The Phoenix Mills Limited delivered strong operating performance in FY26 with consolidated revenue of Rs 4,423 crore and EBITDA of Rs 2,637 crore, representing growth of 16% and 22% respectively. The company achieved this performance without adding any new retail capacity during the year, underscoring the strength of its retail-led mixed-use platform. Net profit after tax for the year stood at Rs 1,557 crore, up 20%, while operating free cash flow reached Rs 2,140 crore, growing 23%.

Retail Business Performance

Retail continued to be the core engine of the Phoenix portfolio with exceptional leasing momentum during FY26. The company completed approximately 920 deals covering 3.2 million sq. ft. and opened over 400 new stores across the portfolio. Marquee brands including Apple, Ikea, Uniqlo, Bershka, Rolex, Golden Goose, Lego, Victoria's Secret, Onitsuka Tiger, and flagship stores of Lifestyle, Tanishq, Azorte, Game Palacio, and Pantaloons were launched during the year.

Phoenix Palladium delivered rental income of Rs 461 crore, growing 14% year-on-year. Newer assets showed strong traction with Phoenix Mall of Asia delivering 33% growth in rentals and Phoenix Mall of the Millennium delivering 22% growth. Phoenix Pallassio achieved over 20% rental growth across 120 renewal and new deals in its fifth year of operation.

Office and Hospitality Segments

The office platform expanded significantly from approximately 2 million sq. ft. in FY24 to nearly 4.8 million sq. ft. across four cities: Mumbai, Pune, Bangalore, and Chennai. Gross leasing for FY26 exceeded 2.2 million sq. ft. with portfolio occupancy reaching 70%. Mature operational assets saw occupancy rise to 83% from 67% at the start of the year. The operational office portfolio in Mumbai and Pune generated income of Rs 213 crore with EBITDA of about Rs 141 crore.

Hospitality demonstrated resilience with hotel income growing 8% to Rs 596 crore and EBITDA increasing 14% to Rs 276 crore. The St Regis Mumbai outperformed the market with EBITDA margins improving to 49% and average room rates exceeding Rs 21,000.

Residential and Financial Position

Gross residential bookings doubled to Rs 471 crore with collections at Rs 467 crore and revenue recognized at Rs 489 crore. The performance was driven by premium residential projects in Bengaluru, One Bangalore West and Kessaku, with average realization pricing around Rs 28,000-29,000 per square foot.

The balance sheet remained firmly under control despite elevated capital deployment. The company invested approximately Rs 1,035 crore in construction and development across retail and office assets, and Rs 431 crore towards land and development rights. The net debt to EBITDA ratio improved from 1.24x in the previous year to 1.19x.

Growth Pipeline

Under-construction assets show encouraging progress with Phoenix Grand Victoria in Kolkata at 79% leased and Phoenix Surat at 41% leased, both targeted for operational launch in the second half of FY28. The company is actively scouting new cities including Hyderabad, Jaipur, and Navi Mumbai for expansion, with potential announcements expected during FY27. Existing asset expansions include Phoenix Palladium and Phoenix Market City Bangalore being converted into super campuses.

The earnings conference call for Q4FY26 concluded on April 28, 2026, at 11:45 A.M. IST, with analysts and institutional investors. The transcript has been made available on the company's website. The compliance documentation was formally submitted to both BSE Limited and National Stock Exchange of India Limited, with the notice digitally signed by Bhavik Gala, Company Secretary (Membership No. F8671).

The Phoenix Mills Limited has officially concluded its earnings conference call with analysts and institutional investors on Tuesday, April 28, 2026. The call ended at 11:45 AM IST and focused on discussing the company's audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026.

Official Exchange Communication

The company has formally notified both stock exchanges through an official letter dated April 28, 2026. This communication serves as the outcome intimation following their earlier notification dated April 22, 2026, and ensures compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Conference Call Details and Documentation

The earnings conference call was conducted in accordance with regulatory requirements under the SEBI Listing Regulations. During the call, the company referred to financial results and investor presentations that were previously submitted to stock exchanges on April 27, 2026.

Corporate Office and Regulatory Information

The official intimation was issued from the company's corporate office located at Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011. The communication was digitally signed by Company Secretary Bhavik Gala (Membership No. F8671) on April 28, 2026, at 15:02:06 IST, ensuring proper authentication and regulatory compliance.