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Revenue
₹1,233 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹2,637 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Phoenix Mills delivered a strong FY26 with consolidated revenue of ₹4,423 cr (up 16% YoY) and EBITDA of ₹2,637 cr (up 22% YoY), driven by robust retail consumption growth of 21% and operating leverage across segments. Retail rental income grew 10% to ₹2,157 cr without any area addition, while office leasing momentum was strong with 2.2 msf leased and occupancy reaching 70%. Management guided for sustained double-digit retail rental growth in FY27, driven by lease renewals and ramp-up of newer malls. Office income is expected to double by Q4 FY27. Key risk: consumption growth moderation in high-revenue-share categories could narrow the gap between consumption and rental growth.
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Guidance to track
- Phoenix Market City Pune expected 14-15% rental upside, PMC Bangalore ~20% in FY27.
- Quarterly office income expected to double from current levels by Q4 FY27 as leasing ramps up.
- Overall office occupancy progressing towards 90% over the next few quarters.
- Phoenix Grand Victoria Kolkata and Phoenix Surat expected to become operational in second half of FY28.
Risks flagged
- If jewelry and electronics growth slows, overall consumption growth could moderate, though rental growth is expected to remain strong due to lease renewals.
- Management is actively scouting new cities like Hyderabad and Jaipur, but no transactions announced yet; delays could impact beyond-2030 pipeline.
- While 36-50% of area is up for renewal, actual rental uplift depends on market conditions and tenant negotiations.
Key quotes
- We delivered consolidated revenue of 4,423 cr and an EBITDA of 2,637 cr rupees up 16% and 22% respectively reflecting a healthy broad-based growth across our portfolio.
- 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.
- We expect some meaningful step up in rental income and EBITDA from FY27 onwards.
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