The Phoenix Mills Limited — Investor Meet, 07-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

The Phoenix Mills reported FY25 core business revenue of Rs. 3,507 Cr, up 16% YoY, with EBITDA at Rs. 2,111 Cr. Consolidated revenue declined 4% to Rs. 3,814 Cr, with flat EBITDA of Rs. 2,161 Cr. Retailer sales surged 21% to Rs. 13,750 Cr, led by new malls and strong consumption growth. Commercial offices showed progress with key occupancy certificates and a 500,000+ sq. ft. pre-leasing pipeline per city, expecting stronger leasing in FY26. Hotel revenue rose 6% to Rs. 580 Cr; St. Regis Mumbai hit Rs. 500 Cr revenue at 86% occupancy. Retail consumption grew 15% YoY in Q4 despite some churn; new retail spaces added in Bangalore and Mumbai will support growth. Residential sales steady at Rs. 212 Cr with fresh launches planned. Cash flow stood at Rs. 2,084 Cr; CAPEX of Rs. 2,600 Cr spent on land and construction. Net debt stable with a ratio of ~1.2x. Management emphasizes premiumization, evolving assets, and expects robust demand and leasing momentum from H2 FY26. Annual CAPEX plans of Rs. 1,000–1,200 Cr continue, supporting confident outlook across segments.