SIGNATURE

Share price (NSE / BSE) ₹1,107.60 52-week High / Low High ₹1,645.85, Low ₹1,010.95 Market Cap ₹15,550-15,700 Crore P/E (Trailing, Consolidated) 120-125× P/B (Price / Book) 20-22× Book Value per Share ₹51.7 Dividend Yield 0% (no recent dividend) Very high valuation multiples: P/E 120×, P/B 20× are extremely high. Investor expectations are baked in. Large dependency on execution: Real estate companies are sensitive to project approval delays, construction delays, regulatory issues, cost overruns. Any slippage could hurt results materially. Margin pressures: While margins are improving, the QoQ drop in operating profit in Q1 FY26 suggests volatility. Interest cost and working capital risk: Real estate is capital intensive. Even as net debt falls, servicing debt in rising interest rate scenarios or during slow sales cycles could be stressful. Overhang of valuation risk: Because the price has fallen 25% over the last 12 months even though performance has improved. Means market is wary.