Hey everyone, a very warm welcome to all for Embassy REIT's fourth quarter FY 2025 earnings conference call. Currently, all participants are in a listen-only mode. Our speakers will address your questions during the question and answer session at the end. As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Amit Kharche, Head of Corporate Finance for Embassy REIT. Sir, you may begin. Thank you. Welcome to the fourth quarter and full year FY 2025 earnings call for Embassy REIT. Embassy REIT released its financial results for the quarter and full year ended 31st, March 2025, a short while back. As is our standard practice, we have placed our financial statements, earnings presentation discussing our performance, and supplemental financial and operating data book in the Investor Section of our website at www.embassyofficeparks.com. As always, we would like to inform you that management may make certain comments on this call, like one could be a forward-looking statement. Please be advised that REIT's actual results may differ from these statements. Embassy REIT does not guarantee these statements or results and is not obliged to update them at any time. Specifically, any financial guidance and pro forma information that we will provide on this call are management estimates based on certain assumptions and have not been subjected to any audit review or examination procedures. We are cautioned not to place undue reliance on such information, and there can be no assurance that we will be able to achieve the same. Joining me today are Ritwik Bhattacharjee, our CEO; Abhishek Agrawal, our CFO; and Amit Shetty, our COO. We'll start off with brief remarks on our business and financial performance and then open the floor to questions. Over to you, Ritwik. Thank you, Amit. Good evening, everyone, and thank you for joining us on the call today. It is been another banner year for Embassy REIT, and it culminates in the celebration of six years since our listing on April 1st, 2019. Starting with the highlights for the year, we grew FY 2025 distributions by 8% to INR 2,181 crore, and with the continued momentum in leasing and with the upcoming deliveries, we are projecting double-digit growth in distributions for FY 2026. With 1.6 million sq ft of deals signed during Q4, we have leased a total of 6.6 million sq ft during the year, which exceeds our original leasing guidance of 5.4 million sq ft by 22%. This 6.6 million sq ft includes 4 million sq ft of new leases, 1.6 million sq ft of renewals, and approximately 1 million sq ft of pre-commitments. We've leased over 60% of this area to GCCs, primarily from technology, financials, and the engineering and manufacturing sectors. With 11 new GCC entrants this year, we now have 97 GCCs in our occupier roster of 272 corporates. Our portfolio occupancy stands at 87% by area and 91% by value. Eight of our nine properties in Bangalore, Mumbai, and Chennai have crossed 90% occupancy levels. At the end of FY 2026, we expect occupancy by area to be 90%-91%, and excluding Quadron, which does continue to be soft, occupancy by area is expected to be 93%-94%. On the development side, we've recently received the occupancy certificate for three towers, a total of 1.4 million sq ft in Block 8 at Embassy Tech Village. With this, we've delivered a total of 2.5 million sq ft in Bangalore during the year. Our development pipeline now totals 6.1 million sq ft. Of this, 3.2 million sq ft is scheduled for delivery during FY 2026 and is already 68% pre-leased, including expansion options. The 6.1 million sq ft of development will cost us INR 10,000 crores and result in incremental stabilized NOI of around INR 627 crore, which implies an 18% yield on cost. In other updates, hospitality continues to perform solidly, with EBITDA up 25% year-on-year, overall occupancy up 700 basis points to 63%, and RevPAR up 26%. In addition to our organic growth plans, we're also evaluating sponsor and third-party acquisition opportunities to enhance the portfolio. These potential transactions are subject to market and pricing conditions, and we will update you as we have more information. Lastly, there's a lot of angst regarding the impact of tariffs on the global economy and the overall ramifications of growth. While we're always cautious, we don't think the tariffs framework will have a long-term impact on the structural demand for Indian office space. Our thesis on GCCs continuing to drive demand remains intact. Our conversations with our occupiers and industry experts corroborate our view. In the meantime, we're focused on executing our business, optimizing our cost of capital, and ensuring we hit our targets for the coming year. I will now hand it over to Abhishek to present our financial updates. Thank you, Ritwik. Good evening, everyone. I am happy to report that we have met our NOI and DPU guidance for the financial year, with DPU being closer to the higher end of the guidance. We recorded our highest-ever annual revenue from operations, totaling INR 4,039 crore and NOI of INR 3,283 crore, both up 10% year-on-year. This increase was driven by robust leasing, contracted rent escalations, delivery of new buildings, and assets acquired during the year. Also, our hospitality business outperformed substantially, where we grew our NOI