Phoenix Mills Confirms H2 FY28 Operational Launch for Phoenix Grand Victoria (Kolkata) and Phoenix Surat
Two Major Mall Launches Targeted for Late FY28
During its Q4 FY26 earnings call on April 28, 2026, Phoenix Mills confirmed the operational launch timelines for two significant under-construction retail assets. Phoenix Grand Victoria in Kolkata spans a 7.48-acre site with 1 million square feet of retail area in its first phase, while Phoenix Surat will deliver comparable scale in Gujarat.
Kolkata Project: Advanced Leasing Position
Phoenix Grand Victoria has achieved substantial tenant commitment ahead of opening. In February 2021, The Phoenix Mills acquired the 7.48-acre land parcel on Diamond Harbour Road in Alipore through its wholly-owned subsidiary, Mindstone Mall Developers, in a transaction valued at Rs 300 crore. Along with retail shops, the mall will contain multiplex, food court, gaming and entertainment space and wellness centre. There will be 1,834 underground parking spaces.
Alipore is recognized as a well-established upscale area with excellent infrastructure and connectivity, and is regarded as one of Kolkata's most premium neighbourhoods.
Surat Expansion: Building Market Share
Phoenix Mills acquired a prime city-centric land parcel in Surat, Gujarat, admeasuring approximately 7.22 acres, at a strategic location on Udhana Magdalla Road, for a total consideration of approximately Rs 510 crore, inclusive of stamp duty. The company is targeting similar retail depth and tenant diversity at this location.
Developer Momentum in FY26
Phoenix Mills' broader portfolio delivered strong underlying performance in the fiscal year. The company achieved consolidated revenue of Rs 4,423 crore and EBITDA of Rs 2,637 crore, representing growth of 16% and 22% respectively, without adding any new retail capacity during the year, underscoring the strength of its retail-led mixed-use platform. Net profit after tax for the year stood at Rs 1,557 crore, up 20%. Retail consumption reached Rs 16,587 crore, growing 21%.
Phoenix Mills and its subsidiaries operate an retail portfolio of over 11 million square feet of chargeable retail area across 8 major cities of India and are developing approximately 7 million square feet of chargeable retail space across 5 new malls and expansion of existing retail destinations. Over the next five years, Phoenix Mills plans to expand its retail space from roughly 11.5 million square feet to more than 14 million square feet by 2027, and push that number closer to 18 million by 2030.
Sector Context: India's Retail Growth
During calendar year 2024, 8.1 million square feet of area was leased by retailers in shopping malls and prominent high streets across India's top seven cities. New retail space additions reached nearly 1.7 million square feet across seven retail developments, with gross leasing moderating by only six per cent over 2023 despite limited infusion of new spaces of superior quality. In the past four years, 60 international brands have entered India, with new entrants nearly doubling from 14 in 2023 to 27 in 2024.