EFC (I) LIMITED — Call Transcript 2026

Feb 20, 2026

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February 20, 2026

To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001. Scrip Code: 512008

To, National Stock Exchange of India Limited Exchange Plaza, 5[th] floor, Plot no. C/1, G Block, Bandra Kurla Complex, Mumbai-400051. NSE Symbol: EFCIL

Sub.: Earnings Conference Call – Transcript.

Dear Sir/Ma’am,

Pursuant to Regulation 30(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith copy of the transcript of Analyst/ Investor Meet held on Monday, February 16, 2026.

Pursuant to Regulation 46 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the above information is also being hosted on the Company’s website at https://efclimited.in/investor-relation/investor-presentation/

Kindly take the above information on record.

Yours faithfully, For EFC (I) Limited Aman Digitally signed by Aman Kumar Kumar Gupta Date: 2026.02.20 Gupta 18:03:53 +05'30' Aman Gupta Company Secretary

Encl.: As above

EFC (I) Limited

Regd. Office: 6[th] Floor, VB Capitol Building, Range Hill Road, Opp. Hotel Symphony, Bhoslenagar, Shivajinagar, Pune-411007, Maharashtra I CIN: L74110PN1984PLC216407 Tel.: 020 2952 0138 I Email Id: compliance@efclimited.in I Website: www.efclimited.in

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“EFC (I) Limited

Q3 & 9 Months FY26 Earnings Conference Call”

February 16, 2026

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– MANAGEMENT: MR. UMESH SAHAY CHAIRMAN AND MANAGING – DIRECTOR EFC (I) LIMITED – – MR. NIKHIL BHUTA WHOLE-TIME DIRECTOR EFC (I) LIMITED – – MR. UDAY VORA CHIEF FINANCIAL OFFICER EFC (I) LIMITED – – MR. AMAN GUPTA COMPANY SECRETARY EFC (I) LIMITED

– MODERATOR: MS. KASTURI BASU MUFG INTIME INDIA PRIVATE LIMITED

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Moderator:

Good morning, ladies and gentlemen, and welcome to the EFC India Limited Q3 and 9 Months FY '26 Earnings Conference Call, hosted by MUFG Intime India Private Limited. 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 touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Ms. Kasturi Basu from MUFG Intime. Thank you, and over to you, ma'am.

Kasturi Basu:

Thank you, Swapnali. Good morning, ladies and gentlemen, and welcome to Q3 and 9 Months FY '26 Earnings Conference Call of EFC India Limited. To discuss this quarter's performance, we have from the management, Mr. Umesh Sahay, Chairman and Managing Director; Mr. Nikhil Bhuta, Whole-Time Director; Mr. Uday Vora, Chief Financial Officer; and Mr. Aman Gupta, Company Secretary.

Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website and stock exchanges.

With that, I would like to hand over the call to Mr. Umesh Sahay for his opening remarks. Thank you, and over to you, sir.

Umesh Sahay: Thank you. Thank you, ma'am. Good morning. Good morning, ladies and gentlemen, and thank you for joining us for the quarter 3 and 9 months Financial '26 Earnings Conference Call today. We are happy to report another quarter of strong business and financial performance. The third quarter has once again demonstrate the strength of our integrated business model. We are no longer operating as isolated vertical. We are functioning as well aligned ecosystem, where leasing, design and build and furniture reinforce each other.

Our strategy have always been clear, build long-term annuity through leasing, capture execution value through interior design and turnkey solution, drive margin expansion through backward integration into furniture manufacturing. Today, we are seeing this strategic translate into consistent growth, stronger profitability and improve operating leverage.

What is particularly encouraging is the quality of business we are onboarding. Large enterprise mandate, integrated turnkey assignment, multi-city engagement, high-value client across segment. Our Leasing platform give us a predictable recurring revenue and continues to be the core of our ecosystem. Today, we operate in 11 cities with more than 73,000 seats under management.

