ELDECO HSG & IND LTD.

Develops and sells residential real estate projects, primarily in Lucknow. Revenue is earned by booking homes with buyers and then recognising it on construction progress under percentage-of-completion accounting: in FY26, booking value reached ₹744 crores (up 120% YoY) and collections were ₹352.1 crores, while total income recognised on the P&L was ₹164.93 crores. The standout performer was the Solano Gardens launch, where 343 of 433 units were sold for over ₹384 crores in bookings during the launch phase. The company also delivered 280 homes in FY26, with construction spend of ₹177.7 crores (up 14% YoY). The pipeline was expanded by ₹2,000 crores of gross development value (GDV) through three new Lucknow land parcels acquired via LDA auctions and on Shaheed Path, taking the total project pipeline to about ₹4,000 crores to be monetised over 5-7 years. The cost base is dominated by materials and construction at 119.8% of revenue, reflecting the land-plus-build economics of residential development, with employee costs at 8.9% and other operating expenses at 28.0% of revenue. Management has guided FY27 EBITDA margin to 30-35% and PAT margin to about 25%, driven mainly by ₹140-150 crores of revenue recognition from Imperia Phase 2.