Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
The Phoenix Mills Limited (NSE: PHOENIXLTD) Q4 2026 Earnings Call dated Apr. 28, 2026
Corporate Participants:
Shishir Shrivastava — Managing Director
Rashmi Sen — Chief Operating Officer
Varun Parwal — Group President – Strategy & Corporate Finance
Kailash Gupta — Chief Financial Officer
Analysts:
Puneet Gulati — Analyst
Mohit Agrawal — Analyst
Pritesh Sheth — Analyst
Parikshit Kandpal — Analyst
Parvez Qazi — Analyst
Girish Choudhary — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q4FY26 results conference call of the Phoenix Mills Limited as an opportunity. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.
Shisher Srivastava. Thank you. And over to you sir.
Shishir Shrivastava — Managing Director
Good morning everyone and thank you for joining us. FY26 was a year of strong operating performance and an important transition year for the Phoenix Mills Limited. We delivered consolidated revenue of 4,423 crore and an EBITDA of of 2,637 crore rupees up 16% and 22% respectively, reflecting a healthy broad based growth across our portfolio. Importantly, we delivered this performance without adding any new retail capacity during the year. This performance underscores the strength of our retail led mixed use platform.
Retail consumption gained momentum in the second half of this financial year and continued to scale meaningfully during quarter four. Offices saw strong leasing momentum across newly delivered assets. Residential sales provided incremental cash flows and hospitality remained resilient despite a challenging backdrop. Underlying operating leverage improved across segments and operating cash flows. Resources remained robust, supporting both growth investments and first tranche payment for the CPP stake acquisition in ISMDPL while maintaining disciplined leverage over the past year, we have also taken key steps to strengthen our growth trajectory for the long term, consolidating ownership in high quality assets, progressing large under construction developments and building depth across leadership and operations.
Our focus remains on ensuring that this platform continues to compound sustainably through disciplined capital allocation, strong governance and consistent execution. With that context, I will now hand over to Rashmi who will walk you through the retail performance and key drivers in more detail. Over to you Rashmi.
Rashmi Sen — Chief Operating Officer
Thank you Shishit and good morning everyone. Retail continues to be the core engine of Phoenix portfolio and FY26 was an extraordinary year for the business. Leasing remained exceptionally strong during FY26. We completed approximately 920 deals covering 3.2 million square feet. We opened over 400 new stores across the portfolio in FY26. This includes several marquee brands like Apple, Ikea, Uniqlo, Berschka, Rolex, Golden Goose, Lego, Victoria Secret, Onitsuka, Tiger, flagship store of lifestyle Tanishq, Azote Game Palacio and Pantaloon among several others.
These launches have further strengthened the positioning of our malls as the preferred destination for leading global and domestic brands. On the FNB front, we introduced an experience led concept Gourmet Village at Phoenix Palladium which is now being replicated across our portfolio. Starting with PMC Bangalore and Phoenix Palacio, rentals continue to grow steadily. Retail rental income for the year grew to 2,157 crores up 10% year on year without any area addition in the portfolio during the year.
Revenue share income also improved meaningfully reflecting healthy tenant trading performance at the asset level. Phoenix Palladium delivered 461 crores of rental income growing 14% year on year at both our Phoenix Market City Bangalore and Phoenix Market City pune centres. Over 3 lakh square feet of area at each mall has undergone strategic repositioning. These churns and new deals will result in a strong double digit rental growth in the upcoming year. Phoenix Palacio entered its fifth year of operations triggering a renewal cycle which enabled us to achieve over 20% rental growth across 120 renewal and new deals.
This uplift will flow through in the coming periods. Our newer assets also continue to gain traction with Phoenix Mall of Asia delivering 33% growth in rentals and Phoenix Mall of Millennium delivering 22% growth in rentals in FY26. We maintained strong cost discipline during the year. We continue to keep a very close eye on expenses while ensuring the quality of customer experience across our assets is preserved. Renewable energy now supports a meaningful share of our retail energy needs, delivering tangible savings.
At the same time, we transitioned to more targeted and smarter marketing campaigns which has helped us optimize spends while continuing to drive strong customer engagement and footfalls. All such initiatives have translated into robust EBITDA growth. Retail EBITDA for FY26 was 2,246 crores growing 12% year on year. This improvement reflects both strong top line income growth and operating leverage coming through from a disciplined cost management. Finally, consumption continues to be a clear outlier.