Our Interior division delivered one of its strong quarter with 76% year-on-year growth in quarter 3 and 75% growth over 9 months. The business vertical enhanced client stickiness and scale of

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our consolidated operations. Our furniture business strengthened margin and cost efficiency and has picked up in momentum to grow rapidly quarter-on-quarter. The integrated real estate service model is not only driving current performance, but also positioning us strongly for the upcoming quarter.

We are confident about continued demand momentum, higher utilization in recent added capacity, strong execution pipeline, margin stability with upside potential. The managed workspace industry in India is growing steadily due to more outsourcing by companies, expansion of GCC- global capability center, and increasing demand for flexible office spaces, which give us confidence in our long-term growth.

Design & Build industry for the commercial space also continued to grow with localization of business with global outlook pushing the demand of modern workspace, factory, data center, warehouse and etcetera. And hence, this business vertical would continue to be our growth engine.

Furniture industry is in the consolidation phase with organized players meeting in the everincreasing Indian consumer demand by offering highest quality and design standard for furniture product.

Ek Design, our furniture vertical, is setting those highest standards to be the leader in the furniture industry. Looking ahead, our focus will remain on expanding our integrated workspace ecosystem, while maintaining profitability and operational discipline. I once again thank all of our shareholders and various stakeholders for their continued support.

Now I will invite Mr. Nikhil Bhuta to speak on the company business and operational performance. Thank you.

Nikhil Bhuta:

Thank you, thank you so much, sir. Good morning to all, and a warm welcome to the Q3 and 9 months FY '26 earnings conference call. Dear investors and stakeholders, it is pertinent to note that this quarter's performance reflects how our ecosystem is really compounding.

At EFC, our strategy is centered on building a unified Real Estate-as-a-Service platform, integrating leasing, design and build and furniture manufacturing to deliver end-to-end workspace solution across the entire office infrastructure lifestyle. This integrated model enables us to improve margins, drive cross-selling opportunities and strengthen executional capabilities across the organization.

I would briefly take you through the business and operational performance of EFC India Limited during Q3 and the 9-month period of FY '26 and how our integrated ecosystem continues to scale across verticals.

Leasing, the foundation. The Leasing vertical remains the largest contributor to our operations. As of Q3 FY '26, we operate 91 centers managing over 3.69 million square feet, serving 720plus clients, with enterprise customers contributing approximately 65% of revenue, while maintaining the occupancy above 90%.

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Our average enterprise client tenure of approximately 48 months reflects strong client retention and long-term demand visibility. Seat capacity continues to expand steadily, supported by inventory under development and ongoing capacity additions, which positions us well for future growth.

Our leasing portfolio remains well diversified across sectors such as technology, consulting, BFSI and manufacturing, which helps maintain stability in occupancy and revenue performance. What is important, it is not just occupancy, it is the client mix.

We are seeing large enterprises, multi-location mandates and longer engagement cycles. Leasing continues to be our backbone with high occupancy levels and stable demand across key markets. These verticals gives us predictable cash flow and operating leverage. This provides visibility and stability.

Coming to Interior design -- Interior and Design & Build, the growth accelerator division of EFC India Limited. The Design & Build vertical continues to scale steadily, supported by strong execution capabilities and ecosystem synergies. Our order book stands at over Rupees 160 crores, giving strong outlook for the future sustainable growth.

As of Q3 FY '26, we have designed more than 5.1 million square feet, serving 40-plus clients across multiple locations. This vertical plays an important role in enhancing customer engagement across the workspace life cycle and strengthening ecosystem synergies.

Our Design & Build vertical has benefited significantly from: one, the existing leasing clients upgrading or expanding; two, new enterprise mandates that require turnkey execution; and three, the new mandates from diversified sectors bring stability through diversity. Interior execution today is not just a project business for us. It is becoming a natural expansion of our leasing relationships. This cross-selling is a key growth driver.

Coming to the third vertical, the furniture manufacturing, the margin lever for the company. Our furniture manufacturing business, Ek Design Industries Limited, continues to demonstrate strong operational progress and remains central to backbone backward integration strategy. The furniture manufacturing vertical has delivered over 50,000-plus units and offers 1,200-plus SKUs.

