Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Q4 FY26 Earnings Presentation
72 slides from Phoenix Mills's earnings presentation, Apr 27, 2026
Slide 1: Cover letter to stock exchanges
Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel: (022) 3001 6600 CIN No. : L17100MH1905PLC000200 April 27, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street, Fo
Slide 2: A Compounding Growth Story: Investor Presentation Q4 and FY26
Artist’s Impression THE PHOENIX MILLS LIMITED A Compounding Growth Story Investor Presentation Q4 and FY26 The St. Regis | Phoenix Palladium | Rise, Mumbai
Slide 3: A Diversified Real Estate Platform Built for Compounding
A Diversified Real Estate Platform Built for Compounding RETAIL OFFICES HOSPITALITY RESIDENTIAL >18 msft ~9 msft ~2,188 keys ~7 msft GLA by 2030 GLA by 2030 Operational by 2030 Cumulative Saleable Area by 2030 Operational: ~11.5 msft Operational: ~5 msft Operational: 2 hotels, ~588 keys Area launche
Slide 4: 26% EBITDA CAGR Over 20 Years: Compounding Through Every Cycle
26% EBITDA CAGR Over 20 Years: Compounding Through Every Cycle EBITDA (Rs. Cr) 2,637 CAGR 26% 778 263 26 FY06 FY13 FY18 FY26 Note: Above figures represent the Consolidated EBITDA of PML Group. Concept Architect 3
Slide 5: India’s Best Retail Developer & Operator
India’s Best Retail Developer & Operator Consumption (Rs. Cr) Retail Rental (Rs. Cr) 16,587 CAGR 2,157 CAGR 15% 13% 2,570 420 FY13 FY26 FY13 FY26 Concept Architect 4
Slide 6: FY26: Strong Operating Performance with Balance Sheet Discipline
FY26: Strong Operating Performance with Balance Sheet Discipline Consolidated Revenue (FY26) Consolidated EBITDA (FY26) Rs. 4,423 Cr ↑ 16% Year on Year Rs. 2,637 Cr ↑ 22% Year on Year Consolidated Net Profit1 (FY26) Operating Free Cash Flow2 (as of 31-Mar-26) Rs. 1,224 Cr ↑ 24% Year on Year Rs. 2,14
Slide 7: Strong Cash Flows and Balance Sheet Provide Visibility for Next Growth Phase
Strong Cash Flows and Balance Sheet Provide Visibility for Next Growth Phase Operating Free Cash Flow (FY26)1 Liquidity (as of Mar-26)2,3 Rs. 2,140 Cr ↑ 23% Year on Year Rs. 2,004 Cr ↑ Rs. 302 cr Year on Year Gross Debt (as of Mar-26)3 Net Debt (as of Mar-26)3 Rs. 5,164 Cr ↑ Rs. 756 cr Year on Year
Slide 8: Retail: Strong Performance Across Consumption, Rentals and EBITDA
Retail: Strong Performance Across Consumption, Rentals and EBITDA Q4 FY26 Q4 FY26 Retail Q4 FY26 Retail Consumption Rental Income EBITDA Rs. 4,261 cr Rs. 551 cr Rs. 580 cr Up 31% vs Q4 FY25 Up 14% vs Q4 FY25 Up 19% vs Q4 FY25 FY26 FY26 Retail FY26 Retail Consumption Rental Income EBITDA Rs. 16,587 c
Slide 9: FY26 Retail Consumption Up 21%, Growth Across All Malls
FY26 Retail Consumption Up 21%, Growth Across All Malls FY26 Consumption (Rs. cr) Growth 16% 95% 7% 6% 11% 30% 16% 11% 22% 19% 14% 11% over FY25 2,599 2,213 1,984 1,834 1,664 1,483 1,392 1,350 925 627 271 246 Phoenix Phoenix Mall PMC PMC Pune PMC & Phoenix Mall Phoenix PMC Mumbai Palladium Phoenix P
Slide 10: Q4 FY26 Retail Consumption Up 31%, Strongest Quarter in Two Years