Retail consumption reached an all time high of Rupees 16,587 crores growing 21% year on year while Q4 consumption grew 31% demonstrating strong momentum across the portfolio. From a category perspective, fashion and accessories which contributes nearly 60% of our area grew by 16% during the year. Cinema and entertainment delivered 22% growth while jewelry and electronics grew by over 30% reflecting both premiumization and healthy discretionary demand. What is equally important is the quality of that growth.
Even as Q4 consumption moderated sequentially, retail rentals remained largely stable and retail EBITDA was essentially flat quarter on quarter. This reflects the structural protection of our lease model and it is the same model that creates the Runway for accelerated rental growth as leases reset over the next two to three years on rentals specifically, rental income grew 14% this year on an already strong base. The GAAP versus consumption growth reflect three factors. First, our MG plus revenue share lease structure is designed to protect downside and capture upside as consumption scales which creates a natural lag in the near term.
Second, newer assets like Malefasia and Mall of Millennium are still in their ramp up phase and will converge over time. Third, seasonal consumption growth in Q4 was driven by categories such as jewelry and electronics which are high volume categories that carry structurally lower revenue share ratios. With 36 to 50% of our portfolio area coming up for renewal over the next two to three years, the conversion of consumption growth into rental growth has a clear and near term catalyst as we look ahead.
Leasing transaction at our under construction assets remains encouraging. With Phoenix, Grand, Victoria and Calcutta already at 79% leased and Phoenix Surat at 41% leased. Combined with upcoming expansions of existing assets and visibility of pipeline extended through 2030, we are well positioned for a sustained double digit growth in retail earnings over the next few years. I will now hand the call over to Varun to walk you through the other business highlights. Thank you,
Varun Parwal — Group President – Strategy & Corporate Finance
Thank you Rashmi. I will now take you through the performance of our office business followed by a brief update on hotels and our under construction assets. Over the past two years our office platform has undergone a meaningful transformation in both scale and quality. From a portfolio of approximately 2 million square feet spread across Mumbai and Pune in FY24, we have now expanded to nearly 4.8 million square feet today across the four cities Mumbai, Pune, Bangalore and Chutney with three large grade A developments that were delivered during 2025.
Each office asset is integrated within our destination retail led campuses offering occupiers access to a differentiated amenity rich environment that is increasingly valued by leading corporates. Alongside scale we have remained focused on quality with all new developments having the best in class energy efficiency meas and are designed to support collaborative future ready workspaces. FY26 also marked a strong year for the office leasing execution. Gross leasing for the year stood at over 2.2 million square feet and our portfolio occupancy on this 4.8 million square feet increased to 70%.
Within this, our mature operational assets saw occupancy rise to 83% up substantially from 67% at the start of the year, while the offices completed during 2025 saw leased occupancy ramping up to 62% from a very low base at the beginning of the year. This pace of absorption compares favorably with market benchmarks for newly delivered Grade A office spaces. For the year, our operational office portfolio in Mumbai and Pune generated income of 213 crores with EBITDA of about 141 crores reflecting steady growth even as a significant portion of leasing occurred in new operation assets.
As is typical in the office business, leasing activity leads income recognition with a time lakh. With the leasing achieved during FY26 and the pipeline already in place, we now have clear visibility on income ramping up and overall occupancy progressing towards 90% over the next few quarters. We expect some meaningful step up in rental income and EBITDA from FY27 onwards. Turning briefly to hotels, FY26 was a year of resilience amid a more cautious macro environment. Hotel income grew 8% to 596 crores while EBITDA increased significantly by 14% to 276 crores.
Reflecting strong operating discipline and the inherent quality and standing of our assets in their respective micro markets, the St. Regis Mumbai continued to outperform the market with EBITDA margins improving to 49% and average room rates in excess of 21,000 rupees supported by strong operations. Underscoring its premium positioning and pricing power, Kodiad by Marriott Aldra also remained resilient sustaining occupancies in the high 70s and maintaining stable margins despite a softer ASTRO overall sitting.
