Phoenix Mills reported strong financial performance for Q3FY26, with consolidated revenue reaching ₹1,121 crores, marking a 15% year-on-year increase. The company's consolidated EBITDA grew by 19% to ₹656 crores, demonstrating robust operating leverage across its diversified platform of retail, offices, hospitality, and residential segments.

Strong Retail Performance Drives Growth

The retail segment delivered exceptional performance during the festive quarter, with consumption growing 25% year-on-year to ₹4,992 crores. Rental income from retail operations increased 13% to ₹573 crores, while retail EBITDA grew 16% to ₹585 crores. For the nine months of FY26, retailer sales reached ₹12,326 crores, representing 17% year-on-year growth.

Mall-wise Performance Highlights

Phoenix Mall of Asia in Bengaluru emerged as the standout performer with 112% consumption growth, reaching ₹732 crores for the quarter. Phoenix Palladium Mumbai recorded 22% growth, while Phoenix Palassio Lucknow and Phoenix Mall of Millennium Pune both achieved 25% growth. The company's trading density improvements were notable, with Phoenix Market City Bangalore reaching ₹3,011 per square foot per month for 9MFY26, up 23% year-on-year.

Office Portfolio Expansion and Leasing

The office segment achieved significant milestones with nearly 1.2 million square feet of gross leasing completed year-to-date across Mumbai, Pune, Bengaluru, and Chennai. Occupancy at stabilized assets in Mumbai and Pune increased to 76% from 67% at March 2025. The operational office portfolio generated income of ₹162 crores for nine months with EBITDA of ₹103 crores.

Hospitality and Residential Segments

The hospitality business delivered strong performance with income of ₹423 crores for nine months, up 8% year-on-year, while EBITDA grew 16% to ₹190 crores with healthy margins of 45%. The St. Regis Mumbai operated at 85% occupancy with average room rates exceeding ₹20,000, up 8% year-on-year. In residential, gross bookings for nine months reached ₹412 crores with pricing exceeding ₹29,000 per square feet.

Financial Position and Capital Allocation

The company maintained a prudent balance sheet with gross debt of ₹5,200 crores and improved liquidity of ₹1,858 crores. Net debt stood at ₹3,344 crores, maintaining a healthy net debt to annualized EBITDA ratio of 1.3x. Operating cash flow after working capital, taxes, and interest reached ₹1,508 crores for nine months, up 24% year-on-year. The company completed the first tranche payment of ₹1,257 crores for the CPP transaction, increasing its stake in ISML to 58.33% from 51%.

The company's diversified platform continues to demonstrate resilience and growth potential, with strong operating cash flows supporting ongoing capital expenditure and strategic investments while maintaining financial flexibility.

Phoenix Mills Limited has scheduled an earnings conference call for January 29, 2026, to discuss its financial performance for the quarter and nine months ended December 31, 2025. The announcement comes as part of the company's regulatory compliance under SEBI Listing Regulations.

Board Meeting and Results Announcement

The company's board meeting is scheduled for Wednesday, January 28, 2026, to consider and approve the unaudited standalone and consolidated financial results for Q3FY26 and 9M FY26. The financial results will be announced on the same day within the specified time after the conclusion of the board meeting.

Earnings Conference Call Details

The earnings conference call has been organized for investors and analysts to discuss the financial results and business developments. The call is scheduled in compliance with Regulation 30(6) of the SEBI Listing Regulations.

Conference Call Access Information

The company has provided multiple access options for participants to join the earnings call:

Domestic Dial-in Numbers

• Primary Numbers: +91 22 6280 1341, +91 22 7115 8242

International Toll-Free Access

Participants can also use the DiamondPass™ link for pre-registration to join the conference call.

Additional Information

Phoenix Mills Limited, described as one of India's leading owner, operator and developer of retail-led mixed-use destinations, will share the results presentation prior to the scheduled earnings conference call. The company has also uploaded this intimation on its official website under the investors section for FY2026 exchange intimations.

The announcement was signed by Bhavik Gala, Company Secretary (Membership No: F8671), and communicated to both BSE Limited and The National Stock Exchange of India Limited as per regulatory requirements.