EFC (I) Ltd (BSE: 512008) Q3 2026 Earnings Call dated Feb. 16, 2026
Corporate Participants:
Umesh Sahay — Chairman & Managing Director
Nikhil Bhuta — Whole-time Director
Uday Vora — Chief Financial Officer
Analysts:
Kasturi Basu — Analyst
Aakash S — Analyst
Mohan Sharma — Analyst
Fenil Brahmbhatt — Analyst
Vatsal Nagelia — Analyst
Raj Sarraf — Analyst
Presentation:
operator
Good morning ladies and gentlemen and welcome to the EFC Limited Q3 and 9 month FY26 earnings conference call hosted by MEFG in Time India Private Limited. 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 0 on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Kastudi Basu from MUFG Intype. Thank you. And over to you ma’.
Am.
Kasturi Basu — Analyst
Thank you. Sopnali. Good morning ladies and gentlemen and welcome to Q3 and 9 months SY26 earnings conference call of EFT India Limited to discuss this quarter’s performance. We have from the management Mr. Umesh Tahai, Chairman and Managing Director, Mr. Nikhil Bhuta, Whole Time Director Mr. Uday Voraz, Chief Financial Officer and Mr. Aman Gupta, Company Secretary. Before we proceed with this call, I would like to mention that some of the statements made in today’s call may be forward looking in nature and may involve risks and uncertainties. For more details kindly refer to the investor presentation and other filings that can be found on the company’s website and stock exchanges.
With that I would like to hand over the call to Mr. Umesh Taylor for his opening remarks. Thank you. And over to you sir.
Umesh Sahay — Chairman & Managing Director
Thank you. Thank you ma’. Am. Good morning. Good morning ladies and gentlemen and thank you for joining us for the quarter three and nine month financial 26 earning conference call. Today we are happy to report another quarter of strong business and financial performance. The third quarter has once again demonstrated the strength of our integrated business model. We are no longer operating as isolated vertical. We are functioning as well aligned ecosystem. We are leasing design and build and furniture reinforce each other. Our strategy have always been clear. Build long term annuity through leasing. Capture execution value through interior design and turnkey solution.
Dry margin expansion through backward integration into furniture manufacturing. Today we are seeing this strategic translate into consistent growth, stronger profitability and improve operating leverage. What is particularly encouraging is the quality of business we are onboarding. Large enterprise mandate integrated turnkey assignment, multi city engagement high value client across segment. Our leasing platform give us a predictable recurring revenue and continuous to be the core of our ecosystem. Today we operate in 11 cities with more than 73,000 seats under management. Our interior division delivered one of its strong quarter with 76% year on year growth in quarter three and 75% growth over nine months.
The business vertical enhanced client stickiness and scale of our consolidated operation. Our furniture business is strengthen margin and cost efficiency and has picked up in momentum to grow rapidly quarter on quarter. The integrated real estate service model is not only driving current performance but also positioning us strongly for the upcoming quarter. We are confident about continued demand momentum, higher utilization, recent added capacity, strong execution pipeline margin stability with upside potential. The managed workspace industry in India is growing steadily due to more outsourcing by companies, expansion of GCC Global Capability center and increasing demand for flexible office spaces which give us confidence in our long term growth.
Design and build industry for the commercial space also continue to grow with localization of business with global outlook, pushing the demand of modern workspace, factory, data center, warehouse and etc. And hence this business vertical would continue to be our growth engine. Furniture industry is in the consolidation phase with organized player meeting the every in the every increasing Indian consumer demand. By offering highest quality and design standard for furniture product design, our furniture vertical is setting those highest standards to be the leader in the furniture industry. Looking ahead, our focus will remain on expanding our integrated workspace ecosystem while maintaining profitability and operational discipline.
I once again thanks all of our shareholder and various stakeholders for their continuous support. Now I will invite Mr. Nikhil Bhutta to speak on the company business and operation performance. Thank you.
Nikhil Bhuta — Whole-time Director
Thank you. Thank you so much sir. Good morning to all and a warm welcome to the Q3 and 9 months FY26 earnings conference call. Dear investors and stakeholders, it is pertinent to note that this quarter’s performance reflects how our ecosystem is really compounding at efc. Our strategy is centered on building a unified real estate as a service plan platform integrating leasing, design and build and furniture manufacturing to deliver end to end workspace solution across the entire office infrastructure lifestyle. This integrated model enables us to improve margins, drive cross selling opportunities and strengthen executional capabilities across the organization.
