Retail Consumption
₹16,587 cr
+21% YoY
All-time high consumption for FY26; Q4 grew 31% YoY.
PHOENIXMILLS
Other
15 May 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
Retail rental growth of 14-20% in FY27 for key malls
Phoenix Market City Pune expected 14-15% rental upside, PMC Bangalore ~20% in FY27.
Management guidance revenueOffice income to double by Q4 FY27
Quarterly office income expected to double from current levels by Q4 FY27 as leasing ramps up.
Management guidance revenueOffice occupancy to reach 90% in next few quarters
Overall office occupancy progressing towards 90% over the next few quarters.
Management guidance growthKolkata and Surat malls to launch in H2 FY28
Phoenix Grand Victoria Kolkata and Phoenix Surat expected to become operational in second half of FY28.
Management guidance expansionKey Risks
Consumption growth moderation in high-revenue-share categories
If jewelry and electronics growth slows, overall consumption growth could moderate, though rental growth is expected to remain strong due to lease renewals.
medium · analyst_questionExecution risk in new city expansions
Management is actively scouting new cities like Hyderabad and Jaipur, but no transactions announced yet; delays could impact beyond-2030 pipeline.
medium · analyst_questionLease renewal upside may not fully materialize
While 36-50% of area is up for renewal, actual rental uplift depends on market conditions and tenant negotiations.
low · data_observationNotable 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.
Frequently Asked Questions
What was Phoenix Mills's revenue in Q4 FY26?
Phoenix Mills reported revenue of ₹1,233 Cr in Q4 FY26, representing a +16% change compared to the same quarter last year.
What guidance did Phoenix Mills management give for FY27?
Retail rental growth of 14-20% in FY27 for key malls: Phoenix Market City Pune expected 14-15% rental upside, PMC Bangalore ~20% in FY27. Office income to double by Q4 FY27: Quarterly office income expected to double from current levels by Q4 FY27 as leasing ramps up. Office occupancy to reach 90% in next few quarters: Overall office occupancy progressing towards 90% over the next few quarters. Kolkata and Surat malls to launch in H2 FY28: Phoenix Grand Victoria Kolkata and Phoenix Surat expected to become operational in second half of FY28.
What are the key risks for Phoenix Mills in FY27?
Key risks include Consumption growth moderation in high-revenue-share categories — If jewelry and electronics growth slows, overall consumption growth could moderate, though rental growth is expected to remain strong due to lease renewals.; Execution risk in new city expansions — Management is actively scouting new cities like Hyderabad and Jaipur, but no transactions announced yet; delays could impact beyond-2030 pipeline.; Lease renewal upside may not fully materialize — While 36-50% of area is up for renewal, actual rental uplift depends on market conditions and tenant negotiations..
Did Phoenix Mills meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Phoenix Mills Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.