Updates

NCLT Approves Merger of Six Step-Down Subsidiaries into Phoenix Mills Unit Astrea Real Estate Developers

The National Company Law Tribunal's Chennai Bench has approved a Scheme of Merger and Amalgamation under which six step-down subsidiaries of Phoenix Mills will be consolidated into its subsidiary Astrea Real Estate Developers Private Limited.

PHOENIX MILLS RISE 3 (WING B) — New Project Coming Up in Lower Parel, Mumbai

PHOENIX MILLS RISE 3 (WING B) is a upcoming project by PHOENIX in Lower Parel, Mumbai.

Phoenix Mills Sets September 28, 2026 for 121st AGM; September 11 Fixed as Record Date for FY26 Final Dividend

Phoenix Mills has scheduled its 121st Annual General Meeting for September 28, 2026, and fixed September 11, 2026 as the record date for the previously recommended Rs 2.50 per share final dividend for FY26.

PHOENIX MARKETCITY BANGALORE WHITEFIELD CAMPUS PHASE 3 EXPANSION — New Project Coming Up in Whitefield, Bangalore

PHOENIX MARKETCITY BANGALORE WHITEFIELD CAMPUS PHASE 3 EXPANSION is a upcoming project by PHOENIX in Whitefield, Bangalore — priced from On Request.

Phoenix Mills and Offbeat Developers Raise Combined Stake in O2 Renewable Energy XXVIII to 45% After Fresh Allotment

Phoenix Mills and its subsidiary Offbeat Developers completed a fresh allotment of equity shares and Series B compulsory convertible debentures in O2 Renewable Energy XXVIII, taking their joint stake to 45%.

PHOENIX MILLS RISE 1 (WING A) – LOWER PAREL — New Project Coming Up in Lower Parel, Mumbai

PHOENIX MILLS WING C — New Project Coming Up in Lower Parel, Mumbai

PHOENIX MILLS BLOCK 5 — New Project Coming Up in Lower Parel, Mumbai

Phoenix Mills Amends Agreement with O2 Renewable Energy XXVIII, Cuts Investment Commitment to ₹5.77 Crore

Phoenix Mills and subsidiary Offbeat Developers amended their shareholders' agreement with captive solar power SPV O2 Renewable Energy XXVIII, reducing the total investment commitment to ₹5.77 crore.

Phoenix Mills Defers Phoenix MarketCity Bangalore Phase 2 Expansion to 2027, Adds New F&B-Only Floor

Phoenix Mills' management confirmed on the Q1 FY27 earnings call that the previously planned 2026 expansion of Phoenix MarketCity Bangalore has been pushed to 2027, with the new ~170,000 sq ft floor now designed entirely around food and beverage tenants.

Phoenix Mills Completes Full Land Payment to GMADA for Chandigarh/Mohali Project, Making It a Wholly-Owned Development; Excavation Begins

Phoenix Mills paid the balance ₹716 crore to GMADA for its Chandigarh Metropolitan Region land parcel in Mohali, completing the site's acquisition as a 100% PML-owned project, with excavation work now underway.

Phoenix Mills Secures Approvals for Phase 3 Expansion of Whitefield Bangalore Super Campus; Civil Work to Begin Shortly

Management confirmed on the Q1 FY27 earnings call that approvals have been secured for a phase 3 expansion at the Whitefield, Bangalore super campus, with civil work expected to commence shortly.

Phoenix Mills Shares Fall 6% as Nomura Cuts Post-Results Target to ₹1,700 Citing Q1 FY27 Earnings Miss

Following the actual Q1 FY27 financial results, Nomura issued a fresh note maintaining 'Neutral' but cutting its target price to ₹1,700, citing weaker-than-expected retail rental income growth.

Phoenix Mills Reports 23% YoY Rise in Q1 FY27 Net Profit to ₹393.55 Crore; Revenue Up 12.8% to ₹1,074.94 Crore

Phoenix Mills' Board approved Q1 FY27 results showing a 23% YoY rise in net profit to ₹393.55 crore and 12.8% revenue growth to ₹1,074.94 crore, though profit declined sequentially from Q4 FY26.

Phoenix Mills Schedules Board Meeting on July 28 and Q1 FY27 Earnings Call on July 29, 2026

Phoenix Mills has set July 28, 2026 for its board meeting to approve Q1 FY27 standalone and consolidated results, followed by an investor earnings call on July 29.

Nomura Maintains 'Neutral' Rating on Phoenix Mills with ₹2,023 Target Price, Raises Retail Income Estimate After Q1 FY27 Update

Nomura Research raised its Q1 FY27 retail income growth estimate for Phoenix Mills and reiterated a 'Neutral' rating with a target price of ₹2,023 after the company's strong June-quarter operational update.