by 25% year-on-year. This was driven by an occupancy uptick of around 700 basis points to 63%, supported by ADR growth of 12% year-on-year. We declared distributions of INR 538 crore or INR 5.68 per unit for the quarter. This takes our total distributions for FY 2025 to INR 23.01 per unit, marking a remarkable 8% growth year-on-year, which is also 1.1% higher than our midpoint DPU guidance. This DPU growth was driven by the 10% uptick in our NOI, as well as positive working capital changes, which was primarily offset by an increase in our interest cost during the year. Moving to updates on our balance sheet, during the quarter, we successfully raised INR 425 crore of commercial paper at 7.75%. Further, we successfully refinanced our INR 6,300 crore of debt at an average rate of 7.98%. With this, our net debt book now totals around INR 19,650 crore, implying a 32% leverage ratio and a 7.9% average in place interest rate. 49% of our total debt book is at floating rates, and an additional 29% is due for maturity in the next 12 months, which positions us well to take advantage of any rate cut in the future. Next, on our portfolio valuation, we achieved a 10% year-on-year increase in our portfolio gross asset value, independently assessed by our valuers at around INR 61,200 crore as of 31st March 2025. Our NAV also increased by 5% year-on-year to INR 423.22 per unit, primarily driven by strong leasing momentum, growth in market rents, and the new buildings delivered in our portfolio. Lastly, our outlook for FY 2026, we expect our NOI to be in the range of INR 3,589 crore-INR 3,811 crore, and our distributions to be in the range of INR 24.5-INR 26 per unit. At midpoint, this guidance implies an NOI growth of 13% and a DPU growth of 10% on a year-on-year basis. Our outlook is based on the following key assumptions for the full year. We expect our March 2026 portfolio occupancy to be in the range of 90%-91% by area, which is 93%-94% X Quadron. We expect our hotel NOI to increase by around 9% year-on-year on the back of occupancy and ADR growth, and expect an improved contribution from our solar portfolio. Finally, we expect a 10%-12% year-on-year increase in our interest costs, assuming no further changes in the interest rate during the year. The expected increase is mainly due to the impact of new buildings delivered during fiscal year 2025, as well as the planned deliveries for the next year. With this, let's now move to question and answer, please. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. We would also request participants to restrict their questions to two per participant. If you have a follow-up question, please rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take our first question from the line of Puneet from HSBC. Please go ahead. Yeah, thank you so much, and congratulations on good progress on the DPU growth and leasing. My first question is, if you can give some sense of how are tenants talking about potential impacts of tariffs, etc., in terms of their growth plans, and how do you think it is likely to impact leasing? You alluded to it a bit, Ritwik, but a bit more color we will run through. Okay, what's your second question, Puneet? Thanks for the compliment for us. Yeah. Second question is, if you can give more color on what are you seeing for FY 2026 in terms of taxes, change in working capital, and the dividend on Golf Link. All these have been quite variable over the past few quarters and potentially impact dividend. You're also talking about a lower DPU growth versus NOI growth in terms of guidance for FY 2026. Okay, why don't I take the first question, and maybe Amit Shetty can chime in here quickly as well because he has feet on the ground, and then Abhishek can help with the second one. Look, the bottom line, I think from a tariff perspective, it really is very early to call, right? I think there's number one, I think the administration tends to obviously be a pretty pragmatic deal-making one. I think you look at the initial level of tariffs that are being put out there. Just globally, I think with the exception of sort of what's happening in China, everything is sort of up. Even China, actually, there's obviously a lot of deal-making potential. Now, how this actually translates into what it means for India and India's sort of tariff regime, it's pretty clear that everything is open for negotiation, but nothing sort of on the services side seems to be impacted as yet. Quite frankly, I don't think that in our conversations with tenants, we are seeing the impact of tariffs as yet, or if at all, simply because of a couple of things, right? Number one is that the work that's being done here is actually now critical work that can't be shifted out into America for whatever America is proposing, right? I mean, if you look at the talent base here, you look at sort of the work that they're doing across technology. One of our largest tenants is a global bank, one of the world's largest banks. They are doing everything across every single part of their ecosystem. This is a bank that invests $15 billion-$20 billion a year in technology, and they write about it prolifically too, whether it's AI, whether it's every single sub-stack across their business architecture. That's not going to suddenly fundamentally