Phoenix Mills lists 10 possible new malls totalling 13-14 million sq ft

The Phoenix Mills Limited said on its second-quarter earnings call, reflected in a transcript dated 1 November 2026, that it has identified 10 potential new retail locations. Together they offer about 13 million to 14 million sq ft of retail area. The list came up during the question-and-answer session, where an analyst referred to slide 49 of the company's presentation. Seven of the cities are named: Hyderabad, the National Capital Region, Navi Mumbai, Goa, Jaipur, Visakhapatnam and Nagpur.

Management said the new cities would form part of its 2035-36 plan. No interim dates were given for any of the 10 locations. The company did not attach a site, land price or unit count to them on the call.

Size benchmark and land spend

The company said its earlier norm was about 1 million sq ft of retail space per new location. The new benchmark is 1.3 million to 1.4 million sq ft. The analyst asked whether the company's earlier practice of adding about 1 million sq ft of retail area each year would change. The company's answer to that question is not recorded in the transcript.

On land, the company said it has spent about ₹800 crore in the first half of FY27 on land and some floor space index (FSI, the permitted building volume on a plot). It also said one deal is at a very advanced stage, for which it had paid some advance consideration earlier in the year. The site, city and value of that deal were not disclosed on the call. Varun Parwal, the company's CFO, said closing large land parcels takes time.

Results and the existing base

For Q2 FY27, the company reported consolidated revenue of ₹1,153 crore, operating EBITDA of ₹710 crore and profit after tax and minority interest of ₹326 crore. The company said net profit rose 11% in the quarter, and retail consumption at its malls rose 25% year on year.

In FY26, the company had 12 operational malls spanning over 11 million sq ft across eight cities. Consumption at these malls reached ₹16,587 crore, up 21%. Retail rental income was ₹2,157 crore, up 10%. Its seven operational offices cover 4.8 million sq ft in four cities, and occupancy stood at 70% as of March 2026. The company's target is to take its retail area past 18 million sq ft by 2030.

Brokerage Emkay Global has upgraded the stock to Buy with a target price of ₹2,300. It also raised the valuation multiple it applies to the retail segment from 20 times to 22 times. The brokerage linked the change to confidence in the company's management of its land pipeline.

Two other items are on the company's calendar. It expects the capital reduction at ISMDPL to be completed in November 2026, after which its stake in that entity will rise from 58.33% to 68.1%. Thane Phase 1, with about 1.30 million sq ft of retail area, has all approvals in place, and excavation is expected to start soon. Thane is not one of the 10 new locations.

Market backdrop

Consultant JLL said the mall stock across the top seven cities was 92.1 million sq ft as of June 2026, with a vacancy rate of 11.2%. It also said Delhi NCR and Hyderabad are expected to account for more than half of upcoming retail supply. Anarock said fresh mall supply fell 57% to 0.9 million sq ft in the first half of 2026 across the same cities. Anarock's vacancy figure of 6.7% for the same half-year covers a different scope and method, so it is not directly comparable with JLL's number.

For investors, the key point is that the 10 sites are long-term options, not commitments, and no near-term supply effect has been reported. The next things to watch are whether the company closes the advanced land deal, whether the ISMDPL capital reduction completes in November, and how quickly the Thane excavation begins.