Phoenix Mills (503100) Q4 25/26 earnings summary

Executive summary

• FY 2026 delivered strong operating performance with consolidated revenue of INR 4,423 crore, up 16% year-over-year, and EBITDA of INR 2,637 crore, up 22%, achieved without new retail capacity additions.

• Net profit after tax rose to INR 1,557 crore, up 20% year-over-year, with operating free cash flow at INR 2,140 crore, up 23%.

• Retail consumption reached an all-time high of INR 16,587 crore, up 21% year-over-year, with Q4 consumption up 31%.

• All segments—retail, offices, hotels, and residential—contributed to robust growth, with office portfolio doubling in two years and residential sales more than doubling.

• Audited standalone and consolidated financial results for FY 2026 were approved with unmodified audit opinions; a dividend of ₹2.50 per share was recommended, subject to approval.

Financial highlights

• Consolidated revenue grew 16% year-over-year to INR 4,423 crore; EBITDA rose 22% to INR 2,637 crore.

• Net profit after tax increased to INR 1,557 crore; operating free cash flow was INR 2,140 crore, up 23%.

• Retail rental income reached INR 2,157 crore, up 10% year-over-year; retail EBITDA was INR 2,246 crore, up 12%.

• Office income was INR 213 crore with EBITDA of INR 141 crore; hotel income grew 8% to INR 596 crore, with EBITDA up 14% to INR 276 crore.

• Basic consolidated EPS (before exceptional items) for FY 2026 was ₹35.04, up from ₹27.18 in FY 2025.

Outlook and guidance

• Double-digit rental growth expected in FY 2027 for key malls, with Phoenix Marketcity Pune and Bangalore projected to see 14%-20% rental increases.

• Office portfolio occupancy targeted to reach 90% in the next few quarters, with rental income from new office assets expected to double by Q4 FY 2027.

• Retail earnings anticipated to sustain double-digit growth, supported by lease renewals and new asset ramp-ups.

• New malls in Kolkata and Surat expected to launch in the second half of FY 2028; multiple new projects in Thane, Coimbatore, and Chandigarh progressing.

• Tranche 2 payment for ISMDPL share acquisition planned for FY 2026-27, with further tranches and payment mechanisms yet to be determined.