go away, particularly against large GCCs who continue to sort of look at the country very, very favorably, right? I mean, we're just not having those kinds of conversations. Could the market potentially change where there might be a slight pause in decision-making? For sure. At the same time, the sands under which this entire tariff regime globally could also change, right? They seem to be pulling back a lot. None of that net-net seems to be translating into any major impact for us right now on the ground, which is why I think we feel comfortable keeping our projection thesis and just the macro tailwinds surrounding India's GCC and commercial leasing stories seem very much intact. We have seen this across sectors, right? We see this across healthcare. We see this across sort of the pipeline that they are building. We have seen this in the RFPs and the market. No, I do not think that really makes that much or has that much of an impact for now. Amit, I do not know if you want to add based on what you are seeing in the market right now. Absolutely, Ritwik. All the conversations with all our CXOs is just of one nature. They do not see any impact right now on the tariffs. Having said that, I'd just like to add one point. The fact of the matter is that there is that much talent only in the U.S., and India happens to be the second largest market for artificial intelligence as well from a talent perspective. Given that they are not opening the visas, obviously the jobs have to move out here. Even if the visas are opened out, the cost at which we are doing the same job is pretty much one-third the cost of doing the same jobs in the U.S. market. Having said this, these two dynamics will not change. Because of that, we are seeing increase in demand. Just on the GCC numbers, we have about 1,700 GCCs, which is forecasted to be about 2,500 GCCs by 2030. The demand is just uptick there. Also, just to add, the CBRE report, we just mentioned that we just closed the year at 74 million sq ft absorption across the country, which is now going to go to about 80 million sq ft and the year thereafter 82 million sq ft. Puneet, on the. None of the. Yeah, just closing here. None of the RFPs have been retracted, and none of the tenants are saying growth plans are likely to be curtailed. Absolutely not, Puneet. Absolutely not. Just on the RFP perspective, I just have to give you a statistic quickly. 18 million sq ft worth of RFP is there in the market, and the fact of the matter is that we're just sitting in May, so we're going to see a lot more action that's going to come into the market as we grow across. Pretty much significantly, about 12 million sq ft of this RFP of the 18 million sq ft is in Bangalore, which is where 75% of our asset is sitting. Yeah, so one last point. Puneet, I think we've been doing this for six years now as a public company, and we've seen sort of periods of serious episodic sort of demand waning. This does not look like one of those areas right now for us because I think we've seen that before. So Abhishek, you want to go? Very helpful. Yeah. Puneet, on the four items that you asked about FY 2026, the way we model and we would request you to look at it is on a full-year basis. The way we have looked at it is, let's say, on the tax. Cash tax will remain in the zip code of 4%-5% of revenue. This is the way we have also modeled. On the working capital, as we had said earlier also, what will happen is for the next couple of years at least, as we increase the leasing and the occupancy, it will be positive for the full-year basis. Quarter on quarter, it may be moving, as you rightly said, because of a lot of factors like payment of property tax in a particular quarter, or payment of some vendors. That may be up or down, but on a year-on-year basis, it will be positive. You can say if our occupancy goes from 87% to 90%-91%, which we are guiding, whatever is the net occupancy, you can calculate because the major factor here for working capital is the security deposit receipt. The third point on GLSP, see, there are three things that we need to look at GLSP, which is dividend, interest payment, and the loan repayment. All three taken together for the last year was around INR 270 crore. We think that it will be in the similar zip code of INR 270 crore for the year. It may be different in different quarters based on the cash availability because for them also, it depends on their cash availability on the working capital. We expect it to be in the similar zip code. The last item that you asked is why, again, DPU growth is at midpoint lower than the NOI growth at midpoint. The two major reasons which remain the same is one is increase in the interest cost because of all the deliveries that we have done during the current year, which is FY 2026, and all the deliveries, which is 3.2 million sq ft of the next year. The cash revenue starts to lag, and hence interest on this will be a, and as I said in a repeated remark, that it will be still 11%-12% higher than current year. That is one reason for that. The second reason is, as we leased up, there will be some non-cash NOI which will start coming in as we increase the leasing. For the next one to two years, this non-cash will be there, and which is one of the reasons for decrease in this rate