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

Strong Consumption Momentum Drives Phoenix Mills Growth in Q3 FY26

Phoenix Mills reported consolidated revenue of ₹1,121 crore for Q3 FY26, marking a 15% year-on-year increase. Consolidated EBITDA grew by 19% year-on-year to ₹656 crore. The results reflect broad-based momentum across the developer's retail, office, hospitality and residential segments.

Retail consumption saw robust growth of 25% year-on-year, reaching ₹4,992 crore in Q3 FY26, with rental income growing by 13% to ₹573 crore and EBITDA increasing by 16% to ₹585 crore. Consumption within Phoenix Mills' properties totalled ₹4,992 crore in Q3 FY26, up 25% year-on-year. This metric—total third-party spending within its malls—is the truest leading indicator of shopper health and retail momentum. A 25% jump signals that consumer demand remains robust, at least in the affluent urban segments Phoenix Mills serves.

Nine-Month Momentum and Operational Expansion

For the first nine months of FY26, retailer sales reached ₹12,326.7 crore, a 17% year-on-year growth. This performance reflects the stability of Phoenix Mills' core retail business and the resilience of premium consumption in major urban markets.

Residential and Hospitality Strength

Phoenix Mills achieved exceptional growth in residential sales during Q3 FY26, reporting gross residential sales of approximately ₹140 crores compared to ₹58 crores in Q3 FY25. This represents a substantial year-on-year increase of 141.38%, highlighting the company's strong performance and market position in the residential real estate segment.

The hotels portfolio generated income of ₹423 crore and EBITDA of ₹190 crore for the first nine months of FY26. The St. Regis Mumbai operated at 85% occupancy with average room rates exceeding Rs. 20,000 (up 8% year-on-year).

Office Portfolio Strengthens Occupancy

The Phoenix Mills has expanded its office platform to nearly 5 million square feet across four cities. Nearly 1.2 million square feet of gross leasing has been achieved. Occupancy at stabilized assets in Mumbai and Pune increased to 76% from 67%.

Balance Sheet and Strategic Initiatives

The company made the first tranche payment of ₹1,257 crore in November 2025, increasing PML's stake in ISML to 58.33%. Consolidated EBITDA grew by 19% year-on-year to ₹656 crore.

For the first nine months of FY26, operating cash flow after working capital, taxes, and interest, stood at Rs. 1,508 crores, representing a 24% increase year-on-year. Net debt stood at ₹3,344 crore.

Expansion Pipeline and Long-Term Growth

Phoenix Mills is set to expand its retail real estate portfolio from the current 11.5 million sq. ft. to over 14 million sq. ft. by 2027 and more than 18 million sq. ft. by 2030. The company's retail area is projected to expand from the current 11.5 million square feet encompassing 12 operational malls to an impressive 18 million square feet spanning 17 premium properties by 2030. This represents a substantial 57% expansion in retail footprint over the next five years.

PML's mixed-use destinations also include Grade A office developments with a completed office portfolio GLA of approximately 4.8 million square feet across Mumbai, Pune, Bengaluru and Chennai. The Company also has an additional pipeline of approximately 4 million square feet currently under planning at existing mixed-use destinations.