Ganesh Housing Corporation Ltd (NSE: GANESHHOUC) Q3 2026 Earnings Call dated Feb. 09, 2026
Corporate Participants:
Rajendra Shah — Chief Financial Officer
Neeraj Kalawatia — Vice President
B. Ravi — Corporate and Financial Advisor
Aravind
Analysts:
Rachit Gupta — Analyst
Krish Bhatia — Analyst
Henil Bagadia — Analyst
Akanksha shah — Analyst
Neeraj Krishna — Analyst
Aditya — Analyst
Bhargavi Patel — Analyst
Presentation:
operator
Sam. Sa. Foreign. Ladies and gentlemen, good day and welcome to Ganesh Housing Limited Q3 NFI 26 earning conference call hosted by Goindia Advisors. As a reminder, all participant line will be on the listen only mode. And there will be an opportunity for you to ask questions after the presentation. Conclude. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchdown phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rachit Gupta from Goingd Advisors. Thank you. And over to you sir.
Rachit Gupta — Analyst
Yeah. Thank you, Dhanish. Good afternoon everyone and welcome to Ganesh Housing Limited earnings call to discuss the Q3FY26 results. We have on the call with us today Mr. Rajendra Shah, Chief Financial Officer. Mr. Neeraj Kalawatya, Vice President Finance. And Mr. B. Ravi, Corporate and Financial Advisor. We must remind you that the discussion on today’s call may include certain forward looking statements and must be therefore viewed in conjunction with the risk that the company faces. I now request Mr. B. Ravi to take us through the company’s business outlook and financial highlights. Subsequent to which we’ll open the Procure Q and A.
Thank you. And over to you, sir.
Rajendra Shah — Chief Financial Officer
Thank you, Rajat. Good afternoon everyone and a warm welcome to all of you to the Ganesh Housing Limited Q3FY26 earnings call. Thank you for taking the time out to join us today and for your continued interest and support. The third quarter FY26 has been a period of steady operational progress for the company. Even as revenue recognition remained a milestone driven one and uneven across quarters. While the reported financials reflect the timing of project completions, leasing cycles and the land monetization, the underlying fundamentals of the business remain strong with healthy margins, a robust balance sheet and clear execution visibility across our key projects.
Before discussing the quarter in detail and as well as the projects, it’s important to place our performance in the broader context of the Ahmedabad real estate market which continues to remain one of India’s most structurally attractive urban growth stories. Ahmedabad today stands as one of the country’s most affordable large cities with an EMI to income ratio of around 18%. Significantly lower than most metropolitan markets. This affordability, combined with improving infrastructure, strong employment generation and steady migration inflows continues to drive end user demand across residential and commercial segments. Over the past few years the city has seen a series of structural triggers.
These include expansion of Gift City, the ongoing Metro Phase 2 development, improved road connectivity across the western and northern corridors, and the expected infrastructure push around The Commonwealth gains 2030 if you have seen the Ahmedabad Municipal Corporation’s recently announced budget outlines the massive push ANC is driving to give in Ahmedabad on all fronts be it infrastructure, tourism, sports, mobility, water, digital governance, inclusivity in housing and urban aesthetics. All this will trigger an all round growth in real estate with both residential and commercial projects taking up flight. Together these factors are shaping or rather reshaping the city’s growth monitors and driving both residential absorption and corporate leasing demand.
Furthermore, these factors are increasingly influencing home buyers and investor preferences, especially among professional and new age businesses. Gujarat itself has been consistently ranked among India’s top seven states, frequently appearing in the top three for key developmental parameters including economic growth, industrial output, FDI inflow, etc. Also, many ultra large developments are coming up in the next five years and Ahmedabad lies in the forefront of all this. Coming to the company’s performance during the quarter in QC FY26 the company reported revenues of 92 crores, EBITDA was about 72 crores with an EBITDA margin of 82.3%, while profit after tax came in at 54 crores translating into a PAT margin of 58.7%.
