Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Arihant Superstructures Limited (NSE: ARIHANTSUP) Q4 2026 Earnings Call dated May. 18, 2026
Corporate Participants:
Ashok Chajir — Chairman and Managing Director
Udit Kasera — Chief Financial Officer
Mr. Parth Chhajer — Whole-Time Director
Analysts:
Kunjal Agarwal — Analyst
Unidentified Participant
Amish Kanani — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to The Ariane Superstructures Limited Q4FY26 earnings 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 this 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 call over to Ms. Kunjal Agarwal.
Thank you. And over to you.
Kunjal Agarwal — Analyst
Thank you so much. Hello and good afternoon to everyone. On behalf of Aryan Capital Markets Limited I thank you all for joining into Q4FY26 earning conference call of Aryan Superstructure Limited today. From the management we have Mr. Ashok Chajir, the Chairman and Managing Director. Mr. Pat Charger, the Poll Time Director and Mr. Udit Kasseria, the Chief Financial Officer of the company. So without any further delay I will hand over the call to the management for his opening remark.
Ashok Chajir — Chairman and Managing Director
Yes, thank you. Good afternoon everyone and thank you for taking time to join Aryan Superstructures Limited conference call to discuss results and business updates for the fourth quarter and financial year 2026. I believe you’ve had the opportunity to review our financials and investor presentations which has been filed with the exchanges. I Now request our CFO Mr. Odit Kassera to take you through the financial highlights for the quarter after which I will share the key operational 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 Q4FY26 stood at rupees 181 crores reflecting an increase of 18.5% yu y while showing a sequential growth of about 43%. Compared to Q3FY26. The EBITDA stood at rupees 30 crore up 37% yoy and about 4% higher than the previous quarter. The EBITDA margin stood at 16.7% and the pad for the quarter stood at INR 12 crores with a PAC margin of 6.58%.
For the financial year ended 31st March 2026 the operating revenue stood at Rupees 551 crores representing a growth of about 10.5% YoY. The EBITDA was at one hundred and twenty seven crores, an increase of 21% and the EBITDA margin improved to 23% by roughly 200 basis points. The PAT for the company stood at Rupees 46 crores with a PAT margin of 8.35%. The net worth of the company as on 31st March stands at Rupees 450 crores. With this I hand over the call to Mr. Path to talk about the operational highlights.
Ashok Chajir — Chairman and Managing Director
Thank you. Now moving on to the key operational highlights for the quarter. During the quarter the company achieved sales bookings of 395 units equivalent to 3.98 lakh square feet of area amounting to 313 crores in value. The average price per square foot achieved was 7870 rupees per square feet which when compared to the same quarter last year stood at 7461 rupees per square feet reflecting a year on year increase in the average selling price by 5.5%. The average price per unit sold stood at 79 lakhs approximately.
Collections for the quarter stood at 169 crores. For the year ended March 2026 the company achieved sales bookings of 1,155 units equivalent to 12.58 lakh square feet of area amounting to 977 crores in booking value which is an increase by 10% from the year before. The average price per square foot achieved for the entire financial year stood at Rs. 7769 per square feet versus 6082 rupees square feet in the year FY25 reflecting a year on year increase of 27% in the average price achieved and the average price for a unit sold stood at 84.62 lakhs for this financial year.
Collections for this financial year stood at 539 crores. Key highlights during the quarter was that we achieved OC for two towers in Aryan’s Aspire Phase 1 wherein we delivered 657 units which is approximately 737,000 square feet of area comprising both the towers. With this FY26 also became a landmark here from the standpoint of project deliveries and execution wherein the company delivered a total of 1,721 units in the FY financial year 2026 which represents a substantial increase over the last previous years.
The sharp improvement in deliveries reflects a strong execution capability that the company holds continued with focus on timely completion of projects and marks the Beginning of the larger delivery cycle with subsequent phases and additional projects expected to enter delivery stages from FY27 onwards. As well as in this last quarter, we also launched a new tower named Benita in Aryan Despire at panvel comprising of 382,000 square feet of salable area. The total launch further strengthens our presence in Panvel micromarket wherein demand continues to remain healthy supported by improving infrastructure connectivity.
