The Phoenix Mills · forward-looking guidance across the available source record.
Guidance tracker
Management maintained guidance for steady rental income growth, driven by portfolio repositioning, lease renewals (50% of portfolio expiring over 3 years), and new store openings at existing assets reaching full trading occupancy.
Currently at 42% rent-paying occupancy vs 72% leased occupancy. The gap should close over next three quarters as tenants commence rent payments.
New assets (Kolkata, Surat) and expansions will generate minimum guarantee rentals from opening month. Malls typically reach 85-90% occupancy within 12 months of opening.
Pre-leasing has already commenced for the Lower Parel office project with committed area. Management guided to rental rates of Rs 350-400 per sq ft on leasable area basis.
Management expressed confidence in delivering double-digit consumption growth driven by strong consumer demand, robust retailer sales, and continued brand enhancement initiatives across the portfolio.
Internal goal for operating office assets is to achieve 80-90% average occupancy, with Q3 and Q4 expected to see rent flow-through from 1 million sq ft of leasing done between April-October 2025.
Company plans to continue building 1-2 million sq ft of retail space every year beyond 2030, accompanied by hotel, office, commercial, and residential assets depending on micro-location demand.
Grand Victoria Mall in Kolkata expected to be ready by Q3 calendar year 2027, with leasing at 75% already achieved.
Supported by strong consumer demand trends, healthy retailer performance, and ongoing portfolio enhancement including Gourmet Village rollouts and brand refresh initiatives across portfolio.
With leasing progress achieved during FY26, newer assets expected to begin contributing meaningfully to earnings and cash flows from FY27 onwards. Two million sq ft towers in Pune received OC in December 2025 with strong pipeline in final closing stages.
Currently at 88% with strong brand lineup including Apple Store, Rolex, Onitsuka Tiger opening; quarterly rent growing 58% YoY to ₹62 crore; consumption at ₹732 crore nearly converging with Palladium Mumbai levels.
Trading occupancy recovering from Q1 low of 80% to current 85-86%; expected to hit 90% by March 2026 with 10% of GLA already under fit-out; full impact of 35-40% repricing on optimized area to reflect in FY27 numbers.