Ladies and gentlemen, good day, welcome to Mindspace Business Parks REIT earnings call for Q4 FY 2026 financial results. Please note all participant lines will be in the listen-only mode, there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. With that, I hand over the call to Mr. Shravan Kailasa from Mindspace Business Parks REIT. Thank you, over to you. Good evening, everyone, and thank you for joining the earnings call for Q4 FY 2026 for Mindspace Business Parks REIT. At this point, we would like to highlight that the management may make certain statements that may be forward-looking in nature. Please be advised that our actual results may differ materially from these statements. We do not guarantee these statements or results and are not obliged to update them at any point of time. I would now like to welcome our CEO and MD, Mr. Ramesh Nair; CFO, Ms. Preeti Chheda; and Mr. Govardhan Gedela, Head Corporate Finance, who will take you through the business update and the financial performance during the quarter. We will then open the call to a round of Q&A. I will now hand over the call to Ramesh. Thank you, Shravan. Good evening, everyone. Thank you for joining us today. Q4 was another strong quarter for us. We achieved a gross leasing of 3.5 million sq ft. This momentum is truly reflected in our financials. NOI grew by 37.4% year-on-year to INR 742 crores for the quarter. Distribution for the quarter increased by 9.7% year-on-year. Please note that we had a one-off tax refund in Q4 FY 2025 of INR 46 crores. Excluding this one-off tax refund in Q4 last year, distribution has grown 24.5% year-on-year, and DPU has grown 17% year-on-year. For the full year FY 2026, NOI has grown 29.2% year-on-year to INR 2,664 crores. Distributions increased by 15.6% year-on-year, resulting in 9.7% DPU growth. Excluding the INR 46.6 crores one-off tax refund in Q4 last year, distributions grew 19.8% year-on-year, and DPU by 13.7%. Releasing spreads remain very healthy, 40.3% for the quarter and 31.8% for the full year. Rentals continue to trend upward, particularly in Madhapur, where we signed a transaction at INR 120 per sq ft. That speaks of the mark-to-market potential for our overall Hyderabad portfolio. We announced two acquisitions in Chennai in the well-established PTR Road: International Tech Park Chennai on Radial Road and Commerzone Pallikaranai on the same road. We are acquiring at a combined acquisition price of INR 5,541 crores. Happy to report that we have received the unitholder nod for the Commerzone Pallikaranai acquisition. We are currently negotiating rentals at INR 85 per square foot per month for both these assets. To put the pricing in context, last year, TVS had acquired land adjacent to ITP Chennai on Radial Road at INR 50 crores an acre. Currently, a U.S. tech company is at an advanced due diligence stage to acquire 12 acres on the same road at nearly INR 80 crores per acre. We are a dominant player across every market we are present in, and we cement our position in Chennai. Grade A office demand remains robust. The balance sheet is strong. That gives us the agility to move when the right opportunity presents itself. Our commitment remains unchanged. Consistent execution, consistent delivery, and reinforcing performance. Now I'd like to share highlights from various IBC and other research reports. The JLL report stated that India's office market posted a quarterly record, 21.5 million sq ft of gross leasing in Q1 2026, up 10.2% year-on-year. GCCs expanded their footprint by 43% year-on-year to 10 million sq ft, commanding 45% of the total leasing activity. Pan-India vacancy dropped to a five-year low of 14.7%. Net absorption reached a record 13.7 million sq ft for the quarter. City-wise leasing status, Mumbai was 20%, Hyderabad 17%, and Pune 15%. Within GCCs, tech and BFSI dominated leasing activity, followed by manufacturing. Global headquartered firms accounted for 57% share of India's office leasing landscape in Q1 2026. The CBRE report stated that domestic firms account for 43%, American companies 38%, companies from Europe 14%, and APAC companies 5% of the leasing. Fortune 500 companies leased 5 million sq ft, accounting for 21% of the share. 48% of GCC leasing is by Fortune 500 companies. Office stock expected to surpass 1 billion sq ft in 2026, as per CBRE. The Cushman & Wakefield report spoke about how Pan-India stock weighted average rents crossed INR 100 per sq ft per month for the first time. I'd like to also highlight an interesting report that I came across from CRE Matrix on the Navi Mumbai market. It spoke about Navi Mumbai having 32.7 million sq ft of Grade A stock, hosting 430 unique IT companies. 12.3 million sq ft under construction. GCCs form 25% of the Grade A plus stock in Navi Mumbai. Buildings are 33% younger than the average age of buildings in Mumbai, 72% of the Grade A stock is green certified. Navi Mumbai also emerged as India's leading data center hub, which we all know. It has 628 MW operational IT load and 3,400 MW in the pipeline. As you are aware, we are the only REIT with data centers in our portfolio. I want to talk a little bit about the global headwinds on the Iran war. We are mindful of the macro environment. Oil-driven inflation and rising input costs are real. Steel is up 2%, RMC and cement is up 8%, paints up 15%, tiles up 10%, PVC pipes are up 16%. We observed some slowdown in decision-making on a few deals. Our long-term leases and strong balance sheet make us well-positioned to ride through this cycle. Rupee depreciation has made India definitely more attractive to GCCs. In dollar terms, Indian office rents have effectively held flat, while our infrastructure and talent pool have only strengthened as a country. Global headwinds and travel disruptions may delay some transaction in the near term. We had seen similar slowdowns in decision-making during April last year after the Liberation Day tariffs, and May last year when