I would briefly take you through the business and operational performance of EFC India Limited during Q3 and the nine month period of FY26 and how our integrated ecosystem continues to scale across verticals. Leasing the foundation the leasing vertical remains the largest contributor to our operations as of Q3 FY26, we operate 91 centers managing over 3.69 billion square feet serving 720 plus clients with enterprise customers contributing approximately 65% of revenue while maintaining occupancy above 90%. Our average enterprise client tenure of approximately 48 months reflects strong client retention and long term demand visibility. Seed capacity continues to expand steadily supported by inventory under development and ongoing capacity additions which positions us well for future growth.
Our leasing portfolio remains well diversified across sectors such as technology consulting, GFSI and manufacturing which helps maintain stability in occupancy and revenue performance. What is important it is not just occupancy, it is the client mix. We are seeing large enterprises, multi location mandates and longer engagement cycles. Leasing continues to be our backbone with high occupancy levels and stable demand across key markets. These verticals gives us predictable cash flow and operating leverage. This provides visibility and stability. Coming to Interior Design Interior and Design and Build the Growth accelerator division of EFC India Ltd. The design and build vertical continues to scale steadily supported by strong execution capabilities and ecosystem synergies.
Our order book stands at over rupees 160 crores giving strong outlook for the future sustainable growth. As of Q3 FY26 we have designed more than 5.1 million square feet serving 40 plus clients across multiple locations. This vertical plays an important role in enhancing customer engagement across the workplace lifecycle and strengthening ecosystem synergies. Our design and build vertical has benefited significantly from 1 the existing leasing clients upgrading or expanding, 2 new enterprise mandates that require turnkey execution and 3 the new mandates from diversified sectors bring stability through diversity. Interior execution today is not just a project business for us.
It is becoming a natural expansion of our leasing relationships. This cross selling is a key growth driver coming to the third vertical, the furniture manufacturing the margin lever for the company. Our furniture manufacturing business, A Design Industries Ltd. Continues to demonstrate strong operational progress and remains central to our backward integration strategy. The furniture manufacturing vertical has delivered over 50,000 plus units and offers 1,200 plus SKUs. One of the important milestones during this year has been the progress achieved in our furniture manufacturing vertical which has successfully secured multiple certifications from TUI Nord, a globally recognized certification organization.
This certification strengthened our positioning as a reliable and a globally compliant furniture manufacturing partner while reinforcing customer confidence in our products and processes. Furniture is now scaling meaningfully. The real benefit here is not only revenue growth but backward integration, better cost control, faster project execution, margin capture within the ecosystem instead of outsourcing, we are internalizing value. As utilization improves, this vertical will contribute disproportionately to margins. How the entire ecosystem is driving the momentum. The three verticals which we explained earlier are not just independent vertical. They are sequential and mutually reinforcing leading to interior execution, interior execution to furniture supply and completing the cycle.
This reduces customer acquisition cost, improves project turnaround, enhances margins and build long term client relationships that is why we are seeing strong revenue momentum, improved profitability, better operating efficiency and visibility into future quarters. Going forward, as capacities mature and integration stabilizes, operating leverage will continue to play out. To summarize, we remain encouraged by the operational progresses across the business and will continue to focus on disciplined growth and execution across all verticals. Thank you once again for your continued trust and support in EFC India Limited. With that, I would like to hand over the call to Mr.
Uday Vora, our CFO. We’ll walk you through the financial highlights of the quarter. Thank you. And over to you Uday.
Uday Vora — Chief Financial Officer
Thank you sir. Good morning everyone and welcome to the quarter three FY26 earnings call. I will take you through the consolidated. Financial performance for the quarter and nine months ended December 31, 2025. During Q3 FY26 the company delivered strong growth across revenue and profitability. Revenue for the quarter stood at 270 crores representing a 52% year on year and 6% quarter on quarter growth, reflecting strong momentum across leasing, interiors and furniture verticals. EBITDA for the quarter was 112 crores registering a growth of 20% year on year while maintaining stable operating margins despite ongoing expansion. Profit after tax reached 62 crores representing 54% year on year and 10% quarter on quarter growth. This performance reflects strong operating leverage and disciplined cost management across the business.