One of the important milestones during this year has been the progress achieved in our furniture manufacturing vertical, which has successfully secured multiple certifications from TUVNORD, a globally recognized certification organization. This certification strengthened our positioning as a reliable and a globally compliant furniture manufacturing partner, while reinforcing customer confidence in our products and processes.

Furniture is now scaling meaningfully. The real benefit here is not only revenue growth, but backward integration, better cost control, faster project execution, margin capture within the ecosystem. Instead of outsourcing, we are internalizing value. As utilization improves, this vertical will contribute disproportionately to margins.

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How the entire ecosystem is driving the momentum? The three verticals, which we explained earlier, are not just independent verticals, they are sequential and mutually reinforcing, leasing to interior execution, interior execution to furniture supply, and completing the cycle.

This reduces customer acquisition cost, improves project turnaround, enhances margins and build long-term client relationships. That is why we are seeing strong revenue momentum, improved profitability, better operating efficiency and visibility into future quarters.

Going forward, as capacities mature and integration stabilizes, operating leverage will continue to play out. To summarize, we remain encouraged by the operational progresses across the business and we'll continue to focus on disciplined growth and executional across all verticals.

Thank you once again for your continued trust and support in EFC India Limited. With that, I would like to hand over the call to Mr. Uday Vora, our CFO, who will walk you through the financial highlights of the quarter. Thank you, and over to you, Uday.

Uday Vora:

Thank you, sir. Good morning, everyone, and welcome to the quarter 3 FY '26 earnings call. I will take you through the consolidated financial performance for the quarter and 9 months ended December 31, 2025.

During Q3 FY '26, the company delivered strong growth across revenue and profitability. Revenue for the quarter stood at INR 270 crores, representing a 52% year-on-year and 6% quarter-on-quarter growth, reflecting strong momentum across Leasing, Interiors and Furniture verticals.

EBITDA for the quarter was 112 crores, registering a growth of 20% year-on-year, while maintaining stable operating margins despite ongoing expansion. Profit after tax reached 62 crores, representing 54% year-on-year and 10% quarter-on-quarter growth. This performance reflects strong operating leverage and disciplined cost management across the business.

For the 9 months period, the company delivered robust and broad-based financial growth. Revenue reached 745 crores, representing a 67% year-on-year growth, while EBITDA grew 325 crores, up 49% year-on-year.

Profit after tax for 9 months FY '26 stood at INR 166 crores, reflecting 79% year-on-year growth. Importantly, PAT for the 9-month period has already exceeded the full year FY '25 PAT, highlighting strong execution and scalability of the business model.

From a segment perspective, growth remained well diversified across verticals. The Leasing segment recorded revenue of approximately INR 135 crores in quarter 3, supported by seat expansion and strong enterprise demand. The Design & Build segment delivered a revenue of about INR 119 crores, reflecting continued execution momentum and strong client engagement.

The Furniture vertical contributed approximately INR 16 crores in revenue and continues to scale in line of our strategy. The evolving revenue mix across vertical reflects increasing contribution from Design & Build and Furniture alongside the Leasing business.

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Overall, the company delivered strong revenue growth, improved profitability and stable margins during the quarter, supported by the strength of our integrated ecosystem and disciplined financial management. It is important to note that the margins have remained stable despite scale expansion, reflecting operating leverage.

With this, I conclude my remarks on the financial performance. I thank all our shareholders and partners for their continued support. I would now like to hand it back to the moderator to open the floor for questions. Thank you.

Moderator:

Thank you very much. We will now begin with question and answer session. Anyone who wishes to ask the question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

Participants you may press star and one to ask a question.

We'll take the first question from the line of Aakash S, an Individual Investor.

Aakash S:

Umesh Sir, Nikhil Sir, Uday Sir Many, many congratulations on such stellar numbers. I wanted to understand -- firstly, many congratulations on the past few years of numbers and the delivery that EFC has given for its shareholders. I want to understand what is your long-term vision for the company? And what milestone should we as investors and your stakeholders watch out for in the coming few years?

