Phoenix Mills (503100) Q4 24/25 earnings summary

Executive summary

• FY 2025 core business revenue rose 16% year-over-year to INR 3,507 crore, with operating EBITDA up 16%; consolidated revenue declined 4% to INR 3,814 crore and EBITDA was flat at INR 2,161 crore.

• Retailer sales across malls increased 21% year-over-year to INR 13,750 crore, driven by new mall ramp-ups and strong consumption trends.

• Net profit after tax for FY25 was INR 1,302 crore, down 2% year-over-year; diluted EPS declined 10% to INR 27.52.

• Audited standalone and consolidated financial results for FY25 were approved with unmodified audit opinions; a final dividend of ₹2.50 per share was recommended.

• Paid-up equity share capital increased due to bonus shares and ESOP allotments.

Financial highlights

• FY25 retail rental income grew 18% to INR 1,951 crore; retail EBITDA up 20% to over INR 2,000 crore; retail consumption up 21% to INR 13,750 crore.

• Operating cash flows reached nearly INR 2,100 crore, supporting land acquisitions and construction.

• CapEx for FY25 totaled INR 2,600 crore, with INR 1,600 crore for land/FSI and INR 1,000 crore for construction and densification.

• Group net debt increased to INR 2,707 crore; net debt to EBITDA at 1.2x; cost of debt reduced to 8.5%.

• Standalone net profit after tax for FY25 was ₹33,729.73 lakhs, up from ₹28,021.27 lakhs in FY24.

Outlook and guidance

• April 2025 retail sales expected to cross INR 1,130 crore, up 14% year-over-year.

• Confident of delivering strong double-digit growth in retail for FY 2026, with new retail and mixed-use developments to add 7 million sq ft by 2030, taking total retail portfolio to over 18 million sq ft.

• Material leasing in commercial offices anticipated in FY 2026, with 1.2–1.4 million sq ft in active discussions.

• Retail GLA expected to exceed 14 msft by 2027 and 18 msft by 2030; commercial offices to surpass 7 msft by 2027.

• Final dividend of ₹2.50 per share recommended, subject to approval at the AGM.