ELDECO HOUSING & INDUSTRIES LTD (NSE: ELDEHSG) Q3 2026 Earnings Call dated Feb. 11, 2026
Corporate Participants:
Abhishek Bhatt — Investor Relations officer
Pankaj Bajaj — Chairman and Managing Director
Rajiv Khurana — Group Vice President
Analysts:
Unidentified Participant
Priyank Gupta. — Analyst
Karan Gupta — Analyst
Gunit Singh Narang — Analyst
Aditya Kumar. — Analyst
Dunit Kapoor — Analyst
Shanaya Jain — Analyst
Anjali Singh — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Eldeco Housing Limited Q3FY26 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 the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Abhishek Bhatt ey Investor Relations. Thank you. And over to you, sir.
Abhishek Bhatt — Investor Relations officer
Thank you for joining us on the call. Before we proceed to the call, let me remind you that today’s discussion may contain forward looking statements that may involve known and unknown risks, uncertainties and other factors. It must be viewed in conjunction with a business risk that could cause future results, performance or argument to differ significantly from what is expressed and implied by such forward looking statements. Please note, results and presentations are available on the Exchanges. Should you need assistance to receive them, you can write to us and we’ll be happy to send them over. Today we have on the call senior management of Indigo Housing and Industry which is represented by Mr.
Pankaj Bajaj Chairman and Managing Director, Mr. Manish J. Aswal Group CEO Mr. Rajiv Khurana Group Vice President, Accountants and Taxation. We will begin with the highlights of the quarter followed by Q and A. Now I would like to hand over the call to Mr. Pankaj Bajaj for his opening remarks. Over to you, sir.
Pankaj Bajaj — Chairman and Managing Director
Thanks, Abhishek. Good afternoon everyone and thank you for joining us today on our earnings call. During this quarter we’ve seen steady progress with healthy collections, sustained construction momentum and continued improvement in deliveries. There was no new launch in Q3 as the much awaited launch of Solano Garden got pushed to Q4. However, the quarter was characterized by stable operational performance supported by consistent sustained sales and execution across projects. During the first nine months of the year, we have already surpassed the sales bookings achieved in the entire financial year 25, both in terms of value and in area.
With the launch of Solano Gardens in Q4, we are poised to record our best year in terms of sales bookings in FY26. Now let me take you through the key operational highlights for the quarter. The booking value for the quarter stood at rupees 52 crores and for nine months FY26 booking value stood at 361.2 crores up 29.1%. Year on year, area booked during the quarter was 81,000 square feet. While for nine months, the area booked stood at 5.62 lakh square feet up 30% year on year. Collections for Q3 were rupees 86 crores, a growth of 21% collection for nine months.
FY26 stood at rupees 255 crores up 43%. We delivered 63 homes in Q3 totaling 55,000 square feet up 28% year on year and during the nine month period delivered 254 homes totaling 2.6 lakh square feet up 23% year on year. Construction spend for the quarter was 39.9 crores, up 11% from last year and for the nine month period stood at 116.5 crores, reflecting consistent execution across projects. Now moving to the key updates, we successfully recovered our entire invested amount in the Bareilly project along with interest during this quarter. In January 26, which is after the close of Q3, we launched the first phase of Eldeco Solano Gardens comprising villas and plots.
The project has received strong market response with a GDV potential of over rupees 1000 crores for the overall development. The project will be launched and completed in phases over the next five years. During the quarter we also added 2.05 acres of land at other locations where land aggregation is going on. We are confident our strong launch pipeline for the coming financial year. Two small commercial projects received approval this quarter at Lego City Courtyard, spread over 1.68 acres with 37,000 square feet of saleable area and Eloquo Imperial Avenue with 25,000 square feet of saleable Area. Both these projects will be launched next quarter after RERA approvals.
Now coming to our financial performance, the consolidated total income for the quarter stood at rupees 45 crores. Consolidated EBITDA for the quarter stood at rupees 19.8 crores with an EBITDA margin of 43.7%. Profit after tax for the quarter stood at rupees 13.7 crores with a PAT margin of 30.2%. With this, I’ll hand it over back to Abhishek and open the floor for questions. If there are any.
Questions and Answers:
operator
Thank you. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR in one on their touch tone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first Question from the line of Priyank Gupta from Guardian Advisors. Please proceed.