Q4 FY26 Retail Consumption Up 31%, Strongest Quarter in Two Years Q4 FY26 Consumption (Rs. cr) Growth 23% 122% 21% 17% 18% 34% 23% 21% 22% 28% 19% 20% over Q4 FY25 663 649 500 462 403 379 347 334 232 156 71 64 Phoenix Phoenix Mall PMC PMC Pune PMC & Phoenix Mall Phoenix PMC Mumbai Palladium Phoenix
Slide 11: FY26: Consumption across entire spectrum of discretionary wallet spend
FY26: Consumption across entire spectrum of discretionary wallet spend Consumption Contribution Trading Area Mix YoY Consumption Growth Fashion & Accessories 52% 60% 16% Jewellery 16% 2% 35% Electronics 12% 3% 41% Food & Beverages 9% 11% 9% Others 5% 4% 23% FEC & Multiplex 4% 15% 22% Gourmet & Hyper
Slide 12: Marquee Brand Additions Driving Asset Quality Uplift in Q4 FY26
Marquee Brand Additions Driving Asset Quality Uplift in Q4 FY26 Uniqlo in Phoenix Mall of Asia Bershka in Phoenix Mall of Asia Photo shot at location Photo shot at location Paul in in Phoenix MarketCity Pune Ikea in Phoenix MarketCity Pune Photo shot at location Photo shot at location 11
Slide 13: Post-Repositioning Occupancy Ramp-Up to Drive Rental Upside
Post-Repositioning Occupancy Ramp-Up to Drive Rental Upside Leased at 95–99%. Trading Occupancy Is Catching Up. Mar-26 Leased Mar-26 Trading Stabilized Trading Retail Assets Growth Drivers Occupancy (%) Occupancy (%) Occupancy (%) Phoenix MarketCity 99% 86%* • Anchor optimization → Bangalore higher-
Slide 14: Repositioning Driving Higher Trading Density
Repositioning Driving Higher Trading Density Retail Assets Q4 FY26 Consumption Q4 FY26 Trading Density Phoenix MarketCity Rs. 500 cr (↑21%) Rs. 2,918 pspm (↑26%) Bangalore Phoenix MarketCity Rs. 462 cr (↑17%) Rs. 2,201 pspm (↑26%) Pune Phoenix MarketCity + Rs. 403 cr (↑18%) Rs. 1,851 pspm (↑16%) Pal
Slide 15: Offices: Expanding the Base, Building Occupancy
Offices: Expanding the Base, Building Occupancy Portfolio doubled in 2 years, driven by three major completions during 2025 LEASABLE AREA (MSFT) THREE MAJOR COMPLETIONS DRIVING SCALE 70% occupancy Mar-26 Millennium Towers, Pune Completed Dec-25 1.47 msft · 78% leased 70% occupancy Mar-24 One Nationa
Slide 16: Strong Leasing Traction and Uptick in Occupancy
Strong Leasing Traction and Uptick in Occupancy ~2.2 msft of gross leasing completed in FY26, with portfolio occupancy of 70% Leased Occupancy Mar-25 Mar-26 Gross Leasing (FY26) Operational Assets2 67% 83% Assets completed ~2.20 in 2025 3 5% 62% million sq. ft.1 Portfolio NC 4 70% Notes: 1. Reflects
Slide 17: Offices: Steady Income Growth from Operational Assets
Offices: Steady Income Growth from Operational Assets Q4 FY26 Q4 FY26 Income EBITDA Rs. 58 cr Rs. 38 cr Up 13% vs Q4 FY25 Up 13% vs Q4 FY25 FY26 FY26 Income EBITDA Rs. 213 cr Rs. 141 cr Up 6% vs FY25 Up 7% vs FY25 Concept Architect Note: Operational offices in Mumbai and Pune refer to Art Guild Hous
Slide 18: Hotels: Growing Cash Flows, Strengthening Ecosystem
Hotels: Growing Cash Flows, Strengthening Ecosystem Q4 FY26 Q4 FY26 Occupancy Income EBITDA (The St. Regis) Rs. 173 cr Rs. 86 cr 86% Up 7% vs Q4 FY25 Up 10% vs Q4 FY25 For FY26 FY26 FY26 Occupancy Income EBITDA (CYMA) Rs. 596 cr Rs. 276 cr 76% Up 8% vs FY25 Up 14% vs FY25 For FY26 Concept Architect