For the nine month period, revenue stood at 417 crores and PAT at 255 crores. Despite the moderation compared to last year’s high base, our margin profile continues to remain amongst the strongest in the sector. This reflects the inherent strength of our asset base, the low cost land bank and our disciplined approach to capital allocation. This year there has been, as you would notice, a decline in absent revenue and profit both sequentially and year on year. However, I would like to quote at this point in time a Sanskrit slope which goes this way Sharmastagato Bhanuhu Unhar Udeti Deepti Manahar which translates to the sun sets only for a moment and rises again in full brilliance the next morning.
This applies exactly to what our performance has been I would say the past quarter represents a temporary pause in an otherwise steady trajectory with structural drivers intact. We are positioned for renewed growth ahead while revenue and profits could be lower year on year on sequential basis. This is primarily a function of the timing of revenue recognition and the phasing of the land transactions. As we have consistently communicated, FY25 was an exceptional year driven by large Gulavi land monetization deals too, and FY26 was expected to be more execution led. Our balance sheet continues to be a key strength.
We remain debt free as of now for over three years supported by strong internal approval and prudent financial management. This provides us with significant flexibility to fund ongoing developments, pursue new opportunities and navigate market cycles without any pressure. Now the more important point is the operational updates on our key projects which are going on very well. First Million Minds Take back the Million Mine Trek park building is now fully constructed with a total buildup area of about 13.5 lakh square feet. It also includes a state of the art visitor center spanning about 25,000 square feet.
Designed to showcase their project and host corporate engagements. The visitor center would be a common expenditure for all the phases of the project. The leasable carpet area is about 7.2 lakh square feet. We will shortly be applying for the BU or the occupation certificate on the leasing status. I’m glad to state that of the total leasable area of 7.25 lakh square feet, LoI already received R to the tune of 4 lakh square feet. Average agreed rentals are more than 100 rupees per square feet on the carpet and several tenants have already commenced the interior fit out.
Final negotiations are ongoing for the balanced area and we are confident of achieving 100% leasing before end March. Once operational, Million Miles will not only provide predictable lease income starting from FY26 first one itself, but also position the company more firmly in the commercial development and annuity segment over time with multiple phases, this project has the potential to become a meaningful contributor to our overall earnings profile. The second project which is Malabar Retreat on the housing front, it’s a premium residential project and the construction thereon continues to progress steadily. The project overall is completed about 74%.
In fact, the construction of the structure is almost 100% complete and work on finishing has started. As the structures advances and the visibility improve, we are seeing sustained buying interest which is typical for any project approaching completion. We expect this traction to translate into stronger conversion as we move closer to delivery. As you know, we started this project in March 2024 less than two years back and the project is projected to be completed March 27. Probably could be even earlier. Looking to the schedule and looking to the completion which have been received till now on the updation of the actual sales, the total sale value as you know is 450 crores and it could be more because the pricing only improves as we as a.
As of now the bookings done are a sale value of almost 155 crores or more which is about 35 to 40%. The third project which is planned is 191 Khalfage. At this point in time I can say that the plans have been submitted for statutory approval and the approvals are expected in the next one month or so. The project launch will follow immediately post approvals. This is a premium office as you know and retail also built into it and this will have a good numbers going forward in the coming two or three years. The fourth project is Million Minds.
Phase two plans have already been submitted for approval again in this and we expect the approval timelines to be end of February, this month or early March itself and the prelaunch preparations are already underway. The fifth project is Doradabi Township. As you are aware, the strategic land monetization was already initiated nine months ago and is going on smoothly. The Current year about 28 acres till now have been successfully sold with an average realization of about 14.5 crores per acre. Total monetization till now is about 38 or 40 acres. As a summary, let me state that our strategy remains focused on value maximization rather than volume driven sales.
With a fully paid land reserves across multiple growth corridors, we have multi year visibility across plotted development, residential projects and mixed use assets. First, our business model is evolving into a balanced platform across land monetization, development income and annual revenues. Land sales remains a capital efficient vertical while projects like Malabar Retreat, million mines and 191 saltage represent the next phase of development led growth. Second, with our million miles phase one nearing completion, we are approaching our first meaningful annuity income stream over multiple phases. This development has the potential to bring us a substantial recurring revenue base over the next five to seven years.
