Q3 2026 Phoenix Mills Ltd Earnings Call Transcript
Key Points
- Phoenix Mills Ltd (BOM:503100) reported a 15% year-on-year increase in consolidated revenue for Q3 FY26, reaching INR1,121 crores.
- Consolidated EBITDA grew by 19% year-on-year to INR656 crores, demonstrating strong operating leverage.
- Retail consumption grew by 25% year-on-year, driven by broad-based demand across categories.
- The company maintained a prudent balance sheet with strong operating cash flows and disciplined capital allocation.
- Phoenix Mall of Asia in Bangalore saw a 112% increase in consumption, highlighting the success of their tenant mix and strategic location.
- Despite strong consumption growth, rental income growth lagged, with a rent-to-consumption ratio at its lowest since 2014.
- Occupancy at Phoenix Mall of Asia is still at 88%, below the typical 95% seen in other new malls.
- The company faces challenges in aligning rental income with consumption growth, particularly in high trading density categories.
- There is a significant lead time for new developments to transition from build and lease phases to rental monetization.
- The tax rate has increased to 24-25% in recent quarters, higher than previous periods, impacting net profit growth.
Ladies and gentlemen, good day, and welcome to the Q3 and nine month FY26 results conference call of The Phoenix Mills Limited.
(Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Shishir Shrivastava. Thank you, and over to you, sir.
Thank you, Danish. Good morning, everyone, and thank you for joining us today. It's a pleasure to connect with you again. During quarter three FY26 across retail, offices, hospitality and residential, we saw strong festive demand and consistent execution. Consolidated revenue for the quarter stood at INR1,121 crores, an increase of 15% year on year, while consolidated EBITDA grew by 19% year on year to INR656 crores, underscoring the operating leverage in our platform.
Retail delivered robust consumption growth of 25% year on year during the festive quarter, driven by broad-based demand across categories. In offices, we completed approximately 1.2 million square feet of
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