Slide 19: The St. Regis, Mumbai: Performance Overview for Q4 and FY26
The St. Regis, Mumbai: Performance Overview for Q4 and FY26 ARR (Rs.) RevPAR (Rs.) Occupancy 10% 8% 6% 7% Growth Growth Growth Growth 88% Q4 FY26 Down 4 pps 86% 23,542 25,938 19,958 21,626 21,541 22,818 17,232 18,491 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Flat Q4 FY26 Revenue Mix F
Slide 20: Courtyard by Marriott, Agra: Performance Overview for Q4 and FY26
Courtyard by Marriott, Agra: Performance Overview for Q4 and FY26 ARR (Rs.) RevPAR (Rs.) Occupancy 2% 85% De-Growth 4% 1% 2% De-Growth De-Growth De-Growth Q4 FY26 Down 2 pps 76% 6,982 6,842 5,987 5,873 4,470 6,060 5,799 4,437 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Up 1 pps Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY26
Slide 21: Residential Business Generating Cash Flows to Fund Future Growth
Residential Business Generating Cash Flows to Fund Future Growth Rs. 70 Cr Rs. 153 Cr ~28,600 psf Q4 FY26 Q4 FY26 FY26 Gross Sales Collections Average sales price Rs. 471 Cr Rs. 467 Cr Rs. 489 cr FY26 FY26 FY26 Gross Sales Collections Revenue recognized Concept Architect 20
Slide 22: FY26 Consolidated EBITDA at Rs. 2,637 crores, up 22% YoY
FY26 Consolidated EBITDA at Rs. 2,637 crores, up 22% YoY Amount in Rs. Cr Particulars Q4 FY26 Q4 FY25 YoY% FY26 FY25 YoY% Income from operations 1,233 1,016 21% 4,423 3,814 16% Operating EBITDA 750 560 34% 2,637 2,161 22% EBITDA Margin (%) 61% 55% 6 pps 60% 57% 3 pps Add: Other income 61 45 35% 171
Slide 23: Q4 FY26 Standalone EBITDA at Rs. 92 crores up 32%
Q4 FY26 Standalone EBITDA at Rs. 92 crores up 32% Amount in Rs. Cr Particulars Q4 FY26 Q4 FY25 YoY% FY26 FY25 YoY% Income from operations 135 125 8% 544 486 12% Operating EBITDA 92 70 32% 358 300 19% EBITDA Margin (%) 68% 56% 12 pps 66% 62% 4 pps Add: Other income 7 22 -67% 135 146 -7% Less: Finance
Slide 24: Operating cash flow in Q4 FY26
Operating cash flow in Q4 FY26 Q4 FY26 Q4 FY25 % Change Amount in Rs. cr Net cash from operating activities 728 578 26% Less: Interest paid -96 -58 65% Operating free cash flow* 632 520 22% Contribution to Operating free cash flow from Retail, Offices, Hotels 526 485 8% Residential 107 35 209% *Refe
Slide 25: Operating cash flow in FY26
Operating cash flow in FY26 FY26 FY25 % Change Amount in Rs. cr Net cash from operating activities 2,495 2,084 20% Less: Interest paid -355 -345 3% Operating free cash flow* 2,140 1,738 23% Contribution to Operating free cash flow from Retail, Offices, Hotels 1,859 1,652 13% Residential 282 86 226%
Slide 26: Group-level Debt & Cash position as on 31st March 2026
Group-level Debt & Cash position as on 31st March 2026 vs. 31st March 2025 31-Mar-25 31-Mar-26 Change Amount Rs. cr Liquidity (Bank balance + 1,702 2,004 + 302 Investments + DSRA)1,2 Gross Debt 1,2 4,409 5,164 + 756 Net Debt 1,2 2,707 3,160 + 454 Net Debt to EBITDA 3 1.24x 1.19x Notes: 1. Does not i
Slide 27: Average cost of debt in March-2026 down to 7.51%
