Phoenix Mills delivered a strong operational performance in Q3 FY26, demonstrating robust execution across its diversified business portfolio. The company reported significant growth in key metrics, reflecting its strengthened market position and effective operational strategies during the quarter.

Portfolio Consumption Shows Robust Growth

The company's portfolio consumption reached approximately ₹4,787 crores in Q3 FY26, marking a substantial 20% year-on-year increase. This growth trajectory indicates strong consumer demand and effective portfolio management across Phoenix Mills' various business segments.

Residential Segment Delivers Exceptional Performance

The residential business segment emerged as a standout performer during the quarter, with gross residential sales reaching approximately ₹140 crores in Q3 FY26. This represents a remarkable improvement compared to ₹58 crores recorded in Q3 FY25, showcasing the segment's strong momentum and market acceptance.

Strong Operational Execution Framework

The Q3 FY26 results reflect Phoenix Mills' commitment to operational excellence and strategic execution. The company's ability to deliver consistent growth across multiple business verticals demonstrates its robust operational framework and market adaptability. The significant improvements in both portfolio consumption and residential sales indicate effective resource allocation and market positioning strategies.

The strong performance metrics underscore Phoenix Mills' operational capabilities and its ability to capitalize on market opportunities while maintaining sustainable growth across its business portfolio.

Mumbai-based real estate developer Phoenix Mills Ltd reported strong operational progress across its retail, commercial office, hospitality, and residential segments during the quarter and nine months ended December 31, 2025 (Q3 & 9M FY26). The company demonstrated robust performance with significant growth in retail consumption and improved occupancy rates across its commercial office portfolio.

Retail Portfolio Shows Strong Momentum

The retail segment delivered impressive performance during the quarter, with consumption standing at ₹4,787.00 crore in Q3 FY26, marking a substantial 20% year-on-year increase. For the nine-month period, consumption rose 15% year-on-year to ₹12,122.00 crore.

Demand remained broad-based during the festive quarter, even as select assets continued to undergo planned revamp and premiumisation initiatives. Newer malls, including Phoenix Mall of Asia in Bengaluru and Phoenix Mall of the Millennium in Pune, continued to scale up and contributed meaningfully to portfolio momentum.

Commercial Office Segment Demonstrates Strong Leasing Activity

The commercial office segment maintained strong momentum with robust leasing activity throughout 9M FY26. Gross leasing reached approximately 1.20 million square feet during the nine-month period.

Leased occupancy across operational assets in Mumbai and Viman Nagar in Pune improved significantly to 77% as of December 2025, compared with 67% as of March 2025. Leased occupancy across new office developments in Pune, Bengaluru, and Chennai stood at 41%, with advanced-stage leasing discussions providing visibility on further ramp-up.

Key Operational Milestones Achieved

Several important developments marked the quarter:

• Millennium Towers 1 and 2 in Pune received Occupation Certificates in Q3 FY26
• Millennium Tower 3 had received its certificate earlier in March 2025
• Millennium Towers achieved USGBC LEED Platinum certification in November 2025

Hospitality and Residential Segments Show Steady Growth

The hospitality portfolio delivered steady performance during Q3 and 9M FY26, supported by strong occupancies and ARR-led growth in Revenue Per Available Room. The St. Regis, Mumbai, recorded RevPAR growth of 10% year-on-year in Q3 FY26 and 8% year-on-year in 9M FY26, with occupancy levels at 86% during the quarter.

Residential sales showed remarkable improvement, with gross residential sales reaching ₹140.00 crore in Q3 FY26, compared with ₹58.00 crore in the corresponding quarter last year. For the nine-month period, gross residential sales stood at ₹412.00 crore, up from ₹135.00 crore in 9M FY25.