the India-Pakistan war started. When the pent-up demand releases, we are positioned to capture it. A 200,000 sq ft GCC client in Hyderabad who we are negotiating with for an INR 120 rental had put their requirement on hold because of the war. We managed to lease the same space at 130 to another GCC in 15 days. Let's look at artificial intelligence and impact of what we have seen so far. I wanna currently take a glass half full view on AI. Many of you have been asking us about AI and its impact on office. One interesting aspect was many of the Magnificent Seven companies have taken good amount of office space in India last year for AI-related work. We have also seen many large IT services companies who gave up space during COVID due to work from home come back and take more space with us. This could be because of flight to quality, or they could be because no longer looking at owned campus strategies. When we take a glass half full view, we believe there's a lot of evidence which supports it. PC, internet, cloud computing, each was supposed to reduce employment. None did. Spreadsheets eliminated bookkeeping clerks, but created financial analysts. E-commerce disrupted retail jobs, but built warehousing, logistics, and delivery jobs. Technology changes how people work far more than it eliminates work. Now let's look at the data. The AI narrative has been running for the last three years. In that period, office demand has grown 18%, 16%, 15% year on year, and this quarter, 7%. GCCs technology consulting BFSI clients, the most, the biggest adopters of AI are all hiring at scale. There is no evidence of mass vacancy increases. In fact, the very AI companies blamed for killing offices are themselves taking new office spaces in some parts of the country. These are high-value occupiers who seek Grade A best quality spaces. AI is also creating entirely new roles, ML engineers, prompt specialists, AI product managers, data governance teams, cybersecurity experts. The logic is quite straightforward. AI increases productivity. Productivity drives growth of companies. Growth needs talent, and talent needs space. Job displacement will obviously happen in certain functions. Job creation and role evolution will also happen alongside it. I feel the workforce will become augmented, not replaced. India has a lot of structural advantages here, a young tech-trained workforce, strong AI hiring growth, and growing AI skills density. That makes India more attractive, not less attractive. There's also qualitative shift. When AI handles the repetitive tasks, human work becomes more collaborative, more strategic, more judgment-driven, all requiring office space. In regulated industries like healthcare, legal, pharma, human oversight is not optional. Client-facing work still matters. R&D cannot function remotely. Breakthrough ideas will come from unplanned hallway conversations. The future is not no office, it is better office. I believe AI will accelerate the flight to quality. Companies will seek upgraded spaces, stronger amenities, better sustainability credentials. I also believe that offices are shifting from rows of desks to collaboration hubs. Workplaces now express corporate identity. Attractive spaces remain key to winning talent. For a portfolio like ours, which is Grade A, low-rise, business park-focused, sustainability-led, this shift works firmly in our favor. Let's look at the REIT performance update. Let's look at some of the operating and growth highlights. A quick update on the annual performance for the 12 months as we close FY 2026. Gross leasing for the year was 7.1 million sq f t, the second highest since listing. Last year, we had done 7.6 million sq ft. Committed occupancy reached 95.7%, the highest we have ever reported since listing, up from 93% in FY 2025. We also delivered healthy NOI of INR 2,664 crores, our highest year-on-year growth since listing, up 29.2% year-on-year. This reflects the compounding of higher occupancy, stronger rents, and disciplined operations. Distribution stood at INR 1,516 crores, up 15.6% year-on-year. DPU this year grew 9.7% year-on-year, and 13.7% excluding the one-off tax refund which I spoke about. Our increased rents have moved north of INR 80 from INR 71 a year. For our Q4 FY 2026 performance highlights. Gross leasing hit 3.5 million sq ft, the second highest quarter since listing, up from 2.8 million sq ft in Q4 FY 2025. Every leasing metric is at or near a record. NOI stood at INR 742 crores, our highest year-on-year growth rate since listing at 37.4% year-on-year. We delivered INR 431 crores in distributions, up 9.7% year-on-year. We set a new record with the highest ever quarterly DPU at INR 6.64 per unit. DPU grew 3.1% year-on-year. DPU is 17% excluding one-off tax refund. NAV closed at INR 527 per unit, up 9% from INR 483.7 as of September 25. Our unit holders are seeing both income and capital appreciation working together. Let's look at some of the other business highlights. We have pre-leased 2 million sq ft across B8 and B18 in Hyderabad. We signed 1.5 million sq ft in B8 and 0.53 million sq ft in B18 during the quarter. Pre-leased 0.8 million sq ft to a healthcare GCC at INR 110 per sq ft. We pre-leased another 0.7 million sq ft to an Indian MMC who will build, operate, transfer the premises to a BFSI GCC at INR 121 per sq ft. Rental traction is only building from here. Mindspace Madhapur committed occupancy touched 99%, the highest ever. Mindspace Airoli West reached nearly 99%, also the highest ever. Some of you may remember we used to be around 2 years back, 72%. The largest assets in our portfolio are essentially full. JV has increased to INR 47,600 crores, and NAV is now INR 527 per unit. This shows the steady growth and the strong quality of the portfolio over time. Currently, dry runs are underway at the Pearl Club at Mindspace Madhapur, and we are scheduled to go live in this quarter, which will be India's best club. Under