Arihant Superstructures Limited (NSE: ARIHANTSUP) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Unidentified Speaker
Udit Kasera — Chief Financial Officer
Mr. Parth Chhajer — Whole-Time Director
Analysts:
Unidentified Participant
AMIT AGICHA — Analyst
Amish Kanani — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Aryan Superstructure Limited Q3FY26 conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this call is being recorded. I now hand the conference over to Ms. Kunjal Agarwal. Thank you. And over to you, ma’.
Unidentified Speaker
Hello and good afternoon to everyone. On behalf of Aryan Capital Market Limited, I thank you all for joining into the Q3FY26 online conference call of Aryan Superstructure Limited today. From the management we have Mr. Ashok Chajar, Chairman and Managing Director, Mr. Path Charger the whole time Director and Mr. Udit Patera, the CFO. So without any further delay, I will hand over the call to the management for their opening remarks.
Mr. Parth Chhajer — Whole-Time Director
Thank you. Good afternoon everyone and thank you for taking time to Join Aryan Superstructures Limited conference call for Q3FY26 to discuss on results and business updates. I believe you had the opportunity to review our presentation which is filed with the stock exchanges. I will now request our CFO, Mr. Udit Kassera to take you through the financial highlights for the quarter. After which I will share the key operational highlights and business updates.
Udit Kasera — Chief Financial Officer
Good afternoon everyone. Let me first start by briefing you on the financial highlights for the quarter under review. The consolidated operating revenue for Q3FY26 stood at INR126 crores, a decline of around 16% year on year while showing a sequential growth of about 3%. Compared to Q2FY26. The EBITDA stood at 29 crores, declining by approximately 32% year on year and about 3% quarter on quarter with an EBITDA margin standing at 22.94%. PAT for the quarter stood at 8 crores with a PAT margin of 6.59%. For the nine month period, the operational revenue stood at 370 crore representing a growth of about 7% year on year.
And EBITDA was at 96 crore, an increase of 17%. And EBITDA margin improved to 25.92%. The PAT stands at 34 crores with a PAT margin of 9.23%. With this, I will hand over the call to Mr. Path Charger to talk about the operational highlights.
Mr. Parth Chhajer — Whole-Time Director
Yeah. Thank you udit. Now moving on to the key operating highlights for the quarter. During the quarter, the company achieved sales bookings of 288 units which is equivalent to 3,70,000 square feet of area amounting to 278 crores in booking value. The average price per square feet achieved for the quarter was 7505 rupees compared to 5594 rupees in Q3 FY25. Reflecting a year on year increase of 38%. The average price per unit sold stood at 96.4 lakh rupees. The collections for the quarter were 132.5 crores. On the business development front, we signed an additional three and a half acres of land at Chowk Maniwali for our Town Villas project which is this deal is on an area sharing basis.
With this addition the total township size has now increased to 96.5 acres. During the quarter we also received OC4 Aryan Daloki at Karjat wherein we delivered 127 units equivalent to 79,000 square feet of area. Our development pipeline remains robust backed by a strong land bank and we expect value on locking as projects advance through construction and launch cycles. At the same time our inventory position remains comfortable with unsold ready inventory being at only 81 units and having a total value of 17 crore rupees. Navi Mumbai today stands at the cusp of transformative growth supported by a series of landmark infra projects and developments which are set to define the entire real estate landscape for the next coming decade.
With the Navi Mumbai International Airport starting operations at the year end of 2025, connectivity is improving meaningfully. In addition to that the government also has announced the Gold line for the Metro 8 which is line 8 connecting the existing Mumbai International Airport with the Navi Mumbai International Airport. So this will significantly reduce the travel time and potentially serve more passengers on a year on year basis as well. With the Atul SETU being operational for more than two years now, these developments are making large parts of Navi Mumbai significantly closer to the southern Mumbai eastern suburbs as well as western suburbs compared to before.
What is also encouraging to tell you that in recent months and weeks the price rises in Navi Mumbai have also been increasing faster than compared to Mumbai as per multiple Knowledge partner reports. However, there’s still strong affordability advantage in certain areas of Navi Mumbai which really will pull in more crowd and cater to being the first choice for migrants coming from other parts of the country. Given our leadership position and deep presence across multiple micro markets in the Navi Mumbai region, we remain optimistic about the opportunities going ahead. We also are confident about the medium to long term prospects of the MMR region which is entering a new phase of growth supported by accelerating infra development across the entire geography.
