The Phoenix Mills Limited announced robust financial results for the second quarter and first half of Fiscal Year 2027. Core businesses, including retail, offices, and hotels, saw a 16% year-on-year revenue growth to Rs. 1,055 crores in Q2. EBITDA from these annuity business lines increased by 21% to INR 669 crores, with profit after tax growing by 31% to INR 391 crores. The company highlighted strong performance across its existing portfolio and positive outlook for the festive season.
Strong Performance in Q2 FY27
The Phoenix Mills Limited has reported a strong operational and financial performance for the second quarter and first half of Fiscal Year 2027. The company’s core businesses, encompassing retail, offices, and hospitality, demonstrated significant growth momentum. In the second quarter, revenue from these verticals rose by 16% year-on-year to INR 1,055 crores.
EBITDA and Profit Growth
EBITDA from the annuity business lines saw a substantial increase of 21%, reaching INR 669 crores. Profit after tax, before minority interest, grew by an impressive 31% to INR 391 crores for the quarter. For the first half of the financial year, annuity EBITDA grew by 20% to INR 1,318 crores. This growth is attributed to the improving performance of the existing operational portfolio, with no new mall additions in the past two years.
Office Portfolio Expansion
The office segment experienced a notable increase in occupancy, rising to approximately 79% in September 2026 from 70% in March 2026. This led to office income growing by 64% year-on-year to INR 89 crores in the second quarter, with EBITDA also increasing by a similar margin to INR 56 crores. The company anticipates continued contributions from this segment as tenants complete their fit-outs.
Retail and Hospitality Contributions
The retail portfolio delivered broad-based growth, with consumption reaching INR 4,685 crores in Q2, a 25% year-on-year increase. For the first half, consumption grew by 28% to INR 9,415 crores. Rental income in the retail segment grew by 15% to INR 605 crore for the quarter. The hospitality segment, including The St. Regis, Mumbai, also showed resilient performance, with income and EBITDA increasing by 13%.
Development Pipeline and Festive Outlook
The company’s development pipeline is progressing as planned, with projects scheduled for completion from 2027 onwards. Expansion and densification projects are also moving forward. The Phoenix Mills Limited anticipates a strong festive season, with Diwali initiatives across its malls expected to drive healthy consumption growth.
Financial Highlights
Consolidated revenue for Q2 stood at INR 1,153 crore, with operating EBITDA at INR 710 crore, an improved EBITDA margin of 62%. Profit after tax was INR 326 crore. Net cash from operations increased by 20% to INR 711 crore in Q2. Gross debt was INR 6,117 crore, with liquidity at INR 2,638 crore as of September 2026, resulting in a net debt of INR 3,479 crore.
Source: BSE
