Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Q1 FY27 Earnings Presentation
67 slides from Phoenix Mills's earnings presentation, Jul 28, 2026
Slide 1: Cover letter to BSE and NSE on investor presentation
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 July 28, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street, For
Slide 2: The Phoenix Mills Limited: A Compounding Growth Story, Q1 FY27
Photo shot at location Phoenix Avenue of Stars, Pune Earlier known as Phoenix MarketCity Pune THE PHOENIX MILLS LIMITED A Compounding Growth Story Investor Presentation Q1 FY27
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 msft Operational: ~5 msft Operational: 2 hotels, ~588 keys Area launched:
Slide 4: 26% EBITDA CAGR Over 20 Years: Compounding Through Cycles
26% EBITDA CAGR Over 20 Years: Compounding Through Cycles 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: Q1 FY27: Strong Operating Performance with Balance Sheet Discipline
Q1 FY27: Strong Operating Performance with Balance Sheet Discipline Consolidated Revenue (Q1 FY27) Consolidated EBITDA (Q1 FY27) Rs. 1,075 cr ↑ 13% Year on Year Rs. 642 cr ↑ 14% Year on Year Consolidated Net Profit1 (Q1 FY27) Operating Free Cash Flow2 (Q1 FY27) Rs. 297 cr ↑ 23% Year on Year Rs. 602
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 (Q1 FY27)1 Liquidity (as of 30-Jun-26)2,3 Rs. 602 cr ↑ 20% Year on Year Rs. 2,000 cr Flat vs. March 2026 Gross Debt (as of 30-Jun-26)3 Net Debt (as of 30-Jun-26)3 Rs. 5,658 cr ↑ Rs. 494 cr vs. March
Slide 8: Retail: Strong Performance Across Consumption, Rentals and EBITDA
Retail: Strong Performance Across Consumption, Rentals and EBITDA Q1 FY27 Q1 FY27 Retail Q1 FY27 Retail Consumption Rental Income Asset EBITDA Rs. 4,730 cr Rs. 594 cr Rs. 625 cr Up 32% vs Q1 FY26 Up 17% vs Q1 FY26 Up 17% vs Q1 FY26 Concept Architect 7
Slide 9: Q1 FY27 Retail Consumption Up 32% with growth across all malls
Q1 FY27 Retail Consumption Up 32% with growth across all malls Q1 FY27 Consumption (Rs. Cr) Growth 25% 96% 22% 29% 19% 34% 24% 21% 27% 23% 9% 18% over Q1 FY26 725 711 540 536 455 432 384 372 261 176 71 68 Phoenix Phoenix Mall PMC Phoenix PMC & Phoenix Mall PMC Mumbai Phoenix Palladium Phoenix PU Bar
Slide 10: Consumption across entire spectrum of discretionary wallet spend
Q1 FY27: Consumption across entire spectrum of discretionary wallet spend Consumption Contribution Trading Area Mix YoY Consumption Growth Fashion & Accessories 52% 60% 24% Jewellery 16% 2% 55% Electronics 12% 3% 61% Food & Beverages 9% 11% 26% Others 5% 5% 31% FEC & Multiplex 4% 15% 19% Gourmet & H
Slide 11: Phoenix MarketCity Pune, is now Phoenix Avenue of Stars, Pune
Phoenix MarketCity Pune, is now Phoenix Avenue of Stars, Pune With a new identity, premium brand mix, upgraded façade and more Photo shot at location 10
Slide 12: Key Brands Launched in Phoenix Avenue of Stars, Pune
Key Brands Launched in Phoenix Avenue of Stars, Pune ANCHORS UNIQLO IKEA MAX In a new avatar PREMIUM BRANDS MICHAEL VICTORIA’s BOSS COACH SEIKO ETHOS KORS SECRET F&B BRANDS POPEYES PAUL 11
Slide 13: Repositioning Driving Higher Trading Density and Rentals
Repositioning Driving Higher Trading Density and Rentals Q1 FY27 Q1 FY27 Trading Q1 FY27 Rental Retail Assets Consumption Density Income Phoenix MarketCity Rs. 540 cr Rs. 3,068 pspm Rs. 56 cr Bangalore (↑22%) (↑15%) (↑17%) Phoenix Avenue of Rs. 536 cr Rs. 2,465 pspm Rs. 60 cr Stars, Pune (↑29%) (↑26
