Eldeco Housing & Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Eldeco Housing & Industries Ltd filed with BSE on 29 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
Eldeco Housing and Industries reported FY26 booking value of INR 744 crores, up 120% year-on-year, with collections of INR 352.1 crores, up nearly 39% year-on-year. The company launched Eldeco Solano Gardens, selling 343 of 433 units for over INR 384 crores, and added nearly INR 2,000 crores of gross development value through three new land parcels in Lucknow. Management reported FY26 total income of INR 175.7 crores, EBITDA of INR 41.5 crores, and profit after tax of INR 24.3 crores, while noting a one-time expense of about INR 14 crores in the quarter related to a GST input write-off and prior project costs.
Numbers mentioned
Booking value: INR 382.7 crores (Q4 FY26)
p. 3
“In Q4 FY26, we recorded booking value of INR 382.7 crores and area booked of 5.13 lakhs square feet.”
Pankaj Bajaj, page 3 of the filed PDF · View the filing
Booking value: INR744 crores, up 120% year-on-year (FY26)
p. 3
“For the entire FY26, the booking value stood at INR744 crores, up 120% year-on-year, with area booked of 10.77 lakhs square feet, up over 100%.”
Pankaj Bajaj, page 3 of the filed PDF · View the filing
Collections: INR 96.5 crores (Q4 FY26)
p. 3
“In Q4 FY26, collections were INR 96.5 crores and for FY26, the collections were INR 352.1 crores, up nearly 39% year-on-year, reflecting steady improvement”
Pankaj Bajaj, page 3 of the filed PDF · View the filing
Construction spend: INR 177.7 crores, up 14% year-on-year (FY26)
p. 4
“On execution, the construction spend was INR 177.7 crores in FY26, up 14% year-on-year.”
Pankaj Bajaj, page 4 of the filed PDF · View the filing
Homes delivered: 280 homes, 2.78 lakhs square feet (FY26)
p. 4
“We delivered 280 homes during the year with delivered area of 2.78 lakhs square feet.”
Pankaj Bajaj, page 4 of the filed PDF · View the filing
Total income: INR 175.7 crores (FY26)
p. 4
“FY26 total income stood at INR 175.7 crores.”
Pankaj Bajaj, page 4 of the filed PDF · View the filing
EBITDA: INR 41.5 crores (FY26)
p. 4
“EBITDA was INR 41.5 crores and profit after tax was INR 24.3 crores.”
Pankaj Bajaj, page 4 of the filed PDF · View the filing
Imperia Phase 2 revenue recognized: around INR 47 crores (Q4 FY26)
p. 6
“If I say that, Imperia Phase 2 is almost out of INR 60 crores, around INR 47 crores, which is almost 70% to 80% is from the Imperia 2.”
Rajiv Khurana, page 6 of the filed PDF · View the filing
One-time expense: about INR 14 crores (FY26)
p. 6
“So around INR 14 crores is onetime kind of expense in the other expenses, which is hitting our EBITDA and the PAT for this quarter and the financial year.”
Rajiv Khurana, page 6 of the filed PDF · View the filing
Plotted development margins: 50% to 60%
p. 4
“Our margins are basically vary from 50% to 60% if I say that.”
Rajiv Khurana, page 4 of the filed PDF · View the filing
Total GDV pipeline (unsold, ongoing, and yet-to-launch): about INR 4,000 crores
p. 5
“All of them put together should have a value of about INR 4,000 crores.”
Pankaj Bajaj, page 5 of the filed PDF · View the filing
New GDV added via land parcels: nearly INR 2,000 crores (Q4 FY26)
p. 3
“During the quarter, we strengthened our growth pipeline by adding nearly INR 2,000 crores of gross development value, GDV, through 3 prime land parcels in key growth corridors of Lucknow.”
Pankaj Bajaj, page 3 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.
EBITDA margin — about 30%, 35% · FY27
stated conditionally by Pankaj Bajaj
p. 5
“And EBITDA margin should be in the range of about 30%, 35%. Profit after tax should be about 25% next year, but that will be because of Imperia 2.”
Pankaj Bajaj, page 5 of the filed PDF · View the filing
Imperia Phase 2 revenue recognition — INR 140 crores · FY27
stated conditionally by Pankaj Bajaj
p. 6
“But according to our projection, about INR130 crores, INR150 crores, between that number should be the recognition of Imperia 2 next year.”
Pankaj Bajaj, page 6 of the filed PDF · View the filing
Latitude 27 possession — November '27 · November 2027
stated firmly by Pankaj Bajaj
p. 13
“Our official position remains November '27, but hopefully, because the way the site is working, we may do it much earlier than that, even so early that it could be within this financial year.”