This is also going to improve the social infrastructure and we expect better end user demand going ahead as well in majority of our micro markets being focused. So given our strong land bank and diversified portfolio across affordable mid income and premium category and with many projects being in and around the significant large infra developments, I think we are at the right place to take advantage of one of the best times to come for real estate for this part of the city. Going ahead with this now I open the floor for question and answers. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Johi an investor. Please proceed. Hello. Hello.
Unidentified Participant
Am I audible?
Mr. Parth Chhajer
Yes.
Unidentified Participant
Thank you for the opportunity. So my question is the World Village township includes a 221 key hotel and gymkhana for annuity income given villa sales are stagnant. What is the investment? Number one? What is the investment outlay expected IRR and payback period for the hotel or gymkhana? Number two, what? When will construction begin? If villa sales don’t pick up, will you delay or cancel these components? Number three, have you finalized the hotel operator, brand partner? And what gives you confidence in hospitality? That is a complete new vertical when core real estate sales are struggling.
Mr. Parth Chhajer
Yes, good afternoon. Regarding the gymkhana and hotel query you raised. So the total investment in the Gymkhana is envisaged at 125 odd crores. And for the hotel it will be 225 crores. So total investment outlay will be 350 crores for both these projects. To update you on the status, we have started work for the Gymkhana. The plinth of the entire Gymkhana is already complete. We have started work for the first slab and then there’s one more slab to go. We are confident that this project will be ready in the next two to two and a half years time from now for members to come and participate in the daily activities of the club.
With respect to how we are funding it, we have already tied up with the State bank of India for construction finance. So regardless of the villa sales Being slightly slower or not being so great, we’ll still be able to complete this. Because financial closure for Chimkhana is already in place. And similar is the case for the hotel. The excavation work is complete. As on today, we expect the hotel to be ready in next four years from now. We are in the final stages of finalizing the operator. So once it is signed up, we’ll be happy to come and update the investors about the same.
The breakeven time expected for both these assets to break even will be around eight years. That’s the time frame we’re expecting to achieve the breakeven.
Unidentified Participant
Okay, thank you. I’ll be back in queue with another question.
operator
Thank you. Before we take the next question, we would like to remind participants that you may press Star and one to ask a question. The next question is from the line of amit Agija from H.G. hawan Company. Please proceed.
AMIT AGICHA
Good afternoon. Thank you for the opportunity. So my question is connected to the debt equity ratio. What are the targeted debt equity range and average blended cost of borrowing like? Because I think so this has doubled compared to the last quarter.
Mr. Parth Chhajer
So debt has not doubled in one quarter.
AMIT AGICHA
Interest on that 9 crores become 18 crores year on year.
Mr. Parth Chhajer
Yeah. That is with respect to the recognition of revenues happening in this quarter compared to last year. So that’s as per the India standards. The debt, we’ll be increasing the debt by say another 150 odd crores. Because for the development of the annuity assets of the Ginkhana and hotel, the balance we are parallelly also repaying certain debt which was from Tata Capital. So parallel debt, the increment as well as repayment is happening at different project levels. But at consolidated level we expect it to be increased by another 150 odd crores from year on. And we are very comfortable on that because these are long term debts especially for the annuity assets and they have a late payback period.
So it is comfortable to manage with that.
AMIT AGICHA
And another question was like macro view, like do you see like because of this geopolitical situations and AI and all these developments which are happening, the IT sector might get affected. You can see today also in the stock market all the IT stocks are down. The the bookings which are happening like will the bookings continue? Because most of the real estate are being booked by IT employees. So the slowdown in this sector will affect our sector as well. What is your view on this?
Mr. Parth Chhajer
I think in Mumbai, Navi Mumbai, it’s not only the IT sector which is dominating the real Estate sales. There are many other industries, especially naval Mumbai area. You have MIDCs which host large corporate houses in the industrial belts. We also have tech companies on the Thani Bilapur road. But I don’t see real estate demand being largely affected because of the dip in the IT sector.
AMIT AGICHA
Can you also share what is the marketing cost like compared to the revenue in percentage terms?
Mr. Parth Chhajer
Marketing cost is. Direct marketing cost goes to around 1 1/2% average.
AMIT AGICHA
Thank you. So I have more questions. I will fall back in the queue. Thank you.
operator
Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Shivani and investor. Please proceed. Ma’, am, your line is breaking.
