The Phoenix Mills Limited ($503100)

Ladies and gentlemen, good day, and welcome to the Q4 FY '26 Results Conference Call of The Phoenix Mills Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Shishir Shrivastava. Thank you, and over to you, sir.

Good morning, everyone, and thank you for joining us. FY '26 was a year of strong operating performance and an important transition year for the Phoenix Mills Limited. We delivered consolidated revenue of INR 4,423 crores and an EBITDA of INR 2,637 crores, up 16% and 22%, respectively, reflecting a healthy broad-based growth across our portfolio. Importantly, we delivered this performance without adding any new retail capacity during the year. This performance underscores the strength of our retail-led mixed-use platform. Retail consumption gained momentum in the second half of this financial year and continued to scale meaningfully during quarter 4. Offices saw strong leasing momentum across newly delivered assets. Residential sales provided incremental cash flows and hospitality remained resilient despite a challenging backdrop. Underlying operating leverage improved across segments and operating cash flows remained robust, supporting both growth investments and first tranche payment for the CPP stake acquisition in ISMDPL while maintaining disciplined leverage. Over the past year, we have also taken key steps to strengthen our growth trajectory for the long term, consolidating ownership in high-quality assets, progressing large under construction developments and building depth across leadership and operations. Our focus remains on ensuring that this platform continues to compound sustainably through disciplined capital allocation, strong governance and consistent execution. With that context, I will now hand over to Rashmi, who will walk you through the retail performance and key drivers in more detail. Over to you, Rashmi.

Thank you, Shishir, and good morning, everyone. Retail continues to be the core engine of Phoenix portfolio and FY '26 was an extraordinary year for the business. Leasing remained exceptionally strong. During FY '26, we completed approximately 920 deals covering 3.2 million square feet. We opened over 400 new stores across the portfolio in FY '26. This includes several marquee brands like Apple, IKEA, Uniqlo, Bershka, Rolex, Golden Goose, LEGO, Victoria's Secret, Onitsuka Tiger, flagship store of Lifestyle, Tanishq, Azorte, Game Palacio and Pantaloons among several others. These launches have further strengthened the positioning of our malls as the preferred destination for leading global and domestic brands. On the F&B front, we introduced an experience-led concept Gourmet Village at Phoenix Palladium, which is now being replicated across our portfolio, starting with PMC Bangalore and Phoenix Palassio. Rentals continue to grow steadily. Retail rental income for the year grew to INR 2,157 crores, up 10% year-on-year without any area addition in the portfolio during the year. Revenue share income also improved meaningfully, reflecting healthy tenant trading performance. At the asset level, Phoenix Palladium delivered INR 461 crores of rental income, growing 14% year-on-year. At both our Phoenix MarketCity Bangalore and Phoenix MarketCity Pune centers, over 3 lakh square feet of area at each mall has undergone strategic repositioning. These churns and new deals will result in a strong double-digit rental growth in the upcoming year. Phoenix Palassio entered its fifth year of operation, triggering a renewal cycle, which enabled us to achieve over 20% rental growth across 120 renewal and new deals. This uplift will flow through in the coming periods. Our newer assets also continue to gain traction with Phoenix Mall of Asia delivering 33% growth in rentals and Phoenix Mall of Millennium delivering 22% growth in rentals in FY '26. We maintained strong cost discipline during the year. We continue to keep a very close eye on expenses while ensuring the quality of customer experience across our assets is preserved. Renewable energy now supports a meaningful share of our retail energy needs, delivering tangible savings. At the same time, we transitioned to more targeted and smarter marketing campaigns, which has helped us optimize spend while continuing to drive strong customer engagement and footfalls. All such initiatives have translated into robust EBITDA growth. Retail EBITDA for FY '26 was INR 2,246 crores, growing 12% year-on-year. This improvement reflects both strong top line income growth and operating leverage coming through from a disciplined cost management. Finally, consumption continues to be a clear outlier. Retail consumption reached an all-time high of INR 16,587 crores, growing 21% year-on-year, while Q4 consumption grew 31%, demonstrating strong momentum across the portfolio. From a category perspective, fashion and accessories, which contributes nearly 60% of our area, grew by 16% during the year. Cinema and entertainment delivered 22% growth, while jewelry and electronics grew by over 30%, reflecting both premiumization and healthy discretionary demand. What is equally important is the quality of that growth. Even as Q4 consumption moderated sequentially, retail rentals remains largely stable and retail EBITDA was essentially flat quarter-on-quarter. This reflects the structural protection of our lease model, and it is the same model that creates the runway for accelerated rental growth as leases reset over the next 2 to 3 years. On rental specifically, rental income grew 14% this year on an already strong base. The gap versus consumption growth reflects 3 factors. First, our MG plus revenue share lease structure is designed to protect downside and capture upside as consumption scales, which creates a natural lag in the near term. Second, newer assets like Mall of Asia and Mall of Millennium are still in their ramp-up phase and will converge over time. Third, seasonal consumption growth in Q4 was driven by categories such as jewelry and electronics, which are high-volume categories that carry structurally lower revenue share ratios. With 36% to 50% of our portfolio area coming up for renewal over the next 2 to 3 years, the conversion of consumption growth into rental growth has a clear and near-term catalyst. As we look ahead, leasing transaction at our under construction assets remains encouraging with Phoenix Grand Victoria in Kolkata already at 79% leased and Phoenix Surat at 41% leased. Combined with upcoming expansions of existing assets and visibility of pipeline extended through 2030, we are well positioned for a sustained double-digit growth in retail earnings over the next few years. I will now hand the call over to Varun to walk you through the other business highlights. Thank you.

