Phoenix Mills delivered strong operational performance across its diversified portfolio in Q3 FY26, with retail consumption growth of 20% year-on-year and significant improvements in office occupancy rates. The company's business update for the quarter and nine months ended December 31, 2025, reflects robust demand across retail, commercial offices, hospitality, and residential segments.

Retail Segment Drives Portfolio Growth

The retail portfolio demonstrated exceptional performance during the festive quarter, with consumption figures highlighting broad-based demand across the company's mall network.

The consumption growth remained resilient despite ongoing planned revamp and premiumisation initiatives at select assets. Newer additions to the portfolio, including Phoenix Mall of Asia in Bengaluru and Phoenix Mall of the Millennium in Pune, continued their scaling trajectory and contributed meaningfully to overall portfolio momentum.

Commercial Office Occupancy Shows Marked Improvement

The commercial office segment exhibited strong leasing momentum throughout the nine-month period, with gross leasing activity reaching approximately 1.20 million square feet. This sustained tenant demand translated into visible occupancy improvements across the operational portfolio.

Significant operational milestones were achieved during Q3 FY26, with Millennium Towers 1 and 2 in Pune receiving Occupation Certificates. The Millennium Towers also secured USGBC LEED Platinum™ Certification in November 2025, reinforcing the company's commitment to sustainable development practices.

Hospitality Segment Maintains Steady Performance

The hotel portfolio delivered consistent performance supported by strong occupancy rates and average room rate (ARR) driven growth. The St. Regis Mumbai led the hospitality segment's performance with notable metrics.

The performance was underpinned by sustained high occupancy levels and strategic ARR management, demonstrating the premium positioning of the hospitality assets.

Residential Sales Show Significant Momentum

The residential segment exhibited robust sales performance, reflecting steady execution and successful monetisation of premium residential inventory across the portfolio.

The substantial growth in residential sales demonstrates strong market demand for the company's premium residential offerings and effective sales execution strategies.

Outlook and Strategic Positioning

The operational business update reflects Phoenix Mills' diversified portfolio strength and execution capabilities across multiple real estate segments. The company's newer mall assets continue to scale effectively while established properties maintain growth momentum despite ongoing enhancement initiatives. Advanced-stage leasing discussions in the commercial office segment provide strong visibility for further occupancy improvements, particularly in the new developments across Pune, Bengaluru, and Chennai.

All figures presented are provisional and unaudited, subject to finalisation and audit adjustments as per standard reporting practices.

Phoenix Mills has successfully concluded its postal ballot process, with shareholders approving both proposed resolutions related to leadership restructuring and director remuneration policy. The company announced the voting results on December 29, 2025, following the completion of the remote e-voting period.

Postal Ballot Results

The voting process, conducted from November 29, 2025, to December 28, 2025, saw strong shareholder participation across both resolutions. Mr. Himanshu S. Kamdar from Rathi & Associates served as the scrutinizer for the remote e-voting process.

Resolution 1: Leadership Restructuring

Resolution 2: Director Remuneration Policy

Approved Changes

Leadership Transition

Shareholders have approved the redesignation of Mr. Shishir Shrivastava from Managing Director to Non-Executive Vice Chairman. This change will be effective for a two-year period from October 1, 2025, to September 30, 2027. The overwhelming approval rate of 99.81% demonstrates strong shareholder confidence in this strategic leadership transition.

Director Remuneration Framework

The second resolution, approving the payment of remuneration including commission to Non-Executive Directors, received 98.91% approval. This policy will be applicable for five financial years starting from April 1, 2025, with remuneration capped at one percent of the company's annual net profits.

Shareholder Participation

The postal ballot process demonstrated significant shareholder engagement, with 79,988 shareholders on record as of the cut-off date of November 21, 2025. The total voting participation reached 87.66% of outstanding shares for the first resolution and 87.66% for the second resolution, indicating strong shareholder interest in the company's governance matters.

Strategic Implications

These approved changes position Phoenix Mills for enhanced governance and strategic direction. The leadership restructuring allows for a fresh management approach while maintaining continuity through Mr. Shrivastava's continued involvement as Vice Chairman. The approved remuneration policy aligns Non-Executive Director interests with shareholder value creation through performance-based compensation.

The voting results and scrutinizer's report are available on the company's website and will be filed with relevant regulatory authorities as per compliance requirements.