Nikhil Bhuta:

Thank you so much, Akaash. And yes, I mean, we all are -- at EFC are pleased to kind of serve well for the company and continue growing profitably. In terms of your questions, yes, we, as a company, would like to grow, as explained earlier also in our previous calls that -- as a real estate, as a service ecosystem, that is what we would like to grow as.

We'd like to kind of categorize as somebody who is not just operating leasing business, but also complementing it with his design and build and the furniture manufacturing capabilities. And hence, overall, as an integrated ecosystem, that is what we would like to be known as, and we would like to continue operating as.

In terms of future milestones for growth, if you can look at it, I mean, how the leasing business is growing in terms of -- we are -- our MD, Mr. Umesh Sahay has already kind of through various of our initiatives made it clear that we are trying to grow from a Leasing business mode as an asset under management model, where we are trying to kind of build assets either on our books or through our various available financial structures like REITs, etcetera, and continue to grow the leasing business because these all structures will become a feedstock for the leasing business.

While both the other sectors -- divisions, which is Design & Build and the Furniture would keep complementing, keep growing together. And we also want to keep them growing independently. So in terms of milestones, all the three verticals would provide a lot of growth indicators, which our investors should really take note of. And going forward, that will only be the growth engines for our company in totality, Aakash ji.

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Aakash S: Perfect sir. Thankyou, thankyou so much.

Nikhil Bhuta: Welcome, please. Moderator: Thankyou, we'll take the next question from the line of Mohan Sharma from Tirupati Investments. Mohan Sharma: Thankyou. Congratulations EFC management on the stellar performance. Further to last question, I would like to understand your furniture margin, which is quite healthy in Q3. Is this driven by a one-off large order? Or is it a sustainable run rate? What is the current capacity utilization at Ek Design? If you can put some light on it? Nikhil Bhuta: Yes. Thank you, Mohan ji. No, certainly, the furniture margin, as Uday has also mentioned in his speech, this has continued to grow. This has continued to get consolidated because once we improve our capacity utilization, the margins are going to get much stabilized and much improved.

The current margin, which you see in the current quarter, is not a one-off order kind of contributing that. It is primarily because of the increase in the overall utilization that is helping us to kind of achieve the better margins. In fact, we -- because as you know, that we had last quarter received an export order and that export order got kind of executed during this quarter.

So the turnover has also gone better and also the margins. And similarly, such orders and such businesses will -- with more utilization of the capacity would contribute in improving the margin and also stabilizing the total production levels that we are trying to achieve.

As of now, at currently, we are utilizing roughly around 35% to 40% of capacities. And we are in process of kind of utilizing -- by first to second quarter maximum, we should be in a capacity of operating with a run rate of anything around 75% to 80% capacity with the kind of order pipelines that we have and with the kind of business that is there in sight, Mohan ji.

Mohan Sharma: Understood. Understood. Your rental incomes are largest revenue segment for you. And what is the blended occupancy during last quarter? And what are you looking at in Q4, if you can put some...?

Nikhil Bhuta: Sure. So Mohan ji, we typically always try to ensure that our blended occupancy would remain in and around 90%. I mean, obviously, that takes care of the situations where there are centers which keep coming up for operations during the quarter as well.

But because of the overall occupancy levels that we maintain, we ensure that even the centers which come in for the occupancy during the quarter also, when you kind of blend them into the totality, still we maintain that higher occupancy levels of 90% upwards. And that will continue.

And that is how our strategies are always -- You see the way we expand, we don't go too aggressive on adding number of seats beyond a level. And hence, we are able to maintain this occupancy level, and which is what our target is always. So yes, I mean, going forward, and

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even currently, the blended margin would -- blended occupancy would always remain around 90%.

