Phoenix Mills (503100) Q3 25/26 earnings summary

Executive summary

• Consolidated Q3 FY26 revenue rose 15% year-on-year to INR 1,121 crore, with EBITDA up 19% to INR 656 crore and margin improvement of 2 pps to 59%, reflecting strong operating leverage and execution across retail, offices, hospitality, and residential segments.

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

• Retail consumption surged 25% year-on-year in Q3, driven by festive demand, improved tenant mix, and higher dwell times, with broad-based growth across categories and centers.

• Office portfolio expanded to nearly 5 million sq ft across four cities, with 1.2 million sq ft of gross leasing achieved year-to-date and occupancy at stabilized assets rising to 76%.

• Exceptional item of INR 25 crore in Q3 and 9M FY26 due to full impairment of investment in Butala Farm Lands Pvt. Ltd.

Financial highlights

• Q3 FY26 consolidated revenue: INR 1,121 crore (+15% YoY); EBITDA: INR 656 crore (+19% YoY); Net profit: INR 368 crore (+5% YoY).

• Nine-month operating cash flow after working capital, taxes, and interest: INR 1,508 crore (+24% YoY); core business operating cash flow (ex-residential): INR 1,333 crore (+14% YoY).

• Retail rental income grew 13% YoY to INR 573 crore; retail EBITDA up 16% to INR 585 crore.

• Office income for nine months: INR 162 crore; office EBITDA: INR 103 crore.

• Hotel income for nine months: INR 423 crore (+8% YoY); hotel EBITDA: INR 190 crore (+16% YoY); hotel EBITDA margin: 45%.

Outlook and guidance

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

• Office leasing momentum continues with strong tenant traction and new completions; office portfolio expected to transition from build-and-lease to rental monetization phase, with new assets contributing to earnings from FY27.

• Hospitality segment anticipates sustained occupancy and revenue growth.