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Phoenix Mills Ltd

Q2 FY26

Phoenix Mills Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,897

Market cap₹67.8K Cr

P/E52.3

Updated16 Oct 2026

Read5 min read

The short version

Retail consumption growth expected to continue with double-digit gains, driven by strategic leasing, brand upgrades, and enhanced customer experience (Page 3, 13). Retail portfolio is expected to deliver double-digit growth in FY26 driven by strong consumer demand, robust retailer sales, and brand enhancement.

From Phoenix Mills Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Retail consumption growth expected to continue with double-digit gains, driven by strategic leasing, brand upgrades, and enhanced customer experience (Page 3, 13).
Diverse category growth: Fashion & accessories up 17%, family entertainment & multiplexes 23%, athleisure & watches over 15% (Page 3, 9).
Gourmet Village and F&B expansions to act as strategic anchors, driving longer dwell time and repeat visits (Page 3).
Leasing momentum strong in office portfolio, targeting 80-90% occupancy by end of FY26 (Page 9).
New mall developments and project completions expected through 2026-2027, with expansion in tier two cities continuing (Page 17).
Consumption growth in malls like Indore expected to improve post infrastructure completion (Page 18).

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Profitability & Margins

Retail portfolio is expected to deliver double-digit growth in FY26 driven by strong consumer demand, robust retailer sales, and brand enhancement.
Office portfolio poised for significant uplift in financial performance due to strong leasing momentum; occupancy in Mumbai and Pune improved from 67% to over 77%.
EBITDA growth is visible with retail EBITDA up 10% and overall consolidated EBITDA up 17% for H1 FY26.
Trading density growth is strong with Phoenix MarketCity Bangalore and Pune showing 20% and 11% growth respectively.
Strategic initiatives like premiumization, brand churn, and F&B concept scaling (e.g., Gourmet Village) are expected to drive higher consumption and rental income.
Infrastructure completions expected to positively impact revenues and rents from Q1 FY27 onwards (e.g., Indore mall flyover completion).

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Capital Expenditure Plans

Total capex for H1 FY26 was Rs. 658 crore, mainly towards ongoing project construction.
Retail assets under construction with good leasing traction:
Kolkata mall: over 75% leased, operational by Q3 CY 2027.
Surat mall: 35-40% leased, operational by Q3 CY 2027.
Bangalore expansion (Phoenix MarketCity): phase two (F&B) leased over 60%, expected completion by Q3 CY 2026.
Palladium expansion receiving good retailer traction.
New flagship centers in Chandigarh and Thane at drawing board stage with early retailer interest.
Coimbatore mall construction to commence this quarter.
Chandigarh project recently received environmental clearance; approvals ongoing.

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Fundraising & Capital Structure

Phoenix Mills plans to raise debt primarily through Loan Against Property (LRD) at similar low-cost levels around 7.7%, with 50-60% of the loan already tied up.
The company expects to maintain a healthy cost of debt as new borrowings come in, even with increased gross debt from ongoing projects.
Peak net debt to EBITDA is expected to range between 1x to 1.5x under normal circumstances, potentially up to 2x temporarily during peak capital requirements.
There is no immediate plan to raise equity; instead, the company focuses on disciplined capital management and leveraging internal accruals.

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Order Book & Pipeline

The document does not explicitly mention the current or expected order book or pending orders in quantifiable terms. However, related information from the transcript includes: - Several retail and office projects are under construction with expected completions between 2026-2027, including: - Phoenix Grand Victoria Mall Kolkata (Q3 CY 2027) - Surat Mall (Q3 CY 2027) - Bengaluru Phoenix MarketCity retail expansion (Q3 CY 2026) - Phase one office expansion at Phoenix MarketCity Whitefield (Q3 FY 2027) - Grand Hyatt Hotel (end of CY 2027) - Leasing progress is strong in under-construction assets: - Kolkata Mall leased over 75% - Surat Mall leased around 35-40% - Bangalore F&B expansion (Phase 2) leased over 60%

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Phoenix Mills Ltd — 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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What Phoenix Mills Ltd's management said in earlier quarters

Others in Realty this season

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Arihant Superstructures Ltd (Q2 FY26)
Q2-FY26 Operating Revenues: INR 1,227 Mn, up 9.7% YoY from INR 1,118 Mn in Q2-FY25 (Page 25). Key investor presentation takeaways from Arihant Superstructures L
Man Infraconstruction Ltd (Q2 FY26)
Q2 FY26 Revenue from operations (Standalone): ₹57.7 Cr vs ₹70.6 Cr in Q2 FY25 (decline) . Key investor presentation takeaways from Man Infraconstruction Ltd's Q
P.E. Analytics (Q2 FY26)
Consolidated revenue for H1 FY26: ₹2,54,123 thousand, a slight decrease of 0.85% year-on-year (H1 FY25: ₹2,56,292 thousand). Key investor presentation takeaways

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Frequently Asked Questions

What were Phoenix Mills Ltd Q2 FY26 results?

Retail consumption growth expected to continue with double-digit gains, driven by strategic leasing, brand upgrades, and enhanced customer experience (Page 3, 13). Retail portfolio is expected to deliver double-digit growth in FY26 driven by strong consumer demand, robust retailer sales, and brand enhancement.

What is Phoenix Mills Ltd share price analysis?

Phoenix Mills Ltd currently shows a neutral. The stock trades at a P/E of 52.3 with a market cap of ₹67,848 Cr. Investors should review the full earnings analysis for detailed insights.

Is Phoenix Mills Ltd planning capital expenditure?

Total capex for H1 FY26 was 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.