Phoenix Surat Mall Reaches 41% Pre-Leasing Ahead of H2 FY28 Launch

Phoenix Mills' upcoming Surat mall has achieved 41% pre-leasing as the company progresses toward its planned H2 FY28 operational launch.

JPMorgan Reiterates 'Overweight' Rating on Phoenix Mills with ₹2,000 Target Price After Strong Q1 FY27 Update

JPMorgan maintained its Overweight rating and ₹2,000 target price on Phoenix Mills after the company's Q1 FY27 retail consumption beat market expectations, sending shares up over 4%.

Phoenix Grand Victoria (Kolkata) Achieves 79% Pre-Leasing Ahead of H2 FY28 Opening

As part of its Q1 FY27 operational update, Phoenix Mills disclosed that Phoenix Grand Victoria in Kolkata has achieved 79% pre-leasing, while Phoenix Surat stands at 41% pre-leasing. Both malls remain on track for their H2 FY28 operational launch.

Phoenix Mills Reports 32% YoY Retail Consumption Growth to ₹4,727 Crore in Q1 FY27; Office Occupancy Rises to 72%

Phoenix Mills released its Q1 FY27 operational update, reporting retail portfolio consumption of ₹4,727 crore — a 32% year-on-year increase. Commercial office occupancy improved to 72% from 70% in March 2026, while hospitality delivered double-digit RevPAR growth.

Accenture Leases 3.46 Lakh Sq Ft of Office Space at Phoenix Millennium Towers, Wakad, Pune

Accenture Solutions has leased approximately 3.46 lakh sq ft of office space across five floors at Phoenix Mills' Millennium Towers in Wakad, Pune, in two separate transactions.

Phoenix Mills Launches Phoenix Shopping Festival 2026 at Pune Malls with Rewards Worth Up to ₹1 Crore

Phoenix Mills launched the Phoenix Shopping Festival 2026 across its two Pune properties — Phoenix Mall of the Millennium (Wakad) and Phoenix Avenue of Stars (Viman Nagar) — running from June to August 2026. The event features an End of Season Sale, brand activations, and shopper rewards of up to ₹1 crore at each location.

Phoenix Mills Launches Phoenix Shopping League 2026, India's First Sports-Inspired Retail Campaign

Phoenix Mills launched Phoenix Shopping League (PSL) 2026 on 18 June, reimagining the traditional End-of-Season Sale as a gamified, sports-inspired retail experience across its mall destinations. Cricketer Krunal Pandya unveiled the campaign at Phoenix Palladium Ahmedabad, with the initiative spanning Mumbai, Ahmedabad, Indore and Lucknow properties.

Macquarie Initiates 'Outperform' Coverage on Phoenix Mills with Target Price of ₹2,100

Global brokerage Macquarie began coverage of Phoenix Mills with an 'Outperform' rating and a ₹2,100 price target, citing the company's premium urban consumption leadership and expansion plans.

Morgan Stanley Maintains 'Overweight' Rating on Phoenix Mills with ₹2,000 Target Price on Strong April–May Consumption Growth

Morgan Stanley reiterated its Overweight call on Phoenix Mills with a ₹2,000 target price, citing robust April–May consumption growth and a healthy FY27 rental outlook.

Phoenix Mills Confirms Development of Grand Hyatt Bangalore Hotel with ~400 Keys

Phoenix Mills disclosed it is currently developing the Grand Hyatt Bangalore hotel with approximately 400 keys, as part of a wider hospitality pipeline of nearly 1,200 additional keys under planning across select locations.

Phoenix Mills Rebrands Phoenix MarketCity Pune as Phoenix Avenue of Stars

The Phoenix Mills Limited announced the transformation and rebranding of Phoenix MarketCity Pune, located in Viman Nagar, into 'Phoenix Avenue of Stars' in May 2026. The revamp includes a premium façade overhaul, upgraded retail mix, and enhanced customer touchpoints as part of PML's broader premiumisation strategy.

Phoenix Mills' Stake in Associate Mirabel Entertainment Diluted from 50% to 35.49% After Rights Issue

Phoenix Mills disclosed that its shareholding in associate company Mirabel Entertainment Private Limited was diluted from 50% to 35.49% after Mirabel conducted a rights issue of 4,35,000 equity shares on May 7, 2026, in which Phoenix Mills did not participate. Mirabel continues to be classified as an associate company of Phoenix Mills.

Motilal Oswal Reiterates 'Buy' Rating on Phoenix Mills with Target Price of Rs 2,030 Post Q4 FY26 Results

Motilal Oswal Financial Services issued a 'Buy' rating on Phoenix Mills with a target price of Rs 2,030, citing strong Q4 FY26 and full-year FY26 earnings growth.