Given the current global macro uncertainties and energy related concerns, the Prime Minister has also emphasized the importance of prudent consumption and efficient resources utilization. We at Aryan remain well prepared to navigate such situations and have historically emerged stronger through challenging cycles. Fortunately for the real estate sector, the customer journey lasts much longer and we recognize revenues over multiple quarters for a specific unit sold during the initial phases of a project.
This helps us navigate short term macro disruptions more effectively while remaining long term business stability. In real estate, apart from location, two of the critical success factors are velocity of sales and execution capability. We believe our strong sales traction along with increasing delivery momentum demonstrates our ability to execute efficiently across various cycles. I’m glad to share that our gross development value has now increased to approximately 14,000 crore from around 12,000 crores last year despite higher execution and deliveries in FY26.
This increase has been supported by improved realizations across ongoing projects and the strong infrastructure led transformation which is underway in Navi Mumbai. Navi Mumbai International Airport has now been operational for more than six months and handling close to 150 plus flights daily. We are witnessing a gradual shift of corporates and their ecosystems towards Navi Mumbai which is positively impacting residential demand across several key micro markets where we have a strong presence. On the premium housing side, World Villas continues to remain a strategically important project for us.
The integrated development comprising Villas, Hotel and Gymkhana is expected to create long term annuity income strengths for the company in the coming years. As of March 2026, the unsold inventory stood at 71 units which has a book value of 14 crores reflecting healthy absorption across our portfolio. Going ahead, we remain confident that Navi Mumbai is entering a long term structural growth cycle supported by large infrastructure development, improving connectivity and rising economic activity.
With our diversified portfolio, strong land bank and disciplined execution capabilities, we believe we are well positioned to benefit from these opportunities and create sustainable long term value for all stakeholders. With this now, I also open the floor for questions and answers. Thank you.
Questions and Answers:
Operator
Thank you. 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 withdraw yourself from the question queue, you may press star and two participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Anisha Agarwal, an individual investor. Please go ahead.
Mr. Parth Chhajer
Yeah, thank you for the opportunity. I just have a few questions. So between Q3 and Q4FY26 the total saleable area of World Village Phase 1 Al Zone jump from 4.14 lakh square feet to 10 lakh square feet like quite increase in percentage. While unit only moved from 176 to 180. So similarly down below sea level area nearly double from 30 lakhs to 58 lakhs. So the Q3 highlight means in single 3.5 acre joint venture at Chalk Manivali taking the township to 96.5 acres. So is this entire area increase attributable to that single 3.5 acres AV addition?
If so, so the per acre FCI implied since starting very high. Like can management reconcile this number and confirm whether any additional regulatory approval or plan revision?
Ashok Chajir
Yes. So to make it more easier to understand for all our investors and shareholders we converted the carpet area rera carpet area which was existing in the World Villa and town villa project to sellable area. So that the parameters for judgment for all the factors leading to the costs as well as the sales for any project can be compared more comfortably and easily. Which is why the increment in area is being witnessed. Apart from that there is obviously some design change also in the villas some increase in carpet areas for each village have happened.
So which has also led to the increase in area. But majority of the increment is due to the conversion from carpet area to salable area. So that for an investor it becomes easy to monitor and compare other factors of costs with the other ongoing projects that we have on the same level basis.
Mr. Parth Chhajer
Okay, so are you considering any quitting fund for a World village like capex of 3.5 billion or will this entirely debt fund?
Ashok Chajir
No. So this is majorly going to happen through internal accruals from the project and debt. We are not considering any specific equity raised for World will ask project.
Mr. Parth Chhajer
Okay answer. Like the rupee due to rupee sickness any supplied disruption is there like what percentage of construction material cost are import link and have you has against further currency depreciation?
Ashok Chajir
Yes. So obviously the geopolitical situation as of now is not so great and is impacting the costs and manufacturing sector. In big way we see that costs could change anywhere between 3 to 5% for a company like ours. Also in a short, in the long term we’ll have to wait and watch how much exactly the increment happens. But as of the prices that are ongoing today for all the commodities, the prices have increased from what it was three months ago.
Mr. Parth Chhajer
Okay. And so like with recent PM Modi speech like do you see any risk of demand softening among NRI buyers who are a key segment for premium project like World Village?