Average cost of debt in March-2026 down to 7.51% Effective cost of debt (%) 9.19% 8.74% 8.81% 8.50% 8.17% 7.92% 7.68% 7.62% 7.51% 7.30% Spread: Spread: 479 bps 226 bps 6.50% 6.50% 6.25% 5.50% 5.50% 5.25% 5.25% 4.40% 4.00% 4.00% Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 PM
Slide 28: CPP Buyout Progressing as Planned
CPP Buyout Progressing as Planned Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Deal Approval CCI Approval Shareholders Other Payment of Received Received Approval conditions Tranche 1 Received precedent Completed completed Rs. 1,257 cr 58.33% PML Stake in ISMDPL after Tranche 1 Payment amount payment of Tranc
Slide 29: Key Projects Moving from Approvals to Execution
Key Projects Moving from Approvals to Execution Thane Coimbatore Chandigarh Maharashtra · Retail-led Mixed-Use Tamil Nadu · Retail Punjab · Retail-led Mixed-Use Environment Clearance & Building Environment Clearance & Building Environment clearance received Plan Approval received Plan Sanction recei
Slide 30: Multiple Growth Levers Driving the Next Phase of EBITDA Expansion
Multiple Growth Levers Driving the Next Phase of EBITDA Expansion DENSIFICATION & PORTFOLIO EMBEDDED PORTFOLIO GROWTH INCREMENTAL DRIVERS ADDITIONS Strategic Repositioning at PMC Office Portfolio Ramp-Up ISMDPL Acquisition Portfolio • Ramp up in the leased occupancy across • 100% ownership of 4.4 ms
Slide 31: Re-leasing and Re-layout Unlock Higher Rents and Density
Re-leasing and Re-layout Unlock Higher Rents and Density Growth Trigger 1: Case Study: Phoenix MarketCity Bangalore Resizing & Before After Relocation Strategy Exited Hypermarket Hypermarket + 1 1 Electronic + 2 Layout Redesigned the layout ✓ Identify stores with large area, Fashion Anchor Increased
Slide 32: Embedded Retail Growth from Lease Expiries and Re-leasing
Embedded Retail Growth from Lease Expiries and Re-leasing Growth Trigger 2: Leases expiring for 72% of the GLA in 5 years Lease expiries create opportunities to refresh the brand and category mix, achieve higher re-leasing spreads and drive growth without new capex % of operational 13% 12% 24% 14% 8
Slide 33: Luxury and Star Brands Addition Driving Higher Rentals
Luxury and Star Brands Addition Driving Higher Rentals Growth Trigger 3: Case Study: Phoenix Mall of Asia Trading Occupancy Leased Occupancy Q4 FY26 (Period ended Mar-26) 91% 97% - Largely (50k sq ft / 5% of mall GLA) of vacancy located at prime Upper Ground Level - Strategically leased last to sele
Slide 34: Premium Workspaces anchoring Retail Ecosystems
Premium Workspaces anchoring Retail Ecosystems Growth Trigger 4: Ramp up of the Offices Portfolio Phoenix Asia Towers MUMBAI GLA: ~0.82 msft BENGALURU Millennium Towers GLA: ~1.47 msft Grade A Offices Integrated Campus Design Future-Ready Workspaces Strategically integrated with destination Synergis
Slide 35: Amenity-Led Offices Driving Leasing Stickiness
Amenity-Led Offices Driving Leasing Stickiness Growth Trigger 4: Ramp up of the Offices Portfolio Great Hall: An exclusive lounge and amenity hub for business and collaboration Live at Phoenix Asia Towers, Millennium Towers and One National Park Millennium Club Indicative Render Area: ~50, 000 sq. f
