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Phoenix Mills

Q4 FY26Realty

Phoenix Mills Q4 FY26 earnings call: Revenue & Margins

Q4 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 Growth: FY27 retail consumption growth ex-jewelry and electronics expected at 17-18%, with April showing a strong ~30% growth momentum. - Rental Growth: Targeting mid-to-high double-digit rental growth in FY27, similar to FY26's ~20% rental growth from new deals and renewals combined. - Leasing & Occupancy: Trading occupancy in key malls like Phoenix MarketCity Bangalore and Pune expected to reach 95-96% by end FY27, driving rental upside. - Office Portfolio: Rental income from new office assets to start from Q2 FY27, with expected doubling of quarterly office income by Q4 FY27; office portfolio occupancy targeted to move towards 90% in coming quarters. - New Developments: Pipeline expansions extending to 18 million sq.ft. The Phoenix Mills Limited anticipates sustained double-digit growth in retail earnings over the next phase, supported by lease renewals and portfolio expansions.

From Phoenix Mills's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Retail Consumption Growth: FY27 retail consumption growth ex-jewelry and electronics expected at 17-18%, with April showing a strong ~30% growth momentum.
  • Rental Growth: Targeting mid-to-high double-digit rental growth in FY27, similar to FY26's ~20% rental growth from new deals and renewals combined.
  • Leasing & Occupancy: Trading occupancy in key malls like Phoenix MarketCity Bangalore and Pune expected to reach 95-96% by end FY27, driving rental upside.
  • Office Portfolio: Rental income from new office assets to start from Q2 FY27, with expected doubling of quarterly office income by Q4 FY27; office portfolio occupancy targeted to move towards 90% in coming quarters.

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

  • FY26 saw elevated capital deployment with approximately Rs. 1,035 crore invested in construction and development across retail and office assets.
  • An additional Rs. 431 crore was spent on land and development rights in existing projects during FY26.
  • Under-construction assets like Phoenix Grand Victoria (Kolkata) and Phoenix Surat are progressing, targeting operational launch in FY28.
  • Developments in Thane, Coimbatore, and Chandigarh have moved from approval stages to execution, with excavation and pre-construction underway.
  • The group follows a disciplined development approach, securing approvals, finalizing design and costs, and tendering significant parts of construction before commencement to ensure cost and timeline visibility.
  • Actively scouting for new city expansions (e.g., Hyderabad, Jaipur, Navi Mumbai) with possible transactions expected in FY27.

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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

See what Phoenix Mills said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript in the provided pages does not explicitly discuss the current or expected order book or pending orders for The Phoenix Mills Limited. However, related operational and leasing activity highlights include: - FY26 office gross leasing of over 2.2 million sq. ft., with leasing pipeline under execution. - Phoenix Grand Victoria (Kolkata) is 79% leased; Phoenix Surat is 41% leased. - Approximately 36-50% of retail portfolio area up for lease renewal in the next 2-3 years, presenting significant leasing opportunities. - Active scouting and potential new city expansions planned for FY27, including Hyderabad, Jaipur, Navi Mumbai.

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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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What Phoenix Mills Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Phoenix Mills Q4 FY26 results?

Retail Consumption Growth: FY27 retail consumption growth ex-jewelry and electronics expected at 17-18%, with April showing a strong ~30% growth momentum. - Rental Growth: Targeting mid-to-high double-digit rental growth in FY27, similar to FY26's ~20% rental growth from new deals and renewals combined. - Leasing & Occupancy: Trading occupancy in key malls like Phoenix MarketCity Bangalore and Pune expected to reach 95-96% by end FY27, driving rental upside. - Office Portfolio: Rental income from new office assets to start from Q2 FY27, with expected doubling of quarterly office income by Q4 FY27; office portfolio occupancy targeted to move towards 90% in coming quarters. - New Developments: Pipeline expansions extending to 18 million sq.ft. The Phoenix Mills Limited anticipates sustained double-digit growth in retail earnings over the next phase, supported by lease renewals and portfolio expansions.

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?

FY26 saw elevated capital deployment with approximately 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.