Unidentified Participant
Am I, am I audible now?
operator
Yes.
Unidentified Participant
Yeah. So I was saying projects like Advika like which is in vashi so are 72% complete but only 35 has been sold. So why is the absorption slow despite the excellent connectivity?
Mr. Parth Chhajer
So I mean when we started the project in 2022 we were able to sell about 10% of the inventory. But between the stage of the plinth till the RCC completion we did not witness great sales. Last few months and weeks have been doing very well for this project and sales are now up. We’re able to average somewhere around 8 to 10 units per month. And since now the product is ready, the building is visible, the painting work is ongoing. So people have more clarity, have more belief. This is more of a ready to move in market Vashi because people don’t like to go and prevent.
The majority of the owners already have their own property and their main purpose to purchase is for the purpose of upgrading themselves from a one bed to two bed, two bed to three bed, three to four. So their decisions are slightly late compared to other projects that we are doing. The date has been slower. But going forward I think we for the next one, one and a half.
Unidentified Participant
All right. All right. Thank you. I have one more question.
Mr. Parth Chhajer
Yes. Yes, please.
Mr. Parth Chhajer
So the. My question is what the 19 of ongoing development is under SS Light models JV or JV? So you recently find a 3.58 inch.
Mr. Parth Chhajer
Okay,
Unidentified Participant
yeah.
Mr. Parth Chhajer
What was the question? I your voice.
Unidentified Participant
Hello. Hello.
operator
Yes ma’, am. You can continue with your question.
Unidentified Participant
Yeah, so I was. My first question is like what are they terms of this new jv area sharing ratio, your capital commitment and the. The profit split as well.
Mr. Parth Chhajer
It’s an area sharing jv. We have to give a certain number of units to the landowner. There’s no Capital commitment or profit commitment.
Unidentified Participant
And, and my next question is, are you planning to increase a share of asset light projects to reduce capital intensity and debt?
Mr. Parth Chhajer
Yes, we are open but it will not happen significantly because majority of the projects that we do are where we purchase the land. But yeah, we are exploring some opportunities for redevelopment. So the proportion of the asset light models can increase from 19% and increase to upwards of around 25% or.
Unidentified Participant
So. The last question would be how do David projects compare on margins versus wholly owned projects?
Mr. Parth Chhajer
Well, margins are similar on a revenue P and L basis only the capital infusion is the difference in a JV versus outright purchase project.
Unidentified Participant
Okay.
Mr. Parth Chhajer
Margins are.
Unidentified Participant
Okay. Okay, that’s it. From my side. Thank you so much.
operator
Thank you. The next question is from the line of Amish from novice investment. Please proceed.
Amish Kanani
Yeah, hi sir. Sir, last year, you know, if my notes are correct, we had done a Pre sales of 890 crores. Can you remind us what is the pre sales that we had for this year? Nine months. And what is likely for say this year? One second sir, our EBITDA margins is moving in the range of 25%. And if you can give us some sense of, you know, based on our pipeline, GDP pipeline, we say that our cost of land is below 500 per square feet. You know, I’m assuming that our margins on the land bank that we own could be higher.
So if you can give us some sense of, you know, blended EBITDA margin of the pipeline that we have. And the third question sir is, you know, if you can give us an update on the villa projects, you know the both world Villa and the other one, you know, you write in one of the, the project we have received the approval and we have launched. The other is we are waiting. So if you can give us some sense of, you know, when are we launching that and whether you know what kind of blended margins we should assume in those projects.
Mr. Parth Chhajer
Yes, for nine months the total sales we achieved was 664 crore rupees in value. 8 95,000 square feet in terms of area and these were around 6760 units.
Amish Kanani
We are referring to pre sales, right? The pre sales number or sales are in terms of revenue. I was asking for the pre sales number.
Mr. Parth Chhajer
This is pre sales. Yeah,
Amish Kanani
sure, sure sir. Okay.
Mr. Parth Chhajer
Yeah. With your question on margin we expect margins to increase because the blend of the higher margin projects is starting to contribute to the revenue and the P and L. So the EBITDA margins which are around 23 25% today should increase to 28, 29% in the coming quarters. The forthcoming pipeline that we have is a mix of Vela projects as well as phases of the existing projects. So in Vela projects we are expecting higher EBITDA margins of around 45% whereas in the apartment projects we’ll be working on ebitdas of to the tune of 30 to 33%.
