Signatureglobal (India) Ltd (NSE: SIGNATURE) Q1 2026 Earnings Call dated Aug. 08, 2025
Corporate Participants:
Unidentified Speaker
Pradeep Kumar Agarwal — Chairman and whole time Director
Rajat Kathuria — Chief Executive Officer
Analysts:
Unidentified Participant
Adhidev Chattopadhyay — Analyst
Murtuza — Analyst
Pritesh Sheth — Analyst
Sourabh Gilda — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Signature Global Limited Q1 FY26 earnings conference call hosted by ICICI Securities. As a reminder, all participant lines will be in the listen-only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aditya Chattopadhya from ICICI Securities. Thank you. And over to you, sir.
Adhidev Chattopadhyay — Analyst
Yeah. Good morning everyone. Thank you for joining us on the call today for the Q1FY26 call of Signature Global India Limited. As always from the management, we have with us Mr. Pradeep Kumar Agarwal, the Chairman and Whole Time Director. Mr. Lalit Kumar Agarwal, the Vice Chairman and whole time director, Mr. Ravi Agarwal, managing director, Mr. Devender Agarwal, joint managing director and whole time director, Mr. Rajat Kathuria, the chief executive officer, Mr. Sanjeev Kumar Sharma, the chief financial officer and Ms. Pritika Singh from the Investor Relations team. And I’d like to hand over the call to the management for their opening remarks.
Over to you. Thank you.
Pradeep Kumar Agarwal — Chairman and whole time Director
Good morning everyone. Welcome to the Quarter 1 FY26 earning conference call of Signature Global. We appreciate your time and interest and hope you had a opportunity to review our financial results and the investor presentation shared yesterday. Before we dive into the detail, let us take a moment to look at the broader economic landscape. India is growing fast and is already on its way to become a global economic leader. In 2025, India became the fourth largest economy in the world, moving ahead of Japan. And this is just a start. By 2028, India is projected to become a third largest economy ahead of Germany.
Over the next 10 years, the country plans to add around $1 trillion to its GDP every 12 to 18 months. Showing strong and stable progress. A report of NITI Aayog says India’s economy could grow at an average rate of 7 to 8% each year, reaching $26 trillion by 2047. This growth will come from key sectors like technology, manufacturing, real estate and service industry. With the target of about 9% yearly growth from the 2025 to 2047, India is building a strong and stable future for its people and its place in the world. The real estate sector has been important part of the India’s growth story.
Driven by rising disposable income, rapid urbanization and strong demand. Across the segment. The first half of this year has been particularly encouraging for the sector. Supported by various policies and major announcement in the Union budget. The RBI cumulative 100 basis point reduction in repo rate since February 2025 and its recent decision to maintain the repo rate unchanged. These factors have significantly supported buyer sentiment and improved overall market confidence. With the rapid urbanization and continuous infrastructure upgrade, Delhi NCR particularly Grubram has emerged a key driver of the growth in India’s real estate, residential and commercial market.
Gurugram has established itself as a key market in India’s luxury housing segment. Alongside growing demand, the city has witnessed notable price appreciation. Between January 2020 and April 25, property values in Gurugram Sur by over 113% compared to last compared to around 42% in Mumbai according to PROP Equity data. This rising path is backed by the comprehensive infrastructure build out projects like the upcoming Gurugram has heliport the ambitious global city being developed in mixed use. Urban hub and the Metro extension from Huda City center to Cyber City and Sector 9 are reshaping the city infrastructure along with the key infragen like Delhi Mumbai Industrial Corridor, Southern Periphery Road and Dwarka Expressway.
Further boosting regional mobility. The Dili Gurugram Alvar RRTS corridor are advancing under the National Capital Region Transport Corporation. Meanwhile Gurugram Metro Rail Corporation has awarded contract to built phase one of the new Metro corridor. These developments are completed in state led internal infrastructure upgrade such as enhanced the road network like the Sona Elevated corridor and upcoming elevated road on Southern Periphery Road. Further driving growth is key. Micro market across Gurugram Signature Global has done very well in this positive environment. Our revenue has doubled and our profit has increased many fold in the first quarter of this financial year.