Priyank Gupta.
Good afternoon everyone. Firstly, congratulations to the whole team for the exciting quarter we had the last one. My question is as usual, Pankaj, if you can give a brief overview as to how is the real estate cycle looking at and specifically Lucknow for us.
Pankaj Bajaj
So it’s looking great. I don’t see any slowdown. In fact there is the market for quality homes at reasonable prices I would say is only expanding because of the accumulated increase in wages across board over the years. And real estate prices have not risen that much. So in spite of the recent rise in prices I think it is still strong.
Specifically in Lucknow. I think I watched it many times earlier. It is a under penetrated market. The overall market size, it’s a small base. So we look forward to consistent and strong growth over the next many years. It’s a multi year upcycle that Lucknow is in. And that is reflected in our every time we launch a product. It’s just. It seems that the market is hungry. The only pitfall is that one should not overprice the product and go beyond the affordability of the common man. With that caveat, it’s a great market. There’s nothing to worry about.
And it is not linked to another couple of points for Lucknow. It’s not linked to interest rates. Not much. We have not seen much correlation. It is not linked to India US Trade Treaty, the presence or absence of it. The IT sector. It’s just organic demand for in the capital of the most populous state of the country with a great infrastructure. So we think it’s going it’s a multi year upcycle.
Priyank Gupta.
Also if you can throw some light on net debt situation of the company considering that we received the Rayleigh project payment of 55 crores
Pankaj Bajaj
and so net debt is actually negative.
I think our actual debt is about Rajiv’s on the line. You would be able to give you the actual debt as of now 106. But we have cash on balance sheet of about 160 or 178 crores. Yeah, 180 crores. So net debt is negative. The only thing is the question will arise that why do you have a negative net debt. So because of the way RERA is structured. You are the money which is received from customers. 30% goes into free cash flows and 70% remains stuck in that particular project account and is released proportionately with the progress of the project and ultimately on the completion of the project.
So we have a lot of cash on the balance sheet which will get Released soon. As of now, there’s no nothing to worry about on the debt. It’s less than the balance sheet that the cash that we’re carrying.
Priyank Gupta.
My final question is if you can throw some light on land acquisition because that’s how we’re going to see some future profitability.
Pankaj Bajaj
So I think it’s slide number. We have given it on Our slide number 13 in our investor presentation. So Solano Gardens is anyway that’s a big acquisition. 55 odd acres that has got launched but it got launched in Q4.
So we have not given the numbers in this presentation. In addition to that we have about 40 odd acres in various locations which is under aggregation. We expect it to go up to 60 acres in the next couple of months. Apart from that, what we’re not mentioning in the, in the presentation is that we have won a couple of auctions with the Lucknow Development Authority. But since we have not received an official communication from them, we will be disclosing that in the next presentations. So enough pipeline for the next year, year and a half. If you remember Priyank, we used to face this challenge about three years ago that we don’t have enough pipeline.
I think that has been more or less solved. If you look at the numbers, even if we keep away the fresh bids that we have won, even what we disclosed in the presentation, that is solved.
Priyank Gupta.
So bid is for commercial or residential?
Pankaj Bajaj
No, I’m. I would rather not answer. Let me come back with the clarity on in the next presentation because we don’t have anything in writing at the moment. We just have the highest bid.
Priyank Gupta.
So my best wishes for the company and specifically Eldeko Solana Gardens. Thank you so much.
Pankaj Bajaj
Thank you.
operator
Thank you. We take the next question from the line of Karan Gupta from Kavik Capital. Please proceed.
Karan Gupta
Yes, thank you. And congratulations on the launch and also good to see, you know, good profit margins that are getting recognized this quarter. Just a couple of questions now. You know the balance sheet is looking good. You’ve received you know, some cash also. So can you tell us a little bit about this related party loan? How long do you expect to, you know, have that outstanding? Especially since you’re also taken in the names and provisions for the loans from Piranhal.
Pankaj Bajaj
No, no, I already said in my comments the related party transaction has been unwound. The money has been received back.
Karan Gupta
This was the barely transaction.
Pankaj Bajaj
Yeah, yeah. So barely transaction. I said in my my comments that the money has been received back and the related they had it was a equity with a minimum guarantee and if you remember that that project faced some troubles. So the related party, which is unlisted company, it honored its minimum guarantee commitment and returned the money back with whatever the minimum guarantee was. So it has been a profitable transaction for the company. The money is back. And as far as the pyramid loan is concerned, that’s a cash flow issue because as I explained to Priyank earlier, the money which is the company is stuck in various rest accounts.