Ashok Chajir
Yes, we have seen increments in inquiries for premium projects across our portfolio from NRI bias. There has been an increase and there has been some conversions as well. So interest levels have gone up for the NRI bias segment over the last two and a half months.
Mr. Parth Chhajer
So there is no risk like after PM Modi appeal to reduce consumption.
Ashok Chajir
Well that is appeal to the entire public in large that we hold as in the country. However, business cannot stop. So there is a higher cost which we’ll have to bear from what we expected to the tune of 3 to 5%. And we’ll be able to recover the same by increasing the selling price for the balance units. So there’s no risk to the company as such.
Mr. Parth Chhajer
Okay. Okay sir, that’s it from my side. Thank you so much.
Operator
Thank you. The next question comes from the line of Raj Kumar, an individual investor. Please go ahead.
Ashok Chajir
Hello.
Unidentified Participant
Hello. Am I audible?
Ashok Chajir
Yes.
Unidentified Participant
Yeah. Thank
Operator
You for the opportunity. So I have just a few questions. So last quarter you had mentioned seeing improvement in the footfall for the World Villa. So but this quarter only four villas is old. So is there any risk or what is the broader demand scenario?
Ashok Chajir
See, the improvement in walk ins have obviously been encouraging for us and sometimes decisions don’t happen immediately. People take more time in a segment like this to decide and finalize. So turnaround time for any transaction is anywhere between 75 to 120 days in such a product. So it will obviously reflect in the coming quarters.
Operator
So what is the expectations for next quarter? Like any kind of expectation,
Ashok Chajir
Every project level expectations. It’s not possible to give you exact count on what we can expect. But yeah, we’re looking at doing good numbers in this financial year. Project is progressing well. We’re constructing around 112 odd villas as of now and project is moving on very well. So the, the development will obviously add to the value of the unit and I think we’ll be able to realize a lot more in this financial year.
Operator
Okay, no problem. Now only one more question. Can you give like a Margin difference for all three segments. Premium affordable. Like all these three segments, can you give a margin break regarding them?
Ashok Chajir
So as a company, whenever we look at taking on a project we expect a ebitda margin of 33% across all the segments and pat margins to the tune of 24%. Some projects will obviously give us more margins like the World Villa and Town Villa where our land cost is much, much lower. And that will give us a better margin to the tune of almost EBITDA margins being at 45, 47% in these two projects.
Operator
But
Ashok Chajir
This is merely only because of the low land cost and the early mover advantage that the company took over the last two and a half three years which was timed very well. Because the mthl, Atul Setu as well as the airport have been inaugurated in the last one one and a half year. So we’ve got that advantage with us. And that will reflect in the company’s balance sheet over the next four to five years.
Operator
Okay, no problem. Thank you. Thank you.
Ashok Chajir
Bye.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star N1. The next question comes from the line of Aditya Banerjee, individual investor. Please go ahead.
Unidentified Participant
Yeah. Hi. So my first question to you sir is that the PAT declined of 15.9% year over year despite revenue growing 10.5%. Interest cost jumped 65% to 677 million. So what’s the plan to deleverage and when do you expect the net debt to equity to improve from the current 1.81 times?
Ashok Chajir
See, we have debt across multiple projects. So debt is required at the initial stage of a project and when the project advances, the debt gets repaid back. Right now apart from construction finance loans, there also, I mean apart from the residential business we are also developing annuity assets which will require debt. And some debt will be at a long term state also going forward. So we can achieve, I mean goal is to obviously reduce the debt which is standing at almost 451 odd crores today. Which is the secured debt.
453 crores. Precisely. So our goal is that we reduce some of that in some ongoing projects. But then it will add on in the annuity asset project. So I think it can increase by another 50 odd crores from year on. To give you an example, our Aryan Aspire loan which is from Tata Capital, the outstanding amount at the end of September was around 82 crores. And at end of March we are sitting at 40 crores. And this financial year FY27 which is ongoing we’ll be repaying the entire debt. So as the project advanced to a nearing completion stage, we were able to repay off all the debt through the sales and the internal accrual.
So similar case will also happen in the other ongoing projects like Aryan Dadvigaad, Vashi, the World Villas. So those debts also will be paid off as and when the projects advance.
Unidentified Participant
Okay sir, so and another question is to use that the operating cash flow has been negative for four consecutive years. So at what point does the company expect to turn free cash flow positive?