Mohan Sharma: Okay. Coming back to my last question, which is related to Interiors, what is your forward order book visibility for this segment because you have already shown a significant improvement in revenue and profitability in the last quarter? So if you can put some light on what's like forwardlooking order book visibility? Nikhil Bhuta: Yes. So we already have right now orders worth about INR 160 crores plus, which are under -- either under execution or about to start under execution during this quarter. And the way our orders are now getting lined up and the way we are securing orders with the team that we have already built and with the kind of client relationship that has already been established, we are very confident that every quarter we'll be able to kind of run with minimum levels of order book so that we'll be able to achieve the growth and the target that is estimated for this division. So yes, as I said, for Q4, we have an order book of around INR 160 crores plus, and we expect to continue with the same kind of order books going forward as well with the expected growth factoring into that. Mohan Sharma: Thank you so much Nikhil ji. Thank you so much. Nikhil Bhuta: Welcome, welcome Mohan ji. Moderator: Thank you. We will take the next question from the line of Fenil Brahmbhatt from Choice Institutional Equities. Please go ahead. Fenil Brahmbhatt: Good morning everyone and congratulations on the strong performance during the quarter. I have a couple of questions for the management. So I'll start with first, like we already added 13,000 seats during 9 months FY '26. And we -- our target is around 20K or adding around 20,000 seats every year. So how much we are confident on adding 7,000 further seats in Q4 FY '26? Nikhil Bhuta: Yes. So there are already a good amount of pipeline which has been developed, and we are fairly confident that we will be able to reach that -- numbers that we are targeting to. We already have about more than 5,000 seats in the pipeline out of the 7,000 that we are talking, to achieve that number of around 20,000. So we are fairly confident to achieve the targets that we have already set plus/minus 5% we would certainly be able to achieve the targets that we have already set for the leasing business. Fenil Brahmbhatt: Okay. Got it. On our D&B division, considering the current order book, which we explained in the earlier question-answer, so what we are expecting the year-on-year growth for next 2 to 3 years? It would be around 50% to 60% growth? Or do we have any guidance on the year-onyear growth? Nikhil Bhuta: Yes, absolutely, Fenil ji, that we are expecting to achieve that kind of a growth year-on-year for next couple of years for sure, looking at the kind of visibility that our customers are also showing in terms of their future expansion, their phase wise expansions and that comfort that we already

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have from our customers for the kind of businesses that they are also wanting us to kind of develop for them.

So we are very clear that we should be able to achieve that 50% to 60% growth target, as we have always maintained for next 1 or 2 years. In fact, as you can see, we are overachieving it, and we -- in the year-on-year targets, if you see, are growing at about 76% and in upward range. So achieving the 50% to 60% targets growth is something that we are fairly confident, and we should be able to achieve that on an annual basis for sure.

Fenil Brahmbhatt: Okay. Great, great. My another question on EBITDA margin. So EBITDA margin constant for the quarter, mainly due to expansion, I can understand. But what will be the sustainable margin level as an overall? And if we have any segment-wise margin, then that would be great.

Nikhil Bhuta:

No, certainly. I mean, I think, Fenil, you'll have to appreciate the fact that in our industry, primarily because of the impact of the Ind AS accounting standards on the Leasing vertical, EBITDA probably is not the right kind of indicator for judging the business performance or the margin performance and the right indicator would be either an EBIT or an PAT, which would kind of give you a good indication on how the company on an overall basis is faring, number one.

Number two, on a normalized basis, if I have to say, then we are certainly maintaining the margins of 30% on our leasing business, on a stand-alone center level basis. On the Design & Build vertical, we are maintaining anything between 20 to 24% depending upon the nature of the projects. And on the Furniture business, although it is a little too early because, like I said, the capacity utilization is yet to achieve to its optimal level.

But still, we are confident that achieving a margin anything around 25% is certainly what we envisage as achievable based on the numbers that we see, based on how the factory operations are going on and the kind of overall efficiency that we are able to achieve, now because it is practically filling up the capacity very rapidly.

So the margins also under the furniture is likely to remain in and around 25%. That is what is the expected margin for the furniture business, considering upon achieving the optimal capacity.

Fenil Brahmbhatt: Okay. okay. And do we design any data center recently? Or do we have any order for data center? Because why I'm asking particularly data center because its take -- it needs specific area infrastructure, high electricity. So if then how much time we are taking to consider one data center in our space?