It’s a common working capital management problem with many real estate companies face these days. So to bridge for the period that that amount stuck in their accounts becomes unblocked, we have taken a loan from Piramal which has been invested in the. For the acquisition of Trinity project.
Karan Gupta
Right. No, I remember there was an inter party loan that you know, our company had taken and then it was in turn lent to the related party. So I was talking about.
Pankaj Bajaj
So that is over. That was for the barely project.
Karan Gupta
Okay, okay.
Karan Gupta
All right. And then next was, you know, Q3 bookings seem a little lower than the last quarter. I know we were, you know, relying on the Solano Garden launch but that got pushed in by one quarter. But how about the existing projects? What do you see movement like over there?
Pankaj Bajaj
So they had sustained sales. We didn’t have a lot to sell there and. But I’m happy to report that in spite of the poor sales, two things, I would not say poor sales, but less than expected sales. One, already in the first nine months we have more than covered what we sold in the entire year last year. So our run rate is much higher now as a company, if you would have noticed, we used to do about 100, 150 crores annually till about four years ago. That run rate is closer. Last year we reached 350 crores and this year we’ve already crossed 350 crores in the first nine months.
On top of that, we had this blockbuster launch of Solano Garden in Q4, which I already mentioned in passing in my opening comments. So here, this whole year is a phenomenal year for the company in terms of value of bookings and area of bookings.
Karan Gupta
Okay, great. So for Trinity and Skywalk, what is the expected remaining period to completion for them for you to, you know, basically sell all of these and hand them over
Pankaj Bajaj
now. So basically we look at projects sales in terms of two phases. One is the launch phase and the second is the sustenance phase. Launch. The both the projects have seen their launches. They’ve sold about 30, 40% of the inventory in the launch period. Now the sustenance period is the year period to completion which in both the cases about three years. Three, three and a half years. Balance 60% inventory will sell gradually over this period.
Karan Gupta
All right. And that’s all I have. Thank you.
Pankaj Bajaj
Thanks.
operator
Thank you. We take the next question from the line of Guneet Singh from countercyclical. Please proceed.
Gunit Singh Narang
Thank you for the opportunity. So firstly I would like to understand in which quarters would revenues from imperial phase two majorly flow in. And 230 crores have already been collected from the same level, if I’m not wrong. Is that correct?
Pankaj Bajaj
Yeah. What’s the question there? So I mean when it will get. When will it get recognized? Is that the question?
Gunit Singh Narang
Correct. Correct. Yes. Yes.
Pankaj Bajaj
I’ll let my colleague Rajiv ji take that question. Rajiv, can you take that?
Rajiv Khurana
Yeah, yeah, please. We basically started giving position and deliveries in NPD at phase two. So in this quarter almost 38 crore out of this 45 we’ve already booked in this quarter. And. And the next quarter also will book almost on the same range. And by next year it will be almost closer to 1880 will be booked.
Pankaj Bajaj
So this 235 crores will be booked in over the next four or five quarters.
Rajiv Khurana
We basically going for the 299 crore.
Pankaj Bajaj
Yeah, 299 over the next four quarters. Roughly. You want to.
Gunit Singh Narang
So I want to understand apart From Beta Phase 2 what is the unsold inventory of completed projects with us that.
Rajiv Khurana
Is given in the presentation itself. If you see that it is almost 53,000 in the media phase two.
Gunit Singh Narang
Apart from the beta phase two. I mean what is the value of unsold inventory of completed projects?
Rajiv Khurana
Value, the subjective thing. But I can give you. We have given the area and.
Pankaj Bajaj
No, I. I believe it’s about. I believe it’s about 50 odd crores.
Rajiv Khurana
All right. All right sir. Thank you very much. Congratulations on a great set of numbers and I wish you all the best. That’s all from my side.
Pankaj Bajaj
Thanks.
operator
Thank you. Take the next question from the line of Advita Kumar from SB Investment. Please proceed.
Aditya Kumar.
