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Phoenix Mills (503100) investor relations material

Phoenix Mills Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary31 Oct, 2025

Executive summary

  • Revenue for H1 FY26 reached INR 2,068 crore, up 14% year-over-year; Q2 revenue was INR 1,115 crore, up 22% year-over-year.

  • Consolidated EBITDA for H1 was INR 1,231 crore, up 17% year-over-year; Q2 EBITDA was INR 667 crore, up 29%.

  • Net profit for Q2 FY26 stood at INR 383 crore, up 32% year-over-year; H1 FY26 net profit was INR 703 crore, up 16%.

  • Diluted EPS for H1 FY26 was INR 15.23, up 21% year-over-year.

  • Financial statements reviewed and approved by the Audit Committee and Board on October 31, 2025.

Financial highlights

  • Operating cash flow for H1 FY26 was INR 981 crore, up 21% year-over-year.

  • Total CapEx for H1 was INR 658 crore, mainly for ongoing project construction.

  • Gross debt reduced to INR 4,684 crore as of Sep 2025; net debt declined by INR 503 crore to INR 2,203 crore.

  • Net debt-to-EBITDA ratio reduced to ~0.9x as of Sep 2025.

  • Average cost of debt declined to 7.6% in Sep 2025.

Outlook and guidance

  • Confident of delivering double-digit growth across the retail portfolio in FY26, driven by strong consumer demand and brand enhancement.

  • Office portfolio targets 80–90% occupancy by end of FY26, with strong leasing momentum expected to uplift financial performance.

  • Ongoing land acquisition and project pipeline to deliver 1–2 million sq. ft. of retail annually beyond 2030.

  • Group continues to focus on property and related services, hospitality, and residential business segments.

  • Ongoing merger and amalgamation process for certain subsidiaries and step-down subsidiaries filed with NCLT.

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