Phoenix Mills Ltd

- No explicit mention of new fundraising through debt or equity in the call. - The company highlighted disciplined capital allocation and maintaining a conservative balance sheet. - Gross debt stood at Rs. 5,164 crore with net debt of Rs. 3,160 crore and net debt to EBITDA improved from 1.24x to 1.19x in FY26. - Capital deployment mainly focused on acquisitions (e.g., full buyout of CPP stake in ISMDPL) and construction/development costs. - Development projects and expansions are largely being funded through internal accruals and approvals. - The company emphasized operating cash flow strength and disciplined leverage management without indicating any immediate plans for fresh debt or equity raising.

- FY26 saw elevated capital deployment with: - Rs. 1,035 crore invested in construction and development across retail and office assets. - Rs. 431 crore spent on land and development rights in existing projects. - Future capital allocation focuses on: - Funding development largely through internal accruals. - Maintaining a conservative balance sheet while executing the next expansion phase. - Under-construction projects include: - Excavation started at Coimbatore and Thane; pre-construction at Chandigarh initiated. - Large malls targeted to become operational in FY28 (Kolkata and Surat). - Active land scouting and potential new city expansions planned for FY27 in Hyderabad, Jaipur, Navi Mumbai, etc. - Significant lease expiry pipeline to facilitate repositioning and rental upside. - Ongoing churn bringing newer brands to malls, supporting rental growth.

- FY27 consumption growth (ex-jewelry and electronics) is expected around 17-18%, with April showing ~30% growth including seasonal jewelry uplift. - Retail rental income is anticipated to see strong double-digit growth, supported by portfolio lease expiries creating rental reset opportunities. - Phoenix Market City Pune and Bangalore are expected to deliver 14-15% and ~20% rental upside respectively in FY27, aided by increased trading occupancies and churn bringing premium brands. - Office portfolio rental income is expected to substantially increase from Q2 FY27, with overall occupancy targeting 90% in the coming quarters. - Leasing for newly operational office assets is ramping up, with income estimated to double by Q4 FY27 relative to current levels. - Retail and office combined income and EBITDA expected to benefit from ongoing expansions, lease renewals, and strong demand across sectors. - Residential bookings and collections are growing, with premium projects maintaining healthy demand and pricing.

- Retail rental income is expected to grow at mid-to-high double-digit rates, supported by substantial lease expiries and ongoing churn bringing in newer, higher-rent brands. - Portfolio-wide rental growth is targeted to remain strong and double-digit, with particular upside in Phoenix Market City Pune and Bangalore (~14-20% rental increase expected in FY27). - Office portfolio income is set to meaningfully step up from FY27, with occupancy expected to rise to ~90% over the next few quarters, and quarterly income from office assets potentially doubling by Q4 FY27. - Retail EBITDA growth and operating cash flows remain robust, supporting sustainable earnings and cash flow growth while maintaining a conservative balance sheet. - With 36-50% of the retail portfolio area coming up for renewal over the next 2-3 years, conversion of consumption growth into rental growth will accelerate earnings growth. - Overall, the company expects sustained double-digit growth in retail earnings and strong income ramp-up across office and residential segments over the next phase.

The transcript does not explicitly mention details about a current or expected order book or pending orders for The Phoenix Mills Limited. However, relevant information related to leasing and development projects includes: - Gross leasing for FY26 was over 2.2 million sq. ft., with additional deals in the pipeline. - Leasing pipeline for office spaces is strong, with expectations to ramp occupancy toward 90% in the coming quarters. - Leasing at under-construction retail assets is encouraging: Phoenix Grand Victoria, Kolkata at 79% leased; Phoenix Surat at 41% leased. - Active land scouting and potential new city expansions planned for FY27 including Hyderabad, Jaipur, Navi Mumbai. - Development projects in Thane, Coimbatore, and Chandigarh have moved into execution after approvals. - Substantial lease expiries over next 3 years (~36-50% portfolio area) offer renewal and rent upsides. - Residential bookings doubled to Rs. 471 crore in FY26, with ongoing design finalizations and approvals for future projects. No direct figures or formal order book disclosed.