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Consumption growth moderation in high-revenue-share categories
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Phoenix Mills Ltd — Q4 FY26
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.
bullish
high
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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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Retail Consumption
₹16,587 cr
+21% YoY
All-time high consumption for FY26; Q4 grew 31% YoY.
Office Leasing
2.2 msf
+100% YoY
Gross leasing for FY26; portfolio occupancy increased to 70%.
Retail Leasing Deals
920 deals
+15% YoY
Covering 3.2 msf; over 400 new stores opened in FY26.
Residential Bookings
₹471 cr
+100% YoY
Gross bookings doubled; collections at ₹467 cr.
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Guidance and risk preview
Phoenix Market City Pune expected 14-15% rental upside, PMC Bangalore ~20% in FY27.
If jewelry and electronics growth slows, overall consumption growth could moderate, though rental growth is expected to remain strong due to lease...
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