Slide 14: Offices: Expanding the Base, Building Occupancy
Offices: Expanding the Base, Building Occupancy Portfolio doubled in 2 years, driven by three major completions during 2025 OCCUPANCY (JUNE 2026) LEASABLE AREA (MSFT) 84% 64% Occupancy across Occupancy across Established Assets1 New Assets2 72% occupancy Jun-26 Millennium Towers, Pune (Completed Dec
Slide 15: Offices: Occupancy Ramp-Up Driving Income & EBITDA growth
Offices: Occupancy Ramp-Up Driving Income & EBITDA growth Q1 FY27 Q1 FY27 Income EBITDA Rs. 75 cr Rs. 42 cr Up 44% vs Q1 FY26 Up 31% vs Q1 FY26 Notes: The above numbers cover the following assets: 1. Established assets i.e. offices in Mumbai and Pune: Art Guild House, The Centrium, Phoenix Paragon a
Slide 16: Amenity-Led Offices Designed to Enhance Tenant Experience and Retention
Amenity-Led Offices Designed to Enhance Tenant Experience and Retention Indicative Render Indicative Render BOARD ROOMS RECREATION ZONES Everything tenants need — on site Hospitality-grade amenities boosting tenant retention Board Rooms Cafés Libraries Lounges Indicative Render Recreation Zones & mo
Slide 17: Introducing Millennium Club, at Millennium Towers, Pune
Introducing Millennium Club, at Millennium Towers, Pune SPORTS & FITNESS ▪ Pickleball and paddle courts ▪ Badminton and tennis courts ▪ Squash ▪ Fitness centre ▪ Spinning studio WELLNESS ▪ Temperature-controlled swimming pool ▪ Spa – Tattva ▪ Mind and body studio LEISURE ▪ Recreation room ▪ Crèche F
Slide 18: Hotels: Growing Cash Flows, Strengthening Ecosystem
Hotels: Growing Cash Flows, Strengthening Ecosystem Q1 FY27 Q1 FY27 Income EBITDA Rs. 145 cr Rs. 62 cr Up 18% vs Q1 FY26 Up 19% vs Q1 FY26 Concept Architect 17
Slide 19: The St. Regis, Mumbai: Performance overview for Q1 FY27
The St. Regis, Mumbai: Performance overview for Q1 FY27 ARR (Rs.) RevPAR (Rs.) Occupancy 13% 15% 85% Growth Growth Q1 FY27 83% 15,464 17,763 18,542 20,862 Q1 FY26 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Revenue Overview Q1 FY27 Revenue Mix EBITDA Overview Other ~Rs. 50 Cr ~Rs. 60 Cr ~Rs. 112 Cr ~Rs. 133 Cr
Slide 20: Courtyard by Marriott, Agra: Performance overview for Q1 FY27
Courtyard by Marriott, Agra: Performance overview for Q1 FY27 ARR (Rs.) RevPAR (Rs.) Occupancy 13% 26% 79% Growth Growth Q1 FY27 71% 3,109 3,921 4,948 4,374 Q1 FY26 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Revenue Overview Q1 FY27 Revenue Mix EBITDA Overview Other ~Rs. 1.6 Cr ~Rs. 1.3 Cr ~Rs. 11 Cr ~Rs. 12 C
Slide 21: Residential Business Generating Cash Flows to Fund Future Growth
Residential Business Generating Cash Flows to Fund Future Growth Rs. 64 cr Rs. 51 cr Q1 FY27 Q1 FY27 Gross Sales Collections ~0.15 msft ~36,000 psf Constructed and ready to Q1 FY27 sell inventory as Average Sales Price of 30-Jun-26 Concept Architect 20
Slide 22: Q1 FY27 Consolidated EBITDA at Rs. 642 crores, up 14% YoY
Q1 FY27 Consolidated EBITDA at Rs. 642 crores, up 14% YoY Amount in Rs. Cr Particulars Q1 FY27 Q1 FY26 YoY% Income from operations 1,075 953 13% Operating EBITDA 642 564 14% EBITDA Margin (%) 60% 59% 0.5 pps Profit before tax & exceptional items 492 407 21% Exceptional items - - - Profit before tax
Slide 23: Q1 FY27 Breakup of Consolidated P&L
