The Phoenix Mills Limited achieved a robust performance for the financial year ending March 31, 2026. The company reported a 16% year-on-year growth in consolidated revenue to Rs. 4,423 crore and a 22% increase in consolidated EBITDA to Rs. 2,637 crore. Driven by resilient demand across its retail, office, and hospitality segments, the company also saw a 24% rise in consolidated net profit, reaching Rs. 1,224 crore for the fiscal year.
Consistent Financial Compounding
The company continues to demonstrate its strength as a compounding growth platform. Over the past two decades, The Phoenix Mills Limited has achieved a 26% EBITDA CAGR. For FY26, this growth momentum was sustained through operational excellence, achieving double-digit growth in consolidated net profit while maintaining a disciplined balance sheet. Operating Free Cash Flow stood strong at Rs. 2,140 crore, marking a 23% increase compared to the previous year.
Retail Segment Performance
The retail business remains the cornerstone of the company’s portfolio. Total retail consumption for FY26 rose to Rs. 16,587 crore, reflecting a 21% growth over FY25. This performance was echoed in Q4 FY26, which recorded the strongest quarterly retail consumption in two years at Rs. 4,261 crore, up 31% year-on-year. The company’s retail rental income also grew by 10% for the full year to Rs. 2,157 crore.
Office and Hospitality Expansion
The commercial office portfolio has doubled in size over the past two years, with ~2.2 million sq. ft. of gross leasing completed in FY26, bringing total portfolio occupancy to 70%. This expansion is supported by the completion of three major projects: Millennium Towers (Pune), One National Park (Chennai), and Phoenix Asia Towers (Bengaluru). Meanwhile, the hospitality segment showed strong results, with the St. Regis, Mumbai delivering Rs. 596 crore in income and Rs. 276 crore in EBITDA for the year.
Strategic Outlook and Future Growth
The company is well-positioned for its next phase of growth. Strategic initiatives include the ISMDPL acquisition, which grants the company 100% ownership of a 4.4 million sq. ft. retail and 2.2 million sq. ft. office platform. Furthermore, the company is moving forward with several key projects in Thane, Coimbatore, and Chandigarh, with a clear roadmap to exceed 18 msft of retail GLA and 9 msft of office GLA by 2030. These efforts, combined with a significant residential cash engine, underscore the company’s commitment to long-term value creation.
Source: BSE
