Sri Lotus Developers And Realty Ltd. (NSE: LOTUSDEV) Q1 2026 Earnings Call dated Aug. 28, 2025
Corporate Participants:
Anand Kamalnayan Pandit — Chairman and Managing Director
Sanjay Kumar Jain — Chief Executive Officer
Rakesh Gupta — Chief Financial Officer
Analysts:
Ankit Mehta — Analyst
Mohit Surana — Analyst
Jay Shah — Analyst
Ritwik Sheth — Analyst
Abhisar Jain — Analyst
Taha Ansari — Analyst
Sanjay Kular — Analyst
Presentation:
Operator
Good day and welcome to Sri Lotus Developers and Realty Limited Q1 FY26 earnings conference call. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict.
As a reminder, all participant lines should be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions]
I now hand the conference over to Mr. Anand Pandit, Managing Director and Chairman of Sri Lotus Developers and Realty Limited. Thank you and over to you Mr. Pandit.
Anand Kamalnayan Pandit — Chairman and Managing Director
Good morning everyone and a very warm welcome to the maiden earning call of Sri Lotus developers and Reality Limited. Along with me today I have our CEO Mr. Sanjay Kumar Jain, our CFO Mr. Rakesh Gupta and our Investor Relations Advisors from SGA. To begin with, 6th August 2025 was a landmark day for us. When we were listed on the NSE and BSE, our IPO witnessed an overwhelming response being subscribed over 74 times with the QIB portion subscribed 175 times and more than 33 lakhs applicants.
An extraordinary testament to the confidence the investor community has in our vision and business model. That day was not only a milestone but also the beginning of a new chapter for all of us at Lotus as a listed entity. On behalf of the entire Lotus family, I extend my deepest gratitude to all of our stakeholders, our investors, partners, customers, employees, bankers and advisors for the trust and confidence you have placed in us. This is our first earning call. I would like to take you through Sri Lotus Developers and Reality’s journey so far and our strategies followed by our operational and financial highlights for Q1 FY26 post that we will open the floor for Q and A.
We have also uploaded our investor presentation on stock exchanges and I hope everybody had a chance to go through the same. Sri Lotus Developers was incorporated in 2015 but our legacy in Mumbai real estate dates back much earlier with various landmark projects situated in western suburbs. These landmark developments established our brand credibility and reinforce our reputation for premium quality and timely delivery during2016 and 18 as we closely studied the changing dynamics brought about by DCPR2034 which provided significantly higher FSI.
For land parcels across Mumbai. We foresaw that a large number of older societies would opt for redevelopment to consume such higher fsi. Hence, we pivoted towards redevelopment, a decision that has since defined our future direction by enabling us to adopt an asset light and highly scalable business model. Today, more than 95% of our ongoing and upcoming projects are redevelopment or joint development. Our focus is on luxury and ultra luxury residential and commercial developments primarily in the western suburbs of Mumbai.
What defines us is our philosophy. We are not just builders of projects, we are creators of products. Each of our developments is designed as a bespoke lifestyle product which thoughtful layout, premium finishes, sweeping blue water and garden views I.e. b&G concept in most residential projects and world class amenities. This product centric approach has given us a distinct edge in the market. Our execution track record is one of the strongest in the industry with project consistently completed 12 to 18 months ahead of rarer timelines.
Our sales velocity is also among the fastest with close to a quarter of our sales coming from referrals without any advertising spends. This is the strongest endorsement of the trust our customers place in us. We have consistently commanded more than 20% premium over peers in our core markets. Importantly, we have never had a single RERA case or even RADA complaints against us on any of our project which is a history. From a financial standpoint, we maintain one of the strongest balance sheets in the industry.
As of August 2025 we are net debt free with net cash balance of rupees 905 crores. Till date we have successfully completed four projects. Two residential redevelopment projects in Juhu namely Ananya and Ayana and two commercial projects in Andheri west namely Signature and ARC1. Our pipeline today comprises five ongoing projects and 11 upcoming projects. Together this translates into a portfolio of about 3 million square feet of carpet area of which approximately 2.3 million square feet will be sellable. This is expected to deliver a gross development value in the range of 12,000 to 13,000 crore by FY30.