And third, the land monetization approach remains disciplined and value focused. So therefore on all fronts, the way the projects are at this point in time, we have built in a strong base and going forward in the coming years is only going to be built thereon. With that we can now open the floor for questions. Thank you.
Questions and Answers:
operator
Thank you so much sir. Ladies and gentlemen will now begin with the question and answer session. Anyone who wishes to ask a question may press star n1 on their touch on telephone. If you wish to remove yourself from the question queue, you may press star N2. Participants are request to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment While the question queue assembles. Our. First question comes from the line of Bhargavi Patel from Abinash Mentor Research. Please go ahead. Bhargavi, you may please proceed ahead with the question.
Bhargavi Patel
Good afternoon sir. Am I audible?
operator
Yes you are.
Bhargavi Patel
Thank you sir for giving me the opportunity. I have a couple of questions to ask. So my first question is for the 191 Bhartij project. Is demand visibility largely pre commitment driven or will the project rely on speculative absorption post launch?
B. Ravi
Can I take that answer or you’re going to finish the question also?
Rajendra Shah
So shall I ask the second question?
Rajendra Shah
Yeah you may do that. Both. Yes, I can answer both together.
Bhargavi Patel
So my second question is how much of the expected demand uplift around the 2030 Commonwealth Games you think is already reflected in the land pricing and investor interest Also which micro markets within the Ahmedabad stand to benefit the most and how exposed this company’s land done to these zones.
Rajendra Shah
Yeah, okay, I’ll take both. 191 saltage. It’s always a mix such kind of projects generally what we have seen especially for Ganesh housing continuously prices bit of them are always having an interest even before the project has been launched. But obviously this is a very big project and the entire thing can always be driven by that. So though there is a good amount of interest in that quite a bit of that would have to be post launch driven only. So maybe the filling up of these things that will be much faster than normal projects. But still it will be driven by both the pre sales as well as the post launch sales on the other side.
I would say that just an announcement of 2030 has yet been completely absorbed in the existing land price growth or for that matter an investment interest completely. I would see that the moment the work starts. It just started to happen very slowly right now. But when the momentum picks up that’s when you will actually see a lot of traction in the line prices as well as the investors interest in that. So I would want to wait for another six to nine months to see in which all pockets this is happening to really say that whether the prices have been already factored in or not.
The same goes for any micro the factor other microeconomic cycles. Definitely the infrastructure push especially what the AMC Ahmedabad Missile Corporation has announced recently. Definitely looks that a lot of things are going to happen on the connectivity and also the communication part itself. And therefore yes in all those places that we have land we do see good development happening in those areas in the coming months. Anything I missed out?
Bhargavi Patel
Understood sir. Thank you for giving Such an elaborate answer. All the very best to you.
Rajendra Shah
Thank you.
operator
Thank you. Our next question comes from the line of Krish Bhatia from Anandrati share in Stock Brokers Ltd. Please go ahead.
Krish Bhatia
Hi. Thank you for taking my question. So in Q2 it indicated that clarity on guidance would emerge post Q3. And based on current execution what are the key factors that could materially alter FY27 guidance?
Rajendra Shah
FY27 I would definitely want to wait for the next quarter also to be completed and I’ll give it along with the final results of this year. But at this point in time I would definitely want to add one thing and that is the way the projects have been completed. Let’s say especially the Malabar Retreat. As you know it’s about 450, 500 crores. This project that is likely to be completed within the next financial year itself. And also probably you know even the possession handle, it’s the way it is going to be completed well before March.
The way it looks at this point in time like in all other projects also. So I’m surely that entire sales will come up and also the way the the Godavi land has been having traction at this point in time. And yes it can always have a quarter on quarter changes but on a long term basis that’s going to be one more very big addition to the entire sales for the next year. And third, very importantly the lease rentals which we are looking at and which are more than what we had earlier predicted. That’s also going to be adding as almost a full year.
If not full, Maybe it is 10, 11 months of lease rentals into this revenue. So I do see FY27 to be 100% driven by all these projects. More the merrier of course and we will give you the exact guidance maybe in April or May 36th.
