Phoenix Mills (503100) Q2 26/27 earnings summary

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.