also. Fantastic. Lastly, you've talked about fixed cost debt, which used to be 49% earlier, gone up to 51%. Are you thinking the 7.75 year new commercial paper rate is the best rate you can get in the next foreseeable six months in the market? Puneet, on this one, see, the market is very volatile, and as we see that the repo rates have gone down, there were two cuts because of which the interest rate also we are seeing is going down, but it is not going down at the same pace at which the repo rate actually went down. There will be some lag. What I can tell you is, very recently, as we speak, we have done a CP, which is somewhere around INR 650 crore, just north of that, at 7.1%. This is an indicator that the interest rate can quickly go down also. I would refrain from taking this as a guidance for the full refinance that we will do because the interest rates are a bit volatile, and the banks are, I mean, it's not coming into reflecting in the MCLR very quickly. You've not factored in any interest rate cuts in your guidance? We have factored the two interest rate cuts, which has already happened. Nothing from here, yeah. Nothing from here. That's helpful. Lastly, if you can talk about the NAV growth as well. NAV grew only 5%. I would presume 5%, it should have grown normally itself, right? I mean, just by contractual escalation. I mean, why is the benefit of maybe lower interest cost and higher occupancy not getting factored in here? Yeah. So Puneet, very good question, but I'll try to answer it this way. One, even though the interest rates are moving down slightly, it doesn't generally impact the cap rate or the VAT rate so easily. Because in India, again, the transactions happen, the cap rate moves in a very, very tight spread, and there's no change in the cap rates that the values have taken. Secondly, though the GAV has increased, one major reason for that is that we have spent a lot of money on the capitalization. The loans have also increased, and hence the NAV is increased by 5% only. The NAV will start moving up as we start delivering these assets. Maybe in the next couple of years, you'll see these moving, but it's also a factor of where the VAT rate is or where the cap rate is. Increased occupancy has not been captured fully, you think? Yeah. Also, see, increased occupancy or the rate at which we will increase the occupancy we'll be able to lease has been factored in the future cash flow. You have to also factor two things. One is there was a reduction because of reduction in the GAV of Quadron, because of which we can see some impairment that we have taken in the current financial. There was an increase in the tariff of solar last year also and current year also, because of which we have taken a reduction in the GAV of the solar park also. Though it is very small as compared to the total, there is a reduction there also. Okay. That's helpful. Thank you so much. Thank you. Before we take the next question, we'd like to remind participants to press star and one to ask a question. Next question is from the line of Mohit Agrawal from IIFL. Please go ahead. Mohit, can you please unmute your line and go ahead with your question, please? Yeah. Sorry. Thanks and congratulations to the team on achieving your guidance again. My first question is on the leasing outlook and your occupancy guidance. Broadly, if I try to do the math, you're guiding to just under 4 million sq ft of new leasing. Is that correct? If yes, how do you see this number in the context of the overall leasing environment versus what you have done in the last couple of years? Right. What's the second question? Second question, I think if you could give some color around, let's say when you say that 93%-94% occupancy excluding Quadron by the end of fiscal 2026, you've shown good growth in occupancy for Manyata and for Oxygen in Noida. Pune has been stagnant or declining. Some color on how do you see each of these three regions, Bangalore, Noida, and Pune by the end of FY 2026? Yeah. Okay. Let me start. Look, I mean, I don't want to get into detailed sort of projections on sort of leasing, but I think you're broadly right, right? Because if you think about it, you've got 5.3 million sq ft of vacant area, right? At the end of the day, you think about sort of taking the drag here being roughly sort of Pune, which is around 2.5 million sq ft. Even if you sort of assume whatever projections you want to sort of assume for what you leased up there, that's obviously been the drag in the portfolio. Let's say that turns around. The rest of it effectively is approximately you're looking at about 3.5 million sq ft-4 million sq ft, that's kind of vacant, which we back ourselves to fully lease up, right? That's kind of the baseline. Now, there's clearly sort of some additional stuff that we will be looking to do, and there are clearly numbers that we would focus on. Yeah, that's sort of the area. We're only looking at it. The initial numbers that we have, the baseline for what we have organically is effectively the vacant area that we have. We're already putting in the pre-deliveries that are coming into the areas that haven't been leased up, and looking to sort of obviously ship out or maybe put a little bit of a variable assumption on the softer areas. That's how we think