Krish Bhatia
Thank you, that’s helpful. And second question is how does the expected dealing from million mines compare with similar greedy assets in Gift City and Pedestal Ahmedabad markets? As future phase roll out, will the strategy build more towards leasing or selective asset monetization to recycle capital?
Neeraj Kalawatia
Well see if I’ve understood correctly, Gift City and what we have, they are very complementary. Gift City has got, it’s a financial center. So it’s mostly driven by all the financial companies and the financial businesses which are on there with the tax holidays, whatever has been given and the other ones which we have, let’s say the 1 million mind is driven by pure IT play. Both 50% is SSA and 50% is non SSA. Right. So both these are effectively actually quite complementary to each other. While one caters to the financial one, this will cater to the IT and IT related services.
And that’s the kind of attraction we have been seeing also. So but put together Ahmedabad as a whole, both these what we have in SZ and this gives it the kind of development that’s happening will catapult Ahmedabad into the IT sector and IT related services whether it is financial or non financial. And I think that augurs very well for us especially as a company and for Ahmedabad in general.
Krish Bhatia
Sure. Thank you so much. That’s helpful. That’s it from my side. Thank you.
Neeraj Kalawatia
Thank you.
operator
Thank you. Next question comes from the line of Aravind Mahadi, one from Equi Venture Capital Advisors. Please go ahead.
Aravind
Hello sir. Am I audible?
B. Ravi
Yes, you are.
Aravind
Okay, so thank you for giving me the opportunity. My question number one is out of the total revenue generated out of this quarter, how much of it belongs to land monetization? Sir.
B. Ravi
See it’s. I would call it. It’s a project of Godhavi. It is 100%. That 100% project driven of land. Land only. Which is as you know has got both the plotted and the land itself. Plus the development is going to happen as I mentioned earlier, from September or So this year. That is FY27. So this fourth quarter, like the earlier ones also, it is related to that project only.
Aravind
Okay sir, so we were planning to monetize around 50 acres of land for the current financial year out of which we had already monetized 33 acres. So the balance 17 acres. How much of that is left? Sir, as on date?
Rajendra Shah
See as of now 38 acres have been monetized and about 12 acres are still left from phase one. So that would be done by Q4. Right. Well I’ll be giving you too much of an advanced guidance for that. I’ll need to wait and watch for that. Arvind, let’s let us complete the earpiece and I’ll tell you.
Aravind
All right. Okay sir. Okay sir, and last question being, what is the timeline for the Saltish project? When. When can we expect it to be.
Rajendra Shah
Completed by completion is three years from the date of launch and maybe a maximum three and a half years.
Aravind
Yeah, idle time is four years for this kind of iconic 2 million square feet of the development. So idle time will be the four years. Okay, okay, okay, fine.
Rajendra Shah
Yeah. And last, last. Sorry, sorry, last question. We had already received 50 of LOI for the. In the. In the last quarter itself.
Neeraj Kalawatia
Yeah, yeah, yes. By March we expect 100% allies to ministry for Leasing at this point in time it is 4 out of 7.25 lakhs which is almost like 60%.
Aravind
Okay, thank you sir.
Rajendra Shah
Thank you. Yeah, thank you.
operator
Thank you. Our next question comes from the line of Hanil Bagadia from Equicorp. Please go ahead.
Henil Bagadia
Thank you for the opportunity sir. So I just got some questions related to the cash flow part since, since we are going to launch the one project in the FY27 and going to take about three years. So by FY30 also we have got certain other launches that is on the million mines SEZ parts. We’ve got other launches on the commercial part and the residential part and we just have about say 12 acre land parcel that is yet to be monetized. So how do we manage, how do we see the cash flows going ahead? And for the Malabar we are at about 30 to 40% budget sold out, right? Or has the number gone up beyond 50%?
Rajendra Shah
Yeah, I’ll tell you Malabar. To answer the last one, Malabar is about 35 37% at this point in time and that’s around 160 crores of sales value and the total sales value is 450. That is one of the cash flows which are going to be coming in this year itself because the project as I said structures are almost 100% complete and we expect completion in the next six to eight months. Six to ten months, let’s say. So that is going to be one of the main cash flows. Obviously that’s going to be used for the projects, some of them.