Moving on to our strategies 1. We are deeply entrenched in the western suburbs, a market where we understand customer needs and micro market dynamics with great depth. This allows us to design products aligned with the demand. For example, Signature in Anweri, which is at the heart of Mumbai’s media and entertainment hub was designed with amenities such as private theatre, banquet hall and the lounge in addition to many other office amenities.
At ARC1 we recognized the gap in demand for smaller but high quality commercial units and created offices to fill such gap. While remaining all the amenities offer premium development. In Juhu, where land parcels are constrained, our projects Ananya and Ayana were designed with rooftop amenities including a pool, cabana and sit out spaces whereby giving residences the feel of a gated community with lifestyle amenities despite limited ground area. Of our 11 upcoming projects, eight are in the western suburbs underlying our dominance and strong understanding of this micro market. The second pillar is expansion into new micro markets.
While western suburb remains our stronghold, we are expanding into south central Mumbai with projects in Prabhadevi and Neklandsi Road, other micro markets. These projects are designed with our B and G philosophy which ensures a distinct premium positioning in this new geography as well. The third strategic pillar is our asset light model.
Out of our five ongoing projects and 11 upcoming projects, 15 are through redevelopment or joint development. This approach minimizes upfront land acquisition costs, enhances capital efficiency and accelerates scalability. The fourth pillar is our integrated development model. Our in house expertise across sales, construction, procurement and business development provides superior control over design, quality and timeline. Technology has also been a critical enabler.
We are using 3D building information modeling for better coordination and cost efficiency and virtual reality walkthrough for customer engagement. This combination of execution and customer centricity has yielded results. Our pre sales capabilities are also proven. 87% of units in Ananya were sold before OC, 45% at Signature, 42% at Ananya and 56% at. Our strong pre sales performance ensures robust cash flows during construction, minimizes reliance on the debt and enhances returns. Turning now to our financial performance, our Q1 FY26 we recorded revenue of 61 crores and profit after tax rupees 25 crores.
Looking ahead, we have three important launches lined up by September 2025. The Arcadian in Juhu, Amalfi in Versoa and Varun in Bandra. The construction of this project is in full swing and given the robust customer interest for these projects, we expect bookings for all these three projects to materialize thereafter. For FY26 we are targeting pre sales of about 1,100 to 1300 crores, revenue growth of about 75 to 85% and PAT growth of 30 to 35%. As we embark on this exciting new journey as a listed entity, we remain guided by the same principle that has brought us here. Disciplined growth through redevelopment, selective expansion into newer micro markets, timely execution and delivery of premium products that resonate with our customers. With a robust pipeline, a strong balance sheet and supportive market fundamentals, we are confident of creating sustainable growth and long term value for all our stakeholders.
With that, I will now hand over our CEO Mr. Sanjay Jain to take you through the financial highlights in detail.
Sanjay Kumar Jain — Chief Executive Officer
Thank you. Good morning. Thank you Anand sir. Let me now take you through the project wise and financial details of Q1 FY26 on the ongoing project. The Arcadian in Zhu Amalti in Versova and Varun in Bandra. As Anand sir mentioned, construction activity is in full swing. The total saleable carpet area of these three projects the Arcadian that is in Zhu Amalpi that is in Versova and Varun that is in Banda Carter Road is 2.2 lakh square feet with the estimated GDV of 1400 to 1500 crores. In addition, we plan to launch three more projects in this financial year. Lotus Aquaria, Lotus Trident and Lotus Celestial. While remaining confident of completing large part of the sales of completed project that is Ananya Ayana, RPAN and signature. During the current financial year the company has added four new projects.