Ashok Chajir
I think next financial year onwards we should turn free cash flow positive because right now we have last two, three years we’ve been. We raised money so that we could finish off our projects in time which is also reflected in the deliveries that we have done in FY26 and it will continue and increase better in FY27 as well. So I think next two years, three years. Definitely in two years. We’ll be cash flow positive from now on.
Unidentified Participant
Okay, so another question is that the unit sold fell down to 26% year over year even as pre sales value grew. This suggests a significant shift toward higher ticket products. Is this intentional and how does it affect your affordable housing position?
Ashok Chajir
Well see all the things on the platter but yeah, last year we saw better performance from mid income and luxury SEG housing. So things are changing and yet affordable housing is contributing at large even today with respect to the number of transactions. But the company’s focus is now increasing also in the mid income and luxury housing segment going further. So we are quite happy with the change and we expect to continue this momentum going forward as well.
Unidentified Participant
Okay, so sir, to continue this question, so you delivered 1721 units in FY26 which is five times year over year. So could you give some guidance on Delivery volumes for FY27 and FY28 by Project
Ashok Chajir
Project wise it’s difficult but we are expecting big number this financial year as well. With respect to deliveries, it will go upwards of thousand very easily. Some of the projects that are lined up include Aryan Dalishan at Kharger Phase 2, then Aryan Aspire Della Tower, then Aryan Dadvika at Washi. So these will contribute significantly in the number of deliveries for this ongoing financial year. FY27.
Unidentified Participant
Okay. And obviously Q1,
Ashok Chajir
I mean we’ll be expecting project deliveries for Aryant NI Cup 5 Aryan. So all in all it looks very positive with respect to the lineup of deliveries and completion of multiple projects in this financial year. So ready stock that whatever is nearing to position will see great movement and that will give good cash flows to the company as well.
Unidentified Participant
Okay, another question is that with gross debt at 873crores and unsecured loans of 361crores, what is the cost differential between secured and unsecured borrowings and what’s the repayment schedule for unsecured debt?
Ashok Chajir
So unsecured is blended average at 13, 13.5% and secured debt is today average at somewhere around 12.5%. So the blended cost to the company is around 12.75%. With respect to cost of debt and repayment for unsecured is the loan is from the promoters, it’s payable when enabled. So as the projects are nearing to completion we should be able to repay back loans. But the first priority goes to the secured loan lenders. So once that is done then we repay the unsecured.
Unidentified Participant
Okay, so okay, and my asked question to you is that are you considering any equity raise to fund the world village plus hospitality capex of 3.5 billion or will this be entirely debt funded?
Ashok Chajir
Yeah, this will be a mix of internal accruals and debt funded majorly. We’re not seeking equity specifically for this project because we’ve already acquired the land, we’ve got the approvals in hand. So only thing now that we have to do is construct and make the assets. And debt comes at a cost of around say 10% to the company which is reasonable because then equity cost will be much much higher compared to the debt. So we are not seeking any specific fundraise for this project as a company, at a company level.
We may look at some fundraiser at a later stage but nothing today.
Unidentified Participant
Okay, so thank you so much.
Operator
Thank you. Thank you. The next question comes from the line of Vishal B, an individual investor. Please go ahead.
Unidentified Participant
Hi. Hi sir, thank you so much for the opportunity. My question was regarding sir, as we can see in the EP the units sold have declined from 1500 to around 1155. Even the area sold has fallen down from 14.61 to 12.58. But our value of sales have increased from like 887 to 977 crores. So what is the trend of like realization? What was the average realization in the quarter and for the entire year? And what trend do you see in the area that you operate in?
Ashok Chajir
Yeah, so Mr. Vishal, last year the average realization per square foot stood at 6,082 rupees. And for this financial year FY25 it stood at 7,769 rupees per square feet. So we’ve seen a 27% increase in the average realization. Which is majorly due to more sales coming from the premium and mid income category of products.
Unidentified Participant
Okay sir. And another question was what would be the target for FY27 in terms of pre sales?
Ashok Chajir
Do we expect to grow by 25 to 30% CAGR?
Unidentified Participant
Okay sir. Thank you so much. If I have any question, I will join back again.
