Valor Estate Ltd · NSE:DBREALTY
Valor Estate — Q1 FY26 Earnings Presentation
41 slides from Valor Estate's earnings presentation, Aug 21, 2025
Slide 1: Cover letter to stock exchanges
1st August, 2025 Date: 21 The Geeneral Manager, The Vicce‐Presidentt, Lis ng Departmentt Lis ng Departmen nt BSE Limmited Na on nal Stock Excchange of Ind dia Limited Phirozee Jeejeebhoyy Towers, “Exchaange Plaza”, Dalal SStreet, Bandraa – Kurla Commplex, Mumbai 400 001 Bandraa (E),Mumbaai – 400 051
Slide 2: Investor Presentation Q1 FY26
VALOR ESTATE LIMITED Investor Presentation Q1 FY26 Aug 2025 1
Slide 3: Content
CONTENT 01 02 W h o a re we Busin ess Upda te s 03 04 Pro jec t Op e ra t i o nal K ey P ro je cts Updates 2
Slide 4: Forward looking statements
Forward looking statements This presentation and discussion may include predictions, estimates, or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on the future, they are subject to risks and uncertainties that could c
Slide 5: Who are we
Who are we 4
Slide 6: Valor Estate Ltd
Valor Estate Ltd India’s largest listed land-backed real estate platform & an undisputed leader in brownfield land development. Capital efficient Driven by strategic partnerships Multi-segmented 5
Slide 7: Land-to-Value Monetization Platform in MMR
Land-to-Value Monetization Platform in MMR One of the Largest Developable Land 513+ Owned land bank positioned for 25+ Anchored in MMR’s core zones multi-generational value creation prime sites spanning MMR & Lonavala Bank in MMR acres Providing clear entitled land to Tier 1 No upfront purchase cost
Slide 8: Unique Business Model - High Output from Low Input
Unique Business Model - High Output from Low Input Expertise in integrated project management from acquisition to completion VEL Focus on Value-Creating Development Phases Prime Land In-house Legal, Monetization & Use Case Risk-Mitigated Identification & Technical & Cash Flow Strategy Execution Incu
Slide 9: Multi-Segment Monetization Strategy
Multi-Segment Monetization Strategy Residential Commercial & Retail Anchored by an extensive land bank of 513+ acres Maximizing GDV at best Generating stable annuity realizations income Land aggregation & entitlement Strategy Build-to-lease partnerships to reputed developers Model JDA / DM / Profit
Slide 10: A Well-Balanced, High-Potential Portfolio
A Well-Balanced, High-Potential Portfolio Residential Commercial & Retail 2 projects GDV (VEL share FY31E) ~6.4 msf INR 5,760+ Cr Ongoing + Saleable Projects Upcoming Projects Annuity Revenue Potential 4 projects 8 projects GDV (VEL share) 7.8 msf + 186 (FY31E) ~21.9 msf INR 16,660+ Cr acres Leasabl
Slide 11: Segment Snapshot: Residential
Segment Snapshot: Residential Largest contributor to GDV, lowest capital requirement per project INR ~28,350+ cr 18–22% 28.7 msf Total Residential Target IRR Range Total Saleable Area GDV (VEL) FY25–FY31E (Post-Partner share) (staggered) INR 150–180 cr 14 Projects Typical Capital / Ongoing ₹1,000 Cr
Slide 12: Segment Snapshot: Commercial
Segment Snapshot: Commercial Secured assets designed to generate annuity income, structured in a JV model with reputed partners where capex and execution are undertaken by the partner INR 2,180+ cr INR 5,760+ cr 40–100% Annuity Revenue Saleable Projects VEL Share in Assets Potential - FY31E GDV (VEL
Slide 13: Driven by Experienced Leadership with a Proven Track Record in Real Estate
Driven by Experienced Leadership with a Proven Track Record in Real Estate 35+ 20+ Years of Years of Strategic experience experience Executive Team Vinod Kumar Goenka Shahid Balwa Chairman & Managing Director Vice Chairman & Managing Director 15+ 15+ 15+ 150+ years of combined experience Independent
Slide 14: 513+ Acres of Extensive Land Bank: Positioned for Future Expansion
513+ Acres of Extensive Land Bank: Positioned for Future Expansion The extensive asset base positions VEL to capitalize on opportunities in Mumbai's scarce land market, driving sustainable growth and high-quality developments Potential for Land Development Across Segments Integrated Township Residen