Q1 FY27 Breakup of Consolidated P&L Amount in Rs. Cr Particulars Q1 FY27 Q1 FY26 YoY% Revenue from annuity businesses (Retail, Offices, 1,033 881 17% Hotel & Asset Management) Add: Residential & Others 42 72 -42% Consolidated Revenue 1,075 953 13% EBITDA from annuity businesses (Retail, Offices, 649
Slide 24: Q1 FY27 Standalone EBITDA at Rs. 100 crores up 23%
Q1 FY27 Standalone EBITDA at Rs. 100 crores up 23% Amount in Rs. Cr Particulars Q1 FY27 Q1 FY26 YoY% Income from operations 147 126 17% Operating EBITDA 100 82 23% EBITDA Margin (%) 68% 65% 3 pps Profit before tax & exceptional items 73 48 52% Exceptional Items - - - Profit before tax 73 48 52% Net
Slide 25: Operating Cash Flow in Q1 FY27
Operating Cash Flow in Q1 FY27 Q1 FY27 Q1 FY26 % Change Amount in Rs. cr Net cash from operating activities 657 558 18% Less: Net Interest paid -55 -56 -2% Operating free cash flow* 602 502 20% Contribution to Operating free cash flow from Retail, Offices, Hotels 584 445 31% Residential 18 57 -69% *
Slide 26: Group-level Debt & Cash position as on 30th June 2026 vs. 31st March 2026
Group-level Debt & Cash position as on 30th June 2026 vs. 31st March 2026 30-Jun-26 31-Mar-26 Change Amount Rs. cr Liquidity (Bank balance + 2,000 2,004 -4 Investments + DSRA)1,2 Gross Debt 1,2 5,658 5,164 + 494 Net Debt 1,2 3,658 3,160 + 498 Net Debt to EBITDA 3 1.3x 1.2x Notes: 1. Does not include
Slide 27: Average cost of debt in June-2026 at 7.69%
Average cost of debt in June-2026 at 7.69% Effective cost of debt (%) 9.19% 8.74% 8.81% 8.50% 8.17% 7.51% 7.69% 7.30% Spread: 479 bps Spread: 244 bps 6.50% 6.50% 6.25% 5.25% 5.25% 4.40% 4.00% 4.00% Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Jun-26 PML's Avg. Cost of Debt (%) RBI Repo rate (%)
Slide 28: Landmark Destinations Opening by 2028
Landmark Destinations Opening by 2028 Phoenix Grand Phoenix MarketCity Phoenix Palladium Phoenix Jewel of Victoria Bangalore Expansion India Expansion Kolkata Mumbai Surat 2027 2027 2027 2027–28 Art Exchange Grand Hyatt Rise Offices Offices Bengaluru Bengaluru Mumbai 2027 2027 2028 27
Slide 29: Key Projects Moving from Approvals to Execution
Key Projects Moving from Approvals to Execution Thane Coimbatore Chandigarh Bangalore Expansion Retail GLA: ~1.30 msft Retail GLA: ~1.70 msft Retail | Office | Hotel Retail GLA: ~1 msft Phase 1 Phase 1 Phase 3 All approvals secured. Excavation commenced. Excavation commenced. Approvals secured. Civi
Slide 30: 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 31: 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 32: 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 33: 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 34: 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 Q1 FY27 (Period ended Jun-26) 95% 98% - Prime Upper Ground Level, strategically leased last to select Star and Luxury Brands driving higher TD and highest rent
Slide 35: 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: ~1.46 msft Grade A Offices Integrated Campus Design Future-Ready Workspaces Strategically integrated with destination Synergis
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: 2027-2028 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 msft Retail GLA: ~1.70 msft Retail GLA: ~1 msft Phase 1 Phase 1 All approvals secured. Excavation commenced. Excavation commenced.