Amish Kanani
Sure sir, that’s very happening to know. And sir, I was if you can update us on both the projects, you know, launch.
Mr. Parth Chhajer
Villas already launched. We are working on 180 villas. In phase one work is ongoing in full swing for more than 100 villas as on today where construction and RCC work is already taking shape. With respect to Town villas, we are in the approval stage. So this launch is expected to be in next financial year.
Amish Kanani
Okay. And so here, you know, because the villas are you know, kind of self contained unit, I’m assuming, how will we recognize the sales here? Because my guess you said the, you know, the total project can elongate up to as long as seven, eight years as you said. But is it possible to recognize the revenue as we go forward and we, you know, kind of create the phases within the project and you know, kind of book the revenue. Any thoughts on the accounting part of the villa, sir?
Mr. Parth Chhajer
So yeah, I mean we are working on the phase wise model only for recognition of the villas. So I mean we have not started and we’ve not reached the threshold yet for World Villas also. But yeah, that’s the framework we have worked on for apartment projects also. So we’ll have to follow the similar pattern for these villa development.
Amish Kanani
So just to kind of refer to the numbers that are shared in the presentation. I think model villa phase one, you know, which is named at the location chalk with 176 units we have booked 51 and you’re saying probably a completed hundred unit as a completion. So once this project is complete we can book this revenue which is probably something in the range of 600, 700 crores. Right?
Mr. Parth Chhajer
Oh sorry, we don’t follow project completion method, we follow percentage completion method.
Amish Kanani
Okay.
Mr. Parth Chhajer
So once we cross the 10% project completion threshold we start recognizing revenue for a particular project. So that’s for all the developments that we are carrying out. So maybe in a quarter or two World Villas will also start contributing to the revenues. Sure.
Amish Kanani
Thanks a lot.
operator
Thank you. Before we take the next question, we would like to remind participants that you may press Star and one to ask a question. The next question is a follow up question from the line of Amit Agija from Edgy Hava, please proceed.
Unidentified Participant
So my question is connected to the margin severaging price as well as the cost. The three things like what is the average selling price trend that you’re seeing? And the cost is also increasing? I think so. And you can please share the view on this.
Mr. Parth Chhajer
Well, cost is increased marginally by 200 rupees per square foot. Selling price is varying from micro market to micro market. But this quarter we sold more units in the premium luxury segment which contributed and helped us achieve an average selling price of 7,500, which used to be usually averaging at around 6,200 to 6,500 in the previous quarters. So average selling price is always a mix of various which inventory gets sold in the particular quarter and it’s divided accordingly.
Unidentified Participant
Are you also witnessing marginal slowdown in the growth because that was happening earlier?
Mr. Parth Chhajer
No, we’re not witnessing any slowdown in the markets. I think especially after the airport opening. Markets have responded quite well over the last 45 days and we are launching one project in this quarter also at Panvel Orient Aspire, which is very close to the airport. We expect a good response in that project as well. It’s the fourth phase, the fifth tower which is being opened now. The four towers, the four towers before have received a great response and we expect that to continue going ahead as well.
Unidentified Participant
What is the average blended cost of interest that we’re paying?
Mr. Parth Chhajer
Average interest cost we’ll be paying is around 12 and a half percent.
Unidentified Participant
So would the company be putting some like policy or decisions to reduce it going further?
Mr. Parth Chhajer
Yes, we have plans going further. We want to take low cost debt at the maximum level possible and that’s the strategy we are following as well. So we’re working on that very aggressively and closely to see how we can reduce the cost of debt and which will help us also change gears.
Unidentified Participant
And any plans to dilute some stake?
Mr. Parth Chhajer
Not at the moment. Whenever the markets are. Whenever the markets are timed rightly, we think about it at that time. But currently there’s no immediate plans of diluting.
Unidentified Participant
Thank you. So that’s it from my side. All the best. Thank you.
operator
Thank you. Before we take the next question, we would like to remind participants that you may press Star and one to ask a question. The next question is from the line of Raman, an investor. Please proceed. Mr. Raman, your line has been unmuted. You can go ahead with your question.
Unidentified Participant
Am I audible?
Mr. Parth Chhajer
Yes.
Unidentified Participant
Towards new line acquisition or the annuity assets or deleveraging the balance sheet.
Mr. Parth Chhajer
Sorry, can you repeat your question?
Unidentified Participant
So my question is that over the next two years will capital be prioritized towards new line acquisition, the annuity assets creation or you know, deleveraging the balance sheet.
