Phoenix Mills Q2 FY27: Revenue ₹1,153 Cr (+3%), EBITDA ₹710 Cr (+7%)
The Phoenix Mills Limited reported Q2 FY27 consolidated revenue of ₹1,153 Cr (up 3%) and EBITDA of ₹710 Cr (up 7%). Retail consumption surged 25% YoY to ₹4,685 Cr. The company's annuity businesses revenue grew 16% to ₹1,055 Cr. Office segment income increased 64% to ₹89 Cr.
The announcement provides detailed financial results for the quarter and half-year, along with a comprehensive overview of the company's business segments, growth strategies, and future pipeline. This level of detail is highly material for investors.
The company reported positive growth in revenue and EBITDA for both the quarter and half-year, with strong performance in its retail and annuity businesses. Consumption and rental income also saw significant year-on-year increases.
The Phoenix Mills Limited has announced its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The company presented an investor presentation detailing its performance and future outlook.
For the second quarter of FY27, The Phoenix Mills Limited reported consolidated revenue of ₹1,153 crore, a 3% increase compared to ₹1,115 crore in Q2 FY26. The consolidated EBITDA for the quarter stood at ₹710 crore, up 7% from ₹667 crore in the same period last year. The company's annuity businesses, which include retail, offices, hotel, and asset management, contributed significantly, with revenue growing by 16% to ₹1,055 crore and EBITDA increasing by 21% to ₹669 crore.
In the first half of FY27, consolidated revenue rose by 8% to ₹2,228 crore, and consolidated EBITDA grew by 10% to ₹1,352 crore. The annuity businesses also showed strong performance in H1 FY27, with revenue up 16% to ₹2,089 crore and EBITDA increasing by 20% to ₹1,318 crore.
The company's retail segment demonstrated robust growth, with consumption in Q2 FY27 reaching ₹4,685 crore, a 25% year-on-year increase. For H1 FY27, consumption was ₹9,415 crore, up 28% year-on-year. Retail rental income for Q2 FY27 was ₹605 crore (up 15%), and for H1 FY27, it was ₹1,200 crore (up 16%). Retail asset EBITDA for Q2 FY27 was ₹639 crore (up 18%), and for H1 FY27, it was ₹1,264 crore (up 17%).
The office segment reported an income of ₹89 crore for Q2 FY27, a 64% increase over Q2 FY26, with EBITDA at ₹56 crore, up 61%. For H1 FY27, income was ₹163 crore (up 55%) and EBITDA was ₹98 crore (up 47%). The hotel segment also saw growth, with The St. Regis, Mumbai, reporting a 13% increase in EBITDA for Q2 FY27. Courtyard by Marriott, Agra, showed a RevPAR increase of 31% in Q2 FY27.
The company highlighted its growth strategy, focusing on embedded growth in its operating retail portfolio, densification and portfolio expansion, and incremental growth drivers. Future developments include new retail destinations and office spaces, with a target to significantly expand its Gross Leasable Area (GLA) across segments by 2030.
Phoenix Mills also provided an update on its financial position, with liquidity at ₹2,638 crore as of September 30, 2026. Gross debt stood at ₹6,117 crore, and net debt was ₹3,479 crore. The average cost of debt was 7.66%. The company is progressing with its ISMDPL buyout and continues to generate strong operating free cash flow.
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