Hi sir. Good evening and congratulations on good set of numbers. I have a couple of questions. So let’s. Let’s say on the Solana Guard Solano Gardens we are having approximately thousand crore of GDV potential. Can you share the information know FY26, FY28 launch roadmap and how much of this GDV you expect to monetize annually?
Pankaj Bajaj
Well, I wish you had not asked that question. But since you have asked it, we’ve already launched the project and I think about 350 crores has already been booked. So I was hoping that I would declare it officially. But we. This is expression of interest.
Officially I’ll be able to declare this data next quarter when we this all gets converted into allotments and then subsequent phases we will come up with some group housing and stuff which will happen later this year. So the first phase we have done a blockbuster launch and but that is more in terms of EOI expression of interest. Allotments will happen soon and then maybe I’ll have more clarity and granularity on this in the next presentation.
Aditya Kumar.
Understood. And my second question is on the bookings basically. So we have surpassed FY25 booking levels in 9M 2526. How sustainable is this growth? And as you know, what booking value are you targeting for the next two years? Any ballpark figure if you can give.
Pankaj Bajaj
Difficult to say that it depends on when the launches happen. But the best way to study that is the future launch pipeline. And we already have three projects in future launches. We have unfolding entering Solano and we have two more projects which we’ll declare officially in the next presentation. So there’s enough launch pipeline. Hopefully this number should become the new normal. But fingers crossed that’s. Well, like we’re trying to establish a new normal for the company now. Right? Understood. Alright. I think that’s all I wanted to know from you. Thank you. Thank you so much and all the best for your next photo.
operator
Thank you. Before we proceed with the next question, a reminder to the participants. In order to ask a question, you may press star and one on your touchstone telephone. We take the next question from the line of Suhas, an individual investor. Please proceed.
Unidentified Participant
Hi, thanks for the opportunity. A couple of questions. First is what is the pricing and margins on Eldeco Solana that we expect? I’m asking on the pricing because it felt like the value of the project should be much more than 1000 crores. And if you can also tell us what are the margins that we expect versus other projects that we have in the pipeline.
Pankaj Bajaj
The project consists of two main parts. One is the horizontal development which is plots and villas and third part is group housing which is basically multi storied apartments. And the pricing is similar per square foot plots and villas, about 6,000 rupees a square foot for plots and even multi storage apartments.
Whenever we launch, we are not going to launch them. In the first phase of the project it will be a. So yes, it could go higher. What is the syllable area shown there 2.2 million. Yeah. So it’s. It could go higher but right now it’s a conservative estimate. Understood. And the margins that you expect sir, margins are. Has been consistent. It’s the. It’s a similar margin profile. Plots is a higher margin product and group housing is a lower margin product. Blended is the same margin profile that we are continuing.
Unidentified Participant
And just one is the impact of the really recovery.
It’s. How is it shown in financials? I was just trying to you know, understand.
Pankaj Bajaj
Please can you take that?
Rajiv Khurana
Yeah. See basically we have given a check given as a loan to our another company. So we got it back. The loan is paid. So there’s no. We got it as a cash in. Our books as of now.
Unidentified Participant
So it will be other income. Right, but it is already.
Rajiv Khurana
It will be other income as well as the payment principal is repaid.
Pankaj Bajaj
But that, that just for clarity, we’ve already recognized that in the past.
Rajiv Khurana
Yeah, yeah. Interest is basically accrued on a regular basis.
Pankaj Bajaj
We have already recognized. So it will not really reflect a lot in the. Yeah.
Rajiv Khurana
It is not a capital gain kind of a thing.
Unidentified Participant
No, no. He’s saying that will it show in your profits this quarter? I think no. You would have already recognized that income. Right?
Rajiv Khurana
Yeah. Interest is basically proportionally recognized over a recorded quarter basis on accrual basis.
Unidentified Participant
Understood. Just a quick additional question if you may allow. Which is this 110 crore loan? What is the end use? Is it to refinance existing loan or fund new business development activities?
Pankaj Bajaj
It’s a combination of land acquisition and construction finance.
Unidentified Participant
Okay, thank you. Thank you for the opportunity.
operator
Thank you. We take the next question from the line of Dunit Kapoor from Investire Investments. Please proceed.
Dunit Kapoor
Yeah. Hi. Congratulations on the earlier quarter. So I had a question on this. What is the launch pipeline looking like for FY27 and onwards? Because I believe like as per market information, your plots at Solano Garden already been sold out.