Mr. Parth Chhajer
So we’ll be doing it on entity and project level basis. So in certain subsidiary projects the plan is to reduce the debt and you know, all this we target that all subsidiaries become debt free in the next two years. In the main listed entity the focus is on developing the annuity assets first. Second will be to expand the business by adding more lands and third would be the debt. But the debt reduction will happen in due course as per the milestones and the milestones set by the bankers. So I mean it looks very aligned, everything is set with respect to that.
Odit also would like to add more on that.
Udit Kasera
So you know one, you know with respect to the annuity assets. Right. So we would like to add here that, you know the complete World Villa project which is there would be a cash neutral project for the company. When I say World Villa project it includes the Gymkhana as well as the five star hotel. So over a period of time what actually would happen is that there would be excess cash flow from the World Villa sales which would be getting reinvested in the Gymkhana Hinta hotel. So right now to fast pace the construction and complete these projects in time, we are basically taking the construction finance loan from State Bank.
The value of land which we had acquired for this project has already increased by roughly 3x which doesn’t get reflected in the books of accounts because this is a notional gain. But it would help us to increase the sale price of the villas. So currently the project is being funded by Construction Finance. But when the project is complete and ready the overall project would be cash neutral and at the end of the project we would be having two annuity assets with us. The Gymkhana as well as the hotel.
Unidentified Participant
Yes sir. I mean the total number of Gymkhana memberships that have been sold to date.
Mr. Parth Chhajer
We have sold around 750 odd memberships till date.
Unidentified Participant
Okay sir, so could you tell me the current membership fee structure in that. So in the last quarter you had mentioned that it was 11 lakhs of 75 years. So has there been any recent price increase or revision in the membership pricing?
Mr. Parth Chhajer
Yes, it is today priced at 21 lakhs.
Unidentified Participant
Okay.
operator
Thank you. The next question is from the line of Hayley Shah, an investor. Please proceed.
Unidentified Participant
Thank you for giving me this opportunity. I’m sorry if these questions are asked before I have joined the call late. My first question is the three projects 4 and Worldview Lab reported zero areas sold in Q3 and required significant capital. So what position or demand assessment?
Mr. Parth Chhajer
See at Asia we have witnessed slow response over the last few months. We’re working on the project and we are trying to revamp it by introducing furnished homes. I think that’s an area which will not explode till date and I think maybe we should be able to get traction on that. World Villas, we will see good response from this quarter because we completed the show villa at the end of last quarter and in the last 45 days visits have been good. There’s been good traction on that front. Anica7 we just completed the plinth for one building and we are now looking forward to constructing it in a fast paced manner.
So that will help us get more sales and parallel at the same time. And it’s not a worry, we’ll be able to do the this up comfortably.
Unidentified Participant
Okay my next question is for Word Villa. What is the plan and timeline? Revised sale. And if traction doesn’t improve by Q4, will you reprice or pause construction or bring in the JD partners?
Mr. Parth Chhajer
No, we have no plans to bring in any JV partner. We are developing this project on our own and we are confident of the sales as well as the execution. So we’re not even inclined to have any JV partner for this project.
Unidentified Participant
Okay sir, my last question is with 19 ongoing debt and rising leverage, how are you prioritizing your capital allocation?
Mr. Parth Chhajer
Well majority of our capital allocated is towards land and approvals towards working capital. We majorly depend on the pre sales to help us fund the construction. So all the net worth of the company is already deployed.
Unidentified Participant
Okay sir, thank you.
operator
Thank you. Before we take the next question we would like to remind participants that you may press Star and one to ask a question. Next question is from the line of Natasha Singh, an investor. Please proceed.
Unidentified Participant
Hello sir, thank you so much for giving the opportunity. So just wanted to ask, can you Please share Project 5 sales background for Q3?
Mr. Parth Chhajer
Yeah, you can connect with us online able to share that.
Unidentified Participant
Okay, sure, sure. And definitely follow up to that. Which three to four projects are actually driving the sales and what a percentage of total sales do you represent from that base?
Mr. Parth Chhajer
So yeah, right now. These are the top three projects driving up the sales as well as the revenue recognitions. But more projects are going to be aligned and to that stage, World Villas, Avanti palace at Shield Patta, Aryan Dadarsh. So we have seven, eight key projects which will help us sail through comfortably going.