This shows the strength of our business, the trust of our customers and the resilience of real estate sector. Our performance was driven by a strong demand across the projects, timely execution and a focused approach for the delivering quality homes. As we move forward, we remain committed to capitalizing on emerging opportunities, enhancing customer experience and creating long term value for our stakeholders. Backed by the strong performance and positive market trend, we are confident to reaching our FY26 guidance. This include 125 billion rupees in pre sales and 48 billion rupees in revenue recognition and the growth across the key metrics.
With healthy demand, a strong launch pipeline and disciplined approach of execution, we are well on track to achieve our business objectives. As we continue to grow, our focus remain on strengthening our capabilities, delivering constant values and staying aligned with the evolving needs of our customers and stakeholders. With that I now hand over to our CEO Mr. Rajat Khusuriya who will take you through the financial performance in detail. Thank you once again for joining today’s call and for your continued thank you.
Rajat Kathuria — Chief Executive Officer
Yeah, hi, morning everyone. Thanks a lot for joining us on this results call this morning. So the quarter gone by I think is we’ve been witnessing good level of business activity across both supply side and demand side factors of the business. I’ll start first with the supply side factors covering our launches completion and some of the direction in which the business development of the company is being done right now. So starting with the launches, first of all, I think we’ve taken, I would say a fairly good stroke ambitious target for this year to launch more than 10 million square foot of new projects across various key markets of ours in the Gurgaon and Sonar market.
And by and large the GDV of this particular 10 million plus launch will 10 to 11 million square foot of launch would be closer to about 17,000 crores. We saw a good quarter whereby we launched about 2 million square foot of new projects. The biggest of them was the project called Cloverdale which is in Sector 71 Gurgaon, which happens to be our most important or most premium market amongst our three key micro markets. And this is phase two technically of the project called Titanium which we had launched about a year ago. So Cloverdale happened June 25th.
Titanium we had launched around June of 2024. So this was a good response. Almost 65% of the pre sales which we received during this quarter, you know, were contributed by Cloverdale. We also did manage to get some good price rise with the previous year. Cloverdale I would say is about 12-t-2% more expensive than Titanium which we had done a year ago. And that’s in line with the market escalation of inventory and especially of good quality inventory coming from, you know, larger sort of developers. So while there could be inventory coming at various places, but on the southern peripheral road I think it’s quite controlled in terms of inventory coming in from larger players.
Signature Global is one of the formidable players who will be coming up with sustained new launches on the southern peripheral road. So by and large during this quarter we’ve done about 2 million plus square foot of new launches with a gdv of about 4000 crores. Moving on to the next supply side factor, if we look at the completions which we have done during this year, so we’ve done more than 1.4 million square foot of completion and handed over more than 2,000 apartments to our customers. And we please that more than 2,000 apartments have been delivered within this quarter itself.
Construction is happening at a good pace. We’ve also spent more than 500 odd crores within this quarter on construction and approval side. So in general completion activity is good. Amongst the projects completed, about 45% in area terms was of AHP projects and about 55% came from the mid income segment. And per square foot average realization of these units which got completed, we were in about that 6,000 to 6,500 per square foot price point. In terms of business development we quite successfully tested in the previous year with two back to back launches of larger integrated townships.
The first one was in the Sona market by the name of Dakshin which was almost of about 125 acres. We saw very good response to that particular township. And the second one was in the Manasar market which was again 100 plus acre sort of a township model. And we have not seen much competition around this particular model from any of our peers in the past 12 to 18 months. And we are also able to create strong supply and a large supply of mid income housing units which we’ve always cherished doing these large formats of mid income housing projects.
So this township sort of a model is something which we really enjoy doing over the last, let’s say two years. So in terms of our business development effort, we started acquiring land near the Dakshin project. We’ve added 10 acres of land in that market. We are already sitting anywhere between 10 to 15 acres of unutilized land of the previous acquisition. So the idea is to acquire more land around that particular project so that at some stage in future we are able to come with a second phase of this project. The peculiar advantage which we hold as a company is that we have very good clear access from the main highway to the project called Dakshan.
And you know, as we acquire land in towards the peripheral areas of our existing project, we are able to kind of come up with a good phase two development. So primarily this is a bit of a brief on some of the supply side factors, whether it’s launches, business development on completions. If you look at the demand side situation, the pre sales number were quite encouraging. Out of this new project which we launched, Cloverdale and some of the other existing projects, we’ve achieved around 2,600 plus crores of pre sales during this quarter. To break it down a little, we sold a little above 735units with an average ticket size of about 3.4 crores per unit.