Slide 15: VEL's 5 to 7 Years Growth Trajectory
VEL’s 5 to 7 Years Growth Trajectory Residential Commercial & Retail Realizing Highest Sales Value Substantial Stream of Stable Annuity from Residential portfolio Revenue from Commercial portfolio Expected Stabilised Expected Revenue Potential Annuity Revenue Potential ~₹ 24,861 Cr FY31 E INR 2,180+
Slide 16: Business Update
Business Update 15
Slide 17: Q1 FY26 Key Financial & Operational Highlights
Q1 FY26 Key Financial & Operational Highlights Key Financial / Operational Metrics INR 840.33 Crores 0.21: 1 INR 1,328 Crores Low Debt to Total Debt Q1 FY26 Revenue from equity ratio Real estate – INR 839 Crores Operations Hospitality – INR 489 Crores Financial Updates (Consolidated – Real Estate) (
Slide 18: Strategic Demerger of Hospitality business completed
Strategic Demerger of Hospitality business completed Repositioned for Expansion Strategic Demerger Valor Estate Ltd Hospitality Advent International Hotels (AHIPL) Separates the two business Transfer businesses, allowing each to focus on core Wef 1st April 2025 competencies enhancing Focuses on resi
Slide 19: Project Updates Residential & Commercial
Project Updates Residential & Commercial 18
Slide 20: Residential Projects: Ongoing
Residential Projects: Ongoing Ongoing projects (Under Construction / OC / Finishing WIP stage) 2 ~4.1 msf INR 5,800+ Cr INR ~ 3,500 Cr No of Ongoing Projects Total Saleable Area Combined GDV VEL GDV share Balance Revenue Revenue VEL Economic VEL Estimated Cost to Project Saleable GDV Potential Reali
Slide 21: Residential Projects: Upcoming
Residential Projects: Upcoming Upcoming projects (Land Title Acquisition / Planning & Design stage) 6 ~17.8 msf INR ~ 37,680 Cr No of Upcoming Projects Total Saleable Area Combined GDV Project Status Revenue GDV / Saleable GDV VEL Project Name Partner Developer Expected / Model Revenue Potential Are
Slide 22: Residential Projects: Forthcoming
Residential Projects: Forthcoming 6 ~6.8 msf INR ~ 11,700 Cr No of Forthcoming Combined GDV Total Saleable Area Projects (Revenue Potential VEL) Total Saleable Project GDV VEL Expected Project Name Location Area (~msf) (INR Cr) Economic Interest (%) Start Year DB Park Mumbai Central, Mumbai 1.4 4,50
Slide 23: Commercial Projects (1/3)
Commercial Projects (1/3) Upcoming (Under Construction) Annuity projects 2 5.2 msf Projects Total Leasable Area Annuity Annuity VEL Cost to Revenue Rent Total Leasable Revenue Stream Project Expected Revenue Economic complete Project Name Location Potential (INR/ Area (msf) / Model Status Completion
Slide 24: Commercial Projects (2/3)
Commercial Projects (2/3) Upcoming Annuity projects 2 2.6 msf + 186 acres INR ~1,930 Cr Projects Total Leasable Area (Annuity) Total Annuity Revenue Potential Annuity Annuity VEL Expected Revenue VEL share Revenue Stream / Project Total Leasable Revenue Economic Rent Project Name Location Completion
Slide 25: Commercial Projects (3/3)
Commercial Projects (3/3) Upcoming Saleable Commercial project 2 6.4 msf INR 5,768+ Cr Saleable Project Total Saleable Area GDV – VEL share Project Status Revenue GDV / Saleable GDV VEL Project Name Partner Developer Expected / Model Revenue Potential Area (~msf) (INR Cr) Economic Interest (%) Compl
Slide 26: Annexures
Annexures 25
Slide 27: Key Projects
Key Projects 26
Slide 28: TEN BKC (X BKC) – Mumbai (Residential)
TEN BKC (X BKC) – Mumbai (Residential) Project Highlights ~5 acre 1.5 msf Adani Realty Project Area Residential Sales Area Strategic Partner 3, 4, & 5 BHK Pod Tierra – Singapore Luxury Apartments Landscape Design Key Update – Part OC received Finishing WIP 2025 ~INR 4,674 cr Current Status Expected
Slide 29: The Mira Road Land parcel (Land Bank) (1/2)
The Mira Road Land parcel (Land Bank) (1/2) VEL's 20-Year Plan for a High-Tech Township Aligns with Coastal Road Completion, Boosting Mira Road's Value and Liveability Integrated 100% Owned Rental Income Hi-tech township Prime Land development 247 Acres INR 248 Cr p.a. 50+ million sq.ft. Valor Estat