Rashmi spoke about Kolkata and Surat and both of these assets are targeted for becoming operational during FY28. Let me also give you a quick update on our other developments across Thane, Coimbatore and Chandigarh where we have moved from approval stage into execution. At Thane we have received the environmental clearance, clearance and other necessary approvals and we have onboarded the excavation contractor with excavation expected to commence at the site shortly. At Coimbatore or requisite approvals are in place and excavation at the site commenced from quarter four onwards and similarly at Chandigarh or requisite approvals have been obtained and pre construction works have already been initiated across all three locations.
We are following our established development discipline wherein we secure all required approvals, finalize our design and cost frameworks and tender a significant part of the construction cost before we commence construction. This approach gives us confidence on timeline and visibility on cost and also ensures quality of execution as these projects progress. With that, I will now hand the call over to Kailash who will take you through our residential portfolio and overall financial performance.
Kailash Gupta — Chief Financial Officer
Thank you Varun. Good morning everyone. I’ll take you through our REGI performance and then briefly touch upon overall financial position and capital allocation. FY26 was a strong year for our regi business both in terms of sales momentum and cash generation. It is important to note that we approach residential development with a clear strategic lens. It is not a capital intensive growth engine nor does it compete with for capital with our annuity businesses. Instead, we use REGI selectively as a cash generating vertical monetizing high quality inventory in mature micro market.
Gross daisy booking for the year doubled to rupees 471 crore with collection closely tracking at 467 crore. JZ recognized during the year student 489 total sales. This performance was driven primarily by our premium residential project in Bengaluru, Bangalore west and Kesapur which continue to see healthy demand and pricing resilience for ready inventory with average realization rising around 2829,000 per square feet. At a group level, FY26 reflects strong financial compounding. Consolidated revenue for the year grew at 16% to 4,423 crore while EBITDA grew faster at 2,637 crore up by 22% driven by operating leverage across retail, office and hotel.
Net profit after tax for the year stood at 1557 crore up by 20%. Operating free cash flow after working capital tax and interest that was at 2140 crore up by 23%. FY26 was also a year of elevated capital deployment and investment in growth. For our next phase, the most significant transaction was the buyout of CPP Transactions stay in ISML which will result into full ownership of a high growth cap high quality cash generation platform. Alongside this we invested approximate 1035 crore rupees in construction and development across all the retail assets, retail and office assets and a further 431 crore for the land and development rights in existing projects.
Despite the level of investment, the balance sheet remains firmly under control. Gross Debt stand at 5,164 crore with the net debt of 3,160 crore. Net debt to EBITDA ratio which was 1.24 last year has improved to 1.19x this year even after factoring the ISML acquisition and peak construction capex. This reflects the strength of our operating cash flow and our disciplined approach to capital allocation. As you look ahead, we remain focused on converting our scale into sustainable earning and cash flow growth, funding development largely through internal accruals and maintaining a conservative balance sheet as we execute the next phase of expansion.
With this, we are happy to open the floor for the question and answer.
Questions and Answers:
Operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2 participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Puneet Gulati from HSBC Bank. Please go ahead.
Puneet Gulati
Yeah, thank you so much and congratulations on good performance. My first question is with respect to the upcoming malls in Kolkata, Surat and also you know, your residential project. Is it possible to get some sense of timeline as to what quarter for 2027 should we extract those?
Varun Parwal
Hi Punish. So for Kolkata and Surat, we are expecting to launch it during FY27 and. Sorry, FY28. My. My bad. And we put it in the second half of FY28.
Puneet Gulati
Okay. And the residential
Varun Parwal
Puneet we are in. I think we are finalizing the design product next in there and you know, re verifying the approvers. So I think we will give you an update in a coming couple of quarters on the launch timeline for Kol Residential.
Operator
Does that answer your question?
Puneet Gulati
Hello.
Operator
Yes Puneet, please go ahead with your question. Hello. Since there is no response from the participant we would move to the next participant. That’s Mohit Agrawal from iifl. Please go ahead.
Mohit Agrawal
Yeah, hi. Good morning everyone and thanks for the opportunity. My first question is on the. On the consumption growth for fourth quarter. So can you share that X of jewelry or let’s say X of non or low revenue share segments, what would be the consumption growth? So let’s say the 30% reported number, what would that be? X of jewelry or non dev share segments?