Now this seems to be a little steeper than our previous year average which was closer to about 2.5 crore per unit. But given that the launch was primarily in sector 71 which is like a more premium location, the per unit realization has gone up. However, at this location this is the bare minimum or the kind of entry price any customer will pay to enter the market. Because whatever else is coming up in the market right now is priced significantly higher on per square foot terms and even on per unit terms basis. So that was one very key traction for our project.
We right sized our inventory. We didn’t come up with very lavish or very large sizes while the positioning was upper mid income stroke premium in nature. But we tried to come up with very rightful sizes and that’s what you know, caught attention and customers liked it. And that’s why I would say that this was quite a successful launch for the company. It’s in a way linked our realization, you know, cross 16,000 rupees a foot which is higher vis a vis the previous year, saying it’s absolutely the same reason because of the launch of the project called Cloverdale.
But even on a like to like basis between Titanium and Cloverdale, we witnessed that there was about a 12 to 13% higher price of this particular phase of the project which we launched. In terms of collections we collected, we were little short of 1000 crores. We achieved around 930 crores of collections. The business activity is going very well. We spent more than 500 odd crores on construction and approvals and created a surplus of close to 2 odd crores. And if I have to summarize on the portfolio side, till date we’ve delivered more than 15 million square foot.
We’re also at fairly advanced stages of completing nine plus million square foot wherein now a lot of inventory is in the, you know, mid segment, you know, positioning. A lot of affordable projects are gradually coming to completion. There is five or six more affordable projects which are yet to be completed. But bulk of the 9 million square foot is more towards mid income homes which we would have sold during the year 2022 or 2023. And we are targeting to do a very fast paced completion of all these projects. So this 9 million square foot by and large is getting completed between this year, this current fiscal year and you know, in the upcoming financial year.
But we’ll complete this 9 million. So about 15 million delivered, another 9 million getting delivered, you know, over the coming quarters. Then there’s another 17 million square foot. If you look at the. We share those details in the investor presentation, but Since January to March 2024 we’ve been doing a very sustained supply of new inventory both in terms of mid income housing and slightly upper mid income housing depending on the location of the project. So this entire 17 million has been launched over the last 18 months. Technically less than 18, but if I add last 6 quarters we’ve lost about 17 million square foot.
The GDV potential of these launches is above 20,000 crores. Between 22 to 23,000 crores to be precise is the GDP potential of this land. And we’ve always maintained that we would want to acquire land as we are launching and putting this land into production. So during this quarter while we’ve done these launches, we’ve also been actively acquiring new land parcels. So this is the third component of our portfolio and the fourth component which gives us massive comfort in terms of regular supply creation is our 24/million square foot of land stage inventory. This has a massive GDV potential of more than 40,000 crores which will unveil over the next two to three years basis, the demand scenario basis launchability of these projects.
We do intend to launch a lot of these projects over the next two to three years. So by and large these are the four key components of our portfolio delivered 15 advanced stages of completion, another nine, another 17 which we’ve just launched over the last six quarters and another 24 million which we intend to launch over the coming eight to ten quarters or so. So this is just to add on to this point that bulk of this land and signature globals always prefer to work on land which is owned by us and work on each segment of, you know, inventory production, whether it is acquiring land, seeking approvals, playing an active role in procurement, appointing contractors, selling this project.
So effectively we’ve always preferred to work on own land and that’s why this kind of buildup has managed to happen. What it also denotes is that and factually there is very little share of landowners in this entire portfolio. That number would is comfortably less than 10% across the portfolio which we’ve talked about. Which means that as we sell these land parcels and as we’ll collect money from our customers, a lot of that will trickle down into our own surplus, operating cash surplus for the company and there’ll be lesser obligation on our part towards third party landowners.
We’ve also consistently followed this practice that as and when we’ve got an opportunity to land from our existing landowners, you know, we’ve not even been shy of doing that. We’ve gone ahead and acquired land parcels from our existing landowners because the philosophy is that supply creation has, you know, its own pain involved. You need to be very disciplined, very clinical around the supply creation and hence, you know, we intend to do that, you know, value creation over the land which is owned by the company and for the benefit of the shareholders of the company as an outcome to the completions we’ve done, which was roughly about 1.44 million square foot.