Slide 36: Campus Densification to Unlock Multi-Year Growth at Phoenix MarketCity Bangalore
Campus Densification to Unlock Multi-Year Growth at Phoenix MarketCity Bangalore Growth Trigger 5: Densification: Expansion of PMC-B from ~1 msft to 4+ msft Artist’s Impression Phase 3: Phase 2 Expansion: Phase 3: Retail expansion Grand Hyatt Hotel Office Expansion GLA- ~0.6 msft ~ 400 Keys GLA ~1.2
Slide 37: Phoenix Grand Victoria, Kolkata: Flagship Entry into East India
Phoenix Grand Victoria, Kolkata: Flagship Entry into East India Growth Trigger 6 Expected Completion: 2027 Indicative Render Retail GLA: ~1 msft 36
Slide 38: Surat: Our Second Retail Destination in Gujarat
Surat: Our Second Retail Destination in Gujarat Growth Trigger 6 Expected Completion: 2027 Indicative Render Retail GLA: ~1 msft 37 37
Slide 39: Pipeline of Scalable Retail-Led Developments
Pipeline of Scalable Retail-Led Developments Growth Trigger 6 Thane, Coimbatore, Chandigarh | Expected Completion: By 2030 Thane Coimbatore Chandigarh Retail GLA: ~1.30 to 1.50 msft Retail GLA: ~1.50 msft Retail GLA: ~1 msft Phase 1 Phase 1 Environment Clearance Received. Environment Clearance & Bui
Slide 40: ISMDPL Buyout Enhances Control and Earnings Visibility
ISMDPL Buyout Enhances Control and Earnings Visibility Growth Trigger 7 ISMDPL Platform PML to consolidate 100% ownership Transaction in ISMDPL Operational Retail GLA Structure ~4.4 msft Structured buy out of CPP Investments’ 49% stake Completed Offices GLA ~Rs. 5,449 cr, to be paid over ~2.2 msft C
Slide 41: Residential: Cash Generation from Ready Inventory
Residential: Cash Generation from Ready Inventory Growth Trigger 8: One Bangalore West and Kessaku (Bengaluru) & One Belvedere (Kolkata) Photo shot on location of a completed tower of One Bangalore West Average Base Price achieved in FY26 (OBW and Kessaku) ~Rs. 28,600 per sq. ft. Constructed and Rea
Slide 42: Infrastructure Led Catchment Expansion Benefits Portfolio
Infrastructure Led Catchment Expansion Benefits Portfolio Growth Trigger 9: Case Study – Phoenix Palladium Ongoing infrastructure upgrades expand our catchment, enhance accessibility and increase footfalls Coastal Road & Sea Link Connecting Nariman Point and Bandra to Lower Parel Metro Aqua Line Ata
Slide 43: From Destination Retail to Integrated Urban Icons
From Destination Retail to Integrated Urban Icons Segments 2025 By 2027 By 2030 Retail ~11 msft >14 msft >18 msft Offices ~5 msft ~7 msft ~9 msft Hotels ~588 keys ~988 keys ~2,188 keys Residential^ ~3.5 msft ~4.5 msft ~7 msft GLA is an estimate based on current plans and market/company norms and is
Slide 44: Charting the growth roadmap: 2030 and beyond
Charting the growth roadmap: 2030 and beyond List of Target Cities Thane Coimbatore Chandigarh Hyderabad NCR Navi Mumbai Goa Jaipur Trivandrum & Vishakapatnam Nagpur Cochin Varanasi 43
Slide 45: A Distinguished Board Anchored in Experience and Governance