Development agreement was executed for two projects. Lotus Rotifeno in Barsova and Lotus Sky Plaza that is in Anderida Storshivara. While Society at Lotus Avalon Zhu and Lotus Imperial at Banda Carto Road have appointed Lotus as their developers. Moving to the Consolidated Financial For Q1 financial year 2026, Revenue stood at INR61.30 crores. Resale stood at INR61.30 Crores. Collection for this quarter was 70 crores. EBITDA was 29.5 crores. EBITDA margin stood at 48%. Profit after tax was 25.80 crores. Expenses to our ongoing and upcoming project stood at 47 crore in this quarter.
During the IPO we raised 792 crores through press issue and net proceed Post issue expenses was 732 crore. We have deployed total fund amounting to 88.70 crore till 22nd August. With this I would like to open the floor for questions. Thank you.
Questions and Answers:
Operator
Thank you. We will now begin the question and answer session. [Operator Instructions] The first question comes from the line of Ankit S. Mehta with Wellworth share and Stockbroking Ltd. Please go ahead.
Ankit Mehta
Thank you. For the opportunity sir. So just had a couple of questions. The first question was on your cat margin. So it is generally higher. It looks like that it’s higher than the peers. So what is helping us to achieve those high margins?
Anand Kamalnayan Pandit
There are a couple of things. First of all we are net debt free so we don’t have any burden unlike other players of interest. Second, we do not have expenses towards marketing because our sale is happening through referral only because it’s company’s customer centric. So till today we have not spent any money on our marketing that is advertisement, billboards or social media marketing or we have never printed even our brochures so we are saving significant money on that. Third is our fast execution because we are like a. More like a product company. We execute our projects very fast compared to our peers and deliver them very fast. Because of that our velocity of sales is very high. And fourth is our premium pricing. Because of this our designs which are meant for ultra luxury we demand almost 20% more premium in all the micro markets. So this leads to good margins for us.
Ankit Mehta
Okay, the next question was that your projects are located in premium areas only. So going forward what will be your views on selecting a new project going forward?
Anand Kamalnayan Pandit
So I think since I mean last year we had average our revenue per square feet was between 40 to 60,000 rupees a square feet which is quite decent, quite high. But looking forward the way we have mounted our new projects which are more on coastline we are expecting that this per square foot revenue will go up. That’s one second. We are as I explained we are going to open up some of the micro markets which are more high yielding for us. Like in Prabhadevi we are starting a project and Nipyansee Road also and some south central Mumbai also some other projects we are eyeing. So I think that per square foot revenue also we are expecting higher.
Ankit Mehta
Okay, the last question was that.
Anand Kamalnayan Pandit
Can you repeat the question? Sorry, I could not hear that.
Ankit Mehta
So mostly your projects are basically the redevelopment projects. So considering that there is a lot of competition which is entering in this segment, how do you see the opportunity going forward?
Anand Kamalnayan Pandit
First of all in redevelopment project I think we are very. We have got lot of experience first of all and we have got first mover advantage. We have completed about seven redevelopment projects. That’s one. Second is we have handed over all those projects in ultra luxury category. So in that category I don’t remember any other developer is there. So we don’t see any much competition in that. And also our delivery track record is quite good, you know. And that legacy I think will not have any issue for any competition at this point of time.
Ankit Mehta
This will be all from Mykai sir, thank you so much and wish you good luck.
Anand Kamalnayan Pandit
Thank you.
Operator
Thank you. Next question comes from the line of Mohit Surana with Monarch Net Worth Capital Ltd. Please go ahead.
Mohit Surana
Congratulations on the successful listing in a difficult market. I think SHIELD is among the few companies in today’s market where growth perspectively look really stellar supported by a very strong balance sheet. On that point I have a couple of questions sir, on the redevelopment business, can you give us some insights on how the regulatory policies, costs and the construction panel differ related to the greenfield development projects? I have one more question so maybe I’ll ask.