We did a revenue recognition of about 8.7 billion wherein we earned a gross profit margin of about 27%. EBITDA margin was around 11% and PAT margin was around 4%. The composition of affordable housing was almost close to 45% in this entire recognition and the per square foot realization was close to about six thousand rupees a foot. As per square foot realization goes up and as composition of mid income housing keeps going up, we’ll be improving our margin profile even further. We’ve also, like Pradeep ji said and the way we are seeing that the interest rates in the economy are coming down, we are also seeing a reduction in our own cost of debt.
Incremental construction debt which is being raised by the company is, you know, coming at a lower price. It’s, you know, in that 9, 9.5 odd percent range. We are managing to raise new construction finance loans and we also plan to open a new tap, a new methodology of raising credit which is by doing listed non convertible debentures. We’ve already gotten approval from our board and from the shareholders to raise a round of listed non convertible debentures. And in this regard we also received a rating from the rating agency CAIR who has given us a rating of A category so which is quite encouraging for us.
So this is by and large the position on both supply and demand side at the start of the quarter. I would again say that we are seeing good business activity levels on both the sides of the business. Thank you. I would welcome any questions which you may have.
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone phone. 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. The first question comes from the line of Orthuza from Kotak securities. Please go ahead.
Murtuza — Analyst
Hi Pradeep Ji. Morning Rajat. Just question from my side. Just want to get a sense on how we should think of the improvement of the trajectory of collection and construction cycle. You know, Starting with Sector 37D Deluxe in March 24, we did make that shift to the more premium sort of housing segment. But your construction spends have remained in the 4 to 5 billion on a quarterly basis. Your collections also in a narrow range and I’m not getting picking on quarterly numbers, but we would have expected an improvement. So if you could give us some sense on how we should think of it over the next few quarters.
Also for instance, if you could take us to some of the sort of sector 3070 or titanium SPR, et cetera, in terms of what is the kind of construction spends that have happened there, what is the level of collection in terms of percentage terms that is there. So just some sense on how we should think of the trajectory on both construction and collections. We would have liked to see a more aggressive sort of ramp up, just trailing the sales trajectory that we’ve had so far.
Rajat Kathuria — Chief Executive Officer
Sure. Murtaza, thanks for bringing this up. And it’s very relevant and very interdependent. So as construction activity picks up, collections also tend to improve and vice versa, with more collections and liquidity you can spend more on construction. So yeah, this is one of the most relevant factors as a strategy. Before we launched Deluxe dxb, the strategy was more to work with, I would say not really grade A contractors. These were a tier below grade A contractors. And we used to be very heavy in terms of our own procurement support or our own project management teams were very active.
As far as these comparatively smaller contractors with whom we used to work while doing affordable housing and even while doing middle income, sorry, mid rise, low rise. However, over the last year we’ve onboarded grade A contractors. So for instance, in Delix txp, we’ve onboarded Aluvalia contract. As far as titanium is concerned, we’ve onboarded Capiside and for our project Twin Touch dxp we’ve onboarded Arabian Construction company. So as of today, you know, we have a fairly good and strong civil team construction team in place. And also we are working with the larger contractors. So the intent is clearly to spread our own capability and to increase the construction spend on a quarterly basis.
We definitely are confident that, you know, during this year itself you will see an increased activity on both these, you know, activities, whether it is construction or and collections. As far as giving an instance, for example, Deluxe GXP we’ve collected, let’s say we launched it in last May 2024. We’ve collected close to let’s say 850 odd crores since then within that single project. And in terms of hard construction itself, we would have spent more than 200 odd crores. We’ve incurred more than let’s say 100 odd crores in terms of EDC IDC costs. So we fully paid the EDC IDC cost.
So Delex as an example, you know, land is EDC, IDC is fully paid. We’ve spent about 200 plus crores on construction ever since the project got launched. So you know, the idea is to go as fast as possible. But yeah, it is construction. It is, you know, brick and mortar business. And hence, you know, those challenges turn up. As far as titanium is concerned, we’ve collected between 450 to 500 odd crores. This project was launched in June last year. At the same time we’ve spent more than 100 crores on construction of this project and multiple other expenses have been incurred to fast pace the construction on this.
Even in Cloverdale. We are intending to take capisite on board because it will be advantageous to have the same contractor who’s managing phase one and phase two of the development. So clearly, you know, collections are happening strong on projects which are getting launched. Construction spends are moving up as we are progressing.
