Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Q1 FY26 Earnings Presentation
51 slides from Phoenix Mills's earnings presentation, Jul 24, 2025
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 Fax : (022) 3001 660 CIN No. : L17100MH1905PLC000200 July 24, 2025 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Pla
Slide 2: The Phoenix Mills Ltd. Investor Presentation Q1 FY26
The Phoenix Mills Ltd. Investor Presentation Q1 FY26 Phoenix Palassio, Lucknow
Slide 3: Performance Overview
Photo shot at location Performance Overview Business Performance - Retail Financial Results Annexure Phoenix Mall of the Millennium 2
Slide 4: Q1 FY26 Consolidated Performance Overview
Q1 FY26 Consolidated Performance Overview Consolidated Group Performance Revenue from Rs. 953 cr Operating Rs. 564 cr operations EBITDA Up 5% vs Q1 FY25 Up 6% vs Q1 FY25 Core Businesses (Retail, Office, Hotel) Revenue from Rs. 881 cr Operating Rs. 544 cr operations EBITDA Up 4% vs Q1 FY25 Up 2% vs Q
Slide 5: Business Performance - Retail
Photo shot at location Performance Overview Business Performance - Retail Financial Results Annexure Phoenix MarketCity Mumbai 4
Slide 6: Unveiling the Gourmet Village at Phoenix Palladium (West Zone)
Unveiling the Gourmet Village at Phoenix Palladium (West Zone) Indicative Render 18 F&B Outlets| F&B and Experiential Hub | 2 dedicated floors 5
Slide 7: Gourmet Village at Phoenix Palladium: Launched in July 2025
Gourmet Village at Phoenix Palladium (West Zone) 12 Outlets | Launched in July 2025 Photo shot at location Photo shot at location Photo shot at location 6
Slide 8: Gourmet Village at Phoenix Palladium: More F&B launches continue
Gourmet Village at Phoenix Palladium (West Zone) More F&B launches continue Photo shot at location Photo shot at location Photo shot at location 7
Slide 9: Unlocking new experiences at Phoenix Palladium: Game Palacio
Unlocking new experiences at Phoenix Palladium (West Zone) Launch of Game Palacio Photo shot at location Photo shot at location 8
Slide 10: Strategic Brand Refresh underway to drive Consumption, Rentals & EBITDA Growth
Strategic Brand Refresh underway to drive Consumption, Rentals, & EBITDA Growth Retail Portfolio: Leased Occupancy at 95%+ but Trading Occupancy at 89% (June 2025): Large Gap between Leased Occupancy and Trading Occupancy is Temporary and Strategic Trading Occupancy poised to return to stabilized le
Slide 11: Retail business overview
Retail business overview Q1 FY26 Q1 FY26 Retail Q1 FY26 Retail Consumption Rental Income EBITDA Rs. 3,588 cr Rs. 506 cr Rs. 535 cr Growth: 12% Growth: 4% Growth: 4% Concept Architect 10
Slide 12: Q1 FY26 Retail consumption up by 12% over Q1 FY25
Q1 FY26 Retail consumption up by 12% over Q1 FY25 Q1 FY26 Consumption (Rs. cr) Growth 8% -3% 2% 2% 56% 37% 4% 11% 22% 14% 14% 7% over Q1 FY25 577 439 415 381 369 323 313 304 203 141 65 58 Phoenix PMC PMC Pune PMC & Phoenix Mall Phoenix Mall PMC Mumbai Phoenix Palladium Phoenix PU Bareilly PU Lucknow
Slide 13: Consumption across entire spectrum of discretionary wallet spend
Q1 FY26 - Consumption across entire spectrum of discretionary wallet spend Consumption Contribution Trading Area Mix YoY Consumption Growth Fashion & Accessories 55% 61% 14% Jewellery 13% 2% 15% Electronics 10% 3% 1% Food & Beverages 10% 11% 2% Others 5% 4% 18% FEC & Multiplex 5% 15% 26% Gourmet & H
Slide 14: Q1 FY26 Retail Rental Income grew by 4% over Q1 FY25
Q1 FY26 Retail Rental Income grew by 4% over Q1 FY25 Q1 FY26 Q1FY25 Name of Asset Retail Rental Income Retail Rental Income % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 101 97 4% Phoenix MarketCity Bangalore 48 51 -6% Phoenix MarketCity Pune 54 53 0% Phoenix MarketCity and Palladium Chennai 5
Slide 15: Q1 FY26 Retail EBITDA grew by 4% over Q1 FY25
