Phoenix Mills posts ₹326 crore Q2 profit as half-year profit rises 16%

The Phoenix Mills Limited, the Mumbai-based retail-led mixed-use developer and mall operator, approved its unaudited results for the quarter and half year ended 30 September 2026 at a board meeting on 30 October 2026. The company reported consolidated net profit of ₹325.71 crore for the quarter, on consolidated revenue of ₹1,152.81 crore.

Quarter and half-year numbers

Quarterly revenue was about 3% higher than the ₹1,120 crore reported a year earlier. Against the Q2 FY26 consolidated profit of ₹303.99 crore reported in an earlier filing, the ₹325.71 crore figure is about 7% higher. That growth rate is our own calculation from the two figures and may not be on a like-for-like basis.

For the half year, consolidated revenue rose 8% to ₹2,228 crore, operating EBITDA rose 10% to ₹1,352 crore, and profit after tax rose 16% to ₹818 crore, compared with April to September 2025.

The results material does not give one consistent set of profit figures. Other lines in the same results put the quarter's consolidated profit after tax at about ₹424 crore and about ₹427 crore, and H1 profit at about ₹821.5 crore and ₹843.25 crore. The reasons for these differences were not explained in the results material available when this article was written. Readers should check the filed statements before relying on any one of these figures.

Annuity and retail demand

Annuity businesses, which include retail, office space and hotels, generated ₹2,089 crore of revenue in H1, up 16%. Annuity EBITDA rose 20%, faster than the group's 10% EBITDA growth.

Retail consumption in the mall portfolio was ₹4,685 crore in Q2, up 25% on a year earlier. For H1, consumption rose 28% to ₹9,415 crore. In Q1 FY27, consumption had been ₹4,727 crore, up 32%.

Debt, funding and expansion

The company said its net debt to EBITDA ratio was 1.2x at 30 September 2026, unchanged from March 2026. The average cost of debt in September 2026 was 7.66%.

Two corporate and project updates were also reported. The National Company Law Tribunal approved mergers of key subsidiaries and a capital reduction at Island Star Mall Developers, the entity that owns Phoenix Marketcity Bengaluru. Reports described the move as a step to simplify the group structure. The company is also targeting an increase in operational retail space from about 11.2 million sq ft to about 14 million sq ft by 2027, through expansion of existing malls.

Pipeline projects are under way in Kolkata, Gujarat, Thane and Coimbatore. Phoenix Grand Victoria in Kolkata was announced in 2021 and construction began in 2023. No completion date was found in the material reviewed for the Kolkata, Gujarat, Thane or Coimbatore projects.

What to watch

• Whether annuity EBITDA growth of 20% holds in the second half of FY27.
• Progress towards the 14 million sq ft operational retail target by 2027.
• The next step and timing for the NCLT-approved restructuring.
• The date of the Q2 earnings call, which had not been announced in the material reviewed.