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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Phoenix Mills
Phoenix Mills (503100) investor relations material
Phoenix Mills Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary31 Oct, 2026
Executive summary
H1 FY27 consolidated revenue rose 8% YoY to ₹2,227.7505 crore; operating EBITDA increased 10% to ₹1,352 crore, while net profit after tax and associate results reached ₹843.2464 crore.
Annuity businesses led growth, with H1 revenue up 16%, EBITDA up 20% and PAT up 31%; retail consumption, rentals and asset EBITDA also advanced.
Q2 revenue across retail, offices, hospitality and asset management rose 16% to ₹1,055 crore; EBITDA increased 21% to ₹669 crore.
Unmodified limited-review conclusions were issued on standalone and consolidated results.
Financial highlights
Q2 consolidated operating revenue was ₹1,152.8065 crore versus ₹1,115.4272 crore YoY; H1 revenue was ₹2,227.7505 crore versus ₹2,068.4125 crore.
Q2 operating EBITDA was ₹710 crore (+7% YoY); consolidated net profit after tax and share of associates was ₹426.9988 crore versus ₹384.09 crore YoY.
Q2 PAT after minority interest was ₹326 crore; Q2 annuity PAT before minority interest grew 31% YoY to ₹391 crore.
H1 annuity businesses generated ₹2,089 crore revenue, ₹1,318 crore EBITDA and ₹793 crore PAT; residential and other revenue was ₹139 crore, down 49%.
Q2 net cash from operations rose 20% to ₹711 crore; operating free cash flow after tax and net interest increased 22% to ₹631 crore.
Outlook and guidance
Retail rental growth guidance remains 14%–15% for FY28; FY27 growth is expected to exceed prior 15% guidance after strong H1 performance, with ongoing double-digit growth expected in FY28.
Office rent-generating occupancy was 54%; targets are 70% by March and 80% by June/July next year as fit-outs and operations progress.
RISE retail is targeted to open in calendar 2027; Thane, Chandigarh and Coimbatore operations are targeted for calendar 2030, subject to approvals and fit-outs.
Projects targeted for 2027 include Phoenix Grand Victoria Kolkata, Phoenix Surat, expansions at Phoenix MarketCity Bangalore and Phoenix Palladium Mumbai, and Rise Offices Mumbai; specified completions extend into 2028.
2030 portfolio targets include retail GLA above 18 msft, offices ~9 msft, hotels ~2,188 keys and cumulative residential saleable area ~7 msft; estimates remain subject to plan changes and tenant negotiations.
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Latest events from Phoenix Mills
- FY2024 saw 51% revenue growth, record net profit, and major retail expansion with strong financials.503100
Q4 23/24 - Q1 FY27 saw strong revenue and profit growth, driven by retail, office, and hospitality momentum.503100Q1 26/27
- FY 2026 delivered strong revenue, profit, and cash flow growth, with higher ISMDPL ownership.503100Q4 25/26
- Q3 FY26 delivered double-digit growth in revenue, EBITDA, and retail consumption, with robust cash flow.503100Q3 25/26
- Q1 FY25 delivered strong profit growth, robust retail and office gains, and a 1:1 bonus share issue.503100Q1 24/25
- Strong revenue and EBITDA growth, portfolio expansion, and bonus share issue in H1 FY25.503100Q2 24/25
- Strong Q3 FY25 growth in core segments, asset sales, and expanded equity base.503100Q3 24/25
- Core business revenue and EBITDA rose 16%, with expansions and a ₹2.50 dividend proposed.503100Q4 24/25
- ISML acquisition boosts control; Q1 shows strong retail, hotel, and expansion momentum.503100Q1 25/26
Next Phoenix Mills earnings date
Q3 26/2728 Jan, 2027
Phoenix Mills
Next Phoenix Mills earnings date
Q3 26/2728 Jan, 2027
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