1. Opening Hook

If you thought real estate was all about location, Eldeco just proved it’s also about RERA approvals and marketing spend front-loading. Bookings jumped 274% YoY, collections surged, and launches sold out like BTS concert tickets. Yet, P&L looked flat, thanks to EWS deliveries and early marketing write-offs. Management insists margins will normalize at 30–40% soon. The big dream? A ₹1,000 Cr Solano Garden township. Read on—because this call had everything: cannibalization between projects, Bareilly heartbreak, and investors asking tougher questions than UP landowners.

2. At a Glance

• Booking Value: ₹221 Cr (+274% YoY) – New launches were the Shah Rukh Khan of the quarter.
• Collections: ₹78 Cr (+41% YoY) – Customers actually paid. Miracles do happen.
• Deliveries: 101 homes (85k sq ft) – Mostly EWS; high volume, low value.
• Construction Spend: ₹39.3 Cr (+10% YoY) – Execution lagging behind flashy bookings.
• EBITDA Margin: 17.6% – Launch marketing ate the profits; management swears it’ll bounce back to 40%.
• Upcoming Solano Garden: ₹1,000 Cr GDV – Because nothing says ambition like a 50-acre township.

3. Management’s Key Commentary

“Bookings rose 274% to ₹221 Cr.”
(Translation: Finally, RERA approvals came through—now customers remember we exist.)

“84% of Hanging Gardens inventory sold in a week.”
(Translation: Customers bought homes faster than IR could update the PPT.)

“EBITDA margin fell to 17.6% due to low-income mix + launch spends.”
(Translation: Profits are in hiding, check back in Q3.)

“Solano Garden launch this year, GDV ₹1,000 Cr.”
(Translation: Our magnum opus township. If Lucknow were Bollywood, this is our ‘Baahubali’.)

“Bareilly project to be unwound.”
(Translation: Tried diversification, got slapped. Back to home turf Lucknow.)

“Lucknow market ~₹5,000 Cr annually, we hold <10%.”
(Translation: Room to grow, but we’re still a supporting actor, not the lead.)

4. Numbers Decoded

5. Analyst Questions

• On realizations (₹6,500/sq ft): Stable, “new normal.” (Translation: Don’t expect more hikes, we already stretched it.)
• On construction lag: Execution follows launches, big ramp-up coming. (Translation: Be patient, bricks don’t lay themselves.)
• On Trinity slump: Sales sluggish, relaunching with show home. (Translation: Makeover