about it. I think the broader picture from there, from just thinking about what the leasing guidance is, there will obviously be, number one, ranges, there will be assumptions around it, and there will be sort of various things that will impact it over the year. This leads me to sort of the second question. At the end of the day, in this whole portfolio, which is 50 million sq ft and 40 million sq ft completed, I think Bangalore, pro forma, which is the largest by the end of 2026, is going to be around 95% by area occupancy. You're looking at Mumbai, effectively 100%, and we don't have any space to lease over there. We're also backing ourselves. When you look at something like Noida, at this point in time, we were in the 60s sort of a short while ago. We moved into the 80s, and we think that there's not much left to really lease in Oxygen. You're looking at sort of the vacant area of around 600,000 sq ft, and we plan to sort of pretty much get most of that leased. I think Noida, we can effectively then also move to sort of the mid-90s level. That is sort of how you think about occupancy. Quadron and Pune are sort of getting to those 90s levels where the rest of the portfolio is firing on all cylinders, to be frank. That is why we feel confident about where the leasing numbers should stack up. Sure. It is only Pune which is going to be a drag? Yeah. I think, look, we want to be transparent about that. We always have been. I think who knows? I mean, the metro comes up, you sort of see the fact that, look, this can turn. This can turn pretty quickly, and it just makes sense for us to sort of wait and watch on it. Amit, do you have something to add? Yeah. Honestly, the fact of the matter is that Pune, if you see last year, we did about 1 million sq ft of transactions. The market did about 6.4 million sq ft. We did about 10%-12% despite the fact that we were on the western side of Pune where all the action was happening on the eastern side. Now, having said that, if you see, Quadron is the only drag that we have as an asset in Pune. Given ETZ as well as Qubix, we've done absolutely better than average of what the market is doing. The drag only could be on Quadron, but we're pretty confident about the other two assets. Sure. This is all organic, right? I mean, we're also looking to sort of we are keeping an eye on what's happening sort of to add inorganically to this as well. We don't have an update right now, but that's also sort of something that we're thinking through. Yeah. Looking on Quadron itself, it's been some time that you've been looking at various options. What's been the most, what are the options that you're looking at, and when can you find some solution to it? I'm just trying to understand what are the options that you're being presented by various IPCs and all of that. Yeah. Okay. I mean, there are two options. One is own it and own the economics, and the other is get rid of it for a price, right? I mean, those are the two main things because that clearly is a pretty active and fertile residential market. I think we've been talking to people in the market. I think at this point in time, it doesn't make the economics of monetizing it at other numbers just don't make sense to us. I think what we'll do is we've had conversations with IPCs. We've had conversations with a number of players in the market, and I think we're more than we're not sort of under heavy pressure to sit here and sell at a price that we don't want to. It just behooves us to wait and see and make sure that we can take advantage of market conditions. That being said, if somebody really has capital to deploy, wants to put it to work, and takes it and does something else with it, that's totally fine. We'd actively entertain that. The market dynamics might just change. Given that the metro is just bang opposite the Quadron park, and the station is ready, and probably six months, a year down the line, the metro might be operational. Given the fact that the Navi Mumbai Airport might also be operational shortly, things might change quickly. Look how Noida changed in the last one year. The same thing might happen with Quadron, which we are also pretty confident about. Great. Thanks. This is very helpful. All the best. Thanks, Mohit. Thank you. We'll take our next question from the line of Kunal Tayal from Bank of America. Please go ahead. Great. Thanks. A few questions from my side. The first one on the NOI guidance. If I just think about the midpoint of 13%, could you sort of lay down what are the big building blocks of this 13% growth? It would seem like 4%-5% of your annual escalations, maybe another 4%-5% coming from occupancy, and then the rest coming from new development. Does that sound right? Second, sort of just going back to the topic of the gap between NOI and distribution. On the interest expense, did not you say that that will increase 10%-12%? It actually sounds lesser increase than NOI. Be within that, are you also sort of counting on tailwind from sort of non-cash NOI that you would have had last year? What you are pointing to is a drag for this year. You should have had a recoup from last year is my guess. The third one is on your exits. That is sort of being on the higher side of the plan for a few quarters now. Is that mainly still got