Murtuza — Analyst
Just Rajat, if I were to follow up on that, is that the transition where you know, these larger contractors which sort of initially took some time and you should see the pace of construction activity and therefore your spends and collection picking up faster. Would you say that’s a fair observation that you know, maybe it was the transition that you were doing in the last 12 months both in terms of the product offerings as well as the contractors and you should see that have a pickup. I mean, and I’m looking at the consolidated number 400 to 500 crore construction spring, would it be reasonable to think that maybe that moves to a 7,800crore quarterly run rate over the next few quarters?
Rajat Kathuria — Chief Executive Officer
That understanding is correct. I’ll just rephrase it a little that see we are going through a phase where we are doing this massive completion of the erstwhile projects. You know, they’re still projects which are in that affordable category. They’re still projects in the, you know, low rise floor categories. And now there are these, you know, high rise, more premium projects which are being completed. So there’s like, you know, bunch of things which are currently happening. But lot of our capability is getting freed up as some of these first 12 projects are getting completed which don’t show up a lot in value terms.
But in volume terms it’s not too bad. We’ve completed, for instance almost close to 1.5 million square foot within this quarter itself. But this transition, you’re right, yes, it’s happening and it will take some more time before we are working purely on projects which are, let’s say in that price range upwards of eight to nine thousand rupees a foot and hence it will be more visible. However, you know, in volume terms and in work terms. Yes, a lot of it is, you know, going throughout all of these quarters. But yeah, 7, 800 crores per quarter does not seem to be like a very steep target we, we’ll achieve it towards, let’s say, you know, in the coming calendar year we’ll be reaching those quarterly numbers.
Murtuza — Analyst
Thank you so much. Thank you sir.
Rajat Kathuria — Chief Executive Officer
Thanks.
operator
Thank you. Before we take the next question, we would like to remind participants you may press star and one to ask a question. The next question comes from the line of Pritesh state from Access Capital. Please go ahead.
Pritesh Sheth — Analyst
Yeah, thanks for the opportunity and congrats on a good quarter. First question, I think, you know, how would you read the response that you have got for Cloverdale? You know, I think we have got 1700 odd crore of contribution out of roughly, you know, two and a half, 3000 crore what we would have launched. Okay, so overall velocity looks lower than what we did last year with Titanium. I understand there is a luxury tower in this launch as well which is more of a 5,6 crore ticket size which would be slower. But how would you see overall response? How would you read this overall response? Was there a conscious effort to cut down on the speculative demand that we were looking at in that project and hence a little lower velocity? So yeah, first question on that.
Rajat Kathuria — Chief Executive Officer
Yeah, thanks for asking this. So Pritish, we were very confused last year if you really asked us because it was very euphoric and we were very scared of the kind of book which was, which could have been created. You know, we tried to mitigate it in various ways but yeah, we were a little apprehensive of very investor led demand when situation was such that if we launched about 1,000 units and we got 5,000 applications, which was the classic case of DLXG XP. So that was a very, I would say confusing situation right now. I would say it’s more mature, the market’s behaving in a more predictable manner that if you’re launching a housing project where the average ticket size of unit is between 3 to 4 crores which is not very steep, but yes, it’s not like very low as well.
So it’s somewhere in the middle. So for a product like this, yes, as we launch a project, it’s been a usual trend in Gurgaon that on launch developers have always managed to offload some reasonable amount of inventory. But we are fine. If you launch a project and it takes say three months to nine months or 12 months to offload that inventory completely, we are absolutely fine with that situation. So we are happier with the current quality of book being created and the manner in which the offtake is happening vis a vis the previous year.
Pritesh Sheth — Analyst
Got it. And that iconic tower which this project had GDP of, that would be how much? Like 7,800crores for that tower or lesser.
Rajat Kathuria — Chief Executive Officer
We can share that separately. Yes. So there were two towers actually which were of three and a half BHK which were very well, you know, located within the project. I think over there we’ve received the maximum response followed by the iconic and the three BHK towers.
Pritesh Sheth — Analyst
Sure, got it. And just on this collection question from the previous participant, see right now I think we are spending 500 crore. Ideally the cost of construction is 40% of the total revenue. So if we continue to spend that, we should be reaching 2000 crore of collections by when do you think we will reach that? Whether it will happen that scale up, gradual scale up towards 2000 crore collections will happen from Q2 onwards or Q3 onwards. If you can exactly try and point out the direction of that recovery, that would be helpful.
