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Phoenix Mills

Q1 FY26Realty

Phoenix Mills Q1 FY26 earnings call: Revenue & Margins

Q1 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,930
Market cap₹69.0K Cr
P/E53.2
Updated23 Aug 2026
Read5 min read

The short version

Retail consumption grew 12% YoY in Q1, with strong growth at various malls despite planned churn and repositioning. - Rental income growth impacted temporarily by churn and redevelopment but expected to rebound with trading occupancy stabilizing above 95%. - Office assets leasing ramp-up targets 90% occupancy by 2026, with strong pipeline, especially in Chennai, Bengaluru, and Pune. - Hotel portfolio showed 11% revenue growth and 19% EBITDA growth in Q1. - Residential sales strong with gross sales over Rs. Target 90% occupancy in office assets by 2026, driving significant rental income growth. - Retail consumption grew 12% YoY; rental income impacted temporarily due to strategic churn but expected to rebound, supporting double-digit EBITDA growth. - EBITDA at the ISMDPL platform was Rs.

From Phoenix Mills's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Retail consumption grew 12% YoY in Q1, with strong growth at various malls despite planned churn and repositioning.
  • Rental income growth impacted temporarily by churn and redevelopment but expected to rebound with trading occupancy stabilizing above 95%.
  • Office assets leasing ramp-up targets 90% occupancy by 2026, with strong pipeline, especially in Chennai, Bengaluru, and Pune.
  • Hotel portfolio showed 11% revenue growth and 19% EBITDA growth in Q1.
  • Residential sales strong with gross sales over Rs. 168 crores; average sales price at Rs. 27,000/sq ft.
  • Operational free cash flows expected to exceed Rs. 6,000 crores over next five years at PML level.

2 more points from Phoenix Mills's call on revenue

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Profitability & Margins

See what Phoenix Mills said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Group-level CAPEX for the next 12 months is estimated at Rs. 1,200-1,300 crores.
  • Phase 2 construction at ISMDPL (Bengaluru) requires about Rs. 1,000 crores between now and 2027 to reach completion.
  • Phase 3 development plans at ISMDPL are pending finalization and approvals.
  • Ongoing investments include completion of under-construction office assets, Phase 2 and Phase 3 expansions at Phoenix MarketCity Bangalore involving retail, offices, and hotels.
  • Planned hotel additions: a 400-key Grand Hyatt (Phase 2) and a second 300-key hotel (Phase 3).
  • Expansion will add about 1.6 million sq. ft. of office and 600,000 sq. ft. retail space by 2030.

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Top-ranked in Realty

Ranked on what management guided this quarter

Guidance-ranked
1Sri Lotus Developers & Realty Ltd
Rev 1Mar 3
2Sobha
Rev 2Mar 1
3
Rev 2Mar 1
4
Rev 2Mar 1
5
Rev 2Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

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Order Book & Pipeline

The provided document does not explicitly mention current or expected orderbook or pending orders details related to Phoenix Mills Limited. The discussion mainly covers operational performance, asset valuations, leasing activities, churn and premiumization strategies, capital allocation, and future growth potential across retail, office, hotel, and residential segments. Key highlights related to growth include: - Strong leasing momentum with 6% leased office space currently, targeting 90% occupancy by 2026. - Significant repositioning and churn at retail malls for higher rental yields. - Expansion plans under Phase 2 and Phase 3 for Phoenix MarketCity Bangalore adding retail, offices, and hotels.

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Phoenix Mills — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.2K Cr, net profit ₹485 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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Frequently Asked Questions

What were Phoenix Mills Q1 FY26 results?

Retail consumption grew 12% YoY in Q1, with strong growth at various malls despite planned churn and repositioning. - Rental income growth impacted temporarily by churn and redevelopment but expected to rebound with trading occupancy stabilizing above 95%. - Office assets leasing ramp-up targets 90% occupancy by 2026, with strong pipeline, especially in Chennai, Bengaluru, and Pune. - Hotel portfolio showed 11% revenue growth and 19% EBITDA growth in Q1. - Residential sales strong with gross sales over Rs. Target 90% occupancy in office assets by 2026, driving significant rental income growth. - Retail consumption grew 12% YoY; rental income impacted temporarily due to strategic churn but expected to rebound, supporting double-digit EBITDA growth. - EBITDA at the ISMDPL platform was Rs.

What is Phoenix Mills share price analysis?

Phoenix Mills currently shows a neutral. The stock trades at a P/E of 53.2 with a market cap of ₹69,029 Cr. Investors should review the full earnings analysis for detailed insights.

Is Phoenix Mills planning capital expenditure?

Group-level CAPEX for the next 12 months is estimated at Rs.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.