construction pipeline today stands at 5.4 million sq ft, well on track. Out of which, please don't forget that 4.5 million sq ft out of this 5.4 million sq ft is already pre-let. Let's look at portfolio expansion. Portfolio growth remains a strategic priority. We have delivered on it. Over the past year, we grew our completed portfolio by over 2 million sq ft. This came largely through inorganic growth. We acquired three prime CBD assets in Mumbai and Pune. We also brought in 0.8 million sq ft of our external third-party asset, The Square, 110 Financial District, which was previously called Q-City, and we consolidated 50,000 sq ft within our existing parks. As you're aware, we have recently announced another two further acquisitions in Chennai, which is underway and expected to close over the next 10 days. We have built a strong platform, operate in clear markets, and have an active pipeline. We will continue to pursue high-quality assets and move decisively when the right opportunities present themselves. Let's look at the redevelopment update. At Mindspace Airoli East, committed occupancy has risen to 83%. Following the success of Mindspace Fusion, our F&B hub, we're exploring an expansion of F&B offerings within the business park. Upgrade work in buildings B1, 9, 10, 11, 12 has made much progress and will conclude in the next couple of months. The lobbies today look a lot more sophisticated, functional, and suited to a best-in-class park. Client feedback has also shaped our infrastructure plans. We are building covered walkways across the park to create more comfortable, connected experience. In Mindspace Airoli West, when the demarcation was announced, committed occupancy stood at 72%. Last quarter, it was 96%. This quarter, it's 99%. A clear indication of how well the leasing team has performed. Across our 5.4 million park, total vacancy is just down to 72,000 sq ft. This progress strengthens our confidence in Navi Mumbai's growth and our long-term plan for the micro market. Rentals have also followed. Recent deals in Airoli have been signed at INR 74 per sq ft, a clear signal of where the micro market is headed. As you're aware, Mindspace is the only Indian REIT with a data center portfolio. 2 data centers are already operational. 3 more are in various stages of development. Once complete, our data center portfolio will span approximately 1.7 million sq ft. Our confidence in Navi Mumbai's long-term trajectory has never been higher. In Mindspace Madhapur, we have 10 million sq ft with 99% occupancy. Just over 100,000 sq ft of vacancy remaining. Madhapur is for all practical purposes, full. Rentals have demonstrated marked improvement. A large American bank in GCC has taken up space at INR 125. A large American healthcare GCC has taken up space at INR 110. We are also redeveloping 8 assets to keep the park modern, competitive, and tenant-ready for the next decade. At Commerzone Yerwada, we are entering an exciting phase. A comprehensive phase one upgrade is underway. The entrance refurbishment has already begun. Building B1 has a new food court and will be completed over the next few weeks. Lobby and kiosk extension, facade upgrades, terrace amenities, and a revitalized central garden are all in the pipeline. Ascent, the new building we acquired in Worli. When we acquired Ascent Worli, occupancy stood at 86%. Today, it's at 97% with only 15,000 sq ft vacant. Average rents in Worli stand at INR 306, and we have just signed a fresh deal at INR 345. The rental trajectory again here is firmly upward. Let's look at what we are doing on the customer centricity side. We also weave in sustainability into each of our offerings. Nearly 50% of electricity today is currently sourced from green energy. Our Edge 23 program, offering the true hospitality-led experience, has also accelerated with 23 focused items to bring a more premium hospitality-led feel across our parks. Another area of focus is our infrastructure and amenity upgrades. Our lifecycle assessment study has guided our MEP upgrades, and we will be investing significant amounts of money in upgrading our MEP this year. We divided our budget between front of house and back of house. Front of house operations will have a direct positive impact on client satisfaction, and back of house ensures uptime, compliance, safety, and efficiency. CapEx is prioritized for asset modernization to drive tenant stickiness and sustainable rental growth. The second edition of Mindspace EcoRun drew 8,200 participants across Airoli and Madhapur, cementing our position as a community-first business park operator. Every decision we make starts with one question: What do our tenants need? Feedback from surveys, audits, daily engagement feeds directly into how we run and improve our parks. The playbook is simple: build, lease, upgrade, repeat. Simple and compounding. Modernized assets drive stickiness drive renewals, and renewals drive rental growth. We're not just building parks, we're building ecosystems where businesses grow and people belong. On the valuation front, GAV grows to INR 47,600 crores. NAV rises to 527 per unit. In Madhapur, leases were being signed at 85-90 just a year ago. This quarter, like I mentioned, we signed at 121 per square foot. In Navi Mumbai, rentals have moved from 65-70, with the highest transaction at 81 per square foot in Airoli West. Rents and occupancy are more meaningfully leading to value creation. On ESG credentials, our ESG credentials are not just strong, they're globally recognized. Very happy to report that Mindspace REIT ranks number 3 globally in GRESB, which is the number 1 global rank in environmental performance. At 73 out of 100, we are India's highest-rated REIT. We are also the only Indian organization in our sector to achieve industry distinction in the S&P Global Sustainability Yearbook 2026. We have been recognized at The Asset Triple A Sustainable Finance Awards 2026 in Hong Kong for leadership in