But the land is already being paid for so that will come as a cash flow inflows for that. The second one, it’s not just 12 acres. Frankly that was the first phase in Godabi, the land monetization we talked about in the first phase of 50 and maybe 50 in the second phase also get told earlier. So in terms of the value which we can realize from that is stupendous and therefore it will not be restricted only with value maker. It can go beyond that also provided we get the right kind of fraction in that and the right kind of prices and a lot of movements are happening in that area.
So obviously we are very not just hopeful but we believe that the kind of a waiting which has happened will only give us more value to the plan with all these developments. So that’s going to be one other cash flow for sure. 191 salsa is something which will be not. It’s not going to be a lease one so therefore there again the land has been paid for and the construction would begin with a very small requirement of money from our own side in terms of construction beginning. But the as well as, and when the sale of that happens, the cash flows of the sale also will start coming in.
So at this point in time, as we see there is a strong cash flow for the projects as such. But always there is any development of any new land and all that which could be always something which can come up at any point in time. So we are planning at this, let us see how all the taxes we are doing on land acquisition as well as all this project monetization is going ahead. That will tell us whether we do have a cash flow requirement, a shortage, if at all for project or for our temporary cash flow.
All that will happen in the next three to four months. So the next year’s guidance, next year’s numbers, we will be able to spell out every aspect of this. At this point in time I can say that the cash flows are very well balanced. Just to add to what what Raviji just said, we will have almost 90, 95% lease I have tied up for phase one of SS and we can always go for lease rental discounting in respect of those leases which are tied up. This will be in case we require, in case there is a short call in liquidity.
We can always bank on that. And without having any, without creating any burden on our corporate cash flow, we can have this debt.
Henil Bagadia
Just to get a little more clarity here, so if we be able to sell the complete Malabar project in FY27, that is about 60%. About 60%. That is.
Rajendra Shah
Yes, that’s what we are planning and that’s what we are hopeful because the project is very well visible at this point in time. And we do see traction while we are making these numbers. And we have had the board meeting we had after that, you know, the last three, four days, we got about five to seven bookings additional so that it’s going on well. So the management definitely is hopeful of completing the entire sale and handing over in FY27.
Henil Bagadia
Okay, so if I just put some numbers to it. So we, it is about 300 crores that we might get from the Malabar project. If I see the cost based on our construction, since you said the land is already paid, it would, it could be about say 400 crores. And if we actually see the Godavi land parcel based on the current sell rate, it comes to about say 200 crores. So on a macro level, I think the cash won’t be a problem, just the timing effect could be a little bit of an issue if I’m not wrong.
B. Ravi
Yeah. So what you just summarized, we have to put it in one sentence. They could be a temporary requirement. They could be some quarter or the other quarter which can be mismatched. But I think overall the corporate cash flow, the way it has gone about, they will be a very good balance that we will manage for all the projects without any difficulty. Many a times we do hold back certain inquiries to looking to a better opportunity and a better sale value. So and if you want to really monetize on that at that point in time, if there is a requirement of money, you would as well do that rather than just wait for it.
So these are all things which are very flexible in next year. Yeah, please go ahead. You say something if you see that.
Rajendra Shah
December 2025 and the municipal corporation actually came out with a higher far for certain areas around 10 roads or so if I’m not wrong, some from 4 to 4.5. Does it impact us in any way or we’ve got a neutral impact.
Rajendra Shah
See most of this development and favorable things have been done for the western Ahmedabad. And if you are well aware that most of our land banks are located in western Ahmedabad only. So keeping that keeping the Commonwealth development in mind, they have proposed a lot of lot of infrastructure development as well as a new facility. So definitely that will add to our volume. So there is a specific transit oriented zone which actually came during the board meeting of Ahmedabad Urban, the order authority. So from that particular notification the FSI was increased from 4 to 4.5 for about six hours. This is, this is what the major decision which has been taken in the meeting. They will come up with the actual guideline and actual, actual actual survey numbers. And number where this, this will be applicable. So further details meaning minute details are yet to be known. This is policy decision which is taken at ODA now.