Anand Kamalnayan Pandit
Yes Mohit, as far as Mumbai is concerned, as we all know that whole Mumbai is going for redevelopment drive completely and regulatory policies, particularly with the new DCPR which recently in 201718 which came up was very very friendly for redevelopment and government is recognizing that whatever issues are there regarding the policies or regulatory policies, time to time they are changing and making it more friendly towards redevelopment. As far as cost is concerned, yes, cost is increasing a little bit but I think with our positioning that’s not a major concern. And as far as greenfield project is concerned, I think you asked me a question on greenfield projects. The issue is that we have to come up with upfront capital. And second is little uncertainty about the legal aspect since you know we have to clear the land and then get our plans approved and all permits in place. It takes almost two years and you never know what will happen with that greenfield project. So and when you’re talking about redevelopment then we are very less exposed to any legal issues because the building or society is already standing there on so that those legal issues are not there. And also you know with the redevelopment our capital employed is very, very minuscule. So that is the advantage.
Mohit Surana
Understood sir, that makes sense and that shows in your high margins as well. So your next question is with respect to the redevelopment housing market size in Mumbai, what according to you, I mean is the size of this market and where would the ultra and intra luxury segment would fit into and what would be your market share in that segment?
Anand Kamalnayan Pandit
As we explained right now for I mean I do not have particular numbers of market share but as I said in my speech that we have got almost 11 projects in Western Sabha that speaks the volume I think and overall market, I mean with one recent report almost 30,000 buildings or societies are about to go for redevelopment in Mumbai MMR region. So the market is humongous and we’ll have enough market for ourselves.
Mohit Surana
Understood sir. So just one last thing in terms of scale, where do we see ourselves in terms of the annual pre sales rate three years from now?
Sanjay Kumar Jain
So Moit, this is Sanjay Jain. So we are expecting annual growth 3 to 5x for next three years and that will be overall overall growth of 3 to 5x.
Mohit Surana
Great sir, thank you. That answers my question sir, I’ll call that.
Anand Kamalnayan Pandit
Okay, thank you much.
Operator
Thank you. [Operator Instructions] Next question comes from the line of Jai Shah with HDFC Securities. Please go ahead.
Jay Shah
Hello. Am I audible?
Anand Kamalnayan Pandit
Yes,
Jay Shah
Thank you for the opportunity. So I have a couple of questions. First is with respect to the launches that you are expecting for September month. So other approvals that you have received. And also for the balance launches that are due for H2 with respect to Papaji also Ananderi. So how is that placed?
Anand Kamalnayan Pandit
So the three launches we have received the approvals more or less. And work is in full swing actually. And we are expecting that this will as far as launch is concerned by September we’ll be able to launch it. The remaining three the approvals are permits. What we say is in advanced stage. And we are hopeful that in a couple of months we will get all three approvals and we’ll start. We’ll be able to start the work. As far as Prabha Devi is concerned, we have got in principle approval. So maybe within one and a half months we’ll be starting that work.
Jay Shah
Okay. And these launches would be like any phase launches or would be open full that you are. That you are planning to sell out.
Anand Kamalnayan Pandit
So Jaish, what we do is little different than the typical real estate company. We don’t straightaway launch. As soon as we get our approval. We don’t straightaway launch. We see the market and how it’s ripe. Depending on that we’ll be launching that. But yes, what you are saying is correct. We’ll be having those permission to launch it.
Jay Shah
Okay. Also on the demand side. So how do you see the demand for. For this. For the segment that you are building in and with respect to the cash reserve that you are having. Any new micro market you would. You would be planning to add post the the four projects that you have added in this current quarter or current year which is one in Versa and Oshiwara and then Ju and Bandra. The total of that GDV I guess is around 2002 to 2100 crores. Suppose that are you like eyeing any the micro market or any BD in this quarter? In this year?
Anand Kamalnayan Pandit
Yes. In fact this financial year we added four new projects already. And as I said in my opening speech. We are going to start and open up new micro markets. Definitely. And all these micro markets would be more high yielding micro markets. So balance sheet will become more and more stronger as far as this year is concerned. As I explained, we have got three projects will be immediately launched. Another three in this year. So total six and this after this financial year. Next year also we are locking about seven to eight projects already in pipeline. So very very strong pipeline. And considering this both means 6 this year and 7 to 8 next year is almost GDP is about 12 to 13,000 crores.
