Phoenix Mills , a leading real estate developer, has reported strong performance across its business segments for Q2 and H1 FY26. The company's diverse portfolio, spanning retail, commercial offices, hospitality, and residential sectors, demonstrated resilience and growth in most areas.

Retail Segment Shows Steady Growth

The retail segment exhibited robust growth, with retailer consumption increasing by 13% year-over-year (YoY) in Q2 FY26 and 12% YoY in H1 FY26. Key performers included:

• Phoenix Palladium (Mumbai)
• Phoenix Citadel (Indore)
• Palladium Ahmedabad
• Phoenix Mall of the Millennium (Pune)
• Phoenix Mall of Asia (Bengaluru)

Phoenix MarketCity in Bangalore and Pune are undergoing strategic repositioning, which, while resulting in flat YoY consumption, has led to strong double-digit growth in trading densities.

Commercial Offices Demonstrate Strong Leasing Momentum

The commercial office segment showed impressive performance:

Notable achievements in this segment include:

• Completion certificates obtained for One National Park (Chennai), Tower 3 of Millennium Towers (Pune), and Phoenix Asia Towers (Bengaluru)
• USGBC LEED Platinum™ Certification achieved for Phoenix Asia Towers in Bengaluru

Mixed Results in Hospitality Segment

The hospitality segment showed varied performance across its properties:

The St. Regis, Mumbai:

Courtyard by Marriott, Agra:

Exceptional Performance in Residential Segment

The residential segment demonstrated exceptional growth:

For H1 FY26, gross residential sales reached approximately Rs. 287 crore, already surpassing the full-year sales recorded in FY25.

Phoenix Mills' performance across its diverse portfolio underscores the company's resilience and strategic positioning in the real estate sector. While most segments showed growth, the company continues to invest in repositioning and enhancing its assets for long-term value creation.

Phoenix Mills Limited (PML), a prominent player in India's real estate sector, has taken a significant step towards streamlining its corporate structure. The company recently announced that the Ministry of Corporate Affairs has approved the voluntary strike-off of three of its non-material wholly owned subsidiaries.

Subsidiaries Struck Off

The three subsidiaries that have been struck off are:

1. Enhance Holdings Private Limited (EHPL)
2. Sangam Infrabuild Corporation Private Limited (SICPL)
3. Bartraya Mall Development Company Private Limited (BMDCPL)

As a result of this approval, these entities have ceased to be wholly owned subsidiaries of Phoenix Mills Limited.

Strategic Implications

This move appears to be part of Phoenix Mills' strategy to simplify its corporate structure and potentially improve operational efficiency. By removing non-material subsidiaries from its portfolio, the company may be able to focus more on its core business activities and reduce administrative overhead.

Regulatory Compliance

In line with regulatory requirements, Phoenix Mills has duly informed the stock exchanges about this development. The company stated that this information has also been uploaded on its official website, demonstrating its commitment to transparency and keeping shareholders informed.

Recent Corporate Activities

It's worth noting that this announcement comes on the heels of Phoenix Mills' 120th Annual General Meeting (AGM). During the AGM, the company addressed various matters including the adoption of financial statements, declaration of dividends, and the re-appointment of directors.

The AGM also saw the re-appointment of Mr. Rajesh Kulkarni as Whole-time Director for a period of 5 years, subject to shareholder approval.

Looking Ahead

As Phoenix Mills continues to evolve its corporate structure, investors and market watchers will be keen to see how these changes impact the company's operations and financial performance in the coming quarters. The streamlining of subsidiaries could potentially lead to more focused growth strategies and improved resource allocation within the Phoenix Mills group.

While the immediate financial impact of striking off these non-material subsidiaries may be limited, it underscores the company's proactive approach to corporate governance and operational optimization.