Pankaj Bajaj, page 13 of the filed PDF · View the filing
Construction spend — about INR 200 crores · FY27
stated as an aspiration by Pankaj Bajaj
p. 15
“I think in the current financial year, it will be about 15% to 20% higher. So, about INR 200 crores, maybe.”
Pankaj Bajaj, page 15 of the filed PDF · View the filing
Total GDV monetization timeframe — INR 4,000 crores · next 5 to 7 years
stated as an aspiration by Pankaj Bajaj
p. 9
“And it would be reasonable to assume that we will be able to sell it over the next 5 to 7 years.”
Pankaj Bajaj, page 9 of the filed PDF · View the filing
Eldeco Trinity relaunch — about 3 weeks
stated firmly by Pankaj Bajaj
p. 12
“We're going to relaunch the project in about 3 weeks' time.”
Pankaj Bajaj, page 12 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 said plotted development margins run 50-60%, but the weighted average including lower-margin villas is 35-40%.
Answered by Pankaj Bajaj
Asked by Ashish Bansal: What margin profile applies to Solano Gardens versus other projects, including on a consolidated basis?
p. 5
“I think you should please take it at about 35% to 40%, including villas. 50% to 60% is the plotted component, but the weighted average will be 35%-40%.”
Pankaj Bajaj, page 5 of the filed PDF · View the filing
Management attributed it to a one-time GST input write-off of about INR 11 crores plus other prior-project expenses totaling about INR 14 crores.
Answered by Rajiv Khurana
Asked by Gunit Singh: Why did margins fall in Q4 and what caused the doubling of other expenses to about INR 20 crores?
p. 6
“Like we have basically write-off GST input close to INR 11 crores, which is expensed in this year itself.”
Rajiv Khurana, page 6 of the filed PDF · View the filing
Management explained revenue is recognized only when control passes to the customer at possession, which depends on when customers choose to take possession, not on project completion.
Answered by Pankaj Bajaj
Asked by Suhas Khullar: Why is only INR 130-140 crores of Imperia Phase 2's INR 300 crore value expected to be recognized this year rather than most of it sooner?
p. 8
“If the installments are still running, then the control is still with us. So we are not able to recognize that revenue. But on the ground, the project is complete.”
Pankaj Bajaj, page 8 of the filed PDF · View the filing
Management said the one-time cleanup has been completed this quarter and does not expect further such items.
Answered by Rajiv Khurana
Asked by Manan Patel: Will there be more one-off expenses in coming quarters?
p. 11
“We have done more or less the cleansing bit, and took all the call as is in this quarter itself. We're not hoping any other concern in the next coming quarters.”
Rajiv Khurana, page 11 of the filed PDF · View the filing
Management said most customers are self-funded and does not expect a significant demand impact from rate changes.
Answered by Pankaj Bajaj
Asked by Sanya Malhotra: Would a reversal in the interest rate cycle impact housing demand?
p. 13
“Of our total collections, probably just about 30% to 40% is disbursed through home loans.”
Pankaj Bajaj, page 13 of the filed PDF · View the filing
Management said construction spend is increasing organically and should be about 15-20% higher this year versus the prior year.
Answered by Pankaj Bajaj
Asked by Karan Gupta: What is the construction expense budget for FY27 and FY28?
p. 15
“This year, we've done at INR 177 crores. I think in the current financial year, it will be about 15% to 20% higher.”
Pankaj Bajaj, page 15 of the filed PDF · View the filing
Risks flagged
Cost of construction may rise due to incomplete transmission of macro/geopolitical pressures
p. 11
“The bigger impact that we think will come will be on the cost of construction side. That transmission is still not there fully.”
Pankaj Bajaj, page 11 of the filed PDF · View the filing
Stock market weakness can cause buyers connected to markets to hold back on big decisions
p. 11
“If there are certain people who are connected to the stock markets and the stock markets are not doing well, they tend to hold back on big decisions.”
Pankaj Bajaj, page 11 of the filed PDF · View the filing
Land aggregation for plotted and villa developments is difficult and time-consuming, delaying projects
p. 14
“The pain happens in the land aggregation, in assembling the land, which is large enough to have a meaningful number.”
Pankaj Bajaj, page 14 of the filed PDF · View the filing
Housing supply constrained by fragmented and disputed land parcels
p. 14
“land assembly is so difficult, land parcels are fragmented, they're disputed.”
Pankaj Bajaj, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.