integrating sustainability into our financial framework. We also launched our Green Mind Ideathon. This initiative put sustainability ideas in the hands of people who matter most, our tenants and employees. Our ESG commitments again extend beyond our parks to the communities around them. In partnership with Navi Mumbai Municipal Corporation and NGO Project Mumbai, our plastic and e-waste recyclathon is making tangible progress. FY 2026 has been a landmark year, and the numbers speak for themselves. In conclusion, record committed occupancy of 95.7%, NOI growth of 29.2% year-on-year, the highest since listing, and distribution growth of nearly 16%, 20% excluding the one-off of last year. Here are some broad annual performance metrics. In the start of FY 2026, committed occupancy stood at 93%. We closed the year at 95.7%. Vacancy at the start of the year was 2 million sq ft. After all the acquisitions, this now stands at 1.35 million sq ft. In-place rents moved from INR 71 to INR 80 per sq ft. GAV grew from INR 36,647 crores to INR 47,635 crores. NAV grew from INR 432 to INR 527 per unit. Our portfolio has expanded from 37.1 million sq ft to 39.3 million sq ft. Since listing, we expanded our portfolio by approximately 9.1 million sq ft through accretive acquisitions valued at INR 10,600 crores, including the announcements of ITPC and Commerzone Pallikaranai and Chennai recently. Our unit price has appreciated 63% since IPO. Our unit holder count has crossed 1 lakh. When we listed, it was 8,000 unit holders. The investor base is broadening and deepening. GCCs now represent 52% of our tenant base. Hyderabad, our largest market, has emerged as India's most sought-after GCC destination. In FY 2026, we have leased 3.4 million sq ft to IT services, in spite of the slowdown of IT services. Geopolitical risks and commodity cost inflation are real, but they are also manageable. Our portfolio is domestically anchored, our leases are long, and our tenant base is deep. Our LTV today stands at 24.3%. Cost of debt at 7.41%, amongst the lowest in several quarters, and now comfortably below our cap rates. Regulatory tailwinds on equity classification and bank lending to REITs will further deepen our capital access over time. Beyond FY 2026, our growth agenda is well-defined. Data centers in Airoli West are progressing. 5A, 5B redevelopment in Madhapur will commence soon. The Pearl Club and Ascent Residences go live this year. Our acquisition pipeline remains active across core markets. Each of these are a distinct value driver, all are moving in parallel. Stepping back, FY 2026 delivered record performances, demonstrated resilience through cycles, and validated every pillar of our growth strategy. As we enter FY 2027, we enter with the strongest position since listing. Our proposition remains unchanged and strengthened. High quality occupiers, disciplined growth, sustainability leadership, stable growing returns. We continue to maximize value and build loved workspaces and portfolios investors trust. Thank you for your continued confidence in Mindspace REIT. I will now hand it over to Preeti for further financial updates of the quarter. Thank you, Ramesh. Good evening, everyone. I'm pleased to present the financial results for the quarter and the financial year ended 31st March 2026. We delivered a quarter of very robust operating and financial performance. Ramesh has already spoken about the operating performance. On the financial side, our NOI for Q4 FY 2026 grew a healthy 37% year-on-year to INR 740 crore, and for full financial year by 29% to INR 2,660 crore. Revenue from operations for Q4 2026 increased by 31% YOY to INR 888 crore, while full year revenue grew 26% to INR 3,200 crore. Excluding the one-off tax refund, which Ramesh alluded to, our distribution growth was 19.8% for FY 2026 and about 25% for Q4 FY 2026. In aggregate, for FY 2026, we distributed around INR 24 per unit to the unitholders. The Gross Asset Value of our portfolio increased about 16% from September 2025 to INR 47,600 crore. The Chennai acquisitions will add another INR 4,200 crore to the GAV. NAV of our portfolio also grew by a healthy 9% from INR 484 per unit at September 2025 to INR 527 per unit at March 2026. This strong growth was driven mainly on account of, 1, the rental increases across our micro-markets, particularly Madhapur, Hyderabad and Navi Mumbai. 2, the rising occupancy across our portfolio and the cap rate compression of about 25 basis points across some of our projects that the valuer has considered. Our loan-to-value at March 2026 was about 24.3%. The two acquisitions that we did in Chennai would take this LTV to 28.7%. Our cost of debt remained largely flat sequentially at 7.4% p.a., which was lower by almost 75 basis points year-over-year. We expect the financing costs to remain around these levels or marginally rise because of the geopolitical challenges. On the operational front, as Ramesh has already spoken of, rising occupancy at Airoli has been very encouraging. Rentals across our markets have been moving up. In addition, the embedded development pipeline and the third-party acquisition, as we may undertake, will all aid the growth of NOI and DPU going forward. With this, I hand over the call to the operator to open the floor for questions. Thank you. Thank you so much. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may click on the Raise Hand icon from the Participants tab on your screen. We will wait for a few minutes until the question queue assembles. We allow our first member, Mr. Karan Khanna of Ambit Capital. Please go ahead with your question. Yeah. Hi. Thanks, team. Just a couple of questions from my side. Ramesh, firstly, while GCCs, data centers and to some extent the flex workspaces were key demand drivers in FY 2026 for the commercial RE markets at large and for Mindspace assets, what are likely to be the major demand driver categories one should monitor going into FY 2027? Will it largely remain the same as FY 2026 or are there any new demand drivers that you would want to point out? We will look at if we can do more data center deals within our portfolio for sure, given that we have that 100 acres. If there are any good redevelopment opportunities, we'll definitely look at data centers. Today, our portfolio, like I mentioned, GCCs is around 52%, foreign MNCs around 20%, and Indian domestics, the balance, 28%. If you look at our top clients, it's a good mix of R&D, energy, IT services, GCC banking, some flex place, Indian BFSI, Indian large domestic. It's global telecom, global energy again. I was just going through the list of our top 10, 15 clients. Global banking. I think this will definitely continue going forward. Our flex today is 8.4% of our portfolio, and within that 8.4% portfolio, most of the space has actually been done by enterprise clients, which includes people like IBM, Prudential, Nationwide, Telstra, Apple, Fujitsu, L'Oréal, Mastercard. We obviously look at who the enterprise clients of these flex players are. I was looking at our top five, top six exposures to again, flex players, which is again, we deal with the top six players. Four of them are listed. Two of them are planning to list. That's our list of six players. I see this. Continuing, I don't see any big change in the tenancy profile. When I look at the RFPs, Hyderabad seems to be having the most number of RFPs in the country. Massive RFPs, like there's a 2.5 million sq ft RFP from a global bank. There's a 1.2 million sq ft RFP from a global tech player. There's a 1.2 million sq ft RFP from a bank. Another bank, 800,000 sq ft. Pharma, 500,000 sq ft. Big Four, 500,000 sq ft. Pharma, 200,000 sq ft. Another pharma. That's like massive. Much RFPs are happening. We are closely tracking all that. It's a mix of current, I don't see that trend changing. Sure. Just on the portfolio occupancies, given that you're already at close to 95%, what would be the realistic peak occupancy that you expect the portfolio to reach? With 1.8 million and 1.9 million sq ft of, you know, expiries in FY 2027 and 2028, could you share early talks on, you know, re-leasing and re-leasing spreads you are likely expecting across these assets? A follow-up given that. So from- Yeah. Yeah, please go ahead, Ramesh. From a re-leasing spread point of view, when we're looking at the portfolio still, it's still 20% potential MTM we have in our portfolio. Given the way rentals have been behaving in some of these markets, especially Hyderabad, I definitely see that going up. Out of the expiries, 73% of the 3.6 million sq ft of expiries we had, we have already kind of re-leased it. One good news is, all the new deals which we did, 71% of it came from existing tenants in our India portfolio, which means that tenants are happy with whatever we are doing. Our asset management teams are doing a good job. That was, again, an interesting data point. FY 2027 expiries are lesser compared to. This year we had, FY 2026, the expiries were 3.6 million. FY 2027, the numbers show 1.8 million sq ft. The key focus obviously is going to be making sure the new parks which we've acquired in Chennai, we manage to fill it up, and reducing vacancy in Airoli East. Sure. Last question for you, Preeti. On the board approval to raise up to INR 157 billion, when you say upper cap of 33%, what does that number translate to, and how much headroom does that leave you versus the current net debt of INR 115 billion? As such, from a cap perspective, Board keeps approving from time to time. As and when we find opportunities and we want to invest, and if that requires additional debt headroom, we go to the Board and approve. I don't think that's a challenge. As we have always said, we would keep our LTV around 30%-35%, which is our stated position. We are about 28.7% now with these two acquisitions, that leaves us enough headroom for growth. As I said again, 35%, 30%, 35% is what we'll be comfortable with. I think for now we have enough headroom. As I said in the last call also, if there are opportunities which require us to raise capital, we will do that at an appropriate time. Sure. This is helpful. Thank you, and all the best. Thank you so much. We'll move to our next speaker. We have Puneet Gulati of HSBC. Puneet, please unmute your microphone. Yeah. Thank you so much, and congratulations on great performance. My first question is with respect to the, you know, development CapEx which you outlined. Can you sort of quantify how much do you intend to spend on upgrades, and how much do you intend to spend on new area addition during the current year? Well, this year our CapEx is INR 1,434 crore for base build, and upgrades is INR 203 crore. We have a balanced CapEx of INR 4,075 crore, which is for finishing our B1, B8, the three data centers, B15, B17, B18. All this put together, we have another balanced CapEx of INR 4,075 crore. Okay. Versus the INR 1,600 crore that you spent in, that you plan to spend in 2027, what was the spend in 2026? 2026, I think, was INR 1,000 plus INR 200. I think INR 1,200 crores was the CapEx. Okay. Understood. We are increasing that overall CapEx. Right. Right. Understood. Secondly, if you can also talk about, you know, the gap between the Mindspace Airoli East committed occupancy versus actual. For three quarters it hasn't picked up. Should we expect the gap to narrow anytime soon, or do you think there is more fit-out, finish that still needs to be done there? Airoli occupancy, the gap between committed occupancy, what we are seeing is, it's only because of the timing difference between LOI to a lease deed. Yeah. There have been a lot of deals which we have done in March. That's where the difference is. The difference is hardly anything for Airoli West. I think the difference is only around 2%. For Airoli East, I think it's around 9%. All this will get done in the next quarter or so. This will move towards signing and