Pankaj Bajaj
No, no. So we had a good response in Solano and we have indicated some. So we are probably done 30, 40% of that. So there’s a lot of balance inventory to get launched in Solano. Plus if you look at our presentation there’s a section on future projects. So if you look at that there’s enough detail there. And there’s also projects which we are not disclosing the location but land aggregation is going on. I think we have in total we have disclosed six projects other than Solano Gardens and in detail as to how much area there is.
So that’s the best we can disclose at this moment. And apart from that there’s unsold inventory in ongoing projects which is also given in detail in slide number 12 I think. Yeah. 12.
Dunit Kapoor
Yeah. And so do we expect to maintain like that? Like this year I expect that we will cross 500 crore of booking value. So do we expect to remain maintain the tempo or like how’s it like next year?
Pankaj Bajaj
Yeah, that’s what we’re trying that as I said in response to one of the earlier question that we want this to be our new normal. Obviously a lot depends on how quickly we get our approvals and we get the launches. But the launch pipeline is looking good. Hopefully we get approvals on time and we keep the market. Also I have a view on Lucknow and we’re going deep into this. We feel that it’s an underpenetrated market. If all these things play out then yes, this will be the new normal or we could even do better than this.
Dunit Kapoor
Okay. And your show flat for Eldeco Trinity was supposed to be ready which was supposed to drive the sales like so is it ready as such?
Pankaj Bajaj
So it will take and I’m told it will take another month and a half and that’s when we start driving sales again.
Dunit Kapoor
Okay. And lastly like the penetration of commercial in Lucknow is quite less. So do in terms of our existing land parcel, do we plan to increase the exposure to commercial from our existing land?
Pankaj Bajaj
We keep evaluating but in our launch pipeline there’s nothing big in the commercial segment at the moment. But we will keep evaluating it opportunistically. If because we are one of the bigger players in Lucknow we look at all asset classes.
Dunit Kapoor
Okay. Lastly, was that your transaction with your holding company has been squared off that loan of 50 crores.
Pankaj Bajaj
Yes, I already answered that. It has. The money has come back in its entirety.
Dunit Kapoor
Okay. And now given the IPO of your parent companies coming up. So do we will be plan a merger in the near term or are we looking at like keeping it separate entities?
Pankaj Bajaj
Just a clarification. The unlisted company is not the parent company or the listed company. They are two separate companies.
Dunit Kapoor
I’m aware of that. Like your group company, I’m talking about.
Pankaj Bajaj
I’m gonna use the word the parent company. So I thought I’ll clarify that. So but what was the question?
Dunit Kapoor
The group company IPO is coming up. So do you plan to keep it as a separate entity or like plan a merger in the near term like in a year?
Pankaj Bajaj
That’s for the respective boards to decide. I don’t think I’M at liberty to speak about that. So the respective boards will evaluate whether it is worth evaluating. So I can’t comment.
Dunit Kapoor
Okay. Thank you. All the best for the mute.
Pankaj Bajaj
Thank you.
operator
Thank you. Before we proceed with the next question, a reminder to the participants, in order to ask a question, you may press star in one on your touch tone telephone. We take the next question from the line of Shanaya Jain from Malhotra family office. Please proceed.
operator
Hi sir. Good evening.
Pankaj Bajaj
Hi Shanaya.
Shanaya Jain
Yeah. Could you please provide a ballpark estimate of the GDV for the entire upcoming project pipeline including any currently undisclosed land parcels and how this is likely to evolve over the medium term.
Pankaj Bajaj
So if you Open slide number 13. So we have forthcoming projects, we have two sections. One is forthcoming projects and there’s a section on land bank for forthcoming projects under planning. So forthcoming projects, we have disclosed four projects there. One is El Diego City Residential, Solano Gardens, City Courtyard and Imperial Avenue. Now these are projects where the plans are either under approval or approved. The current status is also given. So we are pretty clear as to what the, what is the product we are going to make here. So one can estimate, given that the sellable area is also written.
We have also disclosed to you what are average visualization per square feet. So it’s a simple arithmetical calculation. You can do it yourself. We have been averaging about six, six and a half thousand rupees per square foot of late. And the sellable area for these projects is about 24 lakh square feet. You can do the calculation yourself. Now for the land bank for forthcoming projects. It’s a premature question because we have not designed the project yet. These are just lands. So I would not like to put a number on the GDV and ultimately that will become clear once we plan and get the approvals.
