Phoenix Mills (503100) Q1 26/27 earnings summary

Executive summary

• Consolidated revenue grew 13% year-on-year to INR 1,075 crore, with operating EBITDA up 14% to INR 642 crore and net profit rising 23% to INR 297 crore.

• Strong operating free cash flow of INR 602 crore, up 20% year-on-year, supporting future growth.

• Double-digit revenue and profit growth achieved without new mall capacity addition.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, were approved by the Board on July 28, 2026.

• Financial statements have been reviewed by independent auditors, with no material misstatements identified.

Financial highlights

• Retail rental income rose 17% year-on-year to INR 595 crore; retail EBITDA also up 17% to INR 625 crore.

• Retail consumption reached INR 4,730 crore, up 32% year-on-year; like-to-like consumption grew 24%.

• Office income increased 44% year-on-year to INR 75 crore; office EBITDA up 31% to INR 42 crore.

• Hospitality income grew 18% year-on-year to INR 145 crore; EBITDA up 19% to INR 62 crore.

• Consolidated net profit after tax and share of associates for Q1 FY27 was INR 39,450.82 lakhs, up from INR 32,085.75 lakhs year-over-year.

Outlook and guidance

• Several new retail and office developments to become operational through 2027 and mid-2028, with strong leasing momentum.

• Retail platform expected to reach 18 million sq ft by 2030, with complementary asset classes added.

• Rental income guided to mid-teens growth for FY 2027 and 2028.

• The group continues to focus on property and related services, hospitality, and residential business segments, with ongoing redevelopment and expansion activities.