will move towards committed occupancy. Sorry, next quarter you said this gap? Next few months. Next few months. Lastly, if you can also talk about your acquisition strategy. Preeti talked about comfortable with 35% LTV from current 28.7%. Would you like to fund your acquisitions more with debt now versus equity or is it likely to be similar to what you've done in the past? Before Preeti talks on the debt equity piece, we stay committed to acquiring more assets. We've already done 9 million sq ft, like I said, then, INR 1,600 crores. A lot of deals across the country are suddenly coming up after people have seen our recent acquisitions. Obviously, it should be accretive for everybody. We're looking at multiple strategies. You've seen in during our acquisitions that we have done core plus, value add, opportunistic, all types of acquisitions we have done. Preeti, you wanna talk about the debt equity piece? Yeah. Puneet. The way we see it, all the sponsor acquisitions that are likely to come a s we've seen in the past, I expect them to be by way of swap. That effectively would not require us to do any kind of debt raise. Third party acquisitions, mostly all going to be cash outs by those sellers. Those we will fund out of debt. As I said, if we are getting closer to 35, which we've been saying is our comfort level, then we will, at an appropriate time, raise equity. For sponsors, as I said, we don't really need. For third party acquisitions outside the sponsor group, we will look at it at an appropriate time, whether debt is good enough for us to do those acquisitions. If we feel we need to raise equity, then at that point in time we will look at it. In the next one-year pipeline that you may have, is it more sponsors or more third party? Early to tell, right now, Puneet. We've just done 2 big acquisitions. With this, acquisitions we go to, from 24.5% we go to, 29%. Yeah. I think it'll again be a mix of both sponsor and third party. Okay. Thank you so much. Lastly on my side, if you have any, you know, thoughts on the data center strategy. You already lease out some space. Is there a thought to start doing a bit more MEP sort of work for data center, or would you largely limit yourself to core and shell? We will continue with our strategy, what we have been doing so far. We are real estate experts. We are looking at one data center opportunity within our park, and hopefully we'll be able to announce something good and big from a data center point of view in the coming few months. Great. That's all from my side. Thank you so much, all the best. Thank you. We'll take our next question from Deep Shah of 360 ONE Capital. Deep, please unmute your microphone. Yes. Yeah. Hi. Thanks for the opportunity. A couple of questions from my side. First is, next year about 3.2 million sq ft comes live in Madhapur. Out of 5.5 that we have under construction, more than half will be ready. I guess we also have new construction in Chennai. This spread between NOI and NBCF growth, should we expect that to moderate starting 2028 or even in FY 2028 we expect NOI growth will be higher than our NBCF growth? That is my first question. My second question is on debt repayment. If I look at our debt schedule, I find about 85% of debt, which is up for repayment next year, is at coupons of 7.7% or higher. In fact, most of it is 7.9% and 8%. Would it be a fair assumption that our debt cost can actually still further remain in this range or even go down slightly? Would that be a fair assumption? Yeah, that's from my side. Thank you. I'll let Preeti handle the debt question. On the rent commencement dates, so B1 is 100% leased. That's 15 lakh sq ft. B8, which is your 17 lakh sq ft, in that 15 lakh sq ft is already absorbed. The 2 lakh sq ft will get done this month, in the next 15-30 days, that'll also get done. In terms of RCDs of some of this, we have a large client's RCD starting in December 2027. We have something starting in September 2028. We have something starting in March 2028. We have something starting in February 2029. It's spread out. These large clients ask for large significant rent-free periods also. So it's a mix. Rentals will, most of these deals, the actual rentals will start kicking in next financial year. From that time onwards, things will start going up. Okay. Just a couple of points I want to talk here is, in Hyderabad, our rental revenues have gone up in the last financial year by close to INR 110 crore, just because we have managed to lease most of the vacant space and also because rentals have gone up. Again, in Gigaplex, our rentals have gone up INR 80 crore. In Yerwada, because we managed to lease some of these spaces, rentals have gone up INR 40 crore. We're looking at every 20,000 to 30,000, 50,000 sq ft which is vacant to increase our cash inflow. I'll let Preeti talk about the debt part. Yeah. On the financing cost, as I'd said, we are today at 7.4%. We have about INR 2,700 crore of refinancing in FY 2027. I expect, you know, basis our discussions with lenders and debt investors, we expect that the funding which we have for balance of the year to maybe be around these levels, because we real`ly don't know how long it'll take for these interest rates to actually stabilize. Keeping that in mind, I think overall for FY 2027, either we will remain at these levels. I don't see us actually going below this, and if at all, it could be marginal 5, 10 basis points increase, but I really am not seeing reduction from here. Either we'll remain around the same or maybe marginal increase. Sure. This is useful. If I can just squeeze in one more. Apologies. When we started this year, when I look at our FY 2025 presentation, Madhapur, about INR 0.4 million expiries were expected. If you could help us understand what were the actual expiries, I'll just say the context. The context is that over the next three years, less than 10% of space comes for expiry in Madhapur, and that is of course, our best