Jay Shah
Okay, just on the BD. On the BD that you have added in this year which in Verso and Oshiwara. So can you provide me the GDV of each project that you have added the four projects?
Sanjay Kumar Jain
So yes. Yeah. So these all four projects we added to estimated GD is approximate 3,700 to 4,000 crore.
Jay Shah
3,700. Okay. Okay. And lastly so just wanted to like know the timelines for these launch these projects that you have added which it will be around FY27 or in a certain. Okay, so all the projects that you have in this year will be due for 27.
Anand Kamalnayan Pandit
So including these four project and three and four G4 project which we have acquired last year. So all seven to eight project we are launching next year. So the financial year 26, 27, 28 we will launch.
Jay Shah
Okay. Because like your peers had faced many like clearance issues with respect to ngd. Now the Supreme Court has currently given like permit to the state government to provide the clearance and approvals. So how optimistic are you with respect to that and with respect to approvals that you are eyeing for? Because many launches that the developer were planning had delayed because of these approval issues. How do you see this?
Anand Kamalnayan Pandit
I think now it has been cleared by Supreme Court. So I feel that everyone, not only us but all the developers who had that backlog that will be cleared very soon. So I don’t see any reason now.
Jay Shah
Okay. Okay.
Operator
Thank you. Next question comes from the line of Ritwik Sheth with One Up Finance. Please go ahead.
Ritwik Sheth
Hi. Good morning sir. So just a couple of questions. Firstly you mentioned that we are looking to launch six projects in FY26 with three in September itself. So for the other three what is the total GDP?
Anand Kamalnayan Pandit
Yeah, just. I will give you the GDP. So we are launching these three project and other three project. Total six project we are launching and the current year P sale from this is the around 750 to 850. And the GDV is approximately 2000 crore. Four years for that three. Three project separate new project.
Ritwik Sheth
Okay. So total GDV of all these six products projects will be 3, 500 crores. Approximately.
Anand Kamalnayan Pandit
Approximately. Yes.
Ritwik Sheth
Right. Okay. And out of this 750 to 850 is the targeted pre sales.
Anand Kamalnayan Pandit
Yes. During this year.
Ritwik Sheth
Got it. Okay, sure. And so you have also mentioned that for the three projects that we are launching in September you have started construction. So sir, can you give us a sense of what is the total investments that have gone in these three projects till date? Right from you know, from DA till say June 2025.
Anand Kamalnayan Pandit
Yeah. Total total investment is for all these three project is already we have incurred 165 crore.
Ritwik Sheth
Okay. Cumulatively.
Anand Kamalnayan Pandit
Cumulatively.
Ritwik Sheth
Okay, sure. Sure. Okay. And sir, on again on business development someone asked earlier on the call. But just to get a sense, you know we have already acquired projects worth 4000 crores. So what is the target for current year and next year
Anand Kamalnayan Pandit
For business development?
Ritwik Sheth
Yeah. To acquire new projects.
Anand Kamalnayan Pandit
Yeah. I mean see this is like a. Every time we get more and more new opportunity. But as far as our pipeline is concerned for this year, next year we have enough projects. But we’ll be looking for some good projects. As I said, this year also, this financial year also we locked in four projects. And there are. Many number of projects which are in talks or tender level. So we are hopeful that another I mean four or five projects will be able to get it in this year.
Ritwik Sheth
Okay, got it. And so this 900 crores of cash. What, what what can be the approximate number of projects that you could acquire with this? In terms of GDV assuming all our redevelopment projects.
Anand Kamalnayan Pandit
So normally what happen in the redevelopment our investment is 10 to 15% of the revenue. So typically if you see that the our net worth on as on 31st March 2025 is at 932 crore then the 732 crore net IPO proceed added and this year profit will be at. So it will be roughly around 1800-1900 crore. So that will be give the say around 10,000 to 12,000 crore project of the ZDB we can easily execute.
