GANESH HOUSING LIMITED — Q1 FY27 earnings call

We would have to wait for the buyer also who is also a listed entity. We both have to do that at the same time. He has not yet told us. So, we are at this point in time constrained to talk about it. But we should do that eventually.

No answer was attributed to this question in the transcript.

And the full payment has been realized. Nothing is outstanding there, right?

No answer was attributed to this question in the transcript.

Payments are, I think at this point in time, along with the sale, normally most of the payments come in. But I think those are the details of both how much money and what rate and all that, we will be telling you as soon as we are, both have got the clearance to say so, both the companies. GAN ESH -==-® HOUSINGIIII LIMITED.., Ganesh Housing Limited July 27, 2027 Page 8 of 14

No answer was attributed to this question in the transcript.

Got it. Okay. The second question was regarding Godhavi. Let me phrase the question properly. So, of the Rs. 1,000 crores to Rs. 1,200 crore revenue that you are projecting for FY27, how much of that is expected via land sale and how much of it is going to be via development?

No answer was attributed to this question in the transcript.

See, this particular one which we have done, One 91 Thaltej, I would always term it as a project sale. Because it's the seizing of the opportunity instead of project, doing it as a land is one of the same thing. As I said, we don't categorize it as a land sale per se, because all of them are one of the important verticals. Having said that, if you still consider that as a land, then most of these revenues are going to be coming from project because we will be completing the Malabar Retreat, which has got a sale value as you know, over Rs. 450 crores. And this one which is completed is already Rs. 250 and odd, let us say, which will mean that we already have about Rs. 700 crores of project sales. And balance is the Godhavi-I or any other opportunity which might get. Of course, the lease rentals will also start coming in from Q4. So, that will add to the revenues again. So, all these, in my opinion, including what we already have said in terms of Godhavi land too, as all project sales. But if you really have to say that it is other than project, like a housing one, then yes, they could be around Rs. 550 crores, Rs. 600 crores of land and about Rs. 470 crores of project.

No answer was attributed to this question in the transcript.

Okay, wonderful. So, this Rs. 500 crores to Rs. 600 crores of land, you will basically see a combination of Thaltej One as well as the Godhavi land sale.

No answer was attributed to this question in the transcript.

Yes, anything else that might coming up.

No answer was attributed to this question in the transcript.

That might come your way. Right I know it may be a little bit earlier because we have just received guidance for ‘27. But clearly the top line has growth. Bottom line is in lines with last year. But what kind of growth can we pencil in, say, for FY28? Do you have any kind of visibility over that?

No answer was attributed to this question in the transcript.

No, at this point, no. As I said in last call too, we are putting a master plan into picture. But better to give guidance year-on-year rather than for five years. Because many times things change in the market and those guidance don't work beyond a maximum couple of years. So, maybe if we do see a lot of traction in the coming six weeks, we might be able to tell you something about FY28 also. But I would prefer to go year-on-year. And we shall be giving you the guidance for the next year also, maybe in the 4th Quarter or the 1st Quarter of FY28.

No answer was attributed to this question in the transcript.

Okay. The other question I had is that because now that the company is moving more into project-based work and not just pure land sales in terms of revenue, you will not be able to show the entire value in terms of top line and bottom line, right? Because of project completion methodology.

No answer was attributed to this question in the transcript.

Correct. GAN ESH -==-® HOUSINGIIII LIMITED.., Ganesh Housing Limited July 27, 2027 Page 9 of 14

No answer was attributed to this question in the transcript.

So, the metrics is that I think most of the companies use GDV or gross development value that they have sold. So, is that a number that you will start publishing in your reports? That gives us actually an idea.

No answer was attributed to this question in the transcript.

Yes, Preet, actually you have touched a very, very important part of it. What I always had been maintaining that in such kind of situations, it is not the sale which or the revenue which is reflected, it's the cash flows. So, what you talked about, we can talk about GDV. But more important than GDV is the cash flows that are coming from year-on-year. And in that, we should definitely be able to give you guidance, not guidance, we probably will be reflecting henceforth those values, both cash flows and the GDV. And that's exactly what we have been doing in the last three year, we will continue to do focus on this cash flows, irrespective of the revenue, which is there in the books or not. So, that is something which will be long term and sustainable.

No answer was attributed to this question in the transcript.

So, can you share what GDV and cash flows you are looking for FY27?

No answer was attributed to this question in the transcript.

