The Phoenix Mills503100Earnings call transcript

Q2 FY27 call: consumption up 25%, rentals up 15%; office occupancy at about 79%

Transcript of the Q2 & H1 FY27 earnings call held on October 31, 2026.

By ScoutQuest · Wed 4 Nov 2026, 5:39 PM IST · 3 min read

Annuity Revenue Growth: Revenue from retail, offices, hotel and asset management rose 16% year-on-year to Rs. 1,055 crores; EBITDA up 21% to INR 669 crores
Q2 Consumption & Rentals: Q2 consumption INR 4,685 crores, up 25%; rental income INR 605 crore, up 15%
Office Occupancy: About 79% in September 2026 versus 70% in March 2026

The update is the transcript of the earnings conference call on the Q2 and H1 FY27 results, held on October 31, 2026.

Revenue from retail, offices, hotel and the asset management vertical grew 16% year-on-year to Rs. 1,055 crores.
EBITDA from these lines rose 21% to INR 669 crores and profit after tax before minority interest rose 31% to INR 391 crores.
H1 annuity EBITDA increased 20% to INR 1,318 crores.
Management said the growth came from the existing operational portfolio, with no new mall added to it for the last two years.

Q2 consumption was INR 4,685 crores, up 25% year-on-year; H1 consumption rose 28% to INR 9,415 crores.
Every mall delivered double-digit consumption growth in the quarter. Excluding jewellery and electronics, consumption grew 22%.
Fashion and accessories, about 60% of trading area, grew 22%; food and beverages 21%; entertainment 16%.
Rental income grew 15% to INR 605 crore in Q2 and 16% to INR 1,200 crores in H1.
Retail EBITDA grew 18% to INR 639 crores in Q2 and 17% to INR 1,264 crores in H1.

Phoenix Mall of Asia: consumption up 68%, rental income up 44%, trading occupancy 96% versus 84% a year ago; trading density crossed Rs. 3,300 pspm.
Phoenix MarketCity Bangalore: consumption up 19%, rental income up 25%, trading occupancy 93% versus 82%.
Phoenix Avenue of Stars, Pune: consumption up 21%, rental income up 16%, trading occupancy 90% versus 82%. Both centres are more than 97% leased.

Office portfolio occupancy was about 79% in September 2026, against 70% in March 2026 and 72% in June 2026.
Office income grew 64% year-on-year to INR 89 crores in Q2, with EBITDA up by a similar margin to INR 56 crores.
The St. Regis, Mumbai saw income and EBITDA rise 13%, average room rates up 20%, and EBITDA margin at 44%.

Revenue INR 1,153 crore, operating EBITDA INR 710 crore, EBITDA margin 62%.
Profit after tax and after minority interest INR 326 crore.
Consolidated growth was relatively lower because residential revenue is recognised on unit handover. H1 residential revenue recognised was INR 62 crore, against a significantly higher contribution in the same period last year.

Development projects are scheduled for completion and commencement of operations from 2027 onwards; excavation and construction are progressing at Thane, Coimbatore and Chandigarh, and expansion and densification work at Lower Parel and Whitefield, Bengaluru continues.
Office income should keep rising as tenants complete fit-outs and commence operations.
Occupancy is expected to improve across the portfolio as new stores and upgraded formats commence operations.
Units worth INR 120 crore more have already been sold but are yet to be booked; that revenue is expected to reflect in H2 of the current financial year.
The festive season is expected to support healthy consumption across the portfolio.
Leases covering around 50% of retail area come up for expiry between FY27 and FY29, which management sees as an opportunity to refresh the brand mix and reprice space.

Over 675 leasing deals covering approximately 1.8 million square feet were completed in H1 across the operational and under-construction portfolio.
Phoenix Palassio, Lucknow will add approximately 100 additional stores, along with converting non-F&B space into an enhanced F&B offering.
In the immediate next phase of expansion at Phoenix Palladium, 150 stores will be added to the centre.

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