Ritwik Sheth
Got it, Got it. And just one last question from my end. So you mentioned growth of 3 to 5x in the next three years. So this would be for pre sales
Anand Kamalnayan Pandit
In the we are following the percentage completion method. So in our case normally what happened the pre sale and the revenue the difference will be not 10 to 15% is always 10 to 15% so the both figure will be same. And our project cycle is less than four years. So normally three and to four years we will recognize the we are able to seal the project. So you can consider the both p sale and the revenue.
Ritwik Sheth
Okay. Okay. Great sir. Thank you. And all the best sir.
Anand Kamalnayan Pandit
Thank you.
Operator
Thank you. Next question comes from the line of Abhishar Jain with Monarch AIF. Please go ahead.
Abhisar Jain
Yeah. Hi, good morning Mr. Pandit. My question is on your asset light model which is I think quite commendable how we have scaled it up to this level. So just wanted to understand that what are the key enablers for success for you in this space? What you know the addition you bring to these societies who then kind of partner with us and give us the chance to execute these projects in some of the key and batch location. So you can just throw some light of how do we do and what we do differently here which helps us execute on this strategy. It would be great.
Anand Kamalnayan Pandit
Sure. What we do differently. Is we treat them as our partners, the societies, we treat them as partners and we don’t treat them as old tenants, we treat them as our first clients in that project. That’s number one. So that respectability we give to them. Second, there is no differentiation between old members apartments, new members apartment or sale apartments. Absolutely. There is zero differentiation. So they are absolutely at par. So which is what they like. And third, we execute this project like a greenfield project in the manner like what we would do for greenfield. And again, we don’t consider this redevelopment as redevelopment, but we consider that as a development project and we try to complete those projects as ultra luxury project, even though it is a redevelopment project. So this is how we have become very successful. And our societies particularly like this attitude. Also, when it comes to society, we have got extraordinary experience. Our experience in redeveloping in ultra luxury is very, very unique. Third, our customer base is also very unique and that is what they like. Fourth is kind of apartments. We give them fully loaded and unparalleled amenities. What we provide to them, that is what they like. Our track record of execution and handover with OC is extremely good. And that is also again, they like. So this is how we differentiate ourselves from the clutter.
Abhisar Jain
And that’s it. Sir, I said, in terms of approaching these kind of societies for the future, such projects, is there a dedicated team or a separate effort which you make to find out these societies, or has it become now a case where even the societies approach us correctly?
Anand Kamalnayan Pandit
So generally now, since we have made our brand in redevelopment ultra luxury developer, we get invitation and all the societies, I mean, who wants to redevelop, they think about Lotus as one of the partners. So we get invitations.
Abhisar Jain
Understood? That’s quite good. Secondly, sir, I wanted to get your sense on the demand side. There have been, you know, different kind of reports in terms of how the demand might now be shaping up. But we could get your views of what you are getting from the ground on demand and also in some of your ongoing projects or completed projects, whatever inventories that you have in hand. How are you feeling about that? Are you deploying any strategies to fast track the liquidation of those or are you very comfortable on the demand from you?
Anand Kamalnayan Pandit
The demand is, I would say for our kind of product, demand is constantly going up because everyone wants to move from lower starter of the pyramid to above starter pyramid. People who are living in just ordinary building, they want to go for ultra luxury only. So ultra luxury and luxury, those products are becoming very, very popular and everyone aspire for that. So being in that niche player in ultra luxury, I think we don’t have any issues of any slow down or maybe in future slowdown. So we are very confident about it.
Abhisar Jain
Understood sir. Thank you so much. And that switches from my side.
Operator
Thank you. Next question comes from the line of Taha with Tara Capital. Please go ahead. Mr. Taha, please go ahead with the question.
Taha Ansari
Yeah, I’m audible.
Operator
Yes.
Taha Ansari
Hello. Yeah, so congratulations on listing on exchange listing. So I have a couple of questions. First is your if I look at your pre sale target for FY26, it’s around 1100-1300 crores. But in order one you have crore. So it’s quite less as we divide this number into four. So how you’re gonna achieve this 1100-1300 crores and why is the pre sale number is so less in quarter one.
