The Phoenix Mills Limited — PPTs, 27-04-2026: Investor Presentation

Phoenix Mills (PML) delivered a robust FY26, with consolidated revenue up 16% to Rs. 4,423 Cr and net profit increasing 24% to Rs. 1,224 Cr. EBITDA rose 22% to Rs. 2,637 Cr, driven by resilient demand even without new mall additions. Retail consumption jumped 21% YoY to Rs. 16,587 Cr, benefiting from strong performance across all malls. The office portfolio expanded to ~5 msft operational, achieving 70% occupancy, and hotels saw income grow 8% to Rs. 596 Cr.

Key growth strategies include optimizing existing assets through repositioning, re-leasing, and adding luxury brands, with 72% of retail GLA leases expiring in five years offering re-pricing opportunities. Campus densification, like transforming Phoenix MarketCity Bangalore into a 4+ msft mixed-use space, and the ISMDPL buyout are set to boost future earnings.

Recent highlights include new brand additions in Q4 FY26, completion of three major office projects in 2025, and commencement of excavation for new retail-led developments in Thane, Coimbatore, and Chandigarh. Operating free cash flow reached Rs. 2,140 Cr (+23% YoY), and Net Debt/EBITDA improved to 1.19x.

Management highlighted strong cash flows and a disciplined balance sheet, supporting a vision for a diversified portfolio exceeding 20 msft by 2030, leveraging multiple growth drivers across retail, offices, hotels, and residential segments.