The Phoenix Mills reports strong performance in H1 FY26, with retail consumption up 12% YoY. Key growth drivers include Phoenix Palladium (Mumbai) and Phoenix Citadel (Indore). Commercial leasing momentum remains strong, with approximately 7.20 lakh sq. ft. leased. Residential sales surged, exceeding FY25 figures, and hospitality demonstrated resilience. Expansion and strategic repositioning continues across key assets.
Retail Sector Performance
Retail consumption across operational malls saw a 13% YoY increase in Q2 FY26 and a 12% YoY increase in H1 FY26. Q2 FY26 performance was stronger than Q1 FY26, despite monsoon impacts. Key drivers were Phoenix Palladium (Mumbai), Phoenix Citadel (Indore), Palladium Ahmedabad, Phoenix Mall of the Millennium (Pune), and Phoenix Mall of Asia (Bengaluru).
Phoenix MarketCity Bangalore and Pune are being strategically repositioned, with trading densities showing strong double-digit growth despite flat YoY consumption.
Commercial Office Leasing
Leasing momentum remains strong through H1 FY26. Approximately 7.20 lakh sq. ft. of gross leasing was completed in H1 FY26 across Mumbai, Pune, Bengaluru, and Chennai.
Occupancy in operational assets in Mumbai and Vimmanagar, Pune reached 76% in September 2025, up from 67% in March 2025.
Completion Certificates were obtained for One National Park (Chennai) in August 2025, Tower 3 of Millennium Towers (Pune) in March 2025, and Phoenix Asia Towers (Bengaluru) in January 2025. Phoenix Asia Towers in Bengaluru achieved LEED Platinum™ Certification in July 2025.
Hospitality Performance
The St. Regis, Mumbai
Despite muted travel demand in Q2 FY26, The St. Regis, Mumbai, delivered 2% YoY growth.
Q2 FY26: Occupancy at 85%, ARR at Rs. 17,711 (up 2%), and RevPAR at Rs. 15,025 (up 2%).
H1 FY26: Occupancy at 84%, ARR at Rs. 18,106 (up 7%), and RevPAR at Rs. 15,251 (up 7%).
Courtyard by Marriott, Agra
Q2 FY26: Occupancy at 60%, ARR at Rs. 4,396 (down 4%), and RevPAR at Rs. 2,621 (down 14%).
H1 FY26: Occupancy at 65%, ARR at Rs. 4,384 (flat), and RevPAR at Rs. 2,862 (up 1%).
Residential Sales Surge
Sales have shown upward momentum. H1 FY26 sales have surpassed full-year FY25 sales.
Q2 FY26: Gross sales reached approximately Rs. 139 cr (up from Rs 27 Cr in Q2 FY25), with collections of approximately Rs. 115 cr (up from Rs. 60 Cr in Q2 FY25).
H1 FY26: Gross sales reached approximately Rs. 287 cr (up from Rs 78 Cr in H1 FY25), with collections of approximately Rs 214 cr (up from Rs. 125 Cr in H1 FY25).
Source: BSE
