Phoenix Mills Reports Strong Q2 FY26 Performance with 22% Revenue Growth
Phoenix Mills Limited announced robust Q2 FY26 results, with consolidated revenue up 22% to Rs. 1,115.00 crore and operating EBITDA increasing 29% to Rs. 667.00 crore. Retail segment showed strong performance with 14% growth in mall consumption to Rs. 3,750.00 crore and 10% increase in retail rental income to Rs. 527.00 crore. Phoenix Mall of Asia in Bangalore stood out with 78% YoY consumption growth. The company's strategic repositioning efforts have improved tenant productivity and trading densities across its MarketCity malls. Commercial office segment saw improved occupancy and significant gross leasing. Management expressed confidence in continued growth for FY26.
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Phoenix Mills Limited , a leading retail-led mixed-use developer, has reported robust financial results for the second quarter of fiscal year 2026, demonstrating significant growth across key metrics.
Financial Highlights
The company's consolidated revenue from operations for Q2 FY26 stood at Rs. 1,115.00 crore, marking a substantial 22% increase compared to Rs. 918.00 crore in Q2 FY25. The operating EBITDA saw an even more impressive growth of 29%, reaching Rs. 667.00 crore, up from Rs. 518.00 crore in the same quarter last year.
Retail Segment Performance
The retail segment, which forms the core of Phoenix Mills' business, showed strong momentum:
- Consumption across malls rose by 14% year-on-year to Rs. 3,750.00 crore in Q2 FY26.
- Retail rental income grew by 10% to Rs. 527.00 crore.
- Retail EBITDA also increased by 10% to Rs. 551.00 crore.
Mall-wise Performance
Several of Phoenix Mills' key properties demonstrated robust growth:
| Mall | Consumption (Rs. cr) | YoY Growth |
|---|---|---|
| Phoenix Palladium | 582.00 | 13% |
| Phoenix Mall of Asia | 463.00 | 78% |
| Phoenix MarketCity Bangalore | 457.00 | Flat |
| Phoenix MarketCity Pune | 422.00 | -2% |
| Phoenix MarketCity & Palladium Chennai | 413.00 | 7% |
Phoenix Mall of Asia in Bangalore stood out with an exceptional 78% year-on-year growth in consumption.
Strategic Repositioning
The company has undertaken strategic repositioning efforts across its Phoenix MarketCity malls, which are expected to drive future growth:
- Optimized large anchor spaces and leased to flagship inline and mini anchors at higher rental yields.
- Improved category and brand mix.
- Leased prime floor locations to luxury and star brands.
These efforts have resulted in improved tenant productivity, with trading densities showing significant increases:
- Phoenix MarketCity Bangalore: Up 21% to Rs. 2,831.00 per square foot per month
- Phoenix MarketCity Pune: Up 11% to Rs. 2,083.00 per square foot per month
- Phoenix MarketCity & Palladium Chennai: Up 13% to Rs. 1,965.00 per square foot per month
Commercial Office Segment
The commercial office segment also showed positive trends:
- Gross leasing of approximately 9.43 lakh sq. ft. across assets in Mumbai, Pune, Bengaluru, and Chennai from April to mid-October 2025.
- Occupancy in operational offices in Mumbai and Vimmanagar, Pune, improved to 77% in October 2025 from 67% in March 2025.
Management Commentary
Atul Ruia, Chairman of Phoenix Mills Limited, commented on the results: "Our Q2 FY26 performance reflects the strength of our business model and the growing consumer confidence. The strategic repositioning of our malls is yielding positive results, as evidenced by the significant improvements in trading densities and consumption across our properties. We remain committed to enhancing our retail and commercial portfolios to drive sustainable growth."
Future Outlook
Phoenix Mills anticipates continued growth in its retail portfolio, with expectations of double-digit growth for FY26. This positive outlook was shared during a recent conference call update, indicating the company's confidence in its strategic initiatives and market position.
The company's focus on premium retail spaces and strategic repositioning of its assets positions it well to capitalize on the growing consumer demand and evolving retail landscape in India.
As Phoenix Mills continues to expand and optimize its portfolio, investors and industry observers will be watching closely to see how these strategies translate into long-term value creation for the company and its stakeholders.
Historical Stock Returns for Phoenix Mills
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.23% | +0.11% | +8.17% | +1.09% | +10.54% | +496.07% |
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