Q1 FY26 Retail EBITDA grew by 4% over Q1 FY25 Q1 FY26 Q1FY25 Name of Asset Retail EBITDA Retail EBITDA % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 105 103 2% Phoenix MarketCity Bangalore 51 56 -10% Phoenix MarketCity Pune 60 58 3% Phoenix MarketCity and Palladium Chennai 63 62 2% Phoenix Mar
Slide 16: Business Performance - Offices
Indicative Render Performance Overview Business Performance - Offices Financial Results Annexure One National Park, Chennai 15
Slide 17: Commercial office business overview
Commercial office business overview Operational assets: Mumbai, Pune Q1 FY26 Q1 FY26 Income EBITDA Rs. 52 cr Rs. 34 cr Growth: 4% Growth: 8% Occupancy Gross Rent (Jun-25) (Jun-25 Avg.) 70% ~Rs. 116 pspm Across operational assets Across operational assets Concept Architect 16
Slide 18: Leasing and occupancy in the Commercial Office Portfolio
Leasing and occupancy in the Commercial Office Portfolio Net Leasable Area Leased Gross Rent Asset Location % area leased Area (msft) (msft) (psfpm)* Art Guild House Mumbai 0.63 0.55 87% 122 Phoenix Paragon Mumbai 0.31 0.19 62% 136 The Centrium Mumbai 0.11 0.06 59% 117 Phoenix House Mumbai 0.11 0.04
Slide 19: Q1 FY26 Commercial Offices Income stood at Rs. 52 cr
Q1 FY26 Commercial Offices Income stood at Rs. 52 cr, up 4% over Q1 FY25 EBITDA as Total Income (Rs. cr) EBITDA (Rs. cr) % of Total Income Operational Portfolio Q1 FY26 Q1 FY25 Growth (%) Q1 FY26 Q1 FY25 Growth (%) Q1 FY26 Q1 FY25 Art Guild House, Mumbai 24 23 3% 16 16 2% 70% 71% Phoenix Paragon, Mu
Slide 20: Business Performance - Hospitality
Photo shot at location Performance Overview Business Performance - Hospitality Financial Results Annexure Koiishii, The St. Regis, Mumbai 19
Slide 21: Hotels Overview
Hotels Overview Q1 FY26 Q1 FY26 Income EBITDA Rs. 130 cr Rs. 58 cr Growth: 11% Growth: 19% Concept Architect 20
Slide 22: The St. Regis, Mumbai: Performance overview for Q1 FY26
The St. Regis, Mumbai: Performance overview for Q1 FY26 ARR (Rs.) RevPAR (Rs.) Occupancy 13% 11% 83% Growth Growth Q1 FY26 85% 13,923 15,464 16,425 18,542 Q1 FY25 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Revenue Overview Q1 FY26 Revenue Mix EBITDA Overview Other ~Rs. 48 Cr ~Rs. 57 Cr ~Rs. 109 Cr ~Rs. 119 Cr
Slide 23: The St. Regis, Mumbai
The St. Regis, Mumbai Photo shot at location (Rs. cr) Q1 FY26 Q1 FY25 % growth Revenue from Rooms 53 48 10% Revenue from F&B and Banquet 55 51 8% Other Operating Income 12 10 21% Total Income 119 109 10% Operating EBITDA 57 48 19% EBITDA margin (%) 47% 44% NA 22
Slide 24: Courtyard by Marriott, Agra: Performance overview for Q1 FY26
Courtyard by Marriott, Agra: Performance overview for Q1 FY26 ARR (Rs.) RevPAR (Rs.) Occupancy 5% 19% 71% Growth Growth Q1 FY26 63% 2,606 3,109 4,374 4,166 Q1 FY25 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Revenue Overview Q1 FY26 Revenue Mix EBITDA Overview Other ~Rs. 1.4 Cr ~Rs. 1.6 Cr ~Rs. 9 Cr ~Rs. 11 Cr
Slide 25: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra Photo shot at location (Rs. cr) Q1 FY26 Q1 FY25 % growth Revenue from Rooms 5.3 4.5 19% Revenue from F&B and Banquet 5.4 4.0 35% Other Operating Income 0.3 0.3 -25% Total Income 11.0 8.8 24% Operating EBITDA 1.6 1.4 19% EBITDA margin (%) 15% 15% NA 24
Slide 26: Business Performance: Residential
Indicative Render Business Update Business Performance: Residential Financial Results Annexure One Bangalore West 25
Slide 27: Residential Portfolio: Steady traction in demand for ready units
Residential Portfolio: Steady traction in demand for ready units Rs. 168 Cr Rs. 99 Cr ~27,000 psf Q1 FY26 Q1 FY26 Average sales price for Gross Sales Collections Q1 FY26 Concept Architect 26
Slide 28: Residential Portfolio: Steady traction in demand for ready units