Nikhil Bhuta:

No. So I mean -- listen, I mean, as far as we are concerned, as you would appreciate, as a Whitehills, as a brand, our expertise is to kind of get into designing and internal fit-outs, okay? And that is where we come in for any kind of projects, whether it is a data center project, whether it is an industrial project, whether it is an office infrastructure project.

So as far as we are concerned, our timeline is completely dependent upon the kind of work that we are doing. And since our work is all about internal designing and execution, so our timeline doesn't get affected by the other aspect of that project for that project to get developed.

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I hope you understand and appreciate what I'm trying to say. So I think it doesn't matter to us. Any type of project which comes, our timelines would run around the similar levels. And I think we'll be able to achieve them and complete them in the similar time fashion.

Fenil Brahmbhatt: Okay. Got it, got it. And I'm just confirming, like for furniture, we are operating right now 35 to 40% capacity, right? So -- And we are targeting 75 to 80% by first quarter or second quarter '27, so -- or further off whatever we have. So do we have any expansion plan on the Furniture segment or any new plant or something is coming in the short-term period?

And if yes, then how we are going to tackle those oversupply or whatever the new supply, which is coming from that plant, considering the competition in the market and lower demand and also, anything on this? Nikhil Bhuta: No, certainly, I think the -- first of all, in terms of achieving the 70 to 80% of capacity utilization, I think we should be able to do that by the end of second quarter, for sure, number one. Number two, in terms of expansion, etcetera, certainly, it will largely depend upon the kind of businesses that we are -- and the kind of projects that we are able to secure.

And please appreciate that if we are able to do more kind of B2B businesses, project businesses, export businesses, then we will also have to segregate our production capacity because under one single production facility, we won't be able to achieve and address all type of different clientele.

If I have to address to a client base which is looking at more B2B and bulk production, I will have an assembly line working very well for me. If I'm looking at an export business which is again a little -- largely on a little bulk side, again, an assembly line would work good for me. But if I'm, let's say, looking at a customer where end use may be more towards direct to consumers, then the question would come more about the quick turnaround time, the quick TAT that we need to achieve, then my production line has to achieve those kind of capabilities. So I think those are the things will determine whether I should get into the expansion, whether I should expand facility into different categories. And I think we know we are mindful and looking at the kind of businesses that we receive, based on that only our expansion strategy would be determined.

Fenil Brahmbhatt: Noted, noted and yeah that’s all from my side and all the best for upcoming projects. Nikhil Bhuta: Thankyou, thankyou so much. Moderator: Thankyou. We will take the next question from the line of Vatsal Nagelia from AstralMind Capital. Please go ahead. Vatsal Nagelia: Hi, good morning. Congratulations on a good set of numbers. First, I have a suggestion. Many companies include the Pre-Ind AS numbers in their presentation. So if you can also include those numbers. And secondly, coming to the question, around 50% of our portfolio is IT and softwarerelated, right?

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So do we see any -- or do we expect any change because of AI? And how are we seeing the market evolving? Because many companies in US and foreign are also stating that they are hiring less because of AI. And -- so are we looking into that?

Nikhil Bhuta:

No. I mean, right now, when we say IT sector, it is not just only the software development part of it. It covers a very wide gamut. I mean, it includes IT-enabled services, and you know that there are endless IT-enabled services which is running multiple businesses across India.

And I think the consumer-driven economy that our country has become, I believe that the ITenabled services is likely to keep growing independent of the kind of invent and independent of kind of AI inclusion in the businesses. It is always going to kind of increase the use of IT-enabled services rather than reducing the IT-enabled services.

So I mean, we don't see any significant impact on that as far as we are concerned, like I said, because it is not just IT development which matters to us, it is all IT-enabled services which matters.

So positively, we are -- I mean, with the kind of demand that we are seeing already since last 6 months also, even after so much of AI-related buzz around, we don't see any kind of reduction in the business from the IT-enabled services sector as is concerned.