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 Q1 FY27 (OBW and Kessaku) ~Rs. 36,000 per sq. ft. Constructed and
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: 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 42
Slide 44: 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 45: Annexures
Photo shot at location Annexures Phoenix Mall of the Millennium 44
Slide 46: Q1 FY27 Retail Rental Income grew by 17% over Q1 FY26
Q1 FY27 Retail Rental Income grew by 17% over Q1 FY26 Q1 FY27 Q1 FY26 Name of Asset Retail Rental Income Retail Rental Income % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai* 126 106 20% Phoenix MarketCity Bangalore 56 48 17% Phoenix Avenue of Stars, Pune 60 53 13% Phoenix MarketCity and Palladi
Slide 47: Q1 FY27 Retail Asset EBITDA grew by 17% over Q1 FY26
Q1 FY27 Retail Asset EBITDA grew by 17% over Q1 FY26 Q1 FY27 Q1 FY26 Name of Asset Retail Asset EBITDA Retail Asset EBITDA % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai* 122 104 17% Phoenix MarketCity Bangalore 61 51 20% Phoenix Avenue of Stars, Pune 65 60 9% Phoenix MarketCity and Palladium C
Slide 48: Phoenix Palladium Mumbai
Phoenix Palladium Mumbai (Rs. cr) Q1 FY27 Q1 FY26 % growth Rental 120 101 19% CAM & Others 26 21 24% Total Income 146 122 20% Asset EBITDA 122 104 17% Asset EBITDA as % of Rental 101% 103% -1 pps PML Standalone EBITDA 100 82 23% Mall GLA (msft)^ 1.01 1.03 -1% Rental Rate (Rs. pspm) 449 430 4% Consum
Slide 49: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore (Rs. cr) Q1 FY27 Q1 FY26 % growth Rental 56 48 17% CAM & Others 23 21 13% Total Income 79 68 16% Asset EBITDA 61 51 20% Asset EBITDA as % of Rental 108% 106% 2 pps Rental Rate (Rs. pspm) 211 190 11% Consumption (Rs. cr) 540 442 22% Trading Density (Rs. pspm) 3,068 2,670
Slide 50: Phoenix Avenue of Stars, Pune
Phoenix Avenue of Stars, Pune (Rs. cr) Q1 FY27 Q1 FY26 % growth Rental 60 53 13% CAM & Others 28 24 16% Total Income 88 77 14% Asset EBITDA 65 60 9% Asset EBITDA as % of Rental 109% 113% -4 pps Rental Rate (Rs. pspm) 179 163 10% Consumption (Rs. cr) 536 415 29% Trading Density (Rs. pspm) 2,465 1,958
Slide 51: Phoenix MarketCity & Palladium Chennai
Phoenix MarketCity & Palladium Chennai (Rs. cr) Q1 FY27 Q1 FY26 % growth Rental 64 57 12% CAM & Others 33 32 6% Total Income 97 88 10% Asset EBITDA 69 63 10% Asset EBITDA as % of Rental 109% 111% -2 pps Rental Rate (Rs. pspm) 194 180 8% Consumption (Rs. cr) 455 382 19% Trading Density (Rs. pspm) 2,0
Slide 52: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai (Rs. cr) Q1 FY27 Q1 FY26 % growth Rental 50 45 11% CAM & Others 24 22 11% Total Income 74 67 11% Asset EBITDA 55 48 15% Asset EBITDA as % of Rental 110% 106% 3 pps Rental Rate (Rs. pspm) 146 133 10% Consumption (Rs. cr) 384 310 24% Trading Density (Rs. pspm) 1,710 1,426 20%
Slide 53: Phoenix Palassio, Lucknow
Phoenix Palassio, Lucknow (Rs. cr) Q1 FY27 Q1 FY26 % growth Rental 39 36 8% CAM & Others 20 19 8% Total Income 59 55 8% Asset EBITDA 40 39 4% Asset EBITDA as % of Rental 104% 108% -4 pps Rental Rate (Rs. pspm) 153 139 10% Consumption (Rs. cr) 372 306 21% Trading Density (Rs. pspm) 2,188 1,751 25% Le
Slide 54: Phoenix United Lucknow
Phoenix United Lucknow (Rs. cr) Q1 FY27 Q1 FY26 % growth Rental 9 9 4% CAM & Others 6 6 9% Total Income 16 15 6% Asset EBITDA 10 9 8% Asset EBITDA as % of Rental 105% 101% 4 pps Rental Rate (Rs. pspm) 92 98 -6% Consumption (Rs. cr) 68 58 18% Trading Density (Rs. pspm) 959 901 6% Leased Occupancy (%)
Slide 55: Phoenix United Bareilly
Phoenix United Bareilly (Rs. cr) Q1 FY27 Q1 FY26 % growth Rental 7 7 6% CAM & Others 6 5 7% Total Income 13 12 6% Asset EBITDA 7 7 6% Asset EBITDA as % of Rental 101% 102% 0 pps Rental Rate (Rs. pspm) 79 75 5% Consumption (Rs. cr) 71 66 9% Trading Density (Rs. pspm) 1,098 1,025 7% Leased Occupancy (
Slide 56: Phoenix Citadel, Indore
