Phoenix Mills Ltd(PHOENIXLTD)

NSE: PHOENIXLTDBSE: 503100

₹ 1,888.8+1.65%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 67,558 crNext results: 30 Oct 2026Website: www.thephoenixmills.comUpdated: 24 Oct 2026

About

Phoenix Mills Ltd is India's leading retail-led mixed-use real estate developer, operating a portfolio of large-format urban consumption centres alongside offices, hotels and residential projects. In FY26, consolidated revenue reached Rs. 4,423 crore and EBITDA Rs. 2,637 crore, with retail consumption across its 12 operational malls hitting an all-time high of Rs. 16,587 crore. The company owns and operates ~11 msft of retail GLA with a target to grow this to over 18 msft by 2030.^[1]

Business segments

Property and related services (retail leasing and offices): 72.5% of FY26 revenue at Rs. 3,232.54 crore, with EBIT margin of 54.1%.^[2]
Hospitality services: 16.3% of FY26 revenue at Rs. 728.77 crore, with EBIT margin of 28.2%.^[2]
Residential business: 11.1% of FY26 revenue at Rs. 496.04 crore, with the highest EBIT margin of 64.9%.^[2]

Retail portfolio operating numbers

Total portfolio retail consumption reached Rs. 4,730 crore in Q1 FY27, up 32% YoY, with consumption excluding jewellery and electronics up 24%.^[3]
Retail rental income grew 17% YoY to Rs. 594 crore in Q1 FY27; retail asset EBITDA grew 17% YoY to Rs. 625 crore in Q1 FY27.^[3]
FY26 full-year retail rental income was Rs. 2,157 crore (+10% YoY) and retail EBITDA Rs. 2,246 crore (+12% YoY), without any new mall area added during the year.^[1]
PMC Bangalore consumption up 22% YoY to Rs. 540 crore and rental income up 17% in Q1 FY27 after repositioning; Phoenix Avenue of Stars (Pune) saw 29% consumption growth and 13% rental growth post-rebranding.^[3]
Phoenix Mall of Asia Q3 FY26 consumption reached Rs. 732 crore (+112% YoY); quarterly rental income Rs. 62 crore (+58% YoY), annual rental run-rate approaching Rs. 250 crore.^[4]

Office portfolio

Office portfolio expanded to ~4.8 msft across Mumbai, Pune, Bengaluru and Chennai after three Grade-A completions in 2025; ~5 msft as of Q1 FY27.^[1]
Office leased occupancy was 72% as of June 2026 (70% in June 2025); rent-paying occupancy was 42% as of June 2026, expected to converge to 72% by March 2027.^[3]
Office income grew 44% YoY to Rs. 75 crore in Q1 FY27; EBITDA grew 31% YoY to Rs. 42 crore.^[3]
Project Rise offices at Lower Parel, Mumbai (~1.5 - 1.6 msft) have commenced pre-leasing; rental guidance is Rs. 350 - 400 per sq ft per month on leasable area.^[3]
Office portfolio targeted to reach ~9 msft by 2030, per the FY25 annual report.^[5]

Hospitality operations

Hotel portfolio income grew 18% YoY to Rs. 145 crore in Q1 FY27; EBITDA grew 19% YoY to Rs. 62 crore.^[3]
St. Regis Mumbai occupancy reached 85% in Q1 FY27 (83% in Q1 FY26); average room rate crossed Rs. 20,000, up 8% YoY, as of 9M FY26.^[3]

Residential operations

Residential gross sales were Rs. 64 crore in Q1 FY27; H1 FY26 gross sales of Rs. 287 crore exceeded full-year FY25 sales of Rs. 78 crore.^[3]
Remaining Bangalore inventory (One Bangalore West and Kessaku) is priced above Rs. 27,000 per sq ft; land acquired in 2008 and construction complete.^[6]
Kolkata residential launch of ~1.2 msft saleable at ~Rs. 30,000 per sq ft and a new Bengaluru phase at ~Rs. 36,000 per sq ft are targeted by end-2026 or early 2027.^[3]

Expansion and land

Phoenix Grand Victoria Kolkata (~1 msft retail, 79% pre-leased) and Phoenix Surat (~1 msft retail, 41% pre-leased) are targeted for H2 FY28.^[1]
PMC Bangalore Phase 2 retail (~0.17 msft, 30+ restaurants) and Art Exchange offices (~0.4 msft) targeted for early 2027.^[3]
Phoenix Palladium Mumbai expansion (~4.5 lakh sqft retail, ~50% leased) and Grand Hyatt Bangalore (400 keys) both targeted for 2027.^[3]
Thane mixed-use Phase 1: 1.3 msft retail, ~400-key hotel, 1.2 msft offices; site potential over 4 msft; targeted by 2030.^[3]
Chandigarh Phase 1: ~1.5 - 1.7 msft retail GLA; excavation began in Q1 FY27 after Rs. 716 crore balance land payment to GAMADA; now wholly owned.^[3]
Retail GLA targeted to grow from ~11 msft operational to over 18 msft by 2030, via Kolkata, Surat, PMC Bangalore, Palladium, Thane, Chandigarh and Coimbatore.^[3]
In FY25 the company invested ~Rs 1,599 crore in land, including Mohali (~Rs 891 crore), Coimbatore (~Rs 370 crore) and Whitefield (~Rs 230 crore), plus ~Rs 586 crore premium for ~136,000 sq m extra FSI at Lower Parel.^[5]

Recent developments

Acquiring CPP Investments' 49% stake in ISMDPL for ~Rs. 5,449 crore over 36 months in four tranches; Tranche 1 of Rs. 1,257 crore completed November 2025, lifting stake to 58.33%.^[3]
Net debt was Rs. 3,658 crore as of 30 June 2026 (up Rs. 498 crore vs March 2026), net debt/EBITDA 1.3x; operating free cash flow rose 20% YoY to Rs. 602 crore in Q1 FY27.^[3]
Management guided mid-teens retail rental income growth for FY27 and FY28; July 2026 consumption growth trending above 20% YoY.^[3]
CRISIL upgraded its rating on a Rs 400 Cr term loan from AA-/Positive to AA/Stable, per the FY25 annual report.^[5]
Janus Logistics, a step-down subsidiary, was sold 100% to Macrotech Developers on Nov 29, 2024.^[5]
Rajesh Kulkarni to be re-appointed Whole-time Director for 5 years from May 27, 2026.^[5]

Market Cap

₹67,558 Cr

High / Low

₹2,169 / 1,465

Stock P/E

51.9

Price / Book

6.0

Book Value

₹307

EPS

₹34.2

No. of Shares

35.76 Cr

ROCE

12.2%

ROE

11.4%

OPM

53.3%

Debt / Equity

0.48

Sales

₹4,423 Cr

Net Profit

₹1,557 Cr

Promoter holding

47.2%

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Phoenix Mills Ltd(PHOENIXLTD)

About

Business segments

Retail portfolio operating numbers

Office portfolio

Hospitality operations

Residential operations

Expansion and land

Recent developments

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