Aditya Birla Real Estate Limited (ABREL), formerly known as Century Textiles and Industries Limited, is the real estate arm of the Aditya Birla Group. The company carries a rich 125-year legacy, having been established in 1897, and entered the real estate sector in 2016 under the brand 'Birla Estates'. ABREL is strategically focused on developing a diversified portfolio in India's top four high-growth markets: the Mumbai Metropolitan Region (MMR), Bengaluru, the National Capital Region (NCR), and Pune. The company has cultivated a strong brand presence in the premium and luxury residential segments, positioning itself as one of India's most aspirational real estate brands. Its business model is anchored in a multi-pronged approach that includes strategic land sourcing through both outright purchases and asset-light joint ventures, trusted financial partnerships with marquee global investors such as Mitsubishi and the International Finance Corporation (IFC), and a relentless focus on superior design and execution. The company is committed to delivering projects with speed, scale, and precision, ensuring quality, design excellence, and transparency for its customers. By leveraging the credibility and nation-building ethos of the Aditya Birla Group, ABREL aims to lead the sector in innovation, governance, and sustainable growth.

Official Website: www.adityabirlarealestate.com

• Q3 FY26 Operational Performance: The company demonstrated exceptional operational growth in the third quarter of fiscal year 2026.

• Booking Value: Stood at ₹25,361 million, a significant increase of 276% year-over-year (YoY) compared to ₹6,754 million in Q3 FY25.

• Collection Value: Increased by 157% YoY to ₹12,899 million from ₹5,014 million in the same period last year.

• Area Sold: Grew by 325% YoY to 1.7 million square feet from 0.4 million square feet in Q3 FY25.

• 9M FY26 Operational Performance: The growth momentum was sustained over the first nine months of the fiscal year.

• Booking Value: Reached ₹38,481 million, up by 64% from ₹23,498 million in 9M FY25.

• Collection Value: Grew by 44% to ₹23,472 million compared to ₹16,334 million in 9M FY25.

• Area Sold: Increased by 39% to 2.5 million square feet from 1.8 million square feet in the prior year period.

• Profit & Loss Analysis: The reported financials reflect the company's accounting practices.

• For Q3 FY26, the company reported a Profit Before Tax (PBT) of -₹1,406 million and a Profit After Tax (PAT) from continuing operations of -₹1,074 million.

• For 9M FY26, the PBT stood at -₹2,855 million, with a PAT from continuing operations of -₹2,278 million.

• Accounting Method: It is critical to note that the company follows the completed contract method for real estate accounting. This means revenue and profits are recognized only upon the completion of projects, causing a lag between strong operational performance (bookings and collections) and reported financial results.

• Debt Profile and Credit Rating: As of December 31, 2025, the company maintains a structured debt profile.

• Gross Debt: ₹53,520 million.

• Net Debt: ₹35,140 million, after accounting for cash, mutual funds, and RERA balances.

• Credit Rating: The company's financial instruments hold strong investment-grade ratings. ABREL's Non-convertible debentures are rated 'AA; Stable' by CARE and CRISIL. The real estate subsidiary, BEPL, has a 'AA Stable' rating for its long-term bank facilities.

The company's operational metrics show robust growth in sales and collections, though reported profitability is impacted by the completed contract accounting method, with a manageable debt level supported by strong credit ratings.

• Strong Parentage and Legacy: The company is part of the Aditya Birla Group, a 125-year-old conglomerate known for its credibility and excellence. This legacy provides a significant trust premium and strong brand recall in a sector where credibility is paramount.

• Strategic Global Partnerships: ABREL has successfully forged alliances with marquee global investors, which validates its project viability and execution capabilities.

• International Finance Corporation (IFC): Secured a ₹4,200 million investment for developing residential projects in Pune and Thane.

• Mitsubishi Estate Co. Ltd.: Entered into a ₹5,600 million joint venture for a premium residential project in Bengaluru, marking Mitsubishi’s first real estate investment in India.