Varun Parwal
Sure, Mohit. So if I take out jewelry and electronics, both of which have had very strong growth during FY26 but they are structurally, you know, lower as far as revenue share is concerned, then our quarter four consumption growth would come in at about 17 to 18% for the rest of the portfolio. In fact, we believe that what you see in fashion or F and B or in cinema and Cinema and entertainment. This has been the strongest set of, you know, sequential quarterly growth numbers that we have seen over the last three to four years in these categories.
Mohit Agrawal
Okay. And as we move into FY27, how do you see this? You know, probably this jewelry and electronics growth kind of stabilizing and the gap between the consumption growth and the rental growth on the reported basis, would that narrow or probably would this gap would continue in FY27 as well.
Varun Parwal
So Mohit, we have a lot of moving positive factors at play at this point in time. If I first talk about the portfolio, you will see the trading occupancy at Phoenix, Market City, Pune and Bangalore going up substantially in the coming quarters. It’s not just occupancy that’s moving up, but also the kind of retailers and the impact that they will have on the trading densities, consumption and the overall rental growth. We have already guided to a strong double digit growth from these two mall portfolios that we should see during FY27.
Further, you should see the stabilization of Phoenix Mod of the Millennium and Phoenix Mod of Asia which have seen over a 10% increase in their occupancies during FY26. This should stabilize and start contributing to rent. So you get a stable base to compare the renters on. And further. These are, you know, these two are the core set of malls that we have spoken about. But across the portfolio we have a significant amount of lease expirys that are coming up which gives us a great opportunity to renew good performing brands and also introduce new categories across malls like Phoenix, Palacio and other malls where we have a number of expiries.
Now if you collectively take these three factors into consideration, duration, we continue to remain positive as far as rental growth across our portfolio is concerned. And you know, electronics and gold and jewelry, if they continue to grow, well, you will see a strong momentum in consumption. But even if they moderate, I don’t think it will have that material an impact on rental growth for FY27. Does that address your question, Mohit?
Mohit Agrawal
Yeah. So rental growth, irrespective of how the consumption number moves, this will continue to be, as Rashmi mentioned, big to high double digit growth.
Varun Parwal
Yes, yes. Mohit,
Mohit Agrawal
My second question is on, you know, your opening remarks on office portfolio. You mentioned that you are targeting 90% occupancy in the next few quarters. Now clearly here Bangalore is the big thing that can move. It is about 33% these. So what is the outlook on that asset? Bangalore Office and secondly on your rise commercial, how are you looking At. So while it’s still getting constructed, are you kind of reaching out to IPCs and trying to lease out? What is the strategy in terms of leasing out that asset?
Varun Parwal
Great questions Mohit. Thank you so much. I think first of all the response from the tenant for our office products has been simply phenomenal in the last 12 months. We in fact why we have announced that we have closed leasing of 2.2 million square feet. We also have, you know, several deals in the pipeline where commercials are closed and documentation is under, you know, execution. And I think what has helped set these office assets apart are the amenity and the product experience that we have provided at the base level.
The product that we have delivered is of the highest standard in the market in terms of energy efficiency, in terms of layout, etc. And we have further complemented it by adding never seen before amenities like Great hall which provides all office occupiers with private meeting rooms, great cafe, entertainment areas, etc. And we also integrated at specific locations. The more offerings and lifestyle amenities like club etc that have, you know, really set these offices apart and they have become the go to address for corporates to have their addresses in these respective cities.
I am not taking any names on this call of the tenants who are coming, but if you follow our LinkedIn page you will see many tenants have posted about opening their new city headquarters in our office portfolio and we have several other more prominent occupiers in the pipeline that we are very hopeful of converting. Similarly Mohit, I think you know life today we believe in creating Destination Officer and Rise is going to be a similar product that is going to be set apart from the rest of the developments that you see that you that you see in the city.
And we are already engaging with, you know, IPCs and tenants and conversations are at an advanced stage. And finally to address your question on Bangalore, you have a very strong pipeline. So why do you see an occupancy lease occupancy in the late 30s right now we expect it to move up substantially in the coming couple of quarters.