For the nine month period the company delivered robust and broad based financial growth. Revenue reached 745 crores representing a 67% year on year growth while EBITDA grew 325 crores up 49% year on year. Profit after tax for nine months. FY26 stood at 166 crores reflecting 79% year on year growth. Importantly, PAT for the nine month period has already exceeded the full year FY25 PAT, highlighting strong execution and scalability of the business model. From a segment perspective, growth growth remained well diversified across verticals. The leasing segment recorded revenue of approximately 135 crores in quarter three supported by seat expansion and strong enterprise demand.
The design and build segment delivered a revenue of about 119 crores reflecting continued execution momentum and strong client engagement. The furniture vertical contributed approximately 16 crores in revenue and continues to scale in line of our strategy. The evolving revenue mix across vertical reflects increasing contribution from design and build and furniture alongside the leasing business. Overall, the company delivered strong revenue growth, improved profitability and stable margins during the quarter supported by the strength of our integrated ecosystem and disciplined financial management. It is important to Note that the margins have remained stable despite scale expansion reflecting operating leverage.
With this I conclude my remarks on the financial performance. I thank all our shareholders and partners for their continued support. I would now like to hand it back to the moderator to open the floor for questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may first start one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star N1 to ask a question. We’ll take the first question from the line of Aakash S, an individual investor. Please go ahead.
Aakash S
Umesh Sir. Nikhil sir. Uday sir. Many, many congratulations on such stellar numbers. I wanted to understand firstly many congratulations on the past few years of numbers and the delivery that EFC has given for its shareholders. I want to understand what is your long term vision for the company and what milestone should we as investors and your stakeholders watch out for in the coming, coming few years.
Nikhil Bhuta
Thank you so much Akash. And yeah, I mean we all are at EFC are pleased to kind of so well for the company and continue growing profitably. In terms of your questions, yes, you know we as a company would like to grow as explained earlier also in our previous calls that as a real estate, as a service ecosystem that is what we would like to grow as we like to you know kind of categorize as somebody who is not just operating leasing business but also complementing it with is design and build and the furniture manufacturing capabilities and hence overall as an integrated ecosystem that is what we would like to be known as and we would like to continue operating as in terms of future milestones for growth.
If you can look at it, I mean how the leasing business is going in terms of we are, you know our MD Mr. Umesh Sahai has already kind of, you know, through various of our initiatives made it clear that we are trying to grow from a leasing business more as an asset under management model where we are trying to kind of build assets either on our books or through our various available financial structures like REITs etc. And continue to grow the leasing business because these all structures will become a feedstock for the leasing business while both other sectors divisions which is design and build and the furniture would keep competing complementing keep growing together and we also want to keep them growing independently.
So in terms of Milestones, all the three verticals would provide a lot of growth indicators which our investors should really take note of. And going forward, that will only be the growth engines for our company in totality. Akash ji.
Aakash S
Perfect. Sir. Thank you. Thank you so much.
Nikhil Bhuta
Welcome. Please.
operator
Thank you. We’ll take the next question from the line of Mohan Sharma from Tirupati Investments. Please go ahead.
Mohan Sharma
Thank you. Congratulations EFC Management for the stellar performance. Further to last question, I would like to understand your furniture margin which is quite healthy in Q3. Is this driven by one of large order? Is it a sustainable run rate? What is the current capacity utilization at Take Design? If you can put some light on it.
Nikhil Bhuta
Yes, yes. Thank you. Thank you, Mohanji. No, certainly the furniture margin, as Uday has also mentioned in his speech, you know, this has continued to grow. This is continued to get consolidated. Because you know once we improve our capacity utilization the margins are going to get much stabilized and much improved. The current margin which you see in the current quarter is not of one off order kind of contributing that. It is primarily because of the increase in the overall utilization that is helping us to kind of achieve the better margins. In fact we, because as you know that we had last quarter received an export order and that export order got kind of executed during this quarter.
So the turnover has also gone better. And also the margins and similarly such orders and such businesses will with more utilization of the capacity would contribute in improving the margin and also stabilizing the total production levels that we are trying to achieve. As of now, currently we are utilizing roughly around 35 to 40% of capacities and we are in process of kind of utilizing by first to second quarter maximum we should be in a capacity of operating with a run rate of anything around 75 to 80% capacity with the kind of order pipelines that we have and with the kind of business that is there in sight.