asset in terms of the MTM opportunities that we have. If you could maybe, if you could give two, three years data, that would be very useful. Or even if FY 2025 data, is there a case to be made that generally actual expiries are higher than what is expected? Is that something you've seen historically or that would be a very optimistic assumption? Actually, you're right, Deep. When we estimate these numbers in terms of expiries or exits, this is based on our client communication today, given that most clients, they have 6 months to give notice. A lot of guys who may come back. This year when the year started, we were talking about 2.5 million sq ft of expiries. The year ended at 3.6 million sq ft enquiries. Right now, given where the market is today, we are not complaining of tenants exiting because it's giving us a massive upside. Otherwise we won't be achieving 40% mark to market what we did this quarter. Tough to kind of, put a exact number now given the six months, notice periods which clients have. Yeah. At this stage, we typically only know based on the contracts what are the expiries that are upcoming. There also happens sometimes that a client could prepay, given the rentals are moving up, they would like to lock in rent. Sometimes they do an early renewals as well. Even though their expiry is, let's say, in the next year, but they would like to lock in, they prepay on their renewals, and they do a leasing much prior. That would also, kind of then the expiry is moved forward in a way. Right. Right. This is, this is useful. Thanks, guys, and all the best. Thanks, Deep. Thank you. We'll take our next question from Mohit Agrawal of IIFL. Mohit, please unmute your microphone. Yes, please go ahead. Yeah, good evening, everyone, and thanks for the opportunity. My first question is the outlook on the rental increase in Hyderabad. Like last year, we've seen almost market rentals going up by 20-25%. You've been signing deals at INR 120 now. How do you think the trajectory will be for this year? Do you expect a similar increase? If you could talk about you spoke about RFPs being very strong. If you could also talk about a little bit of what kind of supply apart from us is coming in the, you know, in the micro market, that'll be great. Just trying to understand where could probably the rentals be in the next 1-2 years. Definitely in the next 1 year we see rentals going up, not by 25% what we saw last year, because obviously companies will have their budget restrictions also. Hyderabad market, wish we had more space to give. Everything is gone. Like I said, B 18 is gone, B 1 is gone, B 8 is gone. We don't have space. Maybe we could look at some of the sponsor acquisitions, which again, will come quite later. It's a good place to be in. Very surprisingly, we were talking about redevelopment in Hyderabad, which is going to be ready after we get approvals, after we design, after we complete the building, all that. There are already 2 inquiries which have come up for something which may come up 4 years down the line. The market is that hot. I'm sure some of you would have read that 46% of the GCCs who came to India last year went to Hyderabad versus 30%-33% who went to Bangalore. We've been big beneficiaries of that. Okay. The in-place rentals continue to grow by about high single- digits, right? Considering that you have low expiries in the next couple of years, is that a fair assumption to make? In-place rentals are obviously going up, but it all depends on when some clients will leave. Yeah, our CAGR on the in-place rents since our listing has been about 7%, north of 7%. Expiries these days are giving us higher re-leasing spreads compared to earlier years, primarily driven by Hyderabad. We used to achieve about 25 to 20%-25% of re-leasing spreads. In the last couple of quarters, we've done 30%, this quarter we've done 40%. That's moving our pace of in-place rent growth also higher. Sure. Preeti, just on, you know, this year we've done nearly 10% DPU growth. You know, if you could give some comments, I understand you don't give a guidance, but if you could give some comments around what kind of DPU growth trajectory should we broadly expect for FY 2027? Should it be similar, better? Because there's obviously the NOI will see a lot of jump because of the acquisitions and all, but how do you see that translating into DPU. This is also considering that your interest costs you are expecting to be stable, right? How do you think about the DPU next year? Right. You partly answered my question that we don't give guidance. I won't be able to give you the exact number, but I can tell you, NOI growth, as Ramesh has already said, there are multiple factors which are gonna drive NOI growth for next year. NOI growth is going to remain healthy. Interest costs, as I said, will remain stable at these levels. Given that, all I can say is that you should continue to see a healthy growth in DPU. I will stop at that. Okay. Okay, I tried. Thanks a lot for your time. Thank you. Yeah. Thank you. See, one of the things which Mohit used to, some of them, some of the analysts used to ask us was slow distribution growth. Over the last four quarters, we've given 18%, 16%, 20%, 10% growth. I think, all double- digits. That used to be a concern. Now not too many people ask us about distribution growth. Yes, Mohit, please go ahead. No, I'm done. Thank you. Thank you. Thank you. We'll next take Parvez Qazi of Nuvama Group. Parvez, please unmute your microphone. Yeah, please go ahead. Parvez, please go ahead with your question. Hello. Yes. Congratulations for a great set of numbers. Two questions from my side. Apart from the recently acquired assets in Chennai, we largely have a space left only maybe in Airoli East and the financial district. How do we see leasing in these two assets? I mean, let's say a year down the line, what kind of occupancy can we have in these assets? That's the first question. Second, in terms