Mohit Agrawal
Okay, just a clarification. Any pre leasing that you’ve already closed in for rise so far,
Varun Parwal
We will come back and meet those disclosures more the minute we start signing. Lois. But thoughts are moving at an advanced stage at this point in time.
Mohit Agrawal
Sure. Thanks a lot. That’s all from my side. All the best.
Operator
Thank you. Participants, please restrict yourselves to two questions. For any more questions you may rejoin the queue. Our next question comes from the line of Puneet Gulati from HSBC bank please go ahead.
Puneet Gulati
Yeah, sorry I dropped out. My question is on the Phoenix Market City, Bangalore and Pune maybe seen good come back in terms of consumption growth but it is yet to be visible in rental growth. How should one read that?
Rashmi Sen
So we have about 9% of area both in Phoenix Market City, Pune and Bangalore which is leased but under fit out and has not started trading. So we will see the upside of rental of that area in the current year FY27 as well as a lot of churn that happened during the year and brands have opened during different period and some in Q3, Q4. So you’ll also see the full upside of that rental in FY27. So Phoenix Market City Pune, we’ll see close to 14 15% rental upside in FY27 and PMC Bangalore is going to be close to to 20% increase in the rental income.
Puneet Gulati
So there’s just a bit of lag from consumption to rental over a quarter.
Rashmi Sen
I think what Varun answered earlier, apparel and accessories which is close to 60% of our portfolio continues to grow at 15, 16% and we may see that continued seasonal change jump in jewelry and electronics. So you see that slight difference between the growth rate of consumption and rental. But otherwise it all looks very healthy in terms of both the consumption increase and the rental increase and both will grow at a similar pace.
Puneet Gulati
Understood, that’s helpful. And lastly on slightly philosophical side, you have two small malls, Phoenix United in Bareilly, Lucknow and a hotel in Agra. Not meaningfully contributing. What is the thought about divesting those assets or do they serve a purpose in your portfolio?
Shishir Shrivastava
Puneet, we haven’t thought about divesting those assets. We have a strong team in the north which has an oversight on all of these assets and amongst the larger assets that we have in north or upcoming. So we haven’t thought about divesting these but we take your point that these are not very impactful in the overall financial statements. They don’t have much of an impact. However, there is potential in these cities as they continue to grow. So there could be a model to expand on. But for the moment we have not thought about that.
Operator
Thank you. The next question comes from the line of Pritesh Seth from Access Capital. Please go ahead.
Pritesh Sheth
Yeah, thanks for the opportunity. Good morning to the team. First question is on the upcoming, you know expiry is almost 60% of the portfolio next three years coming up for expiry three to four years. What kind of of we know rental upside that we see based on, you know the existing contracted rents and what the actual market rent are. If you can guide us on that.
Varun Parwal
Thanks Pradesh for the question. I think Let me take a step back Pritesh and talk about what we have done in FY20 sets. So in FY20 sets Rashmi spoke about doing about 3.2 million square feet of across the portfolio. If I take out the deals that we have done at our under construction assets we are talking of about almost nearly 2 million square feet of deals that is done at the existing operational portfolio within this portfolio during FY26 I think on a blended average we have seen nearly a 20% growth in renters between new deals and renewals combined.
Now we have a strong leading expiry pipeline that is there and we haven’t we have identified opportunities to reposition especially in terms of the brands and category mets as well as the experiential FNB experiences like Gourmet Village that Rashmi spoke about earlier. And we will use this opportunity to reposition the more and target strong renter upside. You know, not too dissimilar from what you have seen in FY26 as well.
Pritesh Sheth
Not too different than what we have seen in FY26. Right. That’s what,
Varun Parwal
That’s our, that is what our endeavor would be and I think you know market conditions staying supportive. We hope to deliver on that.
Pritesh Sheth
Sure. And, and beyond these expiries rest of the portfolio will grow at you know your contractual kind of levels or their also there will be contractual plus revenue share coming to picture and hence it would more or less be linked to the consumption growth as well.
Varun Parwal
A strong, strong endeavor internally to ensure that every retailer is having their best performing stores at our boss and hence our marketing efforts, our customer engagement, engagement initiatives and you know all the events that we do is targeted to ensure that retailers are growing not just at 5% but at much higher growth rates year after year. So I would say that the rest of the portfolio outside of the expiry should you know continue to see reasonable growth year on year.