Rakesh Gupta
So Taha. Yes Kuhn revenue and PET are modest when we look at as in isolation. But this is the nature of real estate cycle quarterly revenue recognized depends on project milestones. And as we all know this is not like any FMCG or it. But yes, we can explain you.
Sanjay Kumar Jain
So this is Sanjay Jain. So from the this financial year. So the percentage of the PCL come from the completed project from around 25%. And the balance because of the three new launch that will contribute around 750 to 850 crores for that. And three more new project will be on the second after of the financial year. So that will contribute around 100, 250 crores. So because of the not launch of these six projects. So the major part of the revenue is coming in the later part of the financial year.
Taha Ansari
Okay. Got it. Got it, got it. So there isn’t. There wasn’t any launch in quarter one, that is what you’re saying, right?
Anand Kamalnayan Pandit
Yes, yes, yes.
Taha Ansari
Okay. Got it. And now my second question is. So can you, can you elaborate what is the inventory level we have on our launch product project so far?
Anand Kamalnayan Pandit
Approximate 200 crores invented in the books. We have that for the already completed project.
Taha Ansari
Okay. Which are majorly and higher you said. Right.
Anand Kamalnayan Pandit
And we are getting good response during this financial year because in the arcon we got the OC in the march. So after OC normally in the commercial sales is increasing. Okay.
Taha Ansari
Okay. Got it. Got it. Okay. Thank you. Thank you. Thank you for the response.
Anand Kamalnayan Pandit
Thank you.
Operator
Thank you. Next question comes from the line of Sanjay Kullar with ACME Investments. Please go ahead.
Sanjay Kular
First of all compliments to you Anand Bhai for delivering good results in the given circumstances. And my question pertains to Shahrukh Khan whose apartment also you are redeveloping apparently in Bandra. And we are projecting about 2,000 crore plus revenue in the project. Can you please elaborate on it? And when do we expect to complete that project?
Anand Kamalnayan Pandit
Very recently we have got into that project. It’s a project in Bandra on Carter Road. Right on the bank with on the ocean. It’s a little. Little more than one acre land parcel. And GDB would be about 1700. Approximately 1700 cr.
Sanjay Kular
Okay. That is that has not been yet announced by the company as such. I mean that’s not included in the current GDV or whatever we count right now.
Anand Kamalnayan Pandit
Yeah. This is this year’s acquisition and we are hopeful to start and commence that project next year because a lot of paperwork has to be done.
Sanjay Kular
Okay. Okay. And sir, back of envelope suggests that you know you’re going to be a five beggar company. You know this would be a 50,000 crore market cap company in the next three to five years because we will achieve probably 4,5 5,000 6,000 crore sales and a profit about 2,500 crores. That means multiple of. Now if you look at in comparison with the peers we are definitely going to be 50,000 crore company in the next three to five years. Thank you very much. Bye Bye.
Anand Kamalnayan Pandit
Thank you.
Operator
[Operator Instructions] Next question comes from the line of Mohit Surano with Monarch Network Capital Ltd. Please go ahead sir.
Mohit Surana
I wanted to have an understanding of your commercial development in relation to the residential development. So what kind of margin do we make? Is it similar or commercials on the hardware?
Sanjay Kumar Jain
So Mohit, this is Sanjay Jain. So normally we are doing. Now the commercial redevelopment is also in the redevelopment phase. So only one greenfield project is the commercial and we are expecting the same line of the margin as a residential. Understood sir. Thank you.
Operator
Thank you. Ladies and gentlemen, due to time constraints we have reached the end of question and answer session. I would now like to hand the conference over to the management for closing comments.
Anand Kamalnayan Pandit
We thank you everyone for joining the call today. We hope we have been able to give you a detailed overview of our business and also answer your queries. As you know this is the very first time we are doing such a call and our idea is to start a structured way of communicating and sharing updates. The purpose is simple, to create more transparency, build strong engagement and ensure that everyone is aligned with the progress and future direction. For any further queries or questions please feel free to reach out to sga, our investor relations advisor. Thank you once again and have a good day.
Operator
[Operator Closing Remarks]