Phoenix Mills Reports Strong Q1 FY26 Performance with 5% Consolidated Revenue Growth and Robust Retail Consumption
The announcement provides comprehensive unaudited financial results for Q1 FY26, covering all major business segments. Quarterly financial performance is a critical indicator for investors, influencing stock valuation and future outlook, thus having a high impact on the company's perception and investment decisions.
The company reported consistent growth across all its core business segments (retail, office, hospitality) and a significant increase in residential sales. Key financial metrics like consolidated revenue, EBITDA, and net profit all showed positive year-on-year growth. The reduction in the average cost of debt is also a positive financial development.
The Phoenix Mills Limited announced its unaudited standalone and consolidated financial results for the quarter ended 30 June 2025, highlighting growth across its core businesses: * Consolidated revenue from operations increased by 5% to ₹953 crore in Q1 FY26, up from ₹904 crore in Q1 FY25. * Consolidated Operating EBITDA grew by 6% to ₹564 crore, compared to ₹531 crore in the previous year. * Net Profit after tax for the period rose by 2% to ₹320 crore, from ₹313 crore in Q1 FY25. * Diluted EPS stood at ₹6.73, marking a 3% increase from ₹6.50 in Q1 FY25.
Key performance highlights by segment: * Retail Business: Total consumption in Q1 FY26 was approximately ₹3,588 crore, a 12% year-on-year growth. Retail rental income reached ₹506 crore (up 4%) and Retail EBITDA was ₹535 crore (up 4%). The company noted a temporary and strategic gap between leased occupancy (95%+) and trading occupancy (89% in June 2025), which is expected to return to stabilized levels of 95%+ in coming quarters. Strategic initiatives like the unveiling of Gourmet Village (18 F&B outlets) and Game Palacio at Phoenix Palladium (West Zone) were undertaken to enhance experiences and drive consumption. * Commercial Office Business: Income grew by 4% to ₹52 crore, and EBITDA increased by 8% to ₹34 crore in Q1 FY26. Occupancy stood at 70% as of June 2025, with gross leasing of approximately 4.07 lakh sq. ft. across its Mumbai, Pune, Bengaluru, and Chennai offices. * Hospitality Business: Total income rose by 11% to ₹130 crore, and EBITDA by 19% to ₹58 crore. The St. Regis, Mumbai, reported an 83% occupancy, RevPAR of ₹15,464 (up 11%), and ARR of ₹18,542 (up 13%). Courtyard by Marriott, Agra, saw 71% occupancy, RevPAR of ₹3,109 (up 19%), and ARR of ₹4,374 (up 5%). * Residential Business: Gross sales in Q1 FY26 were approximately ₹168 crore (significantly up from ~₹50 crore in Q1 FY25), with collections of around ₹99 crore (up from ~₹60 crore). Revenue recognized during the quarter was ₹40 crore, with an average sales price of ~₹27,000 per sq. ft.
Financial Position: * As of 30 June 2025, group-level gross debt was ₹4,435 crore, and net debt was ₹2,657 crore. The company maintained a liquidity of ₹1,778 crore (Bank balance + Investments + DSRA). * The average cost of debt decreased to 7.92% in June 2025 from 8.81% in March 2025, and the net debt to EBITDA ratio stood at approximately 1.2x.
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