• Efficient and Flexible Sourcing Strategy: The company employs a balanced approach to land acquisition. It utilizes both outright purchases for full control and asset-light joint venture (JV) or joint development agreement (JDA) models, which reduces upfront capital expenditure and diversifies risk.

• Focused Market Strategy: ABREL concentrates its efforts on India’s top four high-growth real estate markets (MMR, Bengaluru, NCR, and Pune). This focused approach allows for deep market understanding, operational efficiency, and the ability to capitalize on region-specific demand drivers.

• Premium and Luxury Segment Focus: By targeting the premium and luxury residential segments, the company caters to a customer base that is often more resilient to economic fluctuations and values quality, design, and brand assurance.

The company's unique advantage stems from its powerful brand legacy, strategic capital partnerships with global institutions, and a disciplined, asset-light approach focused on high-growth premium markets.

• Strong Macroeconomic Foundation: The Indian real estate sector is on a firm footing, supported by overall macroeconomic stability, rapid urbanization, and evolving consumer lifestyles that demand higher quality living spaces.

• Positive Market Activity (9M FY26): The residential market demonstrated a healthy balance between supply and demand during the first nine months of FY26.

• Absorption (Sales): ₹6,467 billion.

• New Launches: ₹6,481 billion.

• Key Market Performance: The markets where ABREL operates constitute 64% of the total absorption and show positive trends.

• Price Growth (YoY): All key markets have witnessed healthy price appreciation: Bengaluru (12.9%), MMR (11.1%), NCR (6.8%), and Pune (7.3%).

• Absorption Growth (YoY): Bengaluru (23%) and NCR (7%) have shown strong growth in sales value, indicating robust demand.

• Shifting Consumer Preferences: Demand is increasingly consolidating towards credible, well-capitalized developers. Buyers are prioritizing well-designed products in strategic locations. Furthermore, sustainability, eco-friendly construction, and smart infrastructure are becoming key factors in purchasing decisions.

The overall industry outlook is positive, characterized by balanced supply-demand dynamics and strong price growth in the company's core markets, which aligns perfectly with its focus on branded, quality developments.

• Historical Performance (FY20-FY25): The company has demonstrated an exponential growth trajectory over the past five years.

• Booking Value: Skyrocketed from ₹4,642 million in FY20 to ₹80,875 million in FY25.

• Gross Development Value (GDV): Expanded from ₹52,240 million in FY20 to ₹6,98,690 million in FY25.

• Collection Value: Grew from ₹840 million in FY20 to ₹27,063 million in FY25, with collection efficiency consistently above 93% in the last three years.

• Sustained Momentum in FY26: The strong performance has continued into the current fiscal year, with 9M FY26 booking value reaching ₹38,481 million, a 64% YoY increase.

• Visible Growth from Project Pipeline: The company's future growth is underpinned by a massive and well-defined project portfolio.

• Total Portfolio GDV: Estimated at ₹703,154 million across 35.1 million square feet.

• Future Pipeline GDV: A substantial ₹378,696 million is locked in the future pipeline, providing long-term growth visibility beyond the current ongoing and planned launches.

• Launched vs. Sold: As of December 2025, 80% of the total launched area across all projects has already been sold, indicating strong project acceptance and sales velocity.

The company has a proven track record of rapid growth, which is poised to continue, driven by strong execution and a vast, high-value project pipeline that provides clear visibility for the coming years.

• Monetization of Launched Projects: There is a significant near-term cash flow potential embedded in the existing launched projects.

• Pending Collections: ₹132,746 million is yet to be collected from already sold inventories.

• Unsold Inventory Value: The remaining unsold units in launched projects are estimated to be worth ₹51,360 million.

• Surplus Cash Flow: These projects are estimated to generate a surplus cash flow potential of ₹78,327 million after accounting for remaining construction costs and partner payouts.

• Unlocking the Future Pipeline: The largest opportunity lies in the unlaunched and future project pipeline, which has a combined GDV of over ₹440 billion.