to do with IT services or Quadron as an asset, or is there a third source for it? Thank you. Let me just start very quickly with the third point on the IT services. Yes, that's been the biggest drag. I think at this point in time, for Quadron in particular, the IT services, it's obviously flagged that they were going to go. I think that's been sort of the biggest drag in the leakage, and we haven't been able to sort of backfill that, to be perfectly candid. I'll let Abhishek sort of handle the NOI building blocks and the rest of the interest expense questions. Kunal, on the first point, yeah, you are very correct on the NOI 13%. These are the three points. There's one more, which is the MTM, which we will realize on the renewals also. Because if you see from the presentations, the MTM looks low, but we are doing single digits, at least higher than the market center. Whenever we renew, we are realizing some extra. That is the fourth one. On the interest one, yes. I mean, the way we have projected it is that it will be higher 10%-12% cash interest, which is lower than the NOI increase. Then there is non-cash drag also, as you rightly said. What typically happens, Kunal, is that let's say there's a lease of lock-in five years. The rent-free is only six months. For the first six months, for the first year, the non-cash is bigger. It unwinds over the balance 4.5 years. The recoupment is lower. What gets built up is higher in case you are leasing much in the current financial year. That is what will repeat for the next two financial years also. Got that. Okay. Thank you so much. Thank you. We'll take our next question from the line of Kunal Lakhan from CLSA. Please go ahead. Hi. Good evening. Just on your commentary on the acquisition side, I just want to understand because we have 40 million sq ft completed, and then we have six under construction, and there is more than four upcoming. Is there a fair bit of a pipeline? We have almost like 25% over the current portfolio. Just wanted to understand the need for considering any kind of acquisition. Also, has it anything to do with opportunistic or creative transactions currently available in the market, which I would presume could be a little—actually, I presume that the asset transaction, asset level valuation should be going higher with the expectation of the rate cuts and the kind of revival we are seeing in the industry. I just wanted to understand your perspective on what's the need of acquisition at this point in time when, first of all, we have a fair bit of an under construction rollout there and on the market opportunities that are available. Yeah. Okay. Let me take that. The need for the acquisition is sell-side analysts always screaming for growth and pounding us when we do not give it. That is just a joke. If you think about the fact that there is 10 million sq ft, as you point out, I mean, we think about 6.1 million sq ft of development. Look, at the end of the day, this portfolio is always like a living, breathing organism, right? I mean, we look at when we started out, this was 33 million sq ft. We have added now 50. Imagine if we had not added the 17 million sq ft we had over the last six years, right? I mean, if we hadn't put ETV in there, I mean, you've got to think about this from a dynamic perspective that if there are opportunities to buy, and whether it comes, again, from a sponsor or a third party, if it makes sense for the portfolio in a micro market that's growing and there's a competitive bid to put people in these spaces, we should have a look at it because it's just a fiduciary duty to grow this asset base to make sure that it kind of gives you the distribution. That being said, look, we're pretty clear. Number one, it has to be, I mean, more than accretive. We've got to make sure that we can fund it and put it into the portfolio at a right price, and it has to be in a really good market, right, which then gives you the distribution and the distribution growth. Secondly, you're right. I mean, we're in no rush. I think that's why there are times we tend not to look at deals. We tend to pass on them if the funding markets are tight, if rates are in a place where there is going to be a drag on accretion, we won't do it. Plus, the majority of all our developments we're doing is at 18% YoC. If you've got that internally, you're right. Then why do we have to go out there and look at it? We don't at times. It does not mean we are never going to sort of be out there having the conversations to go there. Because again, it is not that we get 10 million sq ft-15 million sq ft of addition. We are not buying supertanker parks all the time. We cannot. There simply is not that kind of supply that transacts that efficiently in the market at this point in time. I will leave that. Do you want to go with the second one? Sorry. Was there a second you said on the asset level valuations for new properties, right? Correct. Yeah. Look, at this point in time, in the market, I think, like I said, the valuations that we kind of see in general, if we're not comfortable and it's not sort of trading outside where the funding costs are, we're not going to go out there and look to sort of inject or take on a new proposal to buy, Kunal, it's just regardless of where it is or how it is, it's