B. Ravi
Okay. Which all land parcels will get benefit is something which lies in detail. However we are meaning we are hopeful that we will be biggest beneficiary because most of the land bank is located in areas where we which are transit zones and which are in the heart of development which is taking place.
Rajendra Shah
Okay. So if probably the tage, if they, if at all they come with a particular CTS numbers Malabar could be the biggest beneficiaries or even or if does million minds also fall under that particular possible zone. Definitely will be the one of the beneficiaries that is exactly at the intersection of the Ahmedabad Gandhi Nagar Express rates. And two very vital roads Spring Road and SG Highway. Both these are accessible from million mines.
Henil Bagadia
Okay. Thanks sir for this. Lastly. So lastly there is a premium exemption that real estate developers get on green initiatives and using more ESG friendly material or type of content. And since we have also got the platinum award so are we seeing a significant benefit pass on Because I think so. The exemptions have moved in recently about 7 to 12% exemptions from the Gujarat government on the.
Rajendra Shah
Surely we will be biggest beneficiary because all these nuances of sustainability which are implemented by local authorities in fact we Ganesh being in forefront of development we are also in forefront of implementing all these new things which are being helpful to environment and people at large. So if you if you see a corporate presentation, in fact in fact if you see our corporate presentation we have developed meaning a public garden. We have provided green spaces. We have. We were in fact when authorities had not laid down we started rainwater harvesting and all those things meaning we are kind of ahead and just to just to give you further details our forestation of meaning forestation of western western hills in India is is the project wherein we have donated.
Our corporate Ganesh Housing Corporation has donated five crore rupees. So we are in forefront of meaning taking care of environment and benefit to people at large. It will definitely benefit us.
Henil Bagadia
So lastly if after the completion of million mines F tower so do do we see the new towers actually coming up in 2027 part any do you plan to begin construction on this at.
Rajendra Shah
Least the commercial side As I just said earlier we are looking at launching the just next to this on the residential at this point in time we would, we would we have not yet finalized on which when and what how much of the area we’ll be doing on that. But maybe in the next six months we’ll come up with plans of that. Also since 50% of the customers are actually from the IT or its background is there any demand or any potential we can put up any data centers or the land is too valuable for a data center project to actually come up there.
Rajendra Shah
The land of course is a huge amount there at this point. Masatban doesn’t contain any specific data center as such. But you know it’s all always demand driven and specifications. If we believe that it’s going to be beneficial to us and also at large beneficial to the occupants occupants as well as the let us say the state itself then we might look at it. I would want to add that at this point in time our Master plans do not have any specific data center. But tomorrow it could be another day. Anything can happen.
Henil Bagadia
Yeah, okay. Thanks a lot for the opportunity sir and wish the team all the best.
Rajendra Shah
Thank you. Thank you.
operator
Thank you. Our next question comes from the line of Janaksha from Wealth Finvisor. Please go ahead.
Akanksha shah
Thank you for the opportunity sir. I have a couple of questions. As we discussed in this call, looking at 2526, we might end a bit lower than 24, 25. And the current Q3, the revenue has come down to 91 crores out of which 80% is the margin. So again as we assume that is from the landfill of Godavi. So my question was that when the shift happens from just land sale to the sale of projects going forward in the next two, three years, would it be good to assume that the margin which is currently at 80% would be like something like 30ish? Because the sales would also like increase many fold.
Rajendra Shah
Well, see, 30ish has never been the kind of. Even for the developed projects that’s. That’s never been our margin. It’s been much higher than that. And on top of that, see the whole thing is about. It’s a good combination of all those projects where there will be margins around. Let’s say around 37, 40% as well as the land by itself. See, Godhavi has got 430 acres. It was 450. Now we got about 430, 420 acres or so or 418. So that aspect where the big traction is happening will always be there. So if at all there has to be a number given, it would be in between what you said and the 80%.