Thank you, Rashmi. I will now take you through the performance of our office business, followed by a brief update on hotels and our under construction assets. Over the past 2 years, our office platform has undergone a meaningful transformation in both scale and quality. From a portfolio of approximately 2 million square feet spread across Mumbai and Pune in FY '24, we have now expanded to nearly 4.8 million square feet today across 4 cities, Mumbai, Pune, Bangalore and Chennai, with 3 large grade A developments that were delivered during 2025. Each office asset is integrated within our destination retail-led campuses, offering occupiers access to a differentiated, amenity-rich environment that is increasingly valued by leading corporates. Alongside scale, we have remained focused on quality with all new developments having the best-in-class energy efficiency measures and are designed to support collaborative future-ready workplaces. FY '26 also marked a strong year for the office leasing execution. Gross leasing for the year stood at over 2.2 million square feet, and our portfolio occupancy on this 4.8 million square feet increased to 70%. Within this, our mature operational assets saw occupancy rise to 83%, up substantially from 67% at the start of the year, while the offices completed during 2025 saw leased occupancy ramping up to 62% from a very low base at the beginning of the year. This pace of absorption compares favorably with market benchmarks for newly delivered Grade A office spaces. For the year, our operational office portfolio in Mumbai and Pune generated income of INR 213 crores with EBITDA of about INR 141 crores, reflecting steady growth even as a significant portion of leasing occurred in newly operational assets. As is typical in the office business, leasing activity leads income recognition with a time lag. With the leasing achieved during FY '26 and the pipeline already in place, we now have clear visibility on income ramping up and overall occupancy progressing towards 90% over the next few quarters. We expect a meaningful step-up in rental income and EBITDA from FY '27 onwards. Turning briefly to hotels. FY '26 was a year of resilience amid a more cautious macro environment. Total income grew 8% to INR 596 crores, while EBITDA increased significantly by 14% to INR 276 crores, reflecting strong operating discipline and the inherent quality and standing of our assets in their respective micro markets. The St. Regis Mumbai continued to perform -- outperform the market with EBITDA margins improving to 49% and average room rates in excess of INR 21,000 supported by strong occupancy, underscoring its premium positioning and pricing power. Courtyard by Marriott Agra also remained resilient, sustaining occupancies in the high 70s and maintaining stable margins despite a softer backdrop for the overall city. Rashmi spoke about Kolkata and Surat and both of these assets are targeted for becoming operational during FY '28. Let me also give you a quick update on our other developments across Thane, Coimbatore and Chandigarh, where we have moved from approval stage into execution. At Thane, we have received the environmental clearance and other necessary approvals, and we have onboarded the excavation contractor with excavation expected to commence at the site shortly. At Coimbatore, all requisite approvals are in place and excavation at the site commenced from quarter 4 onwards. And similarly, at Chandigarh, all requisite approvals have been obtained and preconstruction work has already been initiated. Across all 3 locations, we are following our established development discipline wherein we secure all required approvals, finalize our design and cost frameworks, tender a significant part of the construction cost before we commence construction. This approach gives us confidence on time line and visibility on costs and also ensures quality of execution as these projects progress. With that, I will now hand the call over to Kailash, who will take you through our residential portfolio and overall financial performance.

