The Phoenix Mills reported a strong Q3 FY26, marked by robust festive demand and consistent execution across its retail, office, hospitality, and residential segments. Consolidated revenue for the quarter stood at Rs. 1,121 crores, a 15% year-on-year increase, while consolidated EBITDA grew by 19% to Rs. 656 crores. Retail consumption grew by 25%, driven by broad-based demand. The company continues to maintain a prudent balance sheet and disciplined capital allocation.
Financial Performance
In Q3 FY26, The Phoenix Mills saw strong performance across its key business segments:
- Consolidated Revenue: Rs. 1,121 crores (up 15% year-on-year)
- Consolidated EBITDA: Rs. 656 crores (up 19% year-on-year)
- Net Profit: Rs. 276 crores (up 4% year-on-year)
For the first nine months of FY26, operating cash flow after working capital, taxes, and interest, stood at Rs. 1,508 crores, representing a 24% increase year-on-year.
Retail Segment Highlights
The retail segment experienced robust consumption growth:
- Consumption grew by 25% to Rs. 4,992 crores
- Rental income increased by 13% to Rs. 573 crores
- EBITDA increased by 16% to Rs. 585 crores
Phoenix Mall of Asia (Bengaluru) led growth with a 112% increase in consumption. Phoenix Palladium (Mumbai) saw a 22% increase and Phoenix Palassio (Lucknow) and Phoenix Mall of Millennium (Pune) saw 25% growth. Jewellery saw the highest category growth at 39%.
Office Segment Update
The Phoenix Mills has expanded its office platform to nearly 5 million square feet across four cities. Nearly 1.2 million square feet of gross leasing has been achieved. Occupancy at stabilized assets in Mumbai and Pune increased to 76% from 67%. Income from operational office portfolio in Mumbai and Viman Nagar, Pune, was Rs. 162 crores, with EBITDA at Rs. 103 crores.
Hotels Portfolio
The hotels business showed strong performance:
- Income: Rs. 423 crores (up 8% year-on-year)
- EBITDA: Rs. 190 crores (up 16% year-on-year)
The St. Regis Mumbai operated at 85% occupancy with average room rates exceeding Rs. 20,000 (up 8% year-on-year).
Residential Business
The residential segment also saw sustained momentum:
- Gross bookings for the first nine months: Rs. 412 crores
- Revenue recognized: Rs. 273 crores
CPP Transaction
The first tranche payment for the CPP Transaction was made for Rs. 1,257 crores in November 2025, increasing PML’s stake in ISML to 58.33%.
Balance Sheet
The company maintains a prudent balance sheet:
- Gross debt: ~Rs. 5,200 crores
- Liquidity: Rs. 1,858 crores
- Net debt: Rs. 3,344 crores
Net debt to annualized EBITDA remained at 1.3x. The average cost of debt was reduced from 7.68% to 7.62%.
Source: BSE