A Distinguished Board Anchored in Experience and Governance Mr. Atul Ruia Mr. Shishir Shrivastava Mr. Rajesh Kulkarni Ms. Rashmi Sen Chairman Vice Chairman Whole Time Director & Whole Time Director & CEO - Projects Delivery and CEO - Malls Architecture 4 out of 8 Directors are Independent; 2 out of
Slide 46: Annexures
Photo shot at location Annexures Phoenix Mall of the Millennium 45
Slide 47: Q4 FY26 Retail Rental Income grew by 14% over Q4 FY25
Q4 FY26 Retail Rental Income grew by 14% over Q4 FY25 Q4 FY26 Q4 FY25 Name of Asset Retail Rental Income Retail Rental Income % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 120 104 15% Phoenix MarketCity Bangalore 51 51 0% Phoenix MarketCity Pune 54 55 -1% Phoenix MarketCity and Palladium Chenn
Slide 48: Q4 FY26 Retail EBITDA grew by 19% over Q4 FY25
Q4 FY26 Retail EBITDA grew by 19% over Q4 FY25 Q4 FY26 Q4 FY25 Name of Asset Retail EBITDA Retail EBITDA % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 120 88 36% Phoenix MarketCity Bangalore 54 56 -4% Phoenix MarketCity Pune 61 61 0% Phoenix MarketCity and Palladium Chennai 70 63 11% Phoenix M
Slide 49: FY26 Retail Rental Income grew by 10% over FY25
FY26 Retail Rental Income grew by 10% over FY25 FY26 FY25 Name of Asset Retail Rental Income Retail Rental Income % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 461 404 14% Phoenix MarketCity Bangalore 201 206 -2% Phoenix MarketCity Pune 216 218 -1% Phoenix MarketCity and Palladium Chennai 238
Slide 50: FY26 Retail EBITDA grew by 12% over FY25
FY26 Retail EBITDA grew by 12% over FY25 FY26 FY25 Name of Asset Retail EBITDA Retail EBITDA % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 457 399 15% Phoenix MarketCity Bangalore 211 220 -4% Phoenix MarketCity Pune 237 239 -1% Phoenix MarketCity and Palladium Chennai 263 248 6% Phoenix Market
Slide 51: Phoenix Palladium Mumbai
Phoenix Palladium Mumbai (Rs. cr) Q4 FY26 Q4 FY25 % growth FY26 FY25 % growth Rental 115 99 16% 442 394 12% CAM & Others 23 19 19% 96 81 18% Total Income 138 119 16% 538 475 13% Asset EBITDA 120 88 36% 457 399 15% Asset EBITDA 105% 89% 16 pps 103% 101% 2 pps as % of Rental PML Standalone 92 70 32% 3
Slide 52: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore (Rs. cr) Q4 FY26 Q4 FY25 % growth FY26 FY25 % growth Rental 51 51 0% 201 206 -2% CAM & Others 21 22 -3% 84 91 -7% Total Income 72 73 -1% 286 296 -4% Asset EBITDA 54 56 -4% 211 220 -4% Asset EBITDA as % 106% 110% -5 pps 105% 107% -2 pps of Rental Rental Rate 197 175 13% 1
Slide 53: Phoenix MarketCity Pune
Phoenix MarketCity Pune (Rs. cr) Q4 FY26 Q4 FY25 % growth FY26 FY25 % growth Rental 54 55 -1% 216 218 -1% CAM & Others 26 24 5% 97 96 0% Total Income 80 79 1% 313 315 -1% Asset EBITDA 61 61 0% 237 239 -1% Asset EBITDA as % 112% 112% 1 pps 110% 110% 0 pps of Rental Rental Rate 172 160 8% 170 160 6% (
Slide 54: Phoenix MarketCity & Palladium Chennai
Phoenix MarketCity & Palladium Chennai (Rs. cr) Q4 FY26 Q4 FY25 % growth FY26 FY25 % growth Rental 61 55 11% 238 223 7% CAM & Others 34 30 11% 129 121 7% Total Income 94 85 11% 367 343 7% Asset EBITDA 70 63 11% 263 248 6% Asset EBITDA as % 115% 115% 0 pps 111% 111% -1 pps of Rental Rental Rate 187 1