See, most of this or the entire revenues will be, barring which might happen in the last quarter, will all be realized. So, therefore, the cash flows very close to that Rs. 1000 crores or Rs. 700 crores will be realized in terms of the cash flows itself in this year. And the project what we are talking about is the cost of all these things. I have not worked it out, but we can always work it out and we can have offline call on this Preet, and we can give you that, no problem.

No answer was attributed to this question in the transcript.

Wonderful. Okay, great. Thank you and all the best.

No answer was attributed to this question in the transcript.

Thank you.

No answer was attributed to this question in the transcript.

Thank you, sir. The next question is on the line of Arvind from Equiventures Capital Advisors. Please go ahead.

No answer was attributed to this question in the transcript.

First of all, congratulations on the revenue front, sir. I would like to have a clarity with regards to the revenue mix itself, although you have clarified to a certain extent, but there is still some confusion from my end. So, the revenue mix is that of Malabar Retreat and Thaltej. Am I right?

No answer was attributed to this question in the transcript.

For the current quarter you are talking about?

No answer was attributed to this question in the transcript.

For Q1, yes, for Q1.

No answer was attributed to this question in the transcript.

Yes, it is a mix of One 91 Thaltej and?

No answer was attributed to this question in the transcript.

It is largely land sale and old projects.

No answer was attributed to this question in the transcript.

Some partial amount is also from the old projects. Old completed projects. Some inventory from the old projects.

No answer was attributed to this question in the transcript.

All right. So, none of the revenue from Malabar Retreat has yet been recognized, right in Q1? GAN ESH -==-® HOUSINGIIII LIMITED.., Ganesh Housing Limited July 27, 2027 Page 10 of 14

No answer was attributed to this question in the transcript.

No. That project is incomplete as of now and hence, according to accounting standard, we can't recognize revenue.

No answer was attributed to this question in the transcript.

Correct. Okay, sir. That's it from my end. Thank you. Thank you.

No answer was attributed to this question in the transcript.

Thank you, sir. The next question is from the line of Zainab Shah from Welt Finbisers. Please go ahead.

No answer was attributed to this question in the transcript.

My question was that we are almost a debt-free company and actually the like Thaltej One project, which could have been a very prestigious project. Now, like we are, we have already sold the land. So, I wanted to know the logic behind this whole process. So, because the plot is very prime and again, if Ganesh develops it, then it adds a feather to the cap of Ganesh also, like having a track record of schemes. So, one was that question. And secondly, I would like to know that if the Rs. 280 crore sale has been done, then why has the operating margin plummeted from 85%, which is the general one, to only 39%. Is it because of the taxation? And maybe the value of the land can, would have been much higher, because the net profit is just Rs. 42 crores. Even if the tax is 60%, then I think the land value is depicted in this quarter or like the money would also become flowing in Q2 and Q3.

No answer was attributed to this question in the transcript.

So, have you finished the questions. Can I take down again the answers?

No answer was attributed to this question in the transcript.

Yes, please.

No answer was attributed to this question in the transcript.

So, yes, your observation is right. We are almost debt-free. But as I mentioned in the speech also, whether we want to do the project or we want to monetize on the land, is not dependent on the liquidity portion alone. It also is depending on what is worth more from our sustainability and from a long-term value creation for the stakeholders. I will explain. The entire Rs. 2,100 crores or Rs. 2,000 crores value of One 91, the sale value, would have been realized over a period of five years. First three years of construction, and the next two years, maybe we can sell even while we are doing it. But when it's a multi-storied building of more than 30 floors and all, it can take for sale completion all for at least five years. So, three plus two, that is a risk which is associated with it. In terms of actually execution, we are very good at it. That's not a risk. But the time period for execution and sale, that is an associated risk. And we did a math, we did a calculation saying that when we do a present value of the entire flows which we will be getting in the next five years, versus what we have been getting immediately, was making far more economical sense rather than just developing it. You are right that we have got a name that, you know we have developed one of the iconic projects. But the kind of a concentration and the development which can happen in the Million Minds premises where we are doing another residential launch and we are going to do many more, will be equally interesting, exciting, as well as brand positioning for Ganesh Housing. So, we believe that there is a trade-off between just doing a project for the sake of the project and for such purposes, or encashing on something which is coming your way, opportunity which is coming your way, and cash on it, and move forward for those projects which have anyway planned in Million Minds, the entire 65 acres. So, GAN ESH -==-® HOUSINGIIII LIMITED.., Ganesh Housing Limited July 27, 2027 Page 11 of 14 the management took a call on the latter rather than just doing the development. That's the only case. It makes financial sense for sure, and projects are anyway being done anywhere else. The second question of yours, your observation is absolutely correct. This land, as I said, has come into the being from an amalgamation process that had come, and therefore the cost of the land was higher than historically in terms of Ganesh, we always had a very low cost of the land. But in this case, the land came into as a part of amalgamation, and therefore the cost or the value of that which came through the amalgamation was higher. The book value of that traditionally might have been much lower, but the value at which we came into Ganesh Housing was higher. That's the reason why the margins are lesser than what we have always given in all our land sales before. And on that also, for the taxation purposes is the original value at which has been purchased, and therefore the taxation portion, one-time taxation, because that's not an eventual rate, only for this quarter, that tax rate was higher. And because of that, the taxation portion is much more. So, these are two separate things. Tax in itself was higher than which normally the 25%-27% which we have, and that's the reason why the PBT is good enough, but PAT has been lower. And the gross margins or EBITDA has been lower because the cost of the land, as you rightly observed, was higher than what we normally have been having in our books.

