The Phoenix Mills Limited (PML) reported a defining fiscal year 2026, characterized by record retail consumption of Rs. 16,578 crore, achieving 21% year-on-year growth. The company saw significant expansion in its commercial office portfolio, which scaled to 4.8 msft of gross leasable area, and witnessed residential sales more than double to Rs. 471 crore. These results underscore the company’s resilient operating model and strategic progress across its retail, office, hospitality, and residential divisions.
Retail Dominance
During FY26, the company achieved an all-time high retail consumption of Rs. 16,578 crore, an increase of 21% compared to the previous year. Remarkably, this performance was realized entirely from the existing portfolio with no new mall additions. The momentum peaked in Q4 FY26 (Jan-Mar), which recorded consumption of Rs. 4,251 crore, marking a strong 31% year-on-year growth.
Commercial Office Expansion
The office segment saw major strategic scaling throughout the year, with the addition of 2.8 msft of Grade A office space across key hubs including Bengaluru, Chennai, and Pune. This expansion brought the total portfolio gross leasable area to 4.8 msft. The company reported 2.2 msft of gross leasing during the year, with portfolio occupancy reaching 70% by March 2026.
Hospitality and Residential Highlights
The hospitality portfolio maintained a resilient stance, with The St. Regis, Mumbai achieving 7% RevPAR growth for the full year and maintaining a robust 86% occupancy rate. Simultaneously, the residential business demonstrated significant growth, with sales more than doubling to Rs. 471 crore in FY26, compared to Rs. 212 crore in FY25, driven by steady execution and the successful monetization of premium inventory.
Source: BSE