Unidentified Participant
Okay sir, got it thank you so much for that. Thank you. I wish you all the best.
operator
Thank you. Ladies and gentlemen, to ask a question you impress star and one. Now. We would like to remind participants that you may press start in one to ask a question. The next question is from the line of Rushi Joy, an investor. Please proceed. Yes sir.
Unidentified Participant
Yeah, I just had one question that in the recent margin movements have been attributed to product mix. So can you explain your top three revenue contributing projects? You know to understand the true margin dispersion.
Mr. Parth Chhajer
I can name the projects which have contributed more in this nine months. It is Aryan Alishan, it is in Aryan. At Kharger there is Aryan Aspire. So these have contributed largely in this financial year to the revenue recognition.
Unidentified Participant
Okay, so the last question I have was like let’s say if residential month slows for 12 to 8 months then what is the minimum sustainable sales velocity required to you know comfortably.
Mr. Parth Chhajer
I see we have projects at certain different stages so we don’t see slowdown in some projects at least where it is at an advanced stage of completion. So those projects are self sustaining themselves. Like to name Aryan Dalisha and Aryan Aspire Advika. Now so these have reached the threshold where we even a slowdown in the entire market will not affect them largely because they are at a very advanced stage of completion.
Unidentified Participant
Thank you sir. That answer my questions.
operator
Thank you. The next question is from the line of Naman an investor. Please proceed.
Unidentified Participant
Hello. Hi. Thank you so much. I just wanted to understand can you break down like what the country current inventory is and like the unsold units that are completed but not yet sold. Because I think as you mentioned previously also the world will have only zero was sold. So on the entire portfolio how that on the inventory side.
Mr. Parth Chhajer
We have inventory at Aryan Darshia, some units at Jodhpur, three to four units at Aryan Dalishan and some units in Aryan Danmol Batlapur. These comprise of the ready unsold inventory. So total book value for these inventories is around 17 crores.
Unidentified Participant
Right? Okay, got it. And so how are you managing the like the risk that come with all of this like the regulatory labor availability and let’s say funding constraint.
Mr. Parth Chhajer
No. So we have to manage that if labor is available at cost. So if you have to increase a bit on the cost front that is the. That is the right way to go ahead because you can’t stall the project due to shortage of labor. So increasing little cost to the contractor helps us move forward fast.
Unidentified Participant
Okay, understood. That gives a lot of clarity.
Udit Kasera
You know also Adding with respect to the unsold inventory, you know, 81 units worth roughly 17 crores. So on the total scale at which the company is operating right now, and you know, considering the total GDP of the Company at roughly 12,000, 12,500 levels, the part of unsold inventory is very minuscule at current levels.
Unidentified Participant
Right.
operator
Thank you. The next question is from the line of Moksh, an investor. Please proceed.
Mr. Parth Chhajer
Yes.
Unidentified Participant
Yeah, so my question is that. Could you tell you what is the. Cost of that secured borrowings?
operator
Sorry to interrupt, Mr. Moksh, but your line is breaking. Yes.
Unidentified Participant
So the cost of debt on the secured borrowings and the unsecured borrowings.
Mr. Parth Chhajer
Yeah, it is blended averaging at 12 and a half percent for both. So we have some secured debt which is even at 10%, but it ranges from 10 to 16, whereas the unsecured loans are at an average of 13 and a half. So the blended cost comes down to 12 and a half.
Unidentified Participant
Okay. 7. Revenue is already secured through book and entry. What is the expected timeline for revenue revision from these games?
Mr. Parth Chhajer
So see, we the ongoing projects that are in the presentation, we expect them, majority of them to be completed over the next two years.
Unidentified Participant
Okay. So thank you.
operator
Thank you. Participants who wishes to ask a question, they press star in one now. Participants who wish to ask a question may press star and run now. As there are no further questions from the participants, I would now like to hand the conference over to Ms. Agarwal. Further closing comments.
Unidentified Speaker
Thank you to the management and the participants for joining Q3FY26 conference call for Structure Limited. I would now hand over the call to the management for the opening remarks.
Mr. Parth Chhajer
Thank you everyone for joining the earnings call. I hope you were able to get all answers to your satisfaction. If you have any further questions, please feel free to reach out to our investor relation team at Valorum Advisors and you can also contact our finance department and we’ll be happy to take it forward from there. We also thank Ariane Capital for hosting this call for us. Thank you very much.
Udit Kasera
Thank you everyone.
operator
Thank you on behalf of Adyan Superstructure. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.