Thank you, Varun. Good morning, everyone. I'll take you through our resi performance and then briefly touch upon overall financial position and capital allocation. FY '26 was a strong year for our resi business, both in terms of sales momentum and cash generation. It is important to note that we approach residential development with a clear strategic lens. It is not a capital-intensive growth engine nor does it compete with -- for capital with our annuity businesses. Instead, we use resi selectively as a cash-generating vertical, monetizing high-quality inventory in mature micro market. Gross resi booking for the year doubled to INR 471 crores with collection closely tracking at INR 467 crores. Resi recognized during the year stood at INR 489 crores total sales. This performance was driven primarily by our premium residential project in Bengaluru, One Bangalore West and Kessaku, which continue to see healthy demand and pricing resilience for ready inventory with average realization pricing around INR 28,000, INR 29,000 per square feet. At a group level, FY '26 reflects strong financial compounding. Consolidated revenue for the year grew at 16% to INR 4,423 crores, while EBITDA grew faster at INR 2,637 crores, up by 22%, driven by operating leverage across retail, office and hotel. Net profit after tax for the year stood at INR 1,557 crores, up by 20%. Operating free cash flow after working capital, tax and interest was at INR 2,140 crores, up by 23%. FY '26 was also a year of elevated capital deployment and investment in growth for our next phase. The most significant transition was the buyout of CPP transaction stake in ISML, which will result into full ownership of a high-growth -- high-quality cash generation platform. Alongside this, we invested approximately INR 1,035 crores in construction and development across all the retail assets -- retail and office assets and a further INR 431 crores for the land and development rights in existing projects. Despite the level of investment, the balance sheet remains firmly under control. Gross debt stands at INR 5,164 crores with a net debt of INR 3,160 crores. Net debt-to-EBITDA ratio, which was 1.24 last year has improved to 1.19x this year, even after factoring the ISML acquisition and peak construction CapEx. This reflects the strength of our operating cash flow and our disciplined approach to capital allocation. As I look ahead, we remain focused on converting our scale into sustainable earnings and cash flow growth, funding development largely through internal accruals and maintaining a conservative balance sheet as we execute the next phase of expansion. With this, we are happy to open the floor for the question.

[Operator Instructions] The first question comes from the line of Puneet Gulati from HSBC Bank.

Congratulations on good performance. My first question is with respect to the upcoming malls in Kolkata, Surat and also your residential project. Is it possible to get some sense of time line as to what quarter for 2027 should we expect those?

Puneet, so for Kolkata and Surat, we are expecting to launch it during FY '27 and -- sorry, FY '28, my bad. And we will put it in the second half of FY '28.

Okay. And the residential, Kolkata?

Kolkata Residential, Puneet, we are in -- I think we are finalizing the design and the product mix in there and reverifying the approvals. So I think we will give you an update in the coming couple of quarters on the launch time line for Kolkata residential.