Operator
Thank you. Participants, if you wish to ask a question to the management, you may press star and 1. The next question comes from the line of Roshni, an individual investor. Please go ahead.
Unidentified Participant
Thank you so much sir for the opportunity. So my question is regarding the World Villa also. The World Villa Phase 1 is only 23% complete with 55 units booked out of 180. So what is same velocity, target and completion timeline?
Ashok Chajir
So I mean this financial year we expect sales of around 65, 70 odd more units. And completion timeline for the entire project. From today it looks like it will go to 2030 for phase one. Phase one is targeted at for a completion by 2027 of October.
Unidentified Participant
Okay, got it. And so this, the five star hotel in Panvel and the four star in Kopoli represent a new business model. So what. What is the expected capex timeline and when do we anticipate the first revenue contribution from the hospitality?
Ashok Chajir
So for the hotel that we are developing at Panveer Chowk which is inside the World Villa project, we should finalize our brand by this first quarter. And work has already started off. We have completed the excavation and we’ll expect three to three and a half years from now to start triggering the first revenues for this. The new hotel at Copoli is just finalized very recently. So it’s under the approval stage right now. And that will involve an investment of around 60 crores in total. So but the timeline for that also since it’s a smaller scale development it will take about three years from now as well.
Unidentified Participant
Okay, one more question. The JDV has grown from 1400 crore to to 1250 crore last year. So can you break down how much of this increase came and price appreciation versus new project addition?
Ashok Chajir
See last year new project addition, new lands were purchased only in the Town Villa project. So prior to last year we were. I mean at the end of March 2025 we were at somewhere around 78 acres of land. I think we added another 20 odd acres in this financial year. And that’s been the new acquisition that we have done in last financial year. The major increase in the GDV from 12,500 to 14,000 crore has come from across all the projects. So due to the airport and the infrastructure development around it, we have projected better prices and we are already realizing higher prices now as well compared to what was projected a year back.
So that’s the major reason apart from the new addition of land to take the GDV from 12,500 to 14,000 crore.
Unidentified Participant
Got it. Sir, can you please throw some light on the project pipelines for FY27?
Ashok Chajir
So a lot of ongoing projects are underway right now. New launches will be expected in Aryan’s Aspire. One more tower. We should open Aryan’s Avanti at Shield Kata and we should by Q4 we should expect Town Villas also to launch. So these are three new projects that we expect to start off with in this financial year as well.
Unidentified Participant
Okay sir, got it. Thank you so much for. Thank you.
Operator
Thank you. The next question comes from the line of Amish Kanani with known wise investment managers. Please go ahead. Miss Amish, your line has been unmuted. Please go ahead with question.
Amish Kanani
Yeah, sorry, I was on mute. Yeah, so congrats on a good Q4 at least last year. The question sir is one, you know, there was a very low margin in Q4 despite a growth. So if you can give us some sense of, you know, why this didn’t, you know, kind of reflect in our EBITDA margin, you know, which has come down to 16.7% and because of which our overall annual margins have kind of come to us slightly. Although it’s improved on a yearly basis, it’s come down 23%. So one, what is it that you know anything specific in Q4 which you know was affecting our margin.
And in that context, if you can give us some sense of, you know, given that our premium mix of our project is improving, should we assume that, you know, things will improve from here on. On an annual basis?
Ashok Chajir
Yes. So in Q4 we started recognition for World projects. So the margin declined because for obviously due to the interest as well as. Because when the project gets recognized for the first time, all the pre operating expenses are also recognized with that load of the marketing expenses and etc that we would have done have also participated in the cost for this quarter. Going further, obviously we expect this is for World Villas. Okay,
Amish Kanani
Sure, sure. Okay.
Ashok Chajir
So going
Amish Kanani
Forward.
Ashok Chajir
So going forward obviously margins will improve because now that the old backlog of the pre operating as well as marketing expenses has already been incurred in this in the P and L further the new sales as well as the progress from construction will help us realize higher margins going ahead and the PAT margins reduced due to higher interest cost for this financial year versus the last financial year. However, this we expect in this FY27 to increase our EBITDA margin and take it to 2527% range. Because the contribution from the new projects will add on to the P and L going further.