just something that we look at very, very cautiously as well. I think it's in effectively our DNA and our investment philosophy to think about growth coming in organically. Sure. Sure. Thanks so much, Amit. All the best. Thank you. We'll take our next question from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi. Good evening, gentlemen. Two questions from my side. First, we have some space coming up for completion in FY 2026 in a Chennai asset. Just wanted to get your outlook on the leasing outlook there. Second, it would be great to get some update on the SEZ conversion, etc. Thank you. Let me take the first question. On Chennai, we've got a very strong pipeline on Chennai, about 900,000 sq ft of pipeline in Chennai. We're very confident of that market. Some conversations are really matured for Block 10 as well as Block 4. Our deliveries is about 1 million sq ft, and we're very confident about lease-up of that. Sure. The SEZ conversion? SEZ conversion, as we speak, we've converted about 6.4 million sq ft of SEZ. We are on track to convert another 1.2 million sq ft, which is in advanced process with the authorities. Sure. Thanks and all the best. Thank you. Thank you. We'll take our next question from the line of Puneet from HSBC. Please go ahead. Yeah. Thank you. Can you also talk about your plan for equity fundraise? What is the price at which you would look to do that? Yeah, Puneet. I can't give you the price at which I'm going to do that. That needs to be something that's really a question of where the markets are at this point. How are you thinking about the equity fundraise? For a targeted use of proceeds, whether it's for an accretive transaction or to think about the debt book, managing the debt book in the event that rates go the other way or something, we'll be ready to transact. I think one of the key things that I always think about and the team thinks about is that you've always got to plan for, number one, growth, and number two, also think about it any day, right? If we run a pretty big debt book and while we can fund it quite to very good terms and with very good credit, you never know, right? I think I've always been a proponent of thinking about using equity as more of a strategic weapon and making sure that we can use it. That's it. I think those are the broad parameters. Beyond that, I do not really have too much of an update. It is not that we are out there right now actively looking at a fundraise, but we will update the market if we are. I mean, that is really something that we cannot ever think about until it happens. Okay. Secondly, in terms of asset addition from sponsors, beyond the assets which are as a part of ROPO, is there more that you can acquire from the sponsor, or is the sponsor likely to move those assets into the other listed entity? Look, I really don't want to comment on that at this time. I think we've always sort of viewed the sponsor pipeline as, again, also an evolving pipeline. I think the sponsor's also been pretty candid about the relationship with the REIT and the fact that a lot of assets that they gestate can potentially find a home in the REIT simply because, look, this is a consolidated market, a concentrated market, rather, where people tend to hold, a few players hold a lot of the assets. I think the intricacies of how that happens, when that happens, and even if that also happens is something which is where we'll refrain from commenting at this stage. It's just something that will just lead to a lot of speculation and conjecture. Within the ROPO assets, which are the ones which you can potentially be evaluating earlier than the others? I believe you're on mute mode. Sorry. Am I audible? Ladies and gentlemen, please stay connected. We've lost the management connection. Please stay connected, Puneet. Yes. Ladies and gentlemen, we have the management team back online. Puneet? Sorry. I'll just repeat the question. Within the pipeline of the ROPO assets that you have, which is the one which you think you can potentially evaluate earlier than the others? I really can't give you an answer at this point in time, Puneet. If you can just sort of be patient for maybe a little while, we'll probably have an update later, but not probably appropriate for us to comment right now, if that's okay. Okay. Yeah. Okay. Thank you. Yeah. Yeah. Thank you for understanding. Thanks. Yeah. Thanks. Thank you. We'll take our next question from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah. Thanks for the opportunity. Just a few bookkeeping questions. I think you talked about the SEZ conversion. Now, what's the SEZ portfolio that we have in overall mix, and how is the vacancy between both SEZ and non-SEZ? Yeah. Give us. Pritesh, please stay connected. Yeah. Yeah. Just hang on one second. Currently, we have about 19.5 million sq ft of SEZ portfolio with about 20.8 million sq ft of non-SEZ portfolio. The SEZ portfolio is at about 82% occupancy, and the non-SEZ portfolio is at 93% occupancy. Okay. That's very helpful. That's it from my side. All the best. Thank you. Thanks. Bye. Thank you. Ladies and gentlemen, we'll take that as the last question for today. On behalf of Embassy REIT, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thanks, everyone, for joining. Have a good evening.