Rashmi Sen
I’d also like to add one point to that that in addition to to the expiries we also continue the ongoing churn to bring in newer brands that are coming into the market. And as you’ve seen in recent times in Phoenix, Market City, Pune, Bangalore, we’ve seen over the last two years we’ve seen a 10 to 20, 25% churn that we’ve done. So this will also bring in the increased rental impact in addition to the upcoming expiries because that’s an ongoing process.
Pritesh Sheth
Yeah, got it. Second, on the, you know, pinning market city, Pune and Bangalore by when can we expect them to reach 95% kind of trading occupancy which is a general steady stabilized rate that we expect.
Varun Parwal
I think Pradesh in our presentation we have already guided to reaching about 90% by the end of month. Right. And because we have you know, certain identified stores like Uniqlo and other stores that are scheduled to open and you know, by our lease occupancies, if you see at Bangalore and Pune, they are already. Bangalore is already entirely leased and Pune is also near 100% leasing at this point in time. So the trading occupancy should also move up towards the 95, 95 levels by the end of FY27.
Pritesh Sheth
Sure, sure. And just one last. On the office side, when would we start seeing cash rental contributions? Sorry, can you hear me?
Varun Parwal
I can hear you. Please go ahead.
Pritesh Sheth
Yeah, yeah. Okay. Just one last. On the office side, when can we start? When should we start expecting rentals from the newer office assets around from Q2 onwards? Since these assets were completed towards the end of last year.
Varun Parwal
Yes Pritesh, I think you should expect to see revenue coming in from Q2 onwards and quarter on quarter you should see revenue growing. I don’t want to hazard a guess but I would estimate that our quarterly income from office assets should double from current levels by the time next year quarter four comes around.
Pritesh Sheth
Sure, got it. That’s helpful. Thanks. And all the best.
Varun Parwal
Thank you.
Operator
Thank you. The next question comes from the line of Parikshit Khandpal from HDFC Securities. Please go ahead.
Parikshit Kandpal
Hi team. Congratulations on a good quarter. So my first question is on the rentals. So we have seen 21% consumption growth has translated to 10% growth in rentals. So just wanted to understand if the mix of the tenant remains the same. So is it correct to assume that typically the conversion from consumption to rental will be roughly between anywhere, I mean up to half, like 50%.
Varun Parwal
Thank you. That’s a. That’s an interesting question. I just, you know, for everyone listening and I was just maybe give a backdrop on how our lease structure is structured and why it creates an intentional gap at times between consumption growth and rental growth. As you are aware, our leases are higher of fit strength or revenue share, whichever is higher. Now the fit strength at the beginning of the lease creates downside protection for us. So even when stores are ramping up up their consumption and their retailer sales may not have reached the threshold level at which they start paying revenue share to us, we still continue to benefit and enjoy downside protection from the Fed strength.
And once consumption crosses and breaches the threshold levels, then our rent starts moving alongside it. You have seen this normalization play out in the last two years in Phoenix, more of the millennium and more of Asia where rent to consumptions have moderated to what are portfolio average levels of about 10, 11% for new malls going forward, the rent should continue to grow. The growth and consumption would depend on a where the high growth but low revenue share categories like jewelry and electronics come in.
And I would say that if market conditions stay the way they are, the gap between rent and consumption should continue to naturally narrow as we go forward. And the revenue share component of our rental deals continue kicking in and bridging the gap.
Parikshit Kandpal
So out of the 2,157 crores of rent, so how much was minimum guarantee and how much is revenue share?
Varun Parwal
We typically don’t provide that breakup, but it should. But you may consider 90% of the rental income to be, you know, to be fixed in nature. And the rest is incremental revenue share over and above the fixed rate that we, you know, that we generate from retailers.
Parikshit Kandpal
And since the last question on this 10% growth in rentals which we have seen, if you can help us understand breakup of so what was the impact of the ramp up in trading occupancies like to like if we had to compare, so what could have been the actual rental growth? Because I think newer malls have seen a sharp ramp up in building occupancy which would have added additional delta. So just to understand and also on the volume and pricing bit, how much do you think that you’ve achieved? Because I think you said some areas was under renewal and you got 20% growth there.