Amish Kanani
And sir, you know our pre sales have reached a kind of thousand crore mark on an annual basis. And you know the collection also is about 5 to 40 crores. That is stable for last two years. But our revenue is stuck in that 500, 550 crores mark. Which means you know we need to do a lot on you know delivery and you know kind of execution. So one, when will this gap, you know so as to speak can you know we expect to fill. Which means we see a revenue at you know say 1000 crore plus kind of a level. We understand pre sales you are seeing probably a growth of 2530% from here.
Which means maybe presales we can presume penciling model some number like say around 1250 crores. But in terms of actual delivery of projects and completion and you know handover and will the revenue also kind of take a jump if at all. You can give us some sense of you know, based on the current execution time.
Ashok Chajir
Yes. So we follow percentage completion method. So as the project progresses we start recognize revenues proportionately. Like I said, this financial year also we expecting a lot of deliveries. So good numbers are going to come from multiple projects that are lined up for closure as well as possession in this financial year. That will give us more revenues like Aryan Dalishan at Kharger Aspire at Panvel as well as Aryan Dadvika at Mashi. So these are key projects which will contribute to the revenue of the company at large.
And because of this we will be able to jump forward from this 500, 550 crore top line to buy say to around 700 plus crores this year.
Amish Kanani
Sure sir. That’s helpful sir. And sir, Wallville, you know we saw phase one not picking up as greatly as you know one would have expected given that there’s a traction around say Navi Mumbai airport. So the question is, will we launch phase two only after we have a decent traction in all Villa one. Any thoughts there sir?
Ashok Chajir
Yeah. See with also doing velocity we have to take care that we are able to earn the right margin for which we work. So we’re very conscious on that. For this project also we don’t want to just Give away the prices to the customers for the sake of doing more velocity. Our focus is that we make this project a standout. Obviously with respect to design, it is a standout today also. There is nothing which competes with this in the entire vicinity. But we want to earn good amount of money from this project because from the launch price to now we have also increased the selling price and that’s why velocities have gone down recently.
But now it is being understood by the customer that they’ll have to pay a price if they want to participate in this property. And we’ll see the reflection of that in this financial year very smoothly.
Amish Kanani
That’s very encouraging to yourself. We are holding price not to, you know, kind of sell a discounted one. So in what is any indication of what are the kind of price rises that you have seen? Some indication because I had noted probably one one villa was about three and a half crore, you know, when we were launching N per square feet price or per villa price where in percentage terms what is the price increase that we have taken? Sir, you did mention overall GDV value increasing. Maybe we can imply from that, but you can give us some sense.
Ashok Chajir
So price increase for World Villas has happened by almost 1 crore plus at realization levels from what we had started off. So it’s multiple categories. There are three type configurations, then there is a lot of options. So the prices vary from what the customer chooses to buy. Some buy with elevator, some buy without a pool, some buy bare shell, some buy with finishing. So pricing varies. But overall we’ve been able to increase the price by 1 crore from the launch period. And that is why you’ll see better numbers going further as well.
Across the sector prices have also increased due to the infrastructure development that we have witnessed in this part of the city. Going further, obviously now with the geopolitical situation we are bound to increase more price for the balance inventories in all projects because we cannot lose on the marching. So obviously it will be a wait and watch. But I think demand is still strong across multiple segments of housing. We are still witnessing great traction, great interest across all the products that we are catering to.
And there is, I mean fortunately the population is healthy enough to help us help the company as well as help the economy pass through this phase that we are going through.
Amish Kanani
Certain last question from my side sir, Capex. You know I had noted that we have to do a lot of Capex to develop this world Villa more so the hotel and you know, the gymkhana that we are planning. And so in that context if you can give us some sense of you know one, you know we probably have pre sales a lot of things so maybe you know the normal, execute normal you know residential construction maybe could be self funded the way I understand. But if you can give us some sense of you know what is the capex for this year including the new hotel that you mentioned at, you know with the 60 crores that you mentioned what would they say?
New capex for this year and whether it’s self funded or do we need to worry about debt being increase even from here further.
Ashok Chajir
So debt will be taken for the gymkhana and the hotel development which will, I mean this financial year we should do a capex of around 75 crores for these two assets. That much debt will add on obviously like I said earlier simultaneously the projects which are advancing at and nearing completion like Aryan Radighard Vashi, Aryan Testaya. So debt is starting to get repaid back as well in those projects. So overall debt could increase by another 50 crores from here. That that’s what we are capex.