So as soon as a project gets approvals, we take it to the forthcoming projects section and then when it gets launched we take it in the ongoing project section. Apart from the these two categories of projects, there’s a third category which is ongoing projects there and that’s I think is slide number 11, 12. And there also there is, we have disclosed project wise, what is the total saleable area and how much is booked and how much is available for sale. So you can also get project wise unsold area and you can derive your GDV number from there.
Are you with me on slide number 12? Can you, if you can see this. So just look at slide slides number 12 and 13. Yeah, yeah. So 12 and 13 have this detail.
Shanaya Jain
Okay, done. Sure. So. So just one more last question. While average realizations have remained relatively stable. So do you see pricing headroom in Lucknow market?
Pankaj Bajaj
Not on the plot side. In fact the pricing again this is slide number 10. So it has not been stable. FY20 was 3500 rupees. It’s been going up every year. Then it was 3,700. By FY23 it was 4,500 rupees a square foot. FY24 was 5,000. And this year we are averaging about six and a half thousand. So it’s a very significant CAGR here on year. So I do not foresee it to be continuing like this forever. It doesn’t make sense. It will stabilize at some point now. As of now the market likes the is okay with these kind of prices.
It’s not in the danger territory at all. So this is a fine pricing. I don’t know. I can’t comment whether in your model whether you can assume this kind of CAGR for the next 10 years. I would suggest you don’t. Do not. That would be a bit of an aggressive assumption.
Shanaya Jain
Sure, sir. Thank you so much. That’s it. From my side. Thank you.
operator
Thank you. We take the next question from the line of Anjali Singh from Bansal family office. Please proceed.
Anjali Singh
Thank you so much. So my question is EBITDA margin expanded sharply in Q3. So was this driven by Project Mix and what is the sustainable margin range we can expect going forward?
Pankaj Bajaj
I missed you there a bit. Can you repeat the question?
Anjali Singh
So EBITDA margin is expanded sharply in this quarter. So what was this driven by Project Mix? And what is the sustainable margin range we can expect going forward?
Pankaj Bajaj
So I have answered this question many times earlier. Earlier our EBITDA margins used to be about 45, 50%. But that is primarily because of the monetization of our historical land banks. Even this it went to a lower trajectory because of the change in product mix. We had some economically weaker section lig kind of projects getting recognized. Now Imperia phase two is a high margin project. So in the next year I think the EBITDA margin which will get recognized will be our much higher order. But generally about 30% is what would be a 30 to 35% would be a fair assumption on a blended basis.
Over many years coming here, I think it will be a little higher. Rajiv ji, do you think that’s right to say.
Rajiv Khurana
Yeah, it is in the range of 30%. Yeah.
Pankaj Bajaj
Yeah. So that on a stable basis 30% is a fair assumption.
Anjali Singh
Okay. Okay. That’s all from my side. Thank you. And all the rest.
operator
Thank you. We take the next question from the line of Isha Shah, an individual investor. Please proceed.
Unidentified Participant
Oh, hello, sir. Congratulations for a good set of numbers with the upcoming launch of Eldeco City Courtyard and Imperial Avenue Commercial. How do you see the commercial portfolio scaling over the next three to five years?
Pankaj Bajaj
Not a lot. So if you look at the. Again, look at that slide. Both these projects are not very big. In fact, they constitute less than 10% of our total area under development. Predominantly our portfolio is still residential at the moment.
Unidentified Participant
And so what margin profile do you expect from commercial projects versus residential?
Pankaj Bajaj
It’s not material. It’s less than 10%. Yeah, obviously commercial. These kind of small commercial projects have a higher EBITDA margin, but it’s not. Does not move the needle a lot at the company level.
Unidentified Participant
Okay. So thank you so much.
Pankaj Bajaj
Yes.
operator
Thank you. Participants, in order to ask a question, you may press star in one on your Touchstone telephone. A reminder to the participants, in order to ask a question, you may press star in one on your touchstone telephone. As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments.
Pankaj Bajaj
Thank you for your interest and your support, ladies and gentlemen. Hopefully we will have even better news to share three months from now in the next phone call. Thank you.
operator
Thank you on behalf of Eldeco Housing limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.