ICICI Securities Retains 'Buy' on Phoenix Mills, Raises Target Price to Rs 2,200 Post Q4 FY26 Results

ICICI Securities reiterated its 'Buy' rating on Phoenix Mills following Q4 FY26 results, raising its target price to Rs 2,200 on the back of premium NAV expansion.

The Phoenix Mills Ltd Joins APREA (Asia Pacific Real Assets Association) as New Member

Phoenix Mills has joined APREA, the Asia Pacific Real Assets Association, reinforcing its regional profile as a leading Grade A mixed-use developer.

Phoenix Mills Board Recommends Final Dividend of Rs 2.50 Per Share for FY26

The Board of Directors of Phoenix Mills recommended a final dividend of Rs 2.50 per equity share (125% of face value of Rs 2) for the financial year ended March 31, 2026, subject to shareholder approval at the upcoming Annual General Meeting. This marks a continuation of the company's consistent dividend track record.

Phoenix Mills Completes First Tranche Payment of Rs 1,257 Crore Towards ISMDPL Full-Ownership Buyout

Phoenix Mills confirmed during its Q4 FY26 earnings call that the first tranche of Rs 1,257 crore has been paid towards acquiring CPP Investments' 49% stake in Island Star Mall Developers Private Limited (ISMDPL) for a total consideration of Rs 5,449 crore. The four-tranche, 36-month deal will make ISMDPL a wholly-owned subsidiary of Phoenix Mills.

Phoenix Mills Plans Strategic Expansion to 1–2 New Cities by FY2027, Scouting Hyderabad, Jaipur and Navi Mumbai

Phoenix Mills management disclosed during its Q4FY26 earnings call that the company is actively scouting 1–2 new cities for retail expansion by FY2027, with Hyderabad, Jaipur, and Navi Mumbai identified as potential markets. Management also confirmed continuous double-digit growth plans through 2030.

Phoenix Mills Confirms H2 FY28 Operational Launch for Phoenix Grand Victoria (Kolkata) and Phoenix Surat

During its Q4FY26 earnings call on April 28, 2026, Phoenix Mills confirmed that two under-construction retail assets — Phoenix Grand Victoria in Kolkata (79% leased) and Phoenix Surat (41% leased) — are both targeted for operational launch in the second half of FY28. The Kolkata project is spread across approximately 7.5 acres at Alipore.

Phoenix Mills Reports Record Retail Consumption of Rs 16,578 Crore in FY26; Q4FY26 Revenue at Rs 4,423 Crore

The Phoenix Mills Limited reported its Q4FY26 and full-year FY26 audited financial results on April 27–28, 2026, posting revenue of Rs 4,423 crore and EBITDA of Rs 2,637 crore for Q4FY26. Full-year retail consumption reached an all-time high of Rs 16,578 crore — a 21% year-on-year increase — achieved without any new mall additions during the year.

BHIVE Workspace Leases 1.4 Lakh Sq Ft at Phoenix Asia Towers, Marking Entry into North Bengaluru

Coworking operator BHIVE has leased approximately 1.4 lakh sq ft at Phoenix Mills' Phoenix Asia Towers in Hebbal, marking its first collaboration with the developer and its entry into North Bengaluru.

Phoenix Mills Subsidiary Completes 34.23% Stake Acquisition in Torrent Urja 22 for Captive Solar Power

Phoenix Mills' wholly-owned subsidiary Classic Mall Development Company Limited completed the allotment of 70.19 lakh Class A equity shares in Torrent Urja 22 Private Limited, securing a 34.23% stake as of March 11, 2026. The investment of approximately Rs 7.02 crore qualifies Classic Mall as a captive user of the solar power project being developed by Torrent.

Phoenix Mills Q3 FY26 Revenue Grows 15% to Rs 1,121 Crore; Retail Consumption Surges 25% YoY

Phoenix Mills reported Q3 FY26 (October–December 2025) standalone revenue growth of 15% to Rs 1,121 crore, with portfolio retail consumption surging 25% year-on-year. Residential gross sales also reached Rs 140 crore in the quarter, up 141% YoY.

Demolition Begins at Huhtamaki Site in Majiwada, Marking Formal Start of Phoenix Mills' 1.5 Million Sq Ft Thane Mall

Demolition of the former Huhtamaki Paper Products factory at Majiwada Junction, Thane has begun, marking the formal on-ground commencement of Phoenix Mills' large mixed-use mall project on the site.

Phoenix Mills Voluntarily Strikes Off Three Wholly-Owned Subsidiaries to Streamline Corporate Structure

Phoenix Mills initiated the voluntary striking off of three wholly-owned subsidiaries — Enhance Holdings Private Limited, Sangam Infrabuild Corporation Private Limited, and Bartraya Mall Development Company Private Limited — to simplify its organisational structure. The process was expected to complete by January 31, 2026, with minimal financial impact on consolidated performance.