Strong momentum, execution risk on expansion pipeline

Transcript states 1,075 Cr, +13% YoY. Delivered result shows 1,074.9 Cr, +12.8% YoY.

Rental income explicitly stated as ₹594 Cr, +17% YoY. Ratio to consumption: 12.5%.

Stated as +32% YoY. Jewelry/electronics (5% of area) = 28% of consumption, 7.5% of rental.

Leased occupancy 72% as of June 2026, up from 70% June 2025. Rent-paying at 42%, expected to catch up by March 2027.

Explicitly stated with clear trajectory to doubling income by Q4 as prior guidance implied.

Originally 2027 guidance; now 'end-2027 or early 2028'. Management frames as operational headroom (350+ retailers, fit-outs, approvals), not delay, but implies execution pressure.

Not detailed in prior calls; 50% leased, F&B-oriented floor with 30+ restaurants. New driver for FY28 rental uplift.

Same guidance; rent-paying occupancy to catch up by March 2027, supporting office income ramp. On track per call.

Q1 delivered 17% retail rental growth; management guided to 'mid-teens' for full year FY27/28. Q1 delivers at top-end of mid-teens; guidance intact.

No delay, just RERA/regulatory approval timelines. Bengaluru selling at ₹36,000/sqft (50% higher vs 2024). Kolkata planned ~1.2M sqft at ±₹30,000/sqft launch.

No. 50% of portfolio up for expiry over 3 years, creating renewal opportunity. But business is partnership model; rent-to-consumption gap reflects jewelry/electronics mix (24% consumption, 17% rent ex-J&E categories). Will see rental uplift on expiries, not rapid catch-up.

Historically achieved 20–30% rental growth on renewals. No forward guidance on specific buckets (anchor vs inline). Strategy is asset-by-asset, ensuring customers' complete wallet capture, not pure rent max.

Ongoing discussions with 2–3 land owners in various stages. Also densifying existing assets (hotels, offices on retail footprint) which are IRR-accretive. Lower Parel has 1.5M sqft additional FSI; details TBD post-Rise opening.

Both strategies—retain key tenants, create space for high-performing new brands. Planning well in advance (1–2 years). Multiple factors: brand performance, category vision (e.g., F&B expansion), long-term asset vision. Not purely rent-max.

Already pre-leasing; area already committed. Rental guidance: ₹350–₹400 per sqft on leasable area basis. Described as 'best office product in the city.'

Jewelry & electronics: 5% trading area, 28% consumption, 7.5% rental. High fixed rent, minimal revenue share. Recognize gold price sensitivity; consumption could moderate. But ex-J&E, portfolio at 24% consumption growth, 17% rental—tight correlation.

Happy with 20% if sustained 12 months. Focus on controllables: marketing, brand additions. New malls will drive; ex-consumption, also rental income support via expiries. Q2 typically weak (monsoon, Sept seasonality). Guidance: mid-teens rental growth FY27/28 stands.

No delay. End-2027 or early 2028 as expected. New mall = 350+ retailers, fit-outs, approvals. Operational headroom normal. Final date to be announced mid-FY28.

Complex dynamics: new international brands, gold/jewelry adds, rents raised on existing tenants, but mix changed. Should focus on 12–14% range going forward. Will do more work, come back with update.

Q1 delivered 17% retail rental growth; 50% of portfolio up for expiry over 3 years, supporting 20–30% uplift opportunity. New malls (Kolkata, Surat) and expansions (Palladium 4.5L sqft) adding capacity.

Q1 delivered 60% EBITDA margin. Mix improving (office, hotels higher margin than retail). Operating discipline cited.

₹1,085 Cr capex this quarter (₹314 Cr construction, ₹771 Cr land/rights). Capital discipline maintained; densification projects IRR-accretive (land cost absorbed by retail mall).

Jewelry & electronics (5% of area) drive 28% of consumption. Q1 +32% growth driven partly by these categories (jewelry +55%, electronics +61%). July already moderated to +20%. Gold price swings directly impact revenue.

4 major retail openings planned FY27–28 (Kolkata, Surat, Palladium 4.5L sqft, Bangalore Phase-2). Surat already slipped from 2027 to 'end-2027/early-2028'. Coordinating 350+ retailers, fit-outs, approvals simultaneously is operationally intensive. Any delay cascades into FY28 contribution.

Office leased occupancy at 72% but rent-paying only 42% as of June 2026. Management guides rent-paying to catch up to 72% by March 2027. If tenant ramp delayed (fit-outs, move-ins), income trajectory for FY28 softer. Prior guidance implied office income to double by Q4 FY27 (from prior year baseline); if rent-paying doesn't reach 72% by year-end, full-year FY28 impact at risk.

8.7M sqft lease expiries over 5 years. Management strategy: 20–30% rental uplift on renewals + selective churn for premiumization. Risk: if rents pushed too hard, some mature tenants may not renew, creating occupancy gaps. Management frames it as partnership model (don't over-rent), but execution risk if market rental growth doesn't support planned uplift.

July consumption growth slowed to +20% from +32% in Q1. Management noted Q2 has strong July/August but weak September (monsoon, back-to-school drag). If September collapse is steep, Q2 average could fall below guidance. Impacts FY27 revenue trajectory credibility.