Does that answer your question, Puneet? Yes, Puneet, please go ahead with your question. Since there is no response from the participant, we would move to the next participant. That's Mohit Agrawal from IIFL.

My first question is on the consumption growth for fourth quarter. So can you share that ex of jewelry or let's say, ex of non or low revenue share segments, what would be the consumption growth? So let's say, the 30% reported number, what would that be ex of jewelry or non-rev share segments?

Sure, Mohit. So if I take out jewelry and electronics, both of which have had very strong growth during FY '26 and -- but they are structurally lower as far as revenue share is concerned, then our quarter 4 consumption growth would come in at about 17% to 18% for the rest of the portfolio. In fact, we believe that what you see in fashion or F&B or in cinema and entertainment, this has been the strongest set of sequential quarterly growth numbers that we have seen over the last 3 to 4 years in these categories.

Okay. And as we move into FY '27, how do you see this -- probably this jewelry and electronics growth kind of stabilizing and the gap between the consumption growth and the rental growth on the reported basis, would that narrow or probably would this gap would continue in FY '27 as well?

So Mohit, we have a lot of moving positive factors at play at this point in time. If I first talk about the portfolio, you will see the trading occupancy at Phoenix MarketCity, Pune and Bangalore going up substantially in the coming quarters. It's not just occupancy that's moving up, but also the kind of retailers and the impact that they will have on the trading densities, consumption and the overall rental growth. We have already guided to a strong double-digit growth from these 2 mall portfolios that we should see during FY '27. Further, you should see the stabilization of Phoenix Mall of the Millennium and Phoenix Mall of Asia, which have seen over a 10% increase in their occupancies during FY '26. This should stabilize and start contributing to rent, so you get a stable base to compare the rentals on. And further, these are -- these 2 are the core set of malls that we have spoken about. But across the portfolio, we have a significant amount of lease expiries that are coming up, which gives us a great opportunity to renew good performing brands and also introduce new categories across malls like Phoenix Palassio and other malls where we have a number of expiries. Now if you collectively take these 3 factors into consideration, we continue to remain positive as far as rental growth across our portfolio is concerned. And electronics and gold and jewelry, if they continue to grow well, you will see a strong momentum in consumption. But even if they moderate, I don't think it will have that material an impact on rental growth for FY '27. Does that address your question, Mohit?

Yes. So rental growth, irrespective of how the consumption number moves, this will continue to be, as Rashmi mentioned, mid- to high double-digit growth.

Yes. Yes, Mohit.

My second question is on your opening remarks on office portfolio. You mentioned that you are targeting 90% occupancy in the next few quarters. Now clearly, here, Bangalore is the big thing that can move. It's about 33% leased. So what is the outlook on that asset, Bangalore office? And secondly, on your Rise commercial, how are you looking at -- so while it's still getting constructed, are you kind of reaching out to IPCs and trying to lease out? What is the strategy in terms of leasing out that asset?

Great questions, Mohit. Thank you so much. I think, first of all, the response from the tenant for our office products has been simply phenomenal in the last 12 months. We -- in fact, while we have announced that we have closed leasing of 2.2 million square feet, we also have several deals in the pipeline where commercials are closed and documentation is under execution. And I think what has helped set these office assets apart are the amenity and the product experience that we have provided. At the base level, the product that we have delivered is of the highest standard in the market in terms of energy efficiency, in terms of layout, et cetera. And we have further complemented it by adding never seen before amenities like a great hall, which provides all office occupiers with private meeting rooms, great cafe, entertainment areas, et cetera. And we also integrated at specific locations, the mall offerings and lifestyle amenities like club, et cetera, that have really set these offices apart and they have become the go-to address for corporates to have their addresses in these respective cities. I am not taking any names on this call of the tenants who have come in. But if you follow our LinkedIn page, you will see many tenants have posted about opening their new city headquarters in our office portfolio. And we have several other more prominent occupiers in the pipeline that we are very hopeful of converting. Similarly, Mohit, I think like retail, we believe in creating destination offices and Rise is going to be a similar product that is going to be set apart from the rest of the developments that you see in the city. And we are already engaging with IPCs and tenants, and conversations are at an advanced stage. And finally, to address your question on Bangalore, we have a very strong pipeline. So while you see an occupancy -- lease occupancy in the late 30s right now, we expect it to move up substantially in the coming couple of quarters.

