The Phoenix Mills Limited (PML) reported strong operational execution in Q3 FY26, with retail consumption showing double-digit growth during the festive season. Office leasing saw improved occupancy, while hospitality benefited from high occupancy and ARR-driven growth. Residential sales maintained a steady pace. Portfolio consumption for Q3 FY26 reached ~Rs. 4,787 cr, and ~Rs. 12,122 cr for 9M FY26.
Retail Performance
The retail sector saw robust performance, with portfolio consumption at approximately Rs. 4,787 cr in Q3 FY26, a 20% increase year-over-year (YoY). For the nine-month period (9M FY26), consumption reached approximately Rs. 12,122 cr, marking a 15% YoY growth. This reflects strong demand across the portfolio during the festive period. Newer malls, including Phoenix Mall of Asia (Bengaluru) and Phoenix Mall of the Millennium (Pune), significantly contributed to the momentum.
Commercial Office Updates
Leasing activity remained strong during the first nine months of FY26, with gross leasing of approximately 1.20 msft. Leased occupancy in operational assets in Mumbai and Vimannagar (Pune) improved to 77% as of December 2025, up from 67% in March 2025. New developments in Pune, Bengaluru, and Chennai have a leased occupancy of 41%. Millennium Towers 1 and 2 (Pune) received Occupation Certificates in Q3 FY26 and achieved USGBC LEED Platinum™ Certification in November 2025.
Hospitality Sector Highlights
The hotel portfolio showed steady performance in Q3 and 9M FY26, supported by strong occupancy and ARR growth. Specifically, The St. Regis (Mumbai) delivered RevPAR growth of 10% YoY in Q3 FY26 and 8% YoY in 9M FY26. Q3 FY26 occupancy at The St. Regis was 86%.
Residential Sales
Residential sales and collections remained strong. Gross residential sales were approximately Rs. 140 cr in Q3 FY26 (up from Rs. 58 Cr in Q3 FY25) and approximately Rs. 412 cr during 9M FY26 (up from Rs. 135 Cr in 9M FY25).
Note: Figures are provisional and unaudited.
Source: BSE