Omg.
Mohan Sharma
Understood. Your rental incomes are largest revenue segment for you. And what is the blended occupancy during last quarter and what are you looking at in Q4? If you can put some.
Nikhil Bhuta
So Mohanji, we typically always try to ensure that our blended occupancy would remain in and around 90%. I mean, obviously that takes care of the situations where there are centers which keep coming out for operations during the quarter as well. But because of the overall occupancy levels that we maintain, we ensure that even the centers which come in for the occupancy during the quarter also when you kind of blend them into the totality still we maintain that higher occupancy levels of 90% upwards and, and that will continue and that is how our strategies are always.
You know, you see the way we expand, we don’t go too aggressive on adding number of seats beyond the level and hence we are able to maintain this occupancy level and which is what our target is always. So yeah, I mean going forward and even currently the blended margin would. Blended occupancy would always remain around 90%.
Mohan Sharma
Okay, coming back to my last question which is related to interiors, what is your forward order book visibility for this segment? Because you have already shown a significant improvement in revenue and profitability in last quarter. So you can put some light on what’s like forward looking order book visibility.
Nikhil Bhuta
Yeah, so we already have right now orders worth about 160 crore plus which are you know, under either under executions or about to start start under execution during this quarter. And you know, the way our orders are now getting lined up and the way we are securing orders with the team that we have already built and with the kind of client relationship that has already been established, we are very confident that every quarter we will be able to kind of run with minimum levels of order books so that we will be able to achieve the growth and the target that is that is estimated for this division.
So yes, as I said for Q4 we have an order book of around 160 crore plus and we expect to continue with the same kind of order books going forward as well with the expected growth factoring, factoring into that.
Mohan Sharma
Thank you so much Nikhilji. Thank you so much.
Nikhil Bhuta
Welcome. Welcome Mahanji.
operator
Thank you. We will take the next question from the line of Fenil Brahmabhat from Choice Institutional Equities. Please go ahead.
Fenil Brahmbhatt
Good morning everyone and congratulations on the strong performance during the quarter. I have a couple of questions for the management so I’ll start with first. Like we already added 13,000 speeds during nine months FY26 and we are target is around 20 or 20,000 seats every, every year. So how much? We are confident on adding 7,000 for the seats in Q4, FY26.
Nikhil Bhuta
Yeah. So there are already, you know, a good amount of pipeline which has been developed and we are fairly confident that we will be able to, you know, reach, you know, that number that we are targeting to. We already have about more than 5,000 seats in the pipeline out of the 7,000 that we are talking to achieve that number of around 20,000. So we are fairly confident to achieve the targets that we have already set. You know, plus minus 5% we would certainly be able to achieve the targets that we’ve already set for the leasing business.
Fenil Brahmbhatt
Okay, got it. On a DNB division, considering the current order book which we explained in the earlier question answer. So what we are expecting the year on year growth for next two to three years it would be around 50 to 60% growth or do we have any guidance on the year on year growth?
Nikhil Bhuta
Absolutely, Fenalji, that we are expecting to achieve that kind of a growth year on year for next couple of years for sure. Looking at the kind of visibility that our customers are also showing in terms of their future expansion, their phase wise expansions and that comfort that we already have from our customers for the kind of businesses that they are also wanting us to kind of develop for them. So we are very clear that we should be able to achieve that 50 to 60% growth target as we have always maintained for next one, one or two years.
In fact, as you can see, we are overachieving it and we you know, in the, you know, year on year targets if you see are growing at about 76%, you know, and in upward range. So achieving the 50 to 60% targets growth is something that we are fairly confident and we should be able to achieve that on an annual basis for sure.
Fenil Brahmbhatt
Okay, great, great. My another question on EBITDA margin. So EBITDA margin constraints for the quarter mainly due to expansion I can understand. But what will be the sustainable margin level as a overall and if we have any segment wise margin then that would be great.
Nikhil Bhuta
No, certainly. I mean I think Fennel, you’ll have to appreciate the fact that in our industry, primarily because of the the impact of the India’s accounting standards on the leasing vertical, EBITDA probably is not the right kind of indicator for judging the business performance or the margin performance. The right indicator would be either an EBIT or a pat, which would kind of give you a good indication on how the company on an overall basis is faring, number one. Number two, also on a normalized basis, if I have to say, then we are certainly maintaining the margins of 30% on our leasing business on a standalone central level basis.
