Phoenix Mills Reports Record Retail Consumption of Rs 16,578 Crore in FY26; Q4FY26 Revenue at Rs 4,423 Crore
Phoenix Mills Achieves Record Retail Consumption of Rs 16,578 Crore in FY26
Phoenix Mills Limited concluded its earnings conference call on April 28, 2026, to discuss audited financial results for Q4FY26 and the full year ended March 31, 2026. The company reported consolidated revenue of Rs 4,423 crore and EBITDA of Rs 2,637 crore for Q4FY26, representing growth of 16% and 22% respectively.
Retail Segment Drives Performance Without New Mall Additions
Phoenix Mills reported record retail consumption of Rs 16,578 crore in FY26, marking a 21 percent year-on-year increase, achieved entirely from its existing portfolio with no new mall additions during the year. In the fourth quarter alone, consumption reached around Rs 4,251 crore, up 31 percent year-on-year, making it the strongest quarter in terms of growth.
The growth was broad-based and delivered even as select assets continued to undergo planned repositioning and premiumisation, a deliberate, value-accretive programme to strengthen their medium-term earnings profile. Walk into any Phoenix mall today and you will notice something different. The old hypermarket anchors are gone. In their place are Uniqlo flagships, jewelry boutiques, and electronics showrooms brands that shoppers actually line up for.
Office Portfolio Expansion and Broad-Based Growth
The office platform expanded significantly from approximately 2 million sq. ft. in FY24 to nearly 4.8 million sq. ft. across four cities: Mumbai, Pune, Bangalore, and Chennai. Gross leasing for FY26 exceeded 2.2 million sq. ft. with portfolio occupancy reaching 70%. Mature operational assets saw occupancy rise to 83% from 67% at the start of the year.
Profitability and Cash Generation
Net profit reached Rs 1,557 crore, up 20%, while operating free cash flow reached Rs 2,140 crore, growing 23%. The company maintains strong financial metrics with net debt to EBITDA at 1.19x. The board recommended a final dividend of Rs 2.50 per equity share.
Hospitality and Residential Contributions
Hospitality demonstrated resilience with hotel income growing 8% to Rs 596 crore and EBITDA increasing 14% to Rs 276 crore. The St Regis Mumbai outperformed the market with EBITDA margins improving to 49% and average room rates exceeding Rs 21,000.
Gross residential bookings doubled to Rs 471 crore with collections at Rs 467 crore and revenue recognized at Rs 489 crore. The performance was driven by premium residential projects in Bengaluru, One Bangalore West and Kessaku, with average realization pricing around Rs 28,000.
Developer Profile and Strategic Direction
Founded in 1905, Phoenix Mills has transformed from textile roots into a major real estate player, pioneering destination malls in India under brands like Phoenix MarketCity and Palladium. The company aims to grow its retail portfolio to over 14 million sq ft by 2027 and 18 million sq ft by 2030, up from its current operational retail area of over 11 million sq ft. New developments and expansions are planned in cities including Kolkata, Surat, and Coimbatore. Concurrently, PML is expanding its commercial office space, targeting around seven million sq ft by 2027, a notable increase from its current approximately 4.8 million sq ft completed GLA.