• Key Future Projects: High-value projects like the Worli New Plot (GDV of ₹148.7 billion), Thane-Kalwa (GDV of ₹71.8 billion), and Mathura Road, Delhi (GDV of ₹27.7 billion) represent massive value-unlocking opportunities.

• Dominance in the Worli Micro-Market: The company has a substantial land presence in Worli, Mumbai, one of India's most premium real estate locations. The total planned development here is approximately 6.8 million square feet across residential and commercial projects, positioning ABREL to be a dominant player in this lucrative micro-market.

The company has a clear path to generating significant cash flows from its launched projects while sitting on a vast, high-value land bank, particularly in Worli, that presents a multi-year growth and value creation opportunity.

• Aggressive FY26 Launch Pipeline: The company has a well-defined and substantial launch plan for the remainder of fiscal year 2026.

• Total FY26 Launches: A total of 7.0 million square feet with an estimated GDV of ₹88,315 million is planned for the full year.

• Upcoming Launches: Key projects slated for launch include a large project in Thane (GDV of ₹26.9 billion), Birla Arika in Gurgaon (GDV of ₹16.5 billion), and plotted development in Boisar, alongside new phases in existing projects in Bengaluru and Pune.

• Strategic Shift to a Pure-Play Real Estate Entity: The divestment of the Century Pulp and Paper business is a definitive strategic move. This allows the management to sharpen its focus and allocate all capital and resources towards executing its high-growth real estate strategy.

• Strategic Scaling of Commercial Portfolio: While the current focus is heavily on residential development, the company has explicitly stated its intent to strategically scale its commercial portfolio, building on the success of its existing fully-occupied assets like Birla Aurora and Birla Centurion in Mumbai.

The company's future is clearly defined by an aggressive near-term launch pipeline, a strategic corporate restructuring to focus solely on real estate, and a long-term plan to expand its commercial asset base.

• High Financial Leverage: The company operates with a significant Net Debt of ₹35,140 million. While supported by strong ratings, this level of debt exposes the company to interest rate fluctuations and requires sustained operational cash flow to service.

• Project Execution Risk: ABREL has a vast portfolio of ongoing and planned projects totaling over 35 million square feet. Any delays in execution due to regulatory hurdles, supply chain disruptions, or construction challenges could lead to cost overruns and impact profitability and brand reputation.

• Market Cyclicality: The real estate sector is inherently cyclical and sensitive to macroeconomic factors such as GDP growth, inflation, and interest rates. A downturn could adversely affect sales velocity, property prices, and overall financial performance.

• Geographic Concentration: The company's operations are concentrated in four key markets (MMR, NCR, Bengaluru, Pune). While these are high-growth regions, any localized economic or regulatory issues in these specific areas could have a disproportionate impact on the business.

The primary risks involve managing a substantial debt load, ensuring flawless execution across a large and complex project pipeline, and navigating the inherent cyclical nature of the real estate market.

• Strategic Divestment of Pulp & Paper Business: ABREL has entered into an agreement to divest its Century Pulp & Paper (CPP) division to ITC Ltd. through a slump sale for ₹34.98 billion. This transaction is a key part of its strategic portfolio realignment to become a focused real estate company and unlock long-term shareholder value.

• Commitment to ESG (Environment, Social, and Governance): The company is actively pursuing best-in-class ESG practices.

• Green Building Certifications: The Birla Niyaara project in Worli received an "Outstanding" five-star rating from BREEAM, a UK-based green building authority, making it the only such certified project in India.

• Operational Excellence: The Birla Aurora commercial building won the IGBC Performance Excellence Award for its initiatives in renewable energy and energy-efficient operations.

• Safety: The company successfully completed 57.99 million safe man-hours by the end of Q3 FY26, highlighting a strong focus on worker safety.

The company has made a decisive strategic move to become a pure-play real estate developer while simultaneously reinforcing its commitment to high standards of environmental sustainability, governance, and safety.