On the design and build vertical, we are maintaining anything between 20 to 24% depending upon the nature of the projects. And on the furniture business, although it is little too early because like, like I said, the capacity utilization is yet to achieve to its optimal level. But still we are confident that achieving a margin Anything around 25% is certainly what we envisage as achievable based on the numbers that we See, based on how the factory operations are going on and the kind of overall efficiency that we are able to achieve now because it is practically filling up the capacity very rapidly.
So the margins also under the furniture is likely to remain in and around 25%. That is what is the expected margin for the furniture bridges considering upon achieving the optimal capacity.
Fenil Brahmbhatt
Okay. Okay. And do we design any data center recently or do we have any the order for data center? Because why I’m asking particularly data center. Because it’s take it needs specific area infrastructure, high electricity. So if then how much time we are taking to consider one data center in our space.
Nikhil Bhuta
No, so I mean listen, I mean as far as we are concerned, as you would appreciate as a vitals as a brand, our expertise is to kind of get into designing and internal fit outs. Okay. And that is where we come in for any kind of projects, whether it is a data center project, whether it is an industrial project, whether it is an office infrastructure project. So as far as we are concerned, our timeline is completely dependent upon the kind of work that we are doing. And since our work is all about internal designing and execution, so our timeline doesn’t get affected by the other aspect of that project for that project to get developed.
I hope you understand and appreciate what I’m trying to say. So I think it doesn’t matter to us any type of project which comes our timelines would run around the similar, you know, levels and I think we’ll be able to achieve them and complete them in the similar time fashion.
Fenil Brahmbhatt
Okay, got it, got it. And I’m just confirming like for furniture we are operating right now 35 to 40% capacity. Right. So and we are, we are targeting 75 to 80 by first quarter or second quarter 27 so. Or further further of whatever we have. So do we have any expansion plan on the furniture segment or any new plant or something is coming in the short term period? And if yes, then how we are going to tackle those over supply or whatever the new supply which is coming from that plant considering the competition in the market and lower demand.
And also anything on this?
Nikhil Bhuta
No, certainly. I think the expanse first of all in terms of achieving the 70 to 80% capacity utilization, I think we, we should be able to do that by end of second quarter for sure. Number one. Number two, in terms of expansion etc, certainly it will largely depend upon the kind of businesses that we are and the kind of projects that we are able to secure. And you know, please appreciate that if we are able to do more, you know, kind of B2B businesses, project businesses, export businesses, then we will also have to segregate our production capacity because you know, under one single production facility we won’t be able to achieve and address all type of different, you know, clientele.
You know, if I have to address to a client base which is looking at more B2B and bulk production, you know I will have an assembly line working very well for me. If I’m looking at an export business which is again on little, largely on a little bulk side, again an assembly line would work good for me. But if I am, let’s say looking at a customer where their end use may be more towards direct to consumers then the question would come more about the quick turnaround time, the quick tad that we need to achieve.
Then my production line has to achieve those kind of capabilities. So I think those are the things will determine whether I should get into the expansion, whether I should expand facility into different categories. And I think you know, we are mindful and looking at the kind of businesses that we receive based on that only our expansion strategy would be determined.
Fenil Brahmbhatt
Not a notice and yeah, that’s all from my side.
Nikhil Bhuta
Thank you. Thank you, thank you so much.
operator
Thank you. We will take the next question from the line of watsonagelia from Astral Mind Capital. Please go ahead.
Vatsal Nagelia
Hi, good morning. Congratulations on a good set of numbers. First I have a suggestion. Many companies include the pre and S numbers in their presentation. So if you can also include those numbers. And secondly coming to the question, around 50% of our portfolio is IT and software related. Right. So do we see any, or do we expect any change because of AI and how are we seeing the market evolving? Because many companies in US and foreign is are also stating that they are hiring less because of AI and so are we looking into that?
Nikhil Bhuta
No, I mean right now, you know, when we say IT sector it is not just, you know, only the software development part of it. It covers a very wide gamut. I mean it includes IT enabled services and you know that either are endless IT enabled services which is, you know, running multiple businesses across India. And I think the, the consumer driven economy that our country has become. I believe that you know, the IT enabled services is likely to keep growing independently of the, you know, kind of invent and independent of kind of AI, you know, inclusion in the businesses.