Definitely it’ll not be 80% in all the projects that we wrong to assume. But you are. What you said is also on the lower side. Having said that, I would not want to put a number to it at this point in time. We will rework this when we are giving the guidance for FY27 would have reworked these things and we will be able to tell you what could be the proportion. Because a good portion of our sales are also going to be from a development project, let’s say Malabar Retreat itself. Therefore I think we’ll work this out.
Akanksha shah
And tell you right sir. So my second question was that like in the year 2627, can we assume that the 70 crore annuity income from Million Mine Project 1 would start. Okay, that is it. And what would be according to you, what would the benefits of Commonwealth Games 2030 as we have the largest land bank in Godavi.
Rajendra Shah
Well, that. That’s precisely what we are also trying to evaluating at this point in time. Not much of work has started on and therefore there has been work on the Commonwealth. It all starts with the government doing various announcements which they already have done. Once the budget is done, when the announcement has been made, they have to actually put that into an order, government order, city order and all that. So once that happens and then the entire, let’s say opening up of all these roads and all are more clearly pronounced, that is when we think that value of that will be increasing.
Definitely it will have an impact in the coming six to seven months where a lot of fracture will happen in the north because all of the land has been acquired for 2030 gains itself by the others and the government. So I think I had already said earlier too that from September 26th onwards the real project of what is going to be done in terms of the Godhavi total land will be much clearer because by then we believe that all these announcements and all these things would have come to a little more clarity and a very specific way of going about it.
So yes, a short answer would be definitely the Commonwealth will have a lot of ups through all the land which we have in guid we are positive to us how much can be the benefit. We’ll really have to wait for so many things to be coming about to be announced by the government itself.
Akanksha shah
Right. So my last, last question being that because of this are we going deliberately slow because we want to have the benefits of the Commonwealth Games and is the saltage 1 and 191 culture the same project?
Rajendra Shah
And yeah, okay. And in the PPTs like we are like looking at like the 191 voltage and also about the Gujavi being launched. But like we are waiting since a long time. Any specific month in 2026 which any of the two would be launched? Like there will be a concrete launch.
Neeraj Kalawatia
Yeah. First a slight correction on what you have said Janak. And that is the monetization and the development and what we have been doing it has already been done for the last 15 to 18 months already last September, October I think we started. So we have begun work. But the project work on Godavi that’s what has not started. But the other land monetization is a part of the Godavi projects has been already done which is a very significant part of it. So that is already in place. And yes, there was a slight weighted was till last December or October to December, that is 24.
I’m talking about because we saw these announcements and we saw these things coming up and therefore we had definitely deliberately put the project itself till September 26. But till then, whenever we saw traction, we started to monetize the Gondavi project land. And that has been coming in, As I said, 38 has already been monetized of the total 450 acres. So that’s the fact of it. 191 salt is just said we expect the plans to be there in place by March. And therefore that project, if I have to put a date to it, in all probability in March 2026 this project will be launched.
Akanksha shah
Thank you so much sir. And all the best.
Rajendra Shah
Thank you. Thank you, Jana.
operator
Thank you. Our next question comes from the line of Neeraj from Kalki Ventures. Please go ahead.
Neeraj Krishna
Since you mentioned that you know our 4 lakh square feet of the million miles project has already been leaked out.
Rajendra Shah
Will it be possible to share names of some of the tenants who are. Signed LOI because they started fit out? I think it’ll be good if we can know the kind of occupiers we are getting. We are actually waiting for the occupation certificate to come in. Many people, you know, we want the declarations to happen once the occupation certificate is there. And that’s the reason where we are unable to tell you the names. But I have given you, I can give you that it’s a very good combination of it, IT related services and the like. And therefore I think we have to wait for a maximum one month before we can actually tell not only the launch in terms of telling the public, telling everyone that you know, this OC has been received and these are the names who are going to come in.
Yes, we have to hold on for another one month or so, please.