No answer was attributed to this question in the transcript.

Right, sir. Thank you. One last question. Looking to Million Minds, it is a Rs. 70 crores rent which we will be getting from next year itself, and a little more clarity on the launch of Smile City, that is the Godhavi land parcel. Could we expect to hear from you anywhere soon?

No answer was attributed to this question in the transcript.

Yes. Million Minds, yes, you are right. The renters are starting from Q4 of FY27 itself, and therefore, definitely for FY28, we should be getting the full year's rentals. And it could be, the way it is going, it could be higher than the Rs. 70 crores, what you said. It could be higher than Rs. 75 crores also. Regarding the Smile City, I think we have constantly been observing it. And as I said in the last results also, for the FY26 results, there is a lot of, there are a lot of developments in and around that area. So, I think looking to that, it is difficult to say exactly pinpoint as to which particular quarter of this year we will do it. But looking to the developments, yes, we are hopeful that Godhavi land and also developments therein should be there towards the later part of this year. We will be able to announce the exact plans of monetizing of that also. But at this point in time, the full details are not there. We haven't yet worked that out. Because looking at the developments in and around that area, it's very fluid, and we would want to wait and observe for some more quarters.

No answer was attributed to this question in the transcript.

Thank you, sir, and all the best. Thank you.

No answer was attributed to this question in the transcript.

Thank you, sir. The next question is on the line of Sandeep from SVP. Please go ahead.

No answer was attributed to this question in the transcript.

First, I have a question related to One Thaltej. Actually, I want to understand the thinking behind starting this project. Because I think it was one and a half to two years when we were working on this project. And almost, we got the approvals and permission, everything to go ahead for the development. And suddenly, we have sold it out. If you can explain it. GAN ESH -==-® HOUSINGIIII LIMITED.., Ganesh Housing Limited July 27, 2027 Page 12 of 14

No answer was attributed to this question in the transcript.

Yes, I think the previous question also related to that. Yes, the project was supposed to be executed because a land bank of this kind of nature we wanted to build. And when it is a multi- storied commercial project, it takes its time for the approval of plans and everything, as well as actually from preparing the plans itself in that matter. So, that process took longer. But as I said earlier, both in the speech and the replies to two questions earlier, the management saw a better opportunity to sell it as it is rather than take a complete five year risk of execution and sales of the commercial property. It realizes upfront cash as an immediate monetization possibility and use the profits in terms of the cash for all the other development which is already planned for in Millon Minds. And that is purely a cost benefits future versus present kind of analysis which led to change of ideas in developing it. And rather than that, we said, let us sell it at this point in time. Approvals and all were not the issue. Project by itself was not the issue, it was purely the present versus future possibilities that led to deciding that we should sell.

No answer was attributed to this question in the transcript.

Okay. On the same note, actually, I have a query related to this. When we were planning regarding the Millon Minds, along with that, we were planning regarding the One Thaltej, right? So, we didn't have any issue regarding the cash flow. We had money, right? So, now, as we have sold out One Thaltej, then what will be our plan to use this cash?

No answer was attributed to this question in the transcript.