We intend to, we intend to spend around 400 plus odd crores in construction this financial year across all the projects. So that’s our target for capex
Amish Kanani
Including 25 crores. Should we assume that
Ashok Chajir
Including the
Amish Kanani
75 crores of Gemka 9 hot allies. Okay,
Ashok Chajir
Yeah,
Amish Kanani
Thanks a lot. It’s very happening. Thanks. Thanks a lot and all the best. Thank you.
Operator
Thank you. Participants, if you wish to ask a question please press star and 1. The next question comes from the line of Raj Shah, an individual investor. Please go ahead.
Unidentified Participant
Hello sir, am I audible?
Ashok Chajir
Yes.
Unidentified Participant
Yeah.
Operator
So
Unidentified Participant
Sir, my queries regarding the gdp. So what is the GDP
Operator
Of the recent phase of Aria and Aspire and how much of the booking has been recognized in the last quarter.
Ashok Chajir
Since phase like the phase we launched. Hello.
Operator
Yes. Oh
Unidentified Participant
Yes sir, you’re audible.
Ashok Chajir
Yeah, I didn’t get your question. Which phase are you referring to?
Operator
The most recent phase of Aryan thus Fire.
Ashok Chajir
So yeah we launched many covered. That’s 382crores. 3. 3 like 82,000 square feet of total developable area. The capex for that project will go see around 190 odd crores for this particular tower.
Operator
Okay sir, and my next question was more regarding an industry outlook also. So given the ongoing geopolitical uncertainties, are you witnessing any change in customer behavior particularly delays in booking decisions from the end user? And additionally how is the company managing the impact of rising construction costs and do you expect any meaningful impact on Project margins or you know, your demand going forward.
Ashok Chajir
So yeah, I mean situation is being witnessed by all with respect to some panic, some customers, but we are not seeing any stoppage with respect to decisions. There is obviously more time which some customers may require but we are not seeing any slowdown in transactions. Transactions are continuing to the similar levels as what it was before the war started. With respect to the construction cost, obviously whatever is sold will have to be, will remain around the same price but we’ll have to recover from the balance unit sales, the incremental cost that will go towards the construction.
So I think it’s not nothing to worry and highlight. We’re doing very well in projects which have already seen deliveries either in the previous phases or they are expected to be delivered in the close timeline. So we’re not seeing any challenges as such across multiple projects. So things are moving on very well. Obviously it’s a time where people will have to wait and be patient and I think there could be surprises going for the Indian economy.
Amish Kanani
Thank you so much. That answers all my questions. Thank you sir.
Operator
Thank you. The next question comes from the line of Tanya Arora, an individual investor. Please go ahead.
Unidentified Participant
Hi, I just have two quick questions. So the first one is just wanted to know what’s the current status of finalizing the five star hotel which was under the world’s villa project?
Ashok Chajir
Yeah, so we’re almost in the final stages. By hopefully this quarter end we should be able to come back with the name that we have finalized.
Unidentified Participant
So have we identified any hospitality partner or a brand management brand?
Ashok Chajir
Yes.
Unidentified Participant
Okay. And could you also give me a quick update on the Gymkhana segment like how the total memberships we have sold till date and what’s the current membership pricing structure?
Ashok Chajir
I’ll tell my sales team to come back to you on this. It’s. I mean we’ve done say 800 plus memberships. They’ll get back to you on the pricing that is there. You should not discuss and mix that with the financial developments that we are discussing here.
Unidentified Participant
Okay. All right, thank you so much.
Operator
Thank you. There are no further questions. I would like to hand the conference over to Ms. Kanjul Agarwal for closing comments.
Kunjal Agarwal
Thank you to the management and the participants for joining the Q4FY26 conference call of infrastructure. I would now hand over the call to the management for closing remarks.
Ashok Chajir
Thank you everyone for joining in today’s earnings call. We hope we were able to address all your queries to your satisfaction. In case you have any further questions, you or would like any additional information, feel free to reach out to our industry relations team at Ballerim Advisor or connect with our finance team. We also thank Ariane Capital for hosting this call for us. Thank you very much.
Operator
Thank you. On behalf of Ariane Superstructures Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.