Okay. Just a clarification, any pre-leasing that you've already closed in for Rise so far?

We will come back and make those disclosures, Mohit, the minute we start signing LOIs, but thoughts are moving at an advanced stage at this point in time.

[Operator Instructions] Our next question comes from the line of Puneet Gulati from HSBC Bank.

Yes. Sorry, I dropped out. My question is on the Phoenix MarketCity, Bangalore and Pune, where we've seen good comeback in terms of consumption growth, but it is yet to be visible in rental growth. How should one read that?

So we have about 9% of area, both in Phoenix MarketCity, Pune and Bangalore, which is leased but under fit-out and has not started trading. So we'll see the upside of rental of that area in the current year FY '27 as well as a lot of churn that happened during the year and brands have opened during different period and some in Q3, Q4. So you'll also see the full upside of that rental in FY '27. So Phoenix MarketCity, Pune, we'll see close to 14%, 15% rental upside in FY '27. And PMC Bangalore is going to be close to 20% increase in the rental income.

Understood. So there's just a bit of lag from consumption to rental over a quarter.

I think what Varun answered earlier, apparel and accessories, which is close to 60% of our portfolio, continues to grow at 15%, 16%. And we may see that continued seasonal jump in jewelry and electronics. So you'll see that slight difference between the growth rate of consumption and rental. But otherwise, it all looks very healthy in terms of both the consumption increase and the rental increase and both will grow at a similar pace.

Understood. That's helpful. And lastly, on slightly philosophical side, you have 2 small malls, Phoenix United in Bareilly, Lucknow and a hotel in Agra not meaningfully contributing. What is your thought about divesting those assets? Or do they serve a purpose in your portfolio?

Puneet, we haven't thought about divesting those assets. It's -- we have a strong team in the North, which has an oversight on these -- all of these assets and amongst the larger assets that we have in North or upcoming. So we haven't thought about divesting these, but we take your point that these are not very impactful in the overall financial statements. They don't have much of an impact. However, there is potential in these cities as they continue to grow. So there could be a model to expand on. But for the moment, we have not thought about that.

The next question comes from the line of Pritesh Sheth from Axis Capital.

First question is on the upcoming expiries, almost 60% of the portfolio over the next 3 years coming up for expiry, 3 to 4 years. What kind of rental upside that we see based on the existing contracted rents and what the actual market rents are, if you can guide us on that?

Thanks, Pritesh, for the question. I think let me take a step back, Pritesh, and talk about what we have done in FY '26. So in FY '26, Rashmi spoke about doing about 3.2 million square feet of deals across the portfolio. If I take out the deals that we have done at our under construction assets, we are talking of about almost nearly 2 million square feet of deals that is done at the existing operational portfolio. Within this portfolio, during FY '26, I think on a blended average, we have seen nearly a 20% growth in rentals between new deals and renewals combined. Now we have a strong leasing expiry pipeline that is there, and we haven't -- we have identified opportunities to reposition especially in terms of the brands and category mix as well as the experiential F&B experiences like Gourmet Village that Rashmi spoke about earlier. And we will use this opportunity to repush in the mall and target strong rental upside, not too dissimilar from what you have seen in FY '26 as well.

Not too different than what we have seen in FY '26, right? That's what you...

That is what our endeavor would be. And I think market conditions staying supportive, we hope to deliver on that.

Sure. And beyond these expiries, rest of the portfolio will grow at contractual kind of levels or there also there will be contractual plus revenue share coming into picture, and hence, it would more or less be linked to the consumption growth as well.