It is always going to kind of increase the, you know, use of IT enabled services rather than reducing the IT enabled services. So I mean we don’t see any significant impact on that as far as we are concerned. Concerned like I Said because it is not just IT development which matters to us, it is all IT enabled services which matters so positively. We are, I mean with the kind of demand that we are seeing already, you know, in since last 6 months also even after so much of a related buzz around, we don’t see any kind of reduction in the business from the IT enabled services sector as is concerned.
Vatsal Nagelia
So what I have been hearing also is that some companies, big companies are shifting to a lease model because. Because they don’t want to build an infrastructure which they don’t have demand for right now. So they are moving to lease model. So are you also seeing that many companies who are building their own buildings now are moving to you?
Nikhil Bhuta
Yes, yes. I mean that is precisely the reason why the growth in our sector has really been coming from. If you see that everybody, from our customers point of view, they all want to go little capex slide. They all want to focus on their core sectors and that is where they see the synergies between our businesses and their businesses where we provide these specialized services of managing the real estate for them, whether in terms of taking the property, building it up, designing it up the way they want it, furnishing it with the way they want it and then operating it for them so that their focus remains on their core business.
Their entire capex goes out of their books and in fact everything comes under their opex. And that is the precise reason why our industry is really getting the momentum and it is fairly logical also, right? I mean why. So somebody would go and kind of deploy their capital into activities which are their non core activities. And hence I think this is really helping us and we are seeing that continuously where more and more traditional businesses which are also earlier, you know, where you know, as an Indian mindset, we always had a mindset of owning our own offices, operating our own offices.
But you know, with the growth and with the kind of expansion that, that they are also into and the kind of the domestic market that they need to sell into, I think everybody realizing the benefit of this model and that is helping us tremendously for sure.
Vatsal Nagelia
One last thing I wanted to understand was that how are you like what role do you play in the data center space? I couldn’t understand that.
Nikhil Bhuta
Oh no. So our, I mean what we, what I try to explain is that we are agnostic to any projects. You know, it doesn’t matter to us whether it is a data center or a factory development or a healthcare center development or office infrastructure development or education institution, developer. What our strength is, is to do the interior design and build for any kind of infrastructure, any kind of commercial space that is given to us, we design them, we built it out. As for the specs and the requirement of the client and that’s, that’s all that our strength is all about.
You know, we industry doesn’t really affect us because our role is purely determined by the client based on the specifications and the design standards that are set by them. So that’s what we try to explain Sir.
Vatsal Nagelia
Thank you so much. All your best.
Nikhil Bhuta
Welcome, welcome. Thank you.
operator
Thank you. We will take the next question from the line of Raj Saraf Trump investors. Please go ahead.
Raj Sarraf
So very good morning and congratulations on good side September. When you talk about the margin in rental space and interior and even furniture. So do you talk about sir, ETA margins or PBT margins or PAT margins?
Nikhil Bhuta
So we prefer to, we prefer to kind of focus on PAT because you know, at the end of the day, you know, that is what matters. You know, if I, if you want me to break it down for each sector also, each vertical also please appreciate that because of, as far as the leasing is concerned, because of the India’s implications, it is better to look at more from a PAT point of view. From a, from a design and build interior division point of view. If you look at it, I mean we can look at either an EBITDA or PAT both because in our businesses, you know, there is, in the design and build hardly there is any capex because therefore there is no any real impact on depreciation.
And there is also that we don’t have great amount of borrowing except for the working capital. So you know, the impact, I mean one can evaluate it from an EBIT point of view as we have already mentioned in the segment reports or you can also evaluate it at a PAT level. But I mean I think we believe that the best indicator would be the pat margins because ultimately that is what would our shareholders would be, you know, the profit that would be attributable to their wealth. And I think that would be the right indicator for us to kind of judge considering the various accounting systems that are in place that one is required to follow considering the regulatory guidelines.
I think that gives the good indicator. So PAT is the right number for measuring the performance in our opinions.
Raj Sarraf
Okay, so 30% and 25% and 22 to 25% across all the segments are at PAT levels.