of GCC contribution to our leasing, for FY 2026, fair to say roughly half of our space would have been leased to GCC? That's the number now. The overall number is at 52. For this quarter, GCC breakup is 54%. We have maintained that percentage. Parvez, on Chennai leasing, we have between both the parks, we have 14 lakh sq ft of completed space with occupancy certificate. The focus over the next 12 months will be to lease this 14 lakh sq ft. Airoli focus continues. We hear that there's not too much of competing supply also in Airoli. I think we have around 9 lakh sq ft in 8-9 lakh sq ft in Airoli East now. The objective will be to kind of bring it down at least to a 5 lakh sq ft kind of a number. Hopefully we should be able to take this 95.7% occupancy, which we have, to maybe early 97 to mid-97 by end of this year. That's going to be the focus. Like I mentioned in my speech, when we started the year, we had 20 lakh sq ft. Today, we have 13 lakh sq ft of vacant space. Also a related question now with, I mean, overall Madhapur as a market doesn't really have that much space either for you or for others. Your thoughts on the Financial District market and the asset that we have there? Definitely. We've been seeing a lot of demand for Financial District just because there's no space available. Many companies are also cost-conscious. That's why our rentals in Financial District when we picked up was around INR 55, INR 66, and today already we are doing deals at around INR 62, which will only go up. We have some alternate usage ideas also within the Q-City park, which we acquired. Over the next few months, you'll be able to hear some good deals in that park at better rentals. Thank you and all the best for future. Thank you, Parvez. Thank you. We have Yashas Gilganchi of BoB Capital Markets Limited. Yashas, please go ahead with your question. Yes. Good evening, team. Thank you for taking my questions. Having expanded your presence in Chennai significantly, please shed some light on the opportunity you see in the city. More specifically, how do you expect in-place rents to trend over, say, the next two, three years? What is the growth that you expect? Yashas, our strategy was very simple. We saw that the market with the lowest vacancy. India vacancy numbers are 15%. Chennai was 7%. When we looked at institutional supply on PTR Road, there was no institutional, hardly any institutional supply. We looked at OMR One, which is a better market, higher rentals. Absolutely no institutional supply coming for the next 2 years. These were the reasons why we picked up the Chennai assets, where we can control supply. Now, we own the supply in that, the two best micro markets. If you combine OMR One and PTR, between these two markets, we kind of control the supply. The strategy itself was Chennai domination. This is, it'll be nice if you could check out some of the pictures of this asset. This is a truly institutional kind of a trophy, kind of a IT park asset in the country. Has the best low carbon which anybody has ever built. It's a new asset. Has the advantages of OMR, PTR, and GST Road, all three. Widest road in Chennai. Metro is coming up over the next 1.5-2 years. Our nearest competing supply, like DLF, today I heard from the IPCs, they're quoting INR 150. Sattva has a great project. Again, I heard from the IPCs they're quoting INR 130. We have started already doing deals at INR 85, so I'm sure they'll go up. Multiple advantages. Airport hotels close to the airport. Residential catchments. Lots of a nice mall. Phoenix is not very far off. Good senior executive housing. Scalability potential. Now that we have two parks, clients can scale up. We're already getting an inquiry from someone who said that, "I'm taking this park, but give me scalability in the next park." Large floor plates, the best size floor plates in the city. 98% of CapitaLand is actually multinational clients, all GCCs. Low rise. Given that it's airport zone, it's still low rise. Over-specced asset. These kind of assets have eventual potential to become a front office. What we saw in, today, you asked the IPCs which is the CBD in Hyderabad, they would say Madhapur, which has already become a front office destination. This is the kind of asset which has potential for a front office. Chennai market, approximately, 6 million sq ft, net absorption market, and we should be able to get some share. Like I said, the focus is 14 lakh sq ft of vacant space which we need to lease in both these buildings, which we hope to lease in the next 12 months. Understood. I understand that you expect a marginal increase in your cost of debt over the coming year. As you refinance expiring debt over the next few years, do you expect to lock in a bigger portion of your outstanding debt at fixed rates? I'm just trying to understand if what the strategy is to ensure a stable cost of debt. As you see, over the last couple of years, we've actually been moving a lot of our variable cost debt, which is essentially at the SPV level, to fixed cost at the REIT level. We've already touched about close to 70% in form of fixed. I think 70%, 75% is where we want to be in on the fixed side. We would want to continue with some LRDs at the SPV level also. I would say since almost 75% is going to be fixed, then to that extent it provides a lot of stability. You know, I'd also mentioned in the last earnings call that we are now trying to do some long-term bonds so that, you know, we can have better, I would say, stability on the interest rates also. Of course, these last two months have not been the right time. As we move ahead, we would like to actually lock ourselves for long-term debt. In the interest rate, stability is much better than what it is today. Got it. Thank you very much. Thank you. Ladies and gentlemen, on behalf of Mindspace Business Parks REIT, that concludes today's conference call. Thank you all for joining us. Thank you all for your participation.