PHOENIXLTD Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,115 Cr
verified against source
Revenue YoY
22%
reported change
EBITDA
₹667 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Phoenix Mills delivered a strong Q2 FY26 with consolidated revenue of ₹1,115 crore (+22% YoY) and EBITDA of ₹667 crore (+29% YoY), driven by robust retail performance and residential sales momentum. Retail consumption reached ₹3,750 crore 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 ft with occupancy improving from 67% to 77%, positioning it for rent flow acceleration in H2. Residential sales crossed ₹287 crore 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.
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Guidance to track
- 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.
Risks flagged
- Flyover construction under Phoenix Palladium Mumbai continues to impact retailer sales and footfalls. Management has provided rental waivers and support to affected tenants. Full recovery expected by Q1 FY27 with improved access.
- Despite 15%+ consumption growth for several quarters, EBITDA hasn't proportionally caught up due to 2-3 month lag in revenue-share kicks in after brands breach minimum guarantee thresholds. Management expects significant impact once infrastructure completes and access improves.
- Phoenix Market City Bangalore (82% trading occupancy, 97% leased) and Pune (85% trading occupancy, 94% leased) undergoing brand premiumization with stores under fit-out. Management expects 90%+ trading occupancy by March 2026, with impact visible in Q4 FY26 consumption.
- When asked about Alipur residential and Bangalore Tower 8/9 launch timelines, management deflected saying 'we'll come back to you' with updates expected next quarter. Plans appear still under development/approvals with no clear timeline provided.
Key quotes
- What you're seeing as like-to-like growth is quite coming from like-to-like areas. The area that was in operation last year versus the area that is in operation this year. There has been no change in that. The growth that you're seeing is very broad-based across categories.
- Net debt to EBITDA of less than one time. We have also reduced our average cost of debt from 8.5% to 7.6%. This is truly a good benchmark for any company of our size.
- We are churning out the low-performing brand and we bring in the high-performing marquee brands. So overall you're going to see a jump in both trading density and consumption.
- Our current policy is to stay in the range of where we are between one to two times [net debt/EBITDA]. That's very clear.
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