A strong, strong endeavor internally to ensure that every retailer is having their best-performing stores at our malls. And hence, our marketing efforts, our customer engagement initiatives and all the events that we do is targeted to ensure that retailers are growing not just at 5%, but at much higher growth rates year after year. So I would say that the rest of the portfolio outside of the expiries should continue to see reasonable growth year-on-year.

Yes. I'd also like to add one point to that, that in addition to the expiries, we also continue the ongoing churn to bring in newer brands that are coming into the market. And as you've seen in recent times in Phoenix MarketCity, Pune, Bangalore, we've seen over the last 2 years, we've seen a 10% to 20%, 25% churn that we've done. So this will also bring in the increased rental impact in addition to the upcoming expiries because that's an ongoing process.

Yes. Got it, got it. That's helpful. Second, on the Phoenix MarketCity, Pune and Bangalore, by when can we expect them to reach 95% kind of trading occupancy, which is a general stabilized rate that we expect?

I think, Pritesh, in our presentation, we have already guided to reaching about 90% by the end of Q1, right? And because we have certain identified stores like Uniqlo and other stores that are scheduled to open, and by our lease occupancies, if you see at Bangalore and Pune, they are already -- Bangalore is already entirely leased and Pune is also near 100% leasing at this point in time. So the trading occupancy should also move up towards the 95%, 96% levels by the end of FY '27.

Sure, sure. And just one last on the office side.

Yes, go ahead, Pritesh.

Sorry, can you hear me?

I can hear you. Please go ahead.

Yes, yes. Okay. Just one last on the office side. When can we start -- when should we start expecting rentals from the newer office assets around from Q2 onwards since these assets were completed towards the end of last year?

Yes, Pritesh, I think you should expect to see revenue coming in from Q2 onwards and quarter-on-quarter, you should see revenue growing. I don't want to hazard a guess, but I would estimate that our quarterly income from office assets should double from current levels by the time next year, quarter 4 comes around.

The next question comes from the line of Parikshit Kandpal from HDFC Securities.

Congratulations on a good quarter. So my first question is on the rental. So we have seen 21% consumption growth has translated to 10% growth in rentals. So just wanted to understand if the mix of the tenant remains the same. So is it correct to assume that typically conversion from consumption to rental will be roughly between anywhere -- I mean, up to half, like 50%?

Parikshit, thank you. That's an interesting question. Just for everyone listening in, I will just maybe give a backdrop on how our lease structure is structured and why it creates an intentional gap at times between consumption growth and rental growth. As you are aware, our leases are higher of fixed rent or revenue share. whichever is higher. Now the fixed rent at the beginning of the lease creates downside protection for us. So even when stores are ramping up, their consumption and their retailer sales may not have reached the threshold level at which they start paying revenue share to us. We still continue to benefit and enjoy downside protection from the fixed rent. And once consumption crosses and breaches the threshold levels, then our rents start moving alongside it. You have seen this normalization play out in the last 2 years in Phoenix Mall of the Millennium and Mall of Asia, where rent to consumptions have moderated to what our portfolio average levels of about 10%, 11% for new malls. Going forward, the rent should continue to grow. The growth in consumption would depend on, a, where the high growth but low revenue share categories like jewelry and electronics come in. And I would say that if market conditions stay the way they are, the gap between rent and consumption should continue to naturally narrow as we go forward and the revenue share component of our rental deals continue kicking in and bridging the gap.

So out of the INR 2,157 crores of rent, how much was minimum guarantee and how much is revenue share?

We typically don't provide that breakup, Parikshit, but you may consider 90% of the rental income to be fixed in nature. And the rest is incremental revenue share over and above the fixed rent that we generate from retailers.

And sir, last question on this 10% growth in rentals, which we are seeing, if you can help us understand the breakup of -- so what was the impact of the ramp-up in trading occupancies like-to-like, if we have to compare, so what would have been the actual rental growth because I think newer malls have seen a sharp ramp-up in trading occupancy, which could have added additional delta. So I just wanted to understand and also on the volume and pricing bit, how much do you think that you have achieved because I think you said some areas were under renewal and you got 20% growth there. So I just wanted to understand whether the inflation -- whether the pricing is tracking inflation at least.