Nikhil Bhuta
No, that, you know, what I mentioned is that let’s say 30 to 32% is the margin that we maintain on a central level. When you get into the Corporate level that comes to around a kind of 25, 26%. Post all my expenses, post all my interest costs, post all my tax liabilities, etc. Under the leasing division and when you come under the design and build division, the EBIT levels are anything between that is before interest and tax the levels are around 22 to 24%. Post tax it will roughly come around 2018 to 20% under interior design and build vertical.
So under design and build, to summarize, the pat margin would be anything around 18 to 20% and under leasing vertical it would be around 25 odd percent.
Raj Sarraf
And for furniture, what we should want to consider.
Nikhil Bhuta
So furniture, I would request you to wait for one more quarter to give you a very stabilized margin because you know growth is still under quite significant way, it is growing. So giving the right number would be more appropriate, maybe end of quarter one or something like that. Because when I would have achieved a very reasonable capacity of let’s say 60% plus and hence I would be able to give you a very normalized and stabilized margin which you can consider going forward as the base for the furniture division. But otherwise, like I said, our estimates are in and around on a pre tax basis around 25% and maybe post tax basis anything around 20 to 22%.
That are our estimates. But I would still recommend and request if you could wait till about end of quarter one to get a normalized margin which one can consider going forward for the furniture business.
Raj Sarraf
Are we looking for our own property on which we can. We are making actually more margins. So how we are going about that.
Nikhil Bhuta
And as you know, we already have more than about 300,000 square feet under our own ownership. And that comes from the fact that that obviously contributes greatly to our bottom line because you know, obviously there is no rent but you. Yes, there is a corresponding interest cost, but still, you know, obviously going forward the company would get benefited immensely because of the appreciation and the value of the property. Number one, overall cost, my operational cost reduces because you know, I have the complete control over the property, right? So my all costs relating to the common area maintenance and other costs are very much in my control.
So certainly properties under my own ownership will offer better margins and that also contributes to our overall good margins. And we are continuing to looking at developing such properties. When we get good opportunities, when we get good deals where we are able to make a substantial margin on those deals where there is an appreciation potential, we will keep on acquiring such property to the extent our cash flow permits.
Raj Sarraf
Okay sir, so what is the average. Realization per seat right now on absolute basis, what an average and going forward what we can consider.
Nikhil Bhuta
So yeah, in percentage terms, as you know, is roughly around 30% plus. And in terms of, in terms of absolute revenue per seat, if you have to consider from a margin perspective, let’s say it’s anything around 2000 rupees per seat. I mean it generally depends upon the pricing. But let’s say my average pricing right now now is going at about 7,000 rupees. So if you apply that 30,000, 30% margin, that’s about 2100 rupees per seat that probably we make. And that is where you know, our overall economics works in our favor.
Raj Sarraf
The last one is anything about REITs or we are talking about the REIT from last one year. So what is the state?
Nikhil Bhuta
Yeah, we, yeah, we are talking about it. And why, you know, there are, you know, you have to appreciate that as a concept the SM REIT is also evolving. The SEBI and the government is also coming up with various clarifications, various guidelines. And we are also mindful because you know, when we started, when we got ourselves incorporated, the regulations had very different, you know, connotations and now it is also matured now very well. And we are also have now taken sought opinions, legal opinions and, and clarity on the various aspects relating to the structures of the reit.
And we are very actively evaluating various opportunities. I mean it would be inappropriate right now to tell you the timeline but you know, what we can see is that as a management, as I mentioned in my earlier statement that we are very focused in building the asset under management, the portfolio of assets under our management and we are taking steps to achieve that. And soon the company would be able to announce such opportunities. As soon as they are able to see the commercial alignment and you know, the profitability in those transactions, we would certainly come in and you know, come up with those structures to get implemented for the company.
Raj Sarraf
Thank you. Thank you very much for bringing all my questions and good luck.
Nikhil Bhuta
Thank you. Thank you so much.
operator
Thank you very much. Ladies and gentlemen. We will take that as a last question for today. And with that concludes the question and answer session. I now hand the conference over to Ms. Kasturi Basu for closing comments. Thank you. And over to you ma’. Am.
Kasturi Basu
Thank you. I would like to thank the management for taking the time for their conference call today and also thank all participants. If you have any queries, please feel free to contact us. We are nefd in time. Private Investor Relations Advisors to EFT India limited thank you once again.
operator
Thank you very much on behalf of EFC limited. That concludes this conference. Thank you all for joining us today. And you may now disconnect your lines.