See, two, three things have been coming up since the time when we started to talk about this One 91 Thaltej in the March of ‘25. That's the time when we had first announced it, I remember. Between then and now, the kind of development which has happened in Ahmedabad have thrown up a lot of possibility of getting very good land parcels, which is our raw material, on a continuous basis at various places. Apart from the cash which will be required for developing Millon Minds, which would anyway have come from the internal accruals which we had, through which we have developed the entire Millon Minds Phase-I, which has all come from the internal accruals only. Similarly, you could have got that for the further Millon Minds development too. But in the meanwhile, a lot of land buying opportunities have been coming up. And therefore, the cash both for land, raw material, plus the Millon Minds development makes more sense to have it cash on hand so that we can strike good deals. This has been the main strength of Ganesh Housing all through. Keeping cash, buying land at the right opportune moment, and monetizing that over the period, both in terms of development and land, has been the mainstay. And this is the opportunity we are seeing right now, for which cash is needed.

No answer was attributed to this question in the transcript.

And in Millon Minds, how much area of total leasable, is there a binding agreement that we have already leased?

No answer was attributed to this question in the transcript.

Almost 60% of the total leasable area, 43%, that is 2.64, is completely documented, and balance about 15% to 20% of the land is under various stages of negotiations.

No answer was attributed to this question in the transcript.

Okay, that's interesting. And one more, and last question I have regarding Godhavi land. Actually, we have this Godhavi land parcel, I think from last 10 to 12 years, right, if I am not wrong. And it is consistently like 400 acres or something. So, do we have any plans to develop in that area Godhavi, or we are just going to sell as per the opportunities will come in the future? GAN ESH -==-® HOUSINGIIII LIMITED.., Ganesh Housing Limited July 27, 2027 Page 13 of 14

No answer was attributed to this question in the transcript.

No. The Godhavi land is large, yes, 411 acres. The plans are for developing, and also for let's say, plotted development and various kind of land sales, which we have done in the past, that also will be a part of that entire development program. So, it is a combination of various things. We are actually thought about doing it as a township, which we believe that rather than that do it as a real estate project is always better. We have the flexibility for that. But it is going to be for a mix of development, plotted development, construction, as well as land sale.

No answer was attributed to this question in the transcript.

Okay. And if possible, can you provide the data of GCC growth happening in Ahmedabad or nearby Gandhinagar, if possible?

No answer was attributed to this question in the transcript.

I don't have, unfortunately. Sorry, Sandeep, we need to take that out. But yes, we have noted the questions. Rajat, we can touch base later, and you can pass this on to Sandeep. We will try to gather this detail, Sandeep, and pass it on to Rajat. You can contact him for further details on this.

No answer was attributed to this question in the transcript.

Yes. And just a last request, regarding that, if possible, that you can provide the coordinate details of the land parcel, which we have in Godhavi, so that if someone…

No answer was attributed to this question in the transcript.

You are talking about the Google coordinates?

No answer was attributed to this question in the transcript.

Google coordinates, yes.

No answer was attributed to this question in the transcript.

Yes, we can give you that. It's not the West-West part of Ahmedabad. We can give you that. Rajat, maybe having that already, he can give you that also.

No answer was attributed to this question in the transcript.

Okay. Thank you. That's all from my side. Thank you. Thank you. And all the best.

No answer was attributed to this question in the transcript.

Thank you, sir.

No answer was attributed to this question in the transcript.

While we are waiting for the questions, Sandeep, if you are still in the call, please do refer to Page #27 of the Presentation, which we have uploaded on the website, that has a map of Ahmedabad on the West part of it, where Godhavi has been highlighted in that. If that suffices, it's fine. If you need further, then Rajat will give that to you. Yes, please go ahead with the next question.

No answer was attributed to this question in the transcript.

Okay, sir. As there are no further questions from the participants, I now hand the conference over to Management for closing comments.

No answer was attributed to this question in the transcript.

Thank you, everyone, for joining this call. It has always been exciting to talk to you and answer your questions. As we move into the remainder of FY27, we remain confident in the company's long-term growth prospects. Our strategy is clear. Our execution remains on track. Our balance sheet is healthy. Our pipeline of opportunities provides strong visibility for sustainable value creation. At Ganesh Housing, we always believe that real estate is not merely about developing GAN ESH -==-® HOUSINGIIII LIMITED.., Ganesh Housing Limited July 27, 2027 Page 14 of 14 buildings, as I just said in this question-answer session also. It is about creating enduring ecosystems, fostering communities, and generating lasting value for all its stakeholders. This philosophy has guided us for more than three decades, and it continues to shape every strategic decision we make. Thank you very much. See you soon. Goodbye.

No answer was attributed to this question in the transcript.

Thank you, sir. On behalf of Go India Advisors, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines. GAN ESH -==-® HOUSINGIIII LIMITED..,

No answer was attributed to this question in the transcript.