Phoenix Mills FY26 Retail Consumption Hits Record ₹16,578 Crore, Up 21% YoY
The Phoenix Mills Limited reported a record FY26 retail consumption of ₹16,578 crore, up 21% YoY. Q4 FY26 consumption grew 31% YoY to ₹4,251 crore. The office portfolio expanded to 4.8 msft GLA with 70% occupancy. Residential sales doubled to ₹471 crore. Hospitality RevPAR grew 7% YoY.
The announcement details record financial performance across key business segments, including significant YoY growth in retail consumption and expansion in the commercial office and residential portfolios, which are material to the company's valuation and future prospects.
The company reported record-breaking retail consumption, significant growth in office leasing and residential sales, and resilient hospitality performance, indicating strong operational and strategic progress.
The Phoenix Mills Limited (PML) announced its operational business update for the quarter and year ended March 31, 2026. The company achieved an all-time high retail consumption of approximately ₹16,578 crore in FY26, representing a 21% year-on-year increase. This record performance was achieved from the existing portfolio without any new mall additions.
In the fourth quarter of FY26 (Q4 FY26), retail consumption stood at approximately ₹4,251 crore, marking a 31% year-on-year growth and making it the strongest quarter of the year. This broad-based growth was achieved despite some assets undergoing planned repositioning and premiumization. The rest of the portfolio experienced double-digit consumption growth for the year.
The commercial office portfolio saw significant expansion in 2025, with the addition of approximately 2.8 million square feet (msft) of Grade A offices across Bengaluru, Chennai, and Pune, bringing the total portfolio Gross Leasable Area (GLA) to approximately 4.8 msft from about 2 msft previously. Gross leasing of over 2.2 msft was recorded during FY26, with the portfolio achieving a leased occupancy of around 70% as of March 2026. Leasing activity remains robust with advanced discussions indicating further occupancy improvements.
The hospitality segment delivered a resilient performance in FY26. The St. Regis, Mumbai reported a 6% year-on-year growth in Revenue Per Available Room (RevPAR) for Q4 FY26 and 7% for FY26, driven by Average Room Rate (ARR) growth. Occupancy remained healthy at 86% in FY26.
In the residential segment, gross sales more than doubled year-on-year, reaching approximately ₹471 crore in FY26 compared to ₹212 crore in FY25, primarily due to the monetization of ready inventory.
These figures are provisional and unaudited.
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