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.

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:

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.