The Phoenix Mills reported strong financial results for Q2 and H1 FY26, with revenue up 22% and 14% respectively. Retail sales grew by 13%, reaching ₹7,335 crore in H1. Key growth drivers include strong retail performance and residential sales momentum. The company is focused on elevating retail and office experiences and strengthening its balance sheet.
Financial Highlights
The Phoenix Mills has announced its financial results for Q2 and H1 FY26, showcasing robust growth across key segments:
- Revenue from operations for the quarter: ₹1,115 crore, up 22% year-on-year.
- EBITDA for the quarter: ₹667 crore, a 29% increase.
- Net profit for the quarter: ₹304 crore, up 39% year-on-year.
- Retailer sales for H1 FY26: Reached ₹7,335 crore, a 13% increase year-on-year.
- EBITDA for H1 FY26: ₹1,231 crore, up 17% year-on-year.
Retail Performance
The retail portfolio continues to be a key driver of growth. Q2 FY26 consumption stood at ₹3,750 crore, up 14%. Rental income for the quarter rose 10% to ₹527 crore, while EBITDA grew 10% to ₹551 crore. Consumption growth was led by Phoenix Palladium and strong performance across Mumbai, Chennai, Lucknow, and Bareilly centers.
Office Portfolio
The company has nearly five million square feet of completed offices across four cities. As of October 2025, over one million square feet of gross leasing has been achieved. Occupancy at operational assets in Mumbai and Pune improved from 67% at the end of March 2025 to over 77%. Income from operational offices for H1 FY26 stood at ₹106 crore with EBITDA at ₹67 crore.
Residential and Hotels
Residential sales momentum is strong, with sales already surpassing full-year FY25 numbers. Sales have crossed ₹287 crore in the first half. The Hotels portfolio delivered steady performance with income of ₹244 crore, up 5% year-on-year, and EBITDA up 16% to ₹105 crore for the first half.
Strategic Initiatives and Outlook
The company is strategically curating and optimizing its retail mix. They are also upgrading underperforming spaces, introducing premium brands. Festive momentum has been strong, and the company remains confident of delivering double-digit growth across its retail portfolio in FY26.
Source: BSE