Slide 30: The Mira Road Land parcel (Land Bank) (2/2)
The Mira Road Land parcel (Land Bank) (2/2) Location & Revolutionizing Location & Current Current Status Connectivity Status Land strategically located adjacent Reduction in travel time from the to Mira Road Railway Station current 90 minutes <35 minutes Nariman Point – Mira Road <20 minutes Bandra
Slide 31: The Prestige Place - Jijamata Nagar, Worli (1/2)
The Prestige Place - Jijamata Nagar, Worli - (Commercial & Retail) (1/2) Project Highlights ~1.9 msf ~INR 5,420 cr ~2.5 msf ~INR 865 cr Residential Saleable Area Residential VEL GDV Share Commercial Leasable Area Potential Revenue VEL Share One of the largest urban regeneration projects in India, sp
Slide 32: The Prestige Place - Jijamata Nagar, Worli (2/2)
The Prestige Place - Jijamata Nagar, Worli (Commercial & Retail) (2/2) Current Site Status: Full site vacated Site earthwork in progress Note: Artistic image for representational purpose only 31
Slide 33: Codename Bandra West - Mumbai (Commercial) (1/2)
Codename Bandra West - Mumbai (Commercial) (1/2) Project Highlights 3.9 msf 2029 ~INR 14,000 cr ~INR 4,130 cr L&T Realty OM METALS BANDRA BANDRA, MUMBAI. LO CAT IO N PLAN Residential Sales Area Expected Completion Total Project GDV VEL GDV Share Partner Developer INDIA Project Area - Aerial view Loc
Slide 34: Codename Bandra West - Mumbai (Commercial) (2/2)
Codename Bandra West - Mumbai (Commercial) (2/2) Transit Camps construction completed Current Site Status Artistic Impression Note: Artistic image for representational purpose only 33
Slide 35: Godrej Avenue Eleven – Mahalakshmi, Mumbai (Residential)
Godrej Avenue Eleven – Mahalakshmi, Mumbai (Residential) Project Highlights 1.4 msf Godrej Properties ~INR 3,700 cr 2029 Residential Sales Area Strategic JV partner Total Project GDV Expected Completion Artistic Impression Current Construction Status - Under Construction Tower A Tower B Note: Above
Slide 36: BKC 101 – Mumbai (Commercial)
BKC 101 – Mumbai (Commercial) Project Highlights ~2.2 msf ~0.8 msf ~INR 460 cr p.a. 100% 2028 Prestige Estates Total Potential VEL Economic Expected Total Leasable Area Fixed Area VEL share Development Partner Annuity Revenue Interest Completion Artistic Impression Current Construction Status - Unde
Slide 37: The Prestige – Mahalakshmi, Mumbai (Commercial)
The Prestige – Mahalakshmi, Mumbai (Commercial) Project Highlights ~3.0 msf ~1.12 msf 100% 2029 ~INR 660 cr p.a. Prestige Estates VEL Economic Expected Total Potential Total Leasable Area Fixed Area VEL share Development Partner Interest Completion Annuity Revenue Current Construction Status - Under
Slide 38: Codename Malad West – Mumbai (Residential)
Codename Malad West – Mumbai (Residential) Project Highlights Macrotech Proposed 1.3 msf 2029 ~INR 415 Cr (Lodha) Development Expected Potential Revenue Total Leasable Area Development Partner 3 Residential Towers Completion VEL share Project Location (Goregaon West) Artistic Impression 37
Slide 39: Codename Malad East – Mumbai (Residential – for BMC)
Codename Malad East – Mumbai (Residential – for BMC) Project Highlights Current Status ~7.8 msf ~INR 7,155 Cr 2030 INR 705 Cr Agreement with BMC signed - 24th June 2025 Total Construction Area Total GDV Expected Completion Credit Note received in Land conveyed to BMC - 27th June 2025 (incl TDR + Cre
Slide 40: The Lonavala Land parcel (Land Bank)
The Lonavala Land parcel (Land Bank) Project Highlights 250 Acres Integrated Township Project FY26 100% Land Area Proposed Development Lonavala Prestige Golfshire Expected Commencement VEL Economic Interest Project Area View 39
Slide 41: Valor Estate Limited. investorrelations@dbg.co.in
Valor Estate Limited. investorrelations@dbg.co.in +91-22-49742706 Ernst & Young LLP Investor Relation Advisory Vikash Verma Vikash.Verma1@in.ey.com Sumedh Desai Sumedh.desai@in.ey.com