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The Phoenix Mills reported consolidated revenues of ₹ 1075 crore

ICICIdirect Research 29 Jul 2026 DISCLAIMER

News: The Phoenix Mills reported consolidated revenues of ₹ 1075 crore (up 12.8% YoY, -12.8% QoQ) with revenue from core business (retail, office, Hotel & Asset management) rising by 17% YoY (+1.6% QoQ) at ₹ 1033 crore. Retail rental income grew 17% YoY at ₹ 594 crore, commercial office revenues were up 44% YoY at ₹ 75 crore and Hospitality revenue grew 11% to ₹145 crore. Further, consolidated EBITDA margins were up 47 bps YoY (down 110 bps QoQ) at 59.7% with steady core business margins at 62.8%. Overall consolidated EBITDA at ₹ 642 crore was up 14% YoY and PAT was up 23% YoY at ₹ 394 crore

View: Phoenix consumption growth for Q1FY27 stood strong at 32% YoY at ₹ 4730 crore. Its flagship matured Palladium mall witnessed strong consumption growth of 25%. New malls viz. Bangalore and Pune saw strong consumption growth of 96% YoY and 29% YoY respectively. Its commercial portfolio witnessed gross leasing of ~1.88msf during Q1FY27 with occupancy of operational assets improving to 84% Vs 70% in June 2025. Residential sales -42% YoY at ₹ 42 crore, collections during Q1FY27 at ₹ 51 crore (Vs ₹99 crore in Q1FY26)

Impact: Positive

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