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 Ltd, a prominent player in the real estate sector, has achieved a significant milestone by hitting a fresh 52-week high in December. The stock has demonstrated strong technical momentum, breaking out from a symmetrical triangle pattern and moving in an upward channel.

Technical Analysis and Chart Patterns

The stock's technical structure has evolved favorably over recent months, with a breakout from the symmetrical triangle range occurring in August. Currently, Phoenix Mills is trading within an upward sloping channel on weekly charts, which technical analysts interpret as a strong indication of sustained bullish momentum.

Performance Metrics and Price Movement

Phoenix Mills stock has shown consistent upward momentum across multiple timeframes, delivering strong returns to investors. Recent performance data highlights the stock's robust trajectory:

Expert Recommendations and Price Targets

Technical experts have identified Phoenix Mills as an attractive opportunity, citing the stock's strong technical setup and momentum indicators. The upward sloping channel formation provides a clear framework for potential price appreciation.

Analysts suggest the following:

• Target Range: ₹1,950.00 to ₹2,000.00
• Investment Horizon: Short-term
• Trading Approach: Momentum-based strategy

The recommended price targets represent the next resistance levels based on the current technical formation and historical price action patterns.

Market Context and Sector Performance

As part of the real estate sector, Phoenix Mills' strong performance comes amid varying market conditions. The stock's ability to achieve new highs while maintaining technical strength demonstrates the company's resilience and investor confidence in its business model and growth prospects.

The consistent performance suggests that the stock has built a solid foundation for continued upward movement, supported by both technical factors and underlying business fundamentals.