Yes. I think there are many parts to unpack in that question, Parikshit. If I try and take a short-arm jab at that question, I would say that, first of all, actually, trading area at a portfolio level hasn't increased compared to last year. You have seen trading occupancy go up in Phoenix Mall of the Millennium and Phoenix Mall of Asia, but at the same time, we have lost some area in Phoenix Palladium, which is intentionally under redevelopment at this point in time. And we have repositioned the Phoenix MarketCity mall, which has also led to a temporary intentional drop in trading occupancy. So when we compare at our end when we look at the data and we see trading areas across the portfolio, FY '26 was at the same level or slightly below FY '25. Of course, in terms of trading densities like you alluded to, Phoenix MarketCity mall have seen a significant growth in trading densities which are in excess of 20% for the quarter and also overall for the full year as well. And that's an outcome at times of deliberate selection of which criterias continue to stay and what type of events we do to manage the impact from lower trading area in the mall.

On contractual rentals increase, I mean is it marking inflation because now we are in a...

Sorry to interrupt, Parikshit. Those are 2 questions, please rejoin the queue. Our next question comes from the line of Parvez Qazi from Nuvama Group.

Sir, 2 questions from my side. First, I mean you said that consumption growth ex electronics and jewelry was maybe 17%, 18% in Q4. What would have been a similar number for FY '26 as a whole?

Sorry, Parvez, are you asking for a similar number for FY '25 or '27?

FY '26. FY '26 consumption growth was 21%. But if you adjust for jewelry and electronics, then what would that number have been?

Okay. That number would have been 14% to 15% for -- adjusted for jewelry and electronics for the full year of FY '26. For quarter 4, that number was closer to 18%. And for quarter 3, that was 16%.

Sure. The second question is, I mean, obviously, the current economic environment is volatile. So what has been the consumption trend in April? And I mean, again, ex of jewelry and electronics, what do you think FY '27 growth looks like?

So April is looking very good. We have seen close to a 30% growth in April. We've also had Akshaya Tritiya in April. So obviously, the jewelry continues to have that seasonal upside in the month of April. And without this category, the growth would fall somewhere between 17%, 18%.

I'm sorry, FY '27...

I'm sorry to interrupt, Parvez, those were your 2 questions. Please rejoin the queue. The next question comes from the line of Girish Choudhary from Avendus Spark.

Some of my questions have been answered. I have just one. On the visibility right in terms of number of malls, you have an announced pipeline, which will take you to around 18 million square feet by 2030, right? So -- and looking at, let's say, you've been wanting to enter new cities beyond where you are present, like, let's say, Hyderabad or the Delhi-NCR kind of markets or other Tier 1, Tier 2 markets. And then the construction or development cycle takes to 4, 5 years, right? So just wanted to get a sense on the land scouting strategy, right? So I mean, how should we look at beyond 2030?

Girish, we are hard at work, and we are actively scouting the cities that we have also put out in our presentation. This includes Hyderabad, Jaipur, Navi Mumbai, amongst others. And fingers crossed, we'll be hopeful of announcing 1 or 2 transactions during FY '27 in terms of new city expansion. That said, we do have substantial opportunities within our existing portfolio. So like how we are undertaking expansion of Phoenix Palladium and Phoenix MarketCity Bangalore and converting them into super campuses, we do have such opportunities across the rest of the portfolio as well. And we will evaluate and share the same going forward.

Ladies and gentlemen, due to time constraints, that was the last question for today. I would now like to hand the conference over to the management for the closing remarks.

Thank you, everyone, for joining us. And should you have any follow-up questions, please reach out to our IR team led by and Madhurima for the follow-ups. Thank you.

Thank you, sir. Ladies and gentlemen, on behalf of the Phoenix Mills Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.