Rajendra Shah
Okay. And just for my knowledge I wanted to understand this city since you know there is a tax already that has been extended. But are you sure no IT companies or IT services companies can actually take. Part in the gypsy area because that. Will be like a very big dampener for million minds. Hello. I will definitely not say that because the companies who are there in IT and IT related services are a much larger portion than those who are there in financial services as such. And that’s what is going to happen in Giftchili. It’s all related to financial services sector and that’s going to be benefited in terms of like the banks and the various other, let’s say the instruments and everybody dealing in that. But it is far beyond that and IT related services especially are beyond that. And Therefore I would say as I told earlier in my speech, that it will be a very good complementary aspect that all these will go together and probably it will be beneficial overall and both is being beneficial definitely help the residential for where we are only there and GPT is only for their participants.
So I think overall both these will be complementary and we would be able to get a very good traction on the IT and IT related services for our icma. Okay, thank you, sir. Thank you.
operator
Thank you. Our next question comes from the line of Aditya, an individual investor. Please go ahead.
Aditya
Hello. Am I audible?
operator
Yes.
Aditya
Yeah. Thank you for giving the opportunity. So I have two questions. First is will we have revenue generating out of land sales next year as well? And if yes, then to what extent? To what extent?
Rajendra Shah
I would be a little difficult to say. But yes, it’s a very, very important part of the total verticals that Ganesh Housing has. One is the lease rentals, the second is the residential and commercial and third is the alliances. So incidentally we happen to have the development happening in 64 acres of where the SS billion mines as well as residential projects will come or Malabar Retreat which is very close by but on the Mojave side. It’s basically land at this point in time. It’s a project which is having a huge landmark. And that monetization would always happen whenever there is a good opportunity which we come because that’s a good part of our vertical.
Aditya
All right, sir, thank you. And my next question is forecast revenue overall for the Q4 as well as for the next financial year.
Rajendra Shah
Both these things. Forecast revenue. Surely the way we had guided. I think it will be lower than what it was for Q3 which we have seen. It could be lower than what it was there in FY25. That’s quite visible at this point in time for FY27. I’d have to give a guidance only when we finished a complete year of FY26 and when we have the board meeting, let’s say April or May of 2026.
Aditya
All right. Sorry sir, can you. Can you repeat again? So you.
Rajendra Shah
You mentioned it will be less than the Q3 or you have mentioned it will be less than the Q4 of the last year.
Neeraj Kalawatia
No, I said FY26 as compared to FY25. The revenues and the profit looks to be lower the way the three quarters have functions. So we believe that that is. That’s how it will end up with. But FY27 will give the forecast in April or May. That’s what I Saw.
Aditya
All right sir, if possible can you just provide estimation figures in, in terms of figures?
Rajendra Shah
If it’s possible. See when we have non developmental one, you know this such kind of revenues it becomes very difficult to really project how much of the God of land, you know, demand can come up and we believe that it is, you know, it’s a good price to be selling it. So that is always going to be as per the opportunity. So while we had very good opportunity in Q1, Q2 of this year itself, Q3, we didn’t get that opportunity and we were not happy with the kind of sales value which was coming in. So we did not really.
But in this quarter it can come up. So to lay a hand on saying how much will happen would be erring rather inductance or trying to say something which may not necessarily be proved right. So I would not venture to do that. I think we’ll have to wait for this FY26 to get completed to do a few four numbers. But I still said that the way it is going, FY25 was higher than FY26 will remain that. That’s what I said.
Aditya
All right, thank you for answering all my questions.
Rajendra Shah
Thank you.
operator
Thank you ladies and gentlemen. As a no further question from the participant, I would like to hand the conference over to the management for the closing comments. Thank you and over to you team.
Rajendra Shah
Thank you everyone for the great interest that you have shown and continue to ask all the questions. Also extremely relevant and very good. But I can definitely say that I’m excited to say that FY26 has seen a significant stream of projects income and profits in building mines coming up in FY27. I mean from lease income, halabad hydrate projects and everything including of course land monetization as I just said. So with a strong land bank, high margin projects, a debt free balance sheet and an improved execution momentum that we have been seeing in all these projects.
We believe that Danesh Housing is well positioned for a steady and sustainable value creation in the coming, coming years. That’s what I can say. Thank you for the interest and see you again soon. Thanks.
operator
Thank you so much sir. Ladies and gentlemen, on behalf of Coindia Advisors, that concludes this conference, thank you for joining us and you may now disconnect your line.