Slide 55: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai (Rs. cr) Q4 FY26 Q4 FY25 % growth FY26 FY25 % growth Rental 49 43 14% 190 177 7% CAM & Others 21 23 -6% 88 88 0% Total Income 71 66 8% 277 265 5% Asset EBITDA 52 48 10% 204 189 8% Asset EBITDA as 106% 111% -4 pps 108% 107% 1 pps % of Rental Rental Rate 140 124 13% 135 127 6
Slide 56: Phoenix Palassio, Lucknow
Phoenix Palassio, Lucknow (Rs. cr) Q4 FY26 Q4 FY25 % growth FY26 FY25 % growth Rental 38 36 7% 152 142 7% CAM & Others 19 17 12% 75 70 8% Total Income 57 53 8% 227 212 7% Asset EBITDA 38 35 8% 157 147 7% Asset EBITDA as % 98% 97% 1 pps 103% 103% 0 pps of Rental Rental Rate 148 134 10% 146 134 9% (Rs
Slide 57: Phoenix United Lucknow
Phoenix United Lucknow (Rs. cr) Q4 FY26 Q4 FY25 % growth FY26 FY25 % growth Rental 9 8 4% 36 34 5% CAM & Others 6 5 14% 24 22 10% Total Income 15 13 8% 59 56 7% Asset EBITDA 9 8 13% 36 33 10% Asset EBITDA as % 105% 97% 8 pps 102% 97% 5 pps of Rental Rental Rate 93 95 -2% 96 95 1% (Rs. pspm) Consumpt
Slide 58: Phoenix United Bareilly
Phoenix United Bareilly (Rs. cr) Q4 FY26 Q4 FY25 % growth FY26 FY25 % growth Rental 7 7 6% 29 26 8% CAM & Others 6 5 17% 23 19 16% Total Income 13 12 10% 51 46 12% Asset EBITDA 8 7 15% 30 26 15% Asset EBITDA as % 108% 99% 9 pps 103% 97% 6 pps of Rental Rental Rate 81 74 9% 78 73 7% (Rs. pspm) Consum
Slide 59: Phoenix Citadel, Indore
Phoenix Citadel, Indore (Rs. cr) Q4 FY26 Q4 FY25 % growth FY26 FY25 % growth Rental 22 17 27% 97 89 9% CAM & Others 13 13 1% 61 60 2% Total Income 35 30 16% 158 148 6% Asset EBITDA 20 13 63% 96 79 21% Asset EBITDA as % 95% 74% 21 pps 99% 89% 10 pps of Rental Rental Rate 76 57 33% 83 76 9% (Rs. pspm)
Slide 60: Palladium Ahmedabad
Palladium Ahmedabad (Rs. cr) Q4 FY26 Q4 FY25 % growth FY26 FY25 % growth Rental 33 31 9% 136 121 12% CAM & Others 16 16 2% 67 61 9% Total Income 49 46 7% 203 183 11% Asset EBITDA 31 26 19% 129 109 19% Asset EBITDA as 91% 88% 4 pps 95% 90% 5 pps % of Rental Rental Rate 159 142 12% 158 144 10% (Rs. ps
Slide 61: Phoenix Mall of the Millennium, Pune
Phoenix Mall of the Millennium, Pune (Rs. cr) Q4 FY26 Q4 FY25 % growth FY26 FY25 % growth Rental 46 39 18% 181 148 22% CAM & Others 24 23 5% 92 81 13% Total Income 69 61 13% 273 229 19% Asset EBITDA 50 41 22% 188 142 32% Asset EBITDA as 110% 106% 4 pps 104% 96% 8 pps % of Rental Rental Rate 137 122
Slide 62: Phoenix Mall of Asia, Bengaluru
Phoenix Mall of Asia, Bengaluru (Rs. cr) Q4 FY26 Q4 FY25 % growth FY26 FY25 % growth Rental 61 40 52% 222 166 33% CAM & Others 29 21 35% 105 90 16% Total Income 90 61 46% 327 257 27% Asset EBITDA 67 41 63% 238 171 39% Asset EBITDA as 110% 103% 7 pps 107% 103% 5 pps % of Rental Rental Rate 179 127 40
Slide 63: Leasing and occupancy in the Commercial Office Portfolio as of March 2026
Leasing and occupancy in the Commercial Office Portfolio as of March 2026 Net Leasable Area Leased Gross Rent Asset Location % area leased Area (msft) (msft) (psfpm)* Operational Assets Art Guild House Mumbai 0.63 0.56 89% 128 Phoenix Paragon Mumbai 0.31 0.19 62% 140 The Centrium Mumbai 0.11 0.04 38
