Phoenix Mills Limited, a leading retail-led mixed-use developer, has reported robust financial results for the second quarter and first half of fiscal year 2026, driven by strong performance across its retail, office, and residential portfolios.

Financial Highlights

For the first half of FY26, the company's revenue reached 2,068.00 crore, reflecting a 14% growth, while consolidated EBITDA stood at 1,231.00 crore, up 17% year-on-year.

Retail Portfolio Performance

The retail portfolio showed robust performance with retailer sales of 7,335.00 crore in H1 FY26, up 13% year-on-year. Key highlights include:

• Fashion and accessories grew by 17%
• Family entertainment and multiplexes up by 23%
• Athleisure and watches each recorded growth above 15%

Phoenix Palladium, Mumbai, reported a like-to-like consumption growth of 13%, driven by the success of the new Gourmet Village and brand premiumization initiatives.

Office Portfolio

The office portfolio achieved over one million square feet of gross leasing during the year, with occupancy improving from 67% to over 77%. The company expects to reach an average of 80-90% occupancy across all operating assets by the end of the current quarter.

Residential Segment

Residential sales crossed 287.00 crore in the first half, surpassing full-year FY25 sales. The quarter saw revenue of about 171.00 crore, led by sales at One Bangalore West and Kessaku, with pricing exceeding 27,000.00 per square foot.

Financial Position

The company's balance sheet remains strong:

• Net debt declined by 500.00 crore in H1 FY26 to 2,200.00 crore
• Net debt to EBITDA ratio remains healthy at less than 1x
• Average cost of debt reduced from 8.50% to 7.68%

Future Outlook

Phoenix Mills continues to focus on its expansion plans:

• Phoenix Grand Victoria Mall, Kolkata, and Surat Mall expected to be operational in calendar year 2027
• Retail expansion at Phoenix MarketCity, Bengaluru, to be completed by Q3 calendar year 2026
• Office expansion (Art Exchange) at Phoenix MarketCity, Bengaluru, first phase operational by Q3 calendar year 2026
• Grand Hyatt Hotel in Bengaluru planned for 2027 opening

The company also announced the elevation of Shishir Shrivastava to Vice Chairman, transitioning from his role as Group CEO and Managing Director.

With a strong pipeline of projects and robust financial performance, Phoenix Mills is well-positioned for continued growth in the coming years.

Phoenix Mills , a leading retail-led mixed-use developer in India, has reported strong financial results for the second quarter, showcasing significant growth across key metrics.

Financial Highlights

The company's performance demonstrates robust growth across all key financial parameters:

Revenue Growth

Phoenix Mills witnessed a substantial increase in revenue, which grew to ₹11.20 billion, up from ₹9.20 billion in the same period last year. This 21.7% year-over-year growth indicates strong business momentum and increased consumer spending at the company's properties.

Profitability Surge

Net profit for the quarter saw a remarkable rise, reaching ₹3.00 billion compared to ₹2.20 billion in the corresponding quarter of the previous year. This 36.4% increase in net profit underscores the company's ability to effectively manage costs while driving revenue growth.

EBITDA Improvement

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) showed significant improvement, rising to ₹6.70 billion from ₹5.20 billion year-over-year. This 28.8% increase reflects enhanced operational efficiency and strong core business performance.

Margin Expansion

The EBITDA margin expanded by 340 basis points, reaching 59.79% compared to 56.39% in the previous year. This margin improvement indicates the company's success in optimizing its operations and potentially benefiting from economies of scale.

The robust quarterly performance of Phoenix Mills suggests a positive outlook for the retail and mixed-use real estate sector in India. The company's ability to drive growth across revenue, profitability, and operational efficiency metrics positions it well in the current market environment.

Investors and market observers may view these results as indicative of strong consumer demand and effective management strategies employed by Phoenix Mills. The substantial growth in net profit and revenue, coupled with margin expansion, could be seen as positive signals for the company's future prospects in the competitive real estate and retail landscape.