Note: FY23 profit includes a one-off fair-value gain
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Develops and runs large urban malls, leasing space to brands for a minimum rent or a share of their sales (whichever is higher), plus parking, advertising and entertainment income.
Why it matters
India has very little Grade A mall space per person compared with other large economies, so the best malls in each city run near-full and capture a growing share of branded spending.
Where the value pool sits
Rent rises with tenant sales through revenue-share leases, so a well-located mall grows like a consumer business with a property balance sheet. Weak, poorly located malls (most of India's older stock) earn far less - the pool is concentrated in a few dozen assets.