Slide 64: Q4 FY26 Commercial Offices Income stood at Rs. 58 cr, up 13%
Q4 FY26 Commercial Offices Income stood at Rs. 58 cr, up 13% over Q4 FY25 EBITDA as Total Income (Rs. cr) EBITDA (Rs. cr) % of Total Income Operational Portfolio Q4 FY26 Q4 FY25 Growth (%) Q4 FY26 Q4 FY25 Growth (%) Q4 FY26 Q4 FY25 Art Guild House, Mumbai 25 25 3% 17 18 -4% 68% 74% Phoenix Paragon,
Slide 65: FY26 Commercial Offices Income stood at Rs. 213 cr
FY26 Commercial Offices Income stood at Rs. 213 cr EBITDA as Total Income (Rs. cr) EBITDA (Rs. cr) % of Total Income Operational Portfolio FY26 FY25 Growth (%) FY26 FY25 Growth (%) FY26 FY25 Art Guild House, Mumbai 96 94 2% 67 68 -2% 69% 72% Phoenix Paragon, Mumbai 36 34 7% 21 18 18% 58% 52% The Cen
Slide 66: The St. Regis, Mumbai
The St. Regis, Mumbai Amount in Rs. Cr Photo shot at location Q4 Q4 % % Particulars FY26 FY25 FY26 FY25 growth growth Revenue from Rooms 77 73 5% 254 239 6% Revenue from F&B and Banquet 72 64 12% 266 240 11% Other Operating Income 7 5 44% 20 15 29% Total Income 156 142 10% 540 495 9% Operating EBITD
Slide 67: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra Amount in Rs. Cr Q4 Q4 % % Photo shot at location Particulars FY26 FY25 FY26 FY25 growth growth Revenue from Rooms 9.9 10.3 -4% 30.7 30.8 0% Revenue from F&B and Banquet 6.5 7.9 -17% 23.7 24.1 -2% Other Operating Income 0.5 0.7 -25% 1.6 2.0 -20% Total Income 16.9 18.8 -10
Slide 68: Residential Portfolio: Sales and Collections Momentum Sustained in FY26
Residential Portfolio: Sales and Collections Momentum Sustained in FY26 ✓ Residential sales and collections remained robust, supported by steady execution and monetisation of premium residential inventory. ✓ Gross residential sales of ~Rs. 471 crores in FY26 (Doubling from Rs. 212 crores in FY25). ✓
Slide 69: Q4 and FY26 Breakup of Consolidated P&L
Q4 and FY26 Breakup of Consolidated P&L Amount in Rs. Cr Particulars Q4 FY26 Q4 FY25 YoY% FY26 FY25 YoY% Revenue from annuity businesses (Retail, 983 894 10% 3,800 3,507 8% Offices, Hotel & Asset Management) Add: Residential & Others 250 122 105% 623 306 103% Consolidated Revenue 1,233 1,016 21% 4,4
Slide 70: Gross Debt across Subsidiaries as on 31st March 2026
Gross Debt across Subsidiaries as on 31st March 2026 PML Q3 FY26 Q4 FY26 Status Asset Type SPV Asset Name Ownership (Rs. Cr) (Rs. Cr) (%) The Phoenix Mills Ltd. (Standalone) Phoenix Palladium, Mumbai 100.0% 675 648 Classic Mall Development Phoenix MarketCity, Chennai 100.0% 422 417 Vamona Developers
Slide 71: Click on the logos for updates on Instagram
Click on the logos to for updates on Instagram R E TA I L Phoenix Marketcity Bangalore logo Phoenix Marketcity Kurla logo Phoenix Marketcity Pune logo Phoenix Marketcity Chennai logo Phoenix Palassio logo Phoenix Citadel, Indore | Linktree Palladium Ahmedabad (@palladiumAhm) / X Phoenix Mall of the
Slide 72: Contact: Karl Kolah, Madhurima Kane
Karl Kolah Madhurima Kane Email: karl.kolah@phoenixmills.com Email: madhurima.kane@phoenixmills.com Website: https://www.thephoenixmills.com/investors Linkedin: The Phoenix Mills Limited 71 71