Macrotech Developers Ltd Q4 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kunal - Bank of America - Analyst : Abhishek, first up, I wanted to follow up on the comment you had around pricing. Could you elaborate on what is it that you saw in the market, on account of which it came in at 4%. And also, I think the assumption has it going back to 6%. So it seems like whatever those forces at work seem to have normalized for now?

Question: Kunal - Bank of America - Analyst : Got that. And then my second question is on the launch value that you have planned for FY26, which is a very healthy number. Just that on an absolute basis then the bookings you are expecting for the year. So absolute inventory you have. Or would you say that over a period of time, the launch pipeline has to match up to your bookings plan for the coming year?

Question: Kunal - Bank of America - Analyst : Got that. Thank you so much.

Question: Puneet - HSBC - Analyst : Abhishek, can you also talk a bit about the breakup of your sales from Palava? How much of it is now coming from premium segment and how much is it still a mid-income segment? And what are the pricing points at which you categorize this?

Question: Puneet - HSBC - Analyst : Okay. And is there a deliberate effort to increase that proportion from next year, both for Palava and Thane? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 25, 2025 / 10:00AM, MACE.NS - Q4 2025 Macrotech Developers Ltd Earnings Call

Question: Puneet - HSBC - Analyst : And to move into that segment, would you need to invest significantly on infrastructure or ecosystem development from your side? Or are you largely relying on connectivity benefits to flow through?

Question: Puneet - HSBC - Analyst : Great. All the best. That's all from my side. Thank you so much.

Question: Pritesh Sheth - Axis Capital - Analyst : First, just on this 20% growth guidance, can you, I mean, just provide your thoughts on how individual micro markets will behave in next year? Like we know how this 20% growth is coming. Is it like largely Pune, Bangalore-dependent? Or we are also expecting Mumbai MMR market also to grow? So some breakup of this 20% growth? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 25, 2025 / 10:00AM, MACE.NS - Q4 2025 Macrotech Developers Ltd Earnings Call

Question: Pritesh Sheth - Axis Capital - Analyst : Got it. That's helpful. So I mean, Pune, we don't have enough in terms of inventory. And I think launch-wise also, we are lesser in terms of what we did this year versus what we'll do next year. So is it that some of the projects are in pipeline and hoping to get added during the course of first half and eventually be able to launch in second half. That's how we think about Pune's growth next year?

Question: Pritesh Sheth - Axis Capital - Analyst : Got it. That's clear. Second question is on Palava. So I think if I exclude the data center land sales that we did, we are looking at INR1,800-odd crore of your pure residential sales. Obviously, I don't want to like segregate it. But just from the residential perspective, do you think now we are at the inflection point? And with all those premium launches or upper mid-income kind of launches that we wanted to do has been done with, now from next year onwards, we should see a good growth trajectory. And how do you see this residential segment of Palava contributing over next two to three years?

Question: Akash Gupta - Nomura Research - Analyst : My question is that how are you seeing the change in the real estate demand, especially for grade A developers and taking into taking that the stock market has also corrected a lot? So are you seeing any negative signs of demand or any red flags particularly related to grade A developers?

Question: Akash Gupta - Nomura Research - Analyst : Got it. Got it. And sir, just one more question. So we have been continuously showing this 20% kind of growth. Do you think that this high base effect will come in anytime soon? Or like on a longer-term basis, we can continue to expect this 20% kind of growth of presales?

Question: Akash Gupta - Nomura Research - Analyst : Got it, sir. Thank you so much and best of luck for the new financial year.