Vatsal Nagelia:

So what I have been hearing also is that some companies, big companies are shifting to a lease model because they don't want to build an infrastructure which they don't have demand for right now. So they are moving to a lease model. So are you also seeing that many companies who are building their own buildings now are moving to you?

Nikhil Bhuta:

Yes, yes. I mean that is precisely the reason why the growth in our sector has really been coming from. If you see that everybody -- from our customers' point of view, they all want to go a little capex light. They all want to focus on their core sectors.

And that is where they see the synergies between our businesses and their businesses where we provide the specialized services of managing the real estate for them, whether in terms of taking the property, building it up, designing it up the way they want it, furnishing it with the way they want it and then operating it for them so that their focus remains on their core business. Their entire capex goes out of their books.

And in fact, everything comes under their opex. And that is the precise reason why our industry is really getting the momentum. And it is fairly logical also, right? I mean, why somebody would go and kind of deploy their capital into activities which are their noncore activities.

And hence, I think this is really helping us, and we are seeing that continuously where more and more traditional businesses, which were also earlier where -- as an Indian mindset, we always had a mindset of owning our own offices, operating our own offices.

But with the growth and with the kind of expansion that they are also into, and the kind of the domestic market that they need to serve into, I think everybody is realizing the benefit of this model, and that is helping us tremendously for sure.

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Vatsal Nagelia: Also one last thing I wanted to understand was that how are you -- like what role do you play in the data center space? I couldn't understand that?

Nikhil Bhuta:

So our -- I mean, what we -- what I tried to explain is that we are agnostic to any projects. It doesn't matter to us whether it is a data center or a factory development or a health care center development or office infrastructure development or education institution development. What our strength is, is to do the interior design and build for any kind of infrastructure.

Any kind of commercial space that is given to us, we design them. We build it out as per the specs and the requirement of the client, and that's all that our strength is all about. We -- Industry doesn't really affect us because our role is purely determined by the client based on the specifications and the design standards that are set by them. So that's what we try to explain, sir.

Vatsal Nagelia: Thank you so much. All the best.

Nikhi Bhuta : Welcome, welcome. Thank you

Moderator: Thank you. We will take the next question from the line of Raj Sarraf from Finvestors.

Raj Sarraf: So, very good morning and congratulations on good set of numbers. Sir, when you talk about the margin in rental space and interior and even furniture, so do you talk about, sir, EBITDA margins or PBT margins or PAT margins?

Nikhil Bhuta:

So we prefer to kind of focus on PAT because at the end of the day, that is what matters. If I -- if you want me to break it down for each sector also, each vertical also, please appreciate that because of -- as far as the leasing is concerned, because of the Ind AS implication, it is better to look at from a PAT point of view.

From a design and build interior division point of view, if you look at it, I mean, we can look at either an EBITDA or PAT both because in our businesses, there is -- in the Design & Build, hardly there is any capex because -- so there is no -- any real impact on depreciation.

And there is also that we don't have a great amount of borrowing except for the working capital. So the impact -- I mean, one can evaluate it from an EBIT point of view, as we have already mentioned in the segment reports, or you can also evaluate it at a PAT level.

But I mean, I think we believe that the best indicator would be the PAT margins because ultimately, that is what would -- our shareholders would be -- the profit that would be attributable to their wealth.

And I think that would be the right indicator for us to kind of judge considering the various accounting systems that are in place that one is required to follow considering the regulatory guidelines. I think that gives a good indicator. So PAT is the right number for measuring the performance in our opinion.

Okay, sir. So 30% and 25% and 22% to 25% across all the segments are at PAT levels?

Raj Sarraf:

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Nikhil Bhuta:

No, that -- what I mentioned is that, let's say, 30% to 32% is the margin that we maintain on a central level. When you get into the corporate level, that comes to around kind of 25-26% post all my expenses, post all my interest costs, post all my tax liabilities, etcetera, under the Leasing division.

And when you come under the Design & Build division, the EBIT levels are anything between -- that is before interest and tax, the levels are around 22 to 24%. Post tax, it would roughly come around 18 to 20% under interior -- Design & Build vertical. So on the Design & Build, to summarize, the PAT margin would be anything around 18 to 20%. And under Leasing vertical, it would be around odd 25%.

