The Phoenix Mills reported strong financial results for Q3 and the nine months ended December 31, 2025. Consolidated revenue reached ₹1,121 crore, a 15% increase year-over-year, while operating EBITDA grew by 19% to ₹656 crore. The retail sector remained a key driver, with consumption up 25% in Q3 and 17% for the 9-month period.
Retail Business Overview
The retail segment demonstrated robust growth:
- Q3 FY26 consumption reached ₹4,992 crore, up 25% year-over-year.
- Q3 FY26 retail rental income was ₹573 crore, a 13% increase year-over-year.
- Q3 FY26 retail EBITDA totaled ₹585 crore, up 16% compared to the previous year.
- For the nine months ended December 31, 2025: Retail consumption: ₹12,327 crore, up 17% YoY; Rental Income: ₹1,609 crore, up 9% YoY; EBITDA: ₹1,664 crore, up 10% YoY.
Office Segment Update
Operational offices in Mumbai and Pune witnessed improvements:
- Occupancy stood at 76% as of December 2025.
- Total gross leasing was approximately 1.20 million sq. ft. between April and December 2025.
- Q3 FY26 Income: ₹56 cr, up 5% vs Q3 FY25
- Q3 FY26 EBITDA: ₹36 cr, up 11% vs Q3 FY25
Hospitality Performance
The St. Regis, Mumbai delivered solid results:
- Q3 FY26 income reached ₹179 crore, up 13% year-over-year.
- Q3 FY26 EBITDA was ₹88 crore, a 20% increase year-over-year.
- Occupancy for the St. Regis was strong at 86%.
Courtyard by Marriott, Agra reported:
- Q3 FY26 Revenue from Rooms: ₹10.9 cr, up 1% year-over-year.
- Q3 FY26 Income: ₹19.4 cr, down -1% year-over-year.
- Q3 FY26 Operating EBITDA: ₹7.7 cr, up 6% year-over-year.
Residential Segment
- Recorded sales of ₹140 Cr in Q3 FY26.
- Collections reached ₹100 Cr in Q3 FY26.
Debt and Liquidity
- Group liquidity stood at ₹1,858 crore as of December 31, 2025.
Source: BSE