Phoenix Citadel, Indore (Rs. cr) Q1 FY27 Q1 FY26 % growth Rental 29 25 16% CAM & Others 17 16 10% Total Income 47 41 13% Asset EBITDA 30 26 14% Asset EBITDA as % of Rental 103% 105% -1.5 pps Rental Rate (Rs. pspm) 101 87 16% Consumption (Rs. cr) 176 142 23% Trading Density (Rs. pspm) 930 720 29% Lea
Slide 57: Palladium Ahmedabad
Palladium Ahmedabad (Rs. cr) Q1 FY27 Q1 FY26 % growth Rental 37 32 15% CAM & Others 19 18 3% Total Income 56 51 11% Asset EBITDA 38 32 17% Asset EBITDA as % of Rental 101% 99% 2 pps Rental Rate (Rs. pspm) 175 150 17% Consumption (Rs. cr) 261 205 27% Trading Density (Rs. pspm) 1,908 1,485 28% Leased
Slide 58: Phoenix Mall of the Millennium, Pune
Phoenix Mall of the Millennium, Pune (Rs. cr) Q1 FY27 Q1 FY26 % growth Rental 47 43 10% CAM & Others 26 23 12% Total Income 73 66 10% Asset EBITDA 50 45 12% Asset EBITDA as % of Rental 107% 105% 3 pps Rental Rate (Rs. pspm) 141 132 7% Consumption (Rs. cr) 432 322 34% Trading Density (Rs. pspm) 2,023
Slide 59: Phoenix Mall of Asia, Bengaluru
Phoenix Mall of Asia, Bengaluru (Rs. cr) Q1 FY27 Q1 FY26 % growth Rental 69 47 47% CAM & Others 30 23 30% Total Income 100 71 41% Asset EBITDA 77 49 56% Asset EBITDA as % of Rental 111% 104% 7 pps Rental Rate (Rs. pspm) 196 151 30% Consumption (Rs. cr) 725 369 96% Trading Density (Rs. pspm) 3,100 1,
Slide 60: Leasing and occupancy in the Commercial Office Portfolio as of June 2026
Leasing and occupancy in the Commercial Office Portfolio as of June 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 90% 126 Phoenix Paragon Mumbai 0.31 0.20 66% 143 The Centrium Mumbai 0.11 0.05 44%
Slide 61: Q1 FY27 Commercial Offices Income stood at Rs. 75 cr, up 44%
Q1 FY27 Commercial Offices Income stood at Rs. 75 cr, up 44% over Q1 FY26 EBITDA as Total Income (Rs. Cr) EBITDA (Rs. Cr) Asset Name % of Total Income Q1 FY27 Q1 FY26 Growth (%) Q1 FY27 Q1 FY26 Growth (%) Q1 FY27 Q1 FY26 Art Guild House, Mumbai 26 24 9% 19 17 15% 75% 71% The Centrium, Mumbai 3 3 -21
Slide 62: The St. Regis, Mumbai
The St. Regis, Mumbai Amount in Rs. Cr Photo shot at location Q1 Q1 % Particulars FY27 FY26 growth Revenue from Rooms 61 53 14% Revenue from F&B and Banquet 68 55 26% Other Operating Income 4 4 0% Total Income 133 112 19% Operating EBITDA 60 50 20% EBITDA margin (%) 45% 45% 0 pps 61
Slide 63: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra Amount in Rs. Cr Q1 Q1 % Photo shot at location Particulars FY27 FY26 growth Revenue from Rooms 6.2 5.3 16% Revenue from F&B and Banquet 5.1 5.4 -5% Other Operating Income 0.3 0.3 -17% Total Income 11.6 11.0 5% Operating EBITDA 1.3 1.6 -22% EBITDA margin (%) 11% 15% -4 pp
Slide 64: Residential Portfolio: Sales and Collections Momentum Sustained in Q1 FY27
Residential Portfolio: Sales and Collections Momentum Sustained in Q1 FY27 ✓ Residential sales and collections remained robust, supported by steady execution and monetisation of premium residential inventory. ✓ Gross residential sales of ~Rs. 64 cr in Q1 FY27 ✓ Collections of ~Rs. 51 cr in Q1 FY27 C
Slide 65: Gross Debt across PML Group Entities as of 30th June 2026
Gross Debt across PML Group Entities as of 30th June 2026 PML Q4 FY26 Q1 FY27 Status Asset Type SPV Asset Name Ownership (Rs. Cr) (Rs. Cr) (%) The Phoenix Mills Ltd. (Standalone) Phoenix Palladium, Mumbai 100.0% 648 649 Classic Mall Development Phoenix MarketCity Chennai 100.0% 417 413 Vamona Develo
Slide 66: Social media links for assets
Click on the logos to for updates on Instagram R E TA I L Phoenix Marketcity Bangalore logo Phoenix Marketcity Kurla logo Phoenix Marketcity Chennai logo Phoenix Palassio logo Phoenix Citadel, Indore | Linktree Palladium Ahmedabad (@palladiumAhm) / X Phoenix Mall of the Millennium | Pune Phoenix Mal
Slide 67: Investor relations contacts
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 66 66