Raj Sarraf: And for sir, furniture, what we should consider? Nikhil Bhuta: So furniture, I would request you to wait for one more quarter to give you a very stabilized margin because this -- the growth is still under -- quite significant way it is growing. So, giving you a right number would be more appropriate maybe end of quarter 1 or something like that. Because when I would have achieved a very reasonable capacity of, let's say, 60% plus, and hence, I would be able to give you a very normalized and stabilized margin, which you can consider going forward as the base for the Furniture division.

But otherwise, like I said, our estimates are in and around -- on a pre-tax basis, around 25% and maybe post-tax basis, anything around 20 to 22%. That are our estimates, but I would still recommend and request if you could wait till about end of quarter one to get a normalized margin, which one can consider going forward for the furniture business.

Raj Sarraf: Sir, are we looking for our own property on which we can -- we are making actually more margins? So how we are going about that? Nikhil Bhuta: So we are, and as you know, we already have more than about 300,000 square feet under our own ownership. And that comes from the fact that, that obviously contributes greatly to our bottom line because obviously, there is no rent.

But yes, there is a corresponding interest cost. But still, obviously, going forward, the company would get benefited immensely because of the appreciation and the value of the property, number one. Overall cost, my operational cost reduces because I have the complete control over the property, right?

So my all costs relating to the common area maintenance and other costs are very much in my control. So certainly, properties under my own ownership will offer better margins, and that also contributes to our overall good margins.

And we are continuing to looking at developing such properties when we get good opportunities, when we get good deals where we are able to make a substantial margin on those deals, where there is an appreciation potential, we will keep on acquiring such property to the extent our cash flow permits.

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Raj Sarraf: Okay, sir. So what is the average realization per seat right now on absolute basis, on an average? And going forward, what we can consider?

Nikhil Bhuta:

So yes, in percentage terms, as you know, is roughly around 30% plus. And in terms of absolute revenue per seat, if you have to consider from a margin perspective, let's say, it's anything around 2,000 rupees per seat.

I mean, it generally depends upon the pricing, but let's say, my average pricing right now is going at about 7,000 rupees. So if you apply that 30% margin, that's about 2,100 rupees per seat that probably we make. And that is where our overall economics works in our favour.

Raj Sarraf: And sir, last one is, sir, anything about REIT, sir, we are talking about the REIT from last 1 year. So what is the status on that? Nikhil Bhuta: Yes, we are talking about it. And why there are -- you have to appreciate that as a concept, the SM REIT is also evolving. The SEBI and the government is also coming up with various clarifications, various guidelines. And we are also mindful because when we started, when we got ourselves incorporated, the regulations had very different connotations.

And now -- it is also matured now very well. And we are also have now taken sought opinions, legal opinions and clarity on the various aspects relating to the structures of the REIT. And we are very actively evaluating various opportunities. I mean, it would be inappropriate right now to tell you the timeline.

But what we can see is that as a management, as I mentioned in my earlier statement that we are very focused in building the asset under management, the portfolio of assets under our management, and we are taking steps to achieve that. And soon, the company would be able to announce such opportunities as soon as they are able to see the commercial alignment and the profitability in those transactions, we would certainly come in and come up with those structures to get implemented for the company. Raj Sarraf : Thank you very much for replying to all my questions and good luck for next endeavours. Moderator: Thank you very much. Ladies and gentlemen, we will take that as the last question for today. And with that concludes the question-and-answer session. I now hand the conference over to Ms. Kasturi Basu for closing comments. Thank you, and over to you, ma'am. Kasturi Basu: Thank you. I would like to thank the management for taking the time for the conference call today and also thank all the participants. If you have any queries, please feel free to contact us. We are MUFG Intime India Private Limited, Investor Relations Advisors to EFC India Limited. Thank you once again. Moderator: Thank you very much. On behalf of EFC India Limited, that concludes this conference. Thank you all for joining us today and you may now disconnect your lines.

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