Rajat Kathuria — Chief Executive Officer
See some of the projects Pritesh which we are now launching have bulky sort of collection pattern because they’re milestone based. While when we used to do affordable and low rise floors they were more time linked or they were more predictable sort of pattern around it. Currently it’s predictable but yeah it’s more of milestone level, milestone based. We expect Q3 to be a fairly good quarter. Both Q3 and Q4 from a collection standpoint.
Pritesh Sheth — Analyst
Got it. And Q2 would still be similar what you have done in Q1 or little better.
Rajat Kathuria — Chief Executive Officer
Q2 will be a little better but not like, you know, significantly better. It will not be like a game changer sort of a quarter from a collection standpoint.
Pritesh Sheth — Analyst
Sure, got it, got it.
Pritesh Sheth — Analyst
And just last on the business development, you know, now with that last phase of 10, 15 acres that we have in sauna, the Dakshin project, you know, post that how you see business development there, how much potential in that location, there’s still Left, which can provide us, you know, a longer term visibility of that micro market’s contribution in our own. And while we have decent enough pipeline for Sector 71. But once we are done with this 93 acre, which also took us a good amount of time to acquire from the landowners, is there more potential with same landowners that we can unlock in future once we exhaust this pipeline or we’ll have to look at some different opportunities in that market to maintain our share.
Rajat Kathuria — Chief Executive Officer
So see, as far as 71 is concerned, out of this 93 acres, the titanium and Cloverdale put together is about 21, 22 acres. Okay, so we’re still left with 70 acres. I would, you know, it’s safe to say that a bulk of the land is still unutilized in Sector 71 after beyond this 93 acres. Also, you know, there is a potential to acquire some more land parcels. You know, we can definitely add another 3 to 4 million square foot worth of, you know, developable potential within sector 71 itself. As far as Sona is concerned. See, the land is available.
Okay. But since we are acquiring this from some of the smaller, you know, landowners, it is a little time consuming. So, you know, I don’t think going like acquiring another 100 or 150 acres is non doable. So it is definitely doable. But yes, it will take some time. So any of these acquisitions which are happening will help us create fresh supply in the coming financial year. So it is definitely not for this financial year. But yeah. To say that Dakshin can have potentially a 100 acre phase two launch, I would confirm that. Yes, that’s definitely on the cards.
Pritesh Sheth — Analyst
Sure, that’s helpful. That’s it from my side. I have a couple of more questions, but I’ll come back to the queue. Thank you. Thank you.
Rajat Kathuria — Chief Executive Officer
Thanks.
operator
The next question comes from the line of Sourav Gilla from GM Financial. Please go ahead.
Sourabh Gilda — Analyst
Yeah, hi, I’m audible.
operator
Yes.
Sourabh Gilda — Analyst
Yeah, yeah. So you highlighted 770 billion worth of launches and we are already done with the 40 billion at sector 71. So just wanted to get a sense of the balanced projects where that those will come from. And now that we are done with the new face at Titanium, is it fair to assume that the balance will come from the other two focused markets of 37D and sonar, or do you expect another phase at 71?
Rajat Kathuria — Chief Executive Officer
There are two larger launches which are planned during this financial year. There’s about three to three and a half million square foot which will come up in sector 37D. And there’s another four million, which will come up in about 71. That will make good bulk of our, you know, launch target for this particular year. Both of these launches are, you know, the approvals are at fairly, you know, advanced stage. We are quite confident that we’ll be able to come up with these launches within this calendar year, you know, so by, let’s say October, November of this year, we are fairly hopeful that this is all approval based.
Yeah, but, you know, by October, November, I’m hopeful that both of these launches must have happened. So while we launch these, you know, projects during this year, we will get some good time to, you know, sell the inventory as well. But it’s not that there’s a very long list of projects which have to be launched. So there are these two larger launches which are planned for the balance part of this year.
Sourabh Gilda — Analyst
Okay, thank you. That’s it from my.
Rajat Kathuria — Chief Executive Officer
Thank you.
operator
Thank you. As there are no further questions, I would like to hand the conference over to management for closing comments. Please go ahead.
Pradeep Kumar Agarwal — Chairman and whole time Director
Yeah, thanks. Thanks everyone. Thanks a lot.
Rajat Kathuria — Chief Executive Officer
Thanks a lot for your time. Thank you.
operator
On behalf of ICICI Securities Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.