Phoenix Mills shareholders approved a final dividend of ₹2.50 per equity share for FY26 during the company's 121st Annual General Meeting (AGM). The company also disclosed strong financial performance, with consolidated EBITDA rising 22% year-on-year to ₹2,637 crore.

The meeting was held on September 28, 2026, via Video Conferencing and Other Audio Visual Means (VC/OAVM). The session commenced at 2:30 pm IST and concluded at 3:41 pm IST. A total of 86,520 shareholders were on record as of the cut-off date, September 21, 2026. During the virtual session, 77 members attended via video conferencing, comprising 10 from the Promoter and Promoter Group and 67 public shareholders.

Financial performance highlights

The investor presentation released alongside the AGM results highlighted robust growth across key metrics for the fiscal year ended March 31, 2026. Consolidated revenue stood at ₹4,423 crore, marking a 16% increase YoY. This growth was achieved without adding new mall capacity in the fiscal year, indicating resilient demand and operational efficiency.

Consolidated net profit after tax rose 24% YoY to ₹1,224 crore. Operating free cash flow also saw significant improvement, growing 23% YoY to ₹2,140 crore as of March 31, 2026. The company emphasized its focus on optimizing expenses, which drove net profit growth ahead of revenue growth.

Segment-wise performance

The retail segment continued to be the primary driver of growth. Retail consumption reached ₹16,587 crore in FY26, up 21% compared to FY25. Retail rental income increased 10% YoY to ₹2,157 crore, while retail EBITDA grew 12% YoY to ₹2,246 crore. The repositioning of assets, such as the renaming of Phoenix MarketCity Pune to Phoenix Avenue of Stars, contributed to higher trading densities.

In the commercial office segment, total income rose 6% YoY to ₹213 crore, with EBITDA up 7% YoY to ₹141 crore. Occupancy levels stood at 70% as of March 2026. The hospitality segment recorded operating income of ₹596 crore, an 8% increase YoY, while operating EBITDA grew 14% YoY to ₹276 crore.

Resolutions passed at AGM

The Chairman, Atul Ruia, presented the Notice of the 121st AGM and the Board's Report as read. Members voted on four ordinary business items, all of which were transacted through remote e-voting prior to the meeting and e-voting during the session. All items were approved by shareholders with requisite majority.

The re-appointment of Rajesh Kulkarni was sought as he retired by rotation and offered himself for re-appointment, being eligible.

Balance sheet and strategic updates

The company highlighted its disciplined growth strategy, noting that net debt decreased from ₹3,922 crore in March 2018 to ₹3,160 crore in March 2026, despite gross block expanding threefold to ₹23,049 crore. EBITDA tripled over the same period to ₹2,637 crore.

Strategic expansions include the acquisition of CPP Investments' stake in ISMDPL, increasing ownership from 51% to 100% for a transaction consideration of approximately ₹5,449 crore. The first tranche was paid in November 2025, raising the stake to 58.33%. The platform includes marquee assets like Phoenix MarketCity Bangalore and Phoenix Mall of Asia, with plans to grow operational GLA from ~6.6 msft to ~13 msft by 2030.

What the numbers show

The divergence between revenue growth (16%) and EBITDA growth (22%) indicates successful cost optimization and operating leverage. Furthermore, the fact that net profit growth (24%) outpaced both revenue and EBITDA growth suggests improved tax efficiency or non-operating income contributions, although the primary driver remains operational efficiency as stated by management. The decline in net debt alongside a tripling of gross block reflects a strong balance sheet capable of supporting future capital expenditure without excessive leverage.

Phoenix Mills participated in the J.P. Morgan India Conference held on Tuesday, September 22, 2026, in Mumbai. The company engaged with institutional investors through group meetings organized by J.P. Morgan.

The interaction focused on a general business overview of the company and current industry updates. This disclosure follows an advance intimation filed on September 16, 2026, pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Meeting Details

The company confirmed the schedule and outcome through intimations filed with the Bombay Stock Exchange and the National Stock Exchange of India Limited. The event featured physical meetings with analysts and institutional investors.

The intimation regarding the outcome was signed by Bhavik Gala, Company Secretary of Phoenix Mills Limited, and dated September 22, 2026. The disclosure is available on the company’s investor relations website.