Q4 2026 Phoenix Mills Ltd Earnings Call Transcript
Key Points
- Phoenix Mills Ltd (BOM:503100) reported a strong operating performance for FY26 with consolidated revenue of INR4,423 crores and an EBITDA of INR2,637 crores, reflecting a 16% and 22% increase, respectively.
- Retail leasing remained robust with approximately 920 deals covering 3.2 million square feet completed, and over 400 new stores opened, including marquee brands like Apple, IKEA, and Uniqlo.
- Retail rental income grew by 10% year-on-year to INR2,157 crores, with Phoenix Palladium delivering a 14% increase in rental income.
- The office segment saw significant growth, expanding to nearly 4.8 million square feet across four cities, with gross leasing of over 2.2 million square feet and occupancy increasing to 70%.
- The company maintained strong cost discipline, with renewable energy supporting a significant share of retail energy needs, leading to tangible savings and robust EBITDA growth.
- Despite strong consumption growth, rental income growth lagged due to the lease structure, with only 10% growth in rentals compared to 21% in consumption.
- Newer assets like Mall of Asia and Mall of Millennium are still in their ramp-up phase, contributing to a lag in rental income growth.
- The company faces challenges in converting consumption growth into rental growth due to high-volume categories like jewelry and electronics having lower revenue share ratios.
- The economic environment remains volatile, which could impact future consumption and rental growth.
- Some assets, such as Phoenix United in Bareilly and Lucknow, and a hotel in Agra, are not meaningfully contributing to the overall financial performance.
Ladies and gentlemen, good day, and welcome to the Q4 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.
Good morning, everyone, and thank you for joining us. FY26 was a year of strong operating performance and an important transition year for the Phoenix Mills Limited. We delivered consolidated revenue of INR4,423 crores and an EBITDA of INR2,637 crores, up 16% and 22%, respectively, reflecting a healthy broad-based growth across our portfolio.
Importantly, we delivered this performance without adding any new retail capacity during the year. This performance underscores the strength of our retail-led mixed-use platform. Retail consumption gained momentum in the second half of this financial year and continued to scale meaningfully during quarter 4.
Offices saw strong leasing
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