The Phoenix Mills presented its performance to shareholders at its 120th Annual General Meeting on September 29, 2025. The company highlighted its leading position as a retail-led mixed-use developer and operator, showcasing significant growth in retailer sales and retail rental income over the past decade. Key focus areas included retail expansion, commercial office growth, and residential projects.
Financial Highlights
The company demonstrated strong financial performance over the last decade:
- Retailer Sales increased approximately 5x.
- Retail Rental Income increased approximately 5x.
- Consolidated Operational EBITDA increased approximately 8x.
- Operational Free Cash Flows increased approximately 13x.
Core Business Performance (FY25)
Key figures for the fiscal year 2025:
- Revenue from operations: Rs. 3,507 cr (Up 16% vs FY24).
- Operating EBITDA: Rs. 2,111 cr (Up 16% vs FY24).
Consolidated Group Performance:
- Revenue from operations: Rs. 3,814 cr (Down 4% vs FY24).
- Operating EBITDA: Rs. 2,161 cr (Flat vs FY24).
Retail Business Overview
The Phoenix Mills operates 12 malls across 8 cities, covering approximately 11 msft.
- FY25 Consumption: Rs. 13,750 cr (Up 21% vs FY24).
- FY25 Retail Rental Income: Rs. 1,951 cr (Up 18% vs FY24).
- FY25 Retail EBITDA: Rs. 2,010 cr (Up 20% vs FY24).
Commercial Office Overview
The company’s operational commercial office space spans 2 msft across 2 cities with 5 offices.
- FY25 Total Income: Rs. 210 cr (Up 10% vs FY24).
- FY25 EBITDA: Rs. 131 cr (Up 19% vs FY24).
Significant office completions in 2025 include One National Park, Millennium Towers, and Phoenix Asia Towers.
Hospitality and Residential
- The St. Regis, Mumbai, reported an Operating Income of Rs. 523 Cr (Up 7% vs FY24) and Operating EBITDA of Rs. 248 Cr (Up 11% vs FY24).
- One Bangalore West and Kessaku reported Gross Bookings of Rs. 212 Cr and Collections of Rs. 219 Cr.
Expansion and Future Destinations
Upcoming retail destinations include:
- Phoenix Grand Victoria Kolkata (Expected Completion: 2027).
- Surat (Expected Completion: 2027).
- Thane, Coimbatore, and Chandigarh (Expected Completion: By 2030).
Source: BSE
