The Phoenix Mills earnings calls.

Phoenix Mills delivered a strong Q2 FY26 with consolidated revenue of ₹1,115 croreCurrent reported value: ₹1,115 crore. No comparable prior figure is available in the source record. (+22Current 22 crore vs previous available quarter 13 crore.% YoY) and EBITDA of ₹667 croreCurrent ₹667 crore vs previous available quarter ₹642 crore. (+29% YoY), driven by robust retail performance and residential sales momentum. Retail consumption reached ₹3,750 croreCurrent ₹3,750 crore. Reported change: +14% YoY. in Q2 (+14% YoY) with double-digit growth across fashion (17%), family entertainment (23%), and leisure/watch categories (15%+). The office portfolio has doubled in two years to ~5 million sq ftCurrent ~5 million sq ft. Reported change: +100% in 2 years. with occupancy improving from 67% to 77%Current 77%. Reported change: +1,000bps from March 2025., positioning it for rent flow acceleration in H2. Residential sales crossed ₹287 croreCurrent ₹287 crore. Reported change: Surpasses FY25 full year. in H1, surpassing full-year FY25. The balance sheet remains strong with net debt declining ₹500 crore to ₹2,200 crore, net debt/EBITDA below 1x, and cost of debt reduced from 8.5% to 7.6%. Upcoming deliveries include Kolkata Victoria Mall (Q3 CY27), Surat Mall (CY27), and Bangalore retail expansion (Q3 CY26). Key risks include near-term rental lag from Phoenix Palladium Mumbai's infrastructure disruption and temporary occupancy dips during strategic churn at Bangalore/Pune malls. The company targets double-digit retail consumption growth for FY26.