on cost.”
K.T. Jithendran, page 17 of the filed PDF · View the filing
Delayed approvals in Mathura Road project in Delhi
p. 11
“Mathura Road, as I mentioned, in Delhi, we have been struggling with the approval thing.”
K.T. Jithendran, page 11 of the filed PDF · View the filing
Transportation delays affecting construction material supply
p. 17
“Availability is not an issue, but transportation is a bit of delay and that has impacted slightly.”
K.T. Jithendran, page 17 of the filed PDF · View the filing
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