Here's a summary of the Q1 FY26 earnings presentation: **1. Financial Highlights:** Q1 FY26 revenue hit 151 Cr.

EBITDA margin soared to 84.8% (from 70.5% YoY), yielding 128 Cr EBITDA.

PAT margin expanded to 61.6% (from 51.6% YoY), with PAT at 93.1 Cr.

The company remains net debt-free for over three years. **2. Strategic Initiatives & Growth Drivers:** A new commercial project, 'One Thaltej' (1.8 msf), is planned.

The company targets developing ~32 msf with a sales potential of ~17,250 Cr, including the Million Minds IT-SEZ. **3. Business Developments:** Malabar Retreat is 43% complete; Million Mind Tech Park Phase 1 is 90% complete, with fit-outs starting Q2 FY26. The Million Minds IT SEZ (285 Cr, internally funded) projects ~72 Cr in annual rentals.

Past projects delivered ahead of schedule. **4. Market Position & Competitive Advantage:** A leading Ahmedabad developer, the company holds a significant ~500-acre land bank.

Market insight, efficient supply chain, and advanced tech ensure strong execution and timely deliveries. **5. Investor Implications:** Robust Q1 financials, high margins, and a debt-free position highlight operational strength.

The substantial project pipeline and land reserves point to positive growth potential.