So just wanted to understand what that inflation with the pricing is tracking inflation at least.
Varun Parwal
Yeah, I think there are many parts to unpack in that question. But if I try and take a, you know, short term jab at that question, I would say that first of all, factory trading area at a portfolio level hasn’t increased compared to last year. You have seen trading occupancy go up in Phoenix, Mod of the Millennium and Phoenix Mall of Asia. But at the same time we have lost some area in Phoenix for EDM which is intentionally under redevelopment at this point in time. And we have replaced portion the Phoenix Market City Mosque which has which has also led to a temporary intentional drop in trading occupancy.
So when we compare at our end, when we look at the data and we See, trading areas across the portfolio, FY26 was at the same level or slightly below FY25. Of course, in terms of trading densities like you alluded to, Phoenix Market City Moss have seen a significant growth in trading densities which are in excess of 20%, you know, for the quarter and also overall for the full year as well. And that’s a, that’s the outcome at times of deliberate, you know, selection of which retailers continue to stay and what type of events we do to manage the, you know, impact from lower trading area in the mall.
Parikshit Kandpal
Because now, you know, we are in a Commodore.
Operator
Those were two questions. Please rejoin the queue. Our next question comes from the line of Pervez Kazi from Nuvama Group. Please go ahead.
Parvez Qazi
Hi, good morning. Thanks for taking my question. So, two questions from my side first. I mean you said that consumption growth X of electronics and Tools was maybe 1718 in Q4. What would have been a similar number for FY26 as a whole?
Varun Parwal
Sorry, are you asking for a similar number for FY25 or 27?
Parvez Qazi
FY26. FY26 consumption growth was 21%. But if you adjust for Julian Electronics, then what would that number have been?
Varun Parwal
Okay, that number would have been 14 to 15% for, you know, adjusted for jewelry and electronics for the four years FY26. For quarter four, that number was closer to 18% and for quarter C, that was 16%.
Parvez Qazi
Sure. The second question is, I mean obviously the current economic environment is volatile. So what has been the consumption trend in April? And I mean again, X of jewelry and electronics, what do you think FY27 consumption growth looks like?
Rashmi Sen
So April is looking very good. We are seeing close to a 30% growth in April. We’ve also had Akshay Triti in April. So obviously the jewelry continues to have that seasonal upside in the month of April. And without this category, the growth would fall somewhere between 17, 18%.
Operator
I’m sorry to interrupt. Parvez, those were two questions. Please rejoin the queue. The next question comes from the line of Girish Chaudhary from Avendis Park. Please go ahead.
Girish Choudhary
Yeah. Hi, good morning. Thanks for the opportunity. Some of my questions have been answered. I have just one on the visibility right in, in terms of number of malls. You have an announced pipeline which will take you to around 18 million square feet by 2030. Right. So and looking at, let’s say you, you’ve been wanting to enter new cities beyond where you are present, like let’s say Hyderabad or like the Delhi NCR kind of markets or other tier one, tier two markets and then the construction or development cycle takes to four, five years.
Right. So just wanted to get a sense on the landscouting strategy. Right. So I mean how should we look at beyond 2030?
Varun Parwal
We are hard at work and we are actively scouting the cities that we have also put out in our presentation. This includes Hyderabad, Jaipur, Navi Mumbai, amongst others. And fingers crossed, you know, we would be hoping of announcing, you know, one or two transactions in, you know, during FY27 in terms of new city expansion. That said, we do have substantial opportunity within our existing portfolio. So like how we are undertaking expansion of Phoenix Palladium and Phoenix Market City Bangalore and converting them into super campuses.
We do have such opportunities across the rest of the portfolio as well and we will evaluate and share the same, you know, going forward.
Girish Choudhary
Thanks. Thanks, that’s helpful.
Operator
Thank you. Ladies and gentlemen, due to time constraints, that was the last question for today. I would now like to hand the conference over to the management for the closing remarks.
Varun Parwal
Thank you everyone for joining us and should you have any follow up questions, please reach out to our IR team led by CAR and Matrimah for further follow ups. Thank you.
Operator
Thank you sir. Ladies and gentlemen, on behalf of the Phoenix Mills Limited, that concludes this conference call. Thank you for joining us and you may now disconnect your lines.