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

Financial Performance: Q1 FY27 Results

Phoenix Mills reported a 23 per cent growth in its net profit for the quarter ended June 30, 2026. From ₹319.92 crore in Q1 FY26, reported profit for Q1 FY27 stood at ₹393.55 crore. Revenue rose 12.8 per cent year-on-year to ₹1,074.94 crore in Q1 FY27 from ₹952.99 crore in Q1 FY26.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) for the developer also grew 13.83 per cent year-on-year, from ₹564 crore in Q1 FY26 to ₹642 crore in Q1 FY27.

Sequential Softness, Strong Year-Over-Year Momentum

While year-over-year results remained solid, on a sequential basis, Phoenix Mills reported a downturn, with profit declining 18.98 per cent in Q1 FY27 from the preceding quarter, falling from ₹485.72 crore in Q4 FY26 to ₹393.55 crore. Reported revenue declined from ₹1,233.20 crore in the previous quarter to ₹1,074.94 crore, marking a 12.83 per cent decline on a quarterly basis. Ebitda also came down 14.4 per cent QoQ from ₹750 crore in Q4 FY26.

Operational Strength Across Retail, Offices and Hospitality

Phoenix Mills' portfolio comprises retail-led mixed-use developments, including retail malls, commercial offices and hospitality assets, alongside residential assets. The quarter saw robust performance across its diversified segments.

Portfolio consumption from its operational malls increased 32 percent year-on-year to Rs. 4,727 crore, supported by healthy spending trends across most assets. The commercial office portfolio also witnessed healthy momentum, with leased occupancy improving to 72 percent as of June 2026, compared to 70 percent in March 2026.

The operational update highlighted retail consumption surging 32 percent year-on-year to Rs. 4,727 crore, office occupancy improving to 72 percent, and hospitality delivering double-digit RevPAR growth. The company also recorded residential sales of Rs. 64 crore, reflecting steady demand across its diversified real estate portfolio.

Retail Repositioning and Brand Evolution

The company also completed the relaunch of Phoenix MarketCity Pune as Phoenix Avenue of Stars, aimed at strengthening its premium positioning through an enhanced brand mix and customer experience. The hospitality segment continued to perform well, with The St. Regis Mumbai and Courtyard by Marriott Agra recording RevPAR growth of 15 percent and 23 percent year-on-year, respectively. The improvement was supported by healthy occupancy levels and double-digit growth in average room rates (ARR), reflecting sustained demand in India's premium hospitality market.

Operating Expense Management

Expenses for the developer grew 7.88 per cent year-on-year, reaching ₹622.76 crore in Q1 FY27. Compared to expenses in Q4 FY26, however, this was a 7.1 per cent decline.

Developer Footprint and Scale

Phoenix Mills is one of India's largest retail-led mixed-use real estate developers, with operations spanning planning, development, leasing, marketing, management, maintenance, and sales. The company has a presence across Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly, and Ahmedabad.