Phoenix Mills (503100) investor relations material

Executive summary

• Q3 FY26 saw consolidated revenue rise to INR 1,121 crore, up 15% year-on-year, and EBITDA increase 19% to INR 656 crore, with margin improvement to 59%.

• Retail consumption grew 25% year-on-year to INR 4,992 crore, with broad-based growth and productivity gains.

• Offices achieved 1.2 million sq ft of gross leasing year-to-date, with stabilized occupancy at 76% and new developments at 41%.

• Hospitality delivered 8% revenue growth and 16% EBITDA growth for nine months, with St. Regis Mumbai at 85% occupancy and average room rates up 8% year-on-year.

• Net profit after tax for Q3 FY26 was INR 368 crore, up 5% year-on-year; diluted EPS increased 4% to INR 7.71.

Financial highlights

• 9M FY26 income from operations was INR 3,190 crore, up 14% year-on-year; operating EBITDA for 9M FY26 was INR 1,887 crore, up 18%.

• Operating cash flow after working capital, taxes, and interest for nine months was INR 1,508 crore, up 24% year-on-year.

• Net debt as of December 31 was INR 3,344 crore, with net debt to annualized EBITDA at 1.3x and average cost of debt reduced to 7.62%.

• Capital expenditure for ongoing projects in nine months was INR 722 crore.

• Group liquidity increased to INR 1,858 crore as of December 31.

Outlook and guidance

• Double-digit growth visibility for the retail portfolio in FY26, supported by strong consumer demand, retailer performance, and ongoing enhancements.

• Office portfolio expected to transition from build-and-lease to rental monetization, with new assets contributing to earnings from FY27.

• Hospitality segment anticipates sustained occupancy and revenue growth.

• The company continues to monitor regulatory changes, including new labor codes, and will adjust accounting as needed.