Residential Portfolio: Steady traction in demand for ready units ✓ Gross sales of ~Rs. 168 cr in Q1 FY26 (up vs. ~Rs. 50 cr in Q1 FY25) ✓ Collections of ~Rs. 99 cr in Q1 FY26 (up vs. ~Rs. 60 cr in Q1 FY25) ✓ Sales booked and revenue recognized during the quarter of Rs. 40 cr ✓ Balance sales booking
Slide 29: Financial Results
Photo shot at location Business Update Business Performance Financial Results Annexure Phoenix Palladium, Mumbai 28
Slide 30: Q1 FY26 Break up of Consolidated P&L
Q1 FY26 Break up of Consolidated P&L (Rs. cr) Q1 FY26 Q1 FY25 YoY% Revenue from core businesses (Retail, 881 845 4% Offices, Hotel) Add: Residential and others 72 60 21% Consolidated Revenue 953 904 5% Revenue from core businesses (Retail, 544 531 2% Offices, Hotel) Add: Residential and others 20 0
Slide 31: Q1 FY26 Consolidated EBITDA at Rs. 564 crores, up 6%
Q1 FY26 Consolidated EBITDA at Rs. 564 crores, up 6% (Rs. cr) Q1 FY26 Q1 FY25 YoY% Income from operations 953 904 5% Operating EBITDA 564 531 6% EBITDA Margin (%) 59% 59% 0 pps Add: Other income 32 38 -18% Less: Finance Cost 95 103 -8% Less: Depreciation 93 77 21% Profit before tax & exceptional ite
Slide 32: Q1 FY26 Standalone EBITDA at Rs. 82 crores
Q1 FY26 Standalone EBITDA at Rs. 82 crores (Rs. cr) Q1 FY26 Q1 FY25 YoY% Income from operations 126 118 6% Operating EBITDA 82 77 6% EBITDA Margin (%) 65% 65% 0 pps Add: Other income 6 6 -7% Less: Finance Cost 17 17 2% Less: Depreciation 22 8 174% Profit before tax & exceptional items 48 58 -18% Exc
Slide 33: Group-level Debt and Cash position as on 30th June 2025
Group-level Debt and Cash position as on 30th June 2025 vs. 31st March 2025 31-Mar-25 30-Jun-25 Change Amount Rs. cr Liquidity (Bank balance + 1,702 1,778 +76 Investments + DSRA)*^ Gross Debt^ 4,409 4,435 +27 Net Debt^ 2,707 2,657 -49 Net Debt to EBITDA^ ~1.2x ~1.2x *Does not include amount availabl
Slide 34: Average cost of debt in June-2025 down to 7.92%
Average cost of debt in June-2025 down to 7.92% Effective cost of debt (%) 9.19% 8.81% 8.74% 8.50% 8.17% 7.92% 7.30% Spread: Spread: 479 bps 225 bps 6.50% 6.50% 6.25% 5.50% 4.40% 4.00% 4.00% Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Jun-25 PML's Avg. Cost of Debt (%) RBI Repo rate (%) 33
Slide 35: PML-level Debt and Cash position as on 30th June 2025
PML-level Debt and Cash position as on 30th June 2025 vs. 31st March 2025 PML’s economic interest 31-Mar-25 30-Jun-25 Change Amount Rs. cr Liquidity (Bank balance + 1,329 1,393 +64 Investments + DSRA)*^ Gross Debt^ 3,258 3,257 -1 Net Debt^ 1,929 1,863 -65 Net Debt to EBITDA^ ~1.2x ~1.1x *Does not in
Slide 36: Annexure
Photo shot at location Business Update Business Performance Financial Results Annexure Phoenix Palassio Lucknow 35
Slide 37: Phoenix Palladium Mumbai
Phoenix Palladium Mumbai (Rs. cr) Q1 FY26 Q1FY25 % growth Rental 101 97 4% CAM & Others 21 21 1% Total Income 122 118 3% Asset EBITDA 105 103 2% Asset EBITDA 104% 106% -2 pps as % of Rental PML Standalone EBITDA 82 77 6% Mall GLA (msft)^ 1.02 0.87 NC Rental Rate (Rs. pspm) 432 423 2% Consumption (Rs
Slide 38: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore (Rs. cr) Q1 FY26 Q1FY25 % growth Rental 48 51 -6% CAM & Others 20 23 -12% Total Income 68 74 -8% Asset EBITDA 51 56 -10% Asset EBITDA as % of 106% 110% -4 pps Rental Rental Rate (Rs. pspm) 191 172 12% Consumption (Rs. cr) 439 453 -3% Trading Density (Rs. pspm) 2,670 2,31
Slide 39: Phoenix MarketCity Pune
Phoenix MarketCity Pune (Rs. cr) Q1 FY26 Q1FY25 % growth Rental 54 53 0% CAM & Others 24 23 2% Total Income 77 77 1% Asset EBITDA 60 58 3% Asset EBITDA as % of 112% 109% 3 pps Rental Rental Rate (Rs. pspm) 166 156 6% Consumption (Rs. cr) 415 408 2% Trading Density (Rs. pspm) 1,958 1,775 10% Leased O
Slide 40: Phoenix MarketCity & Palladium Chennai
Phoenix MarketCity & Palladium Chennai (Rs. cr) Q1 FY26 Q1FY25 % growth Rental 57 56 2% CAM & Others 31 31 1% Total Income 88 87 2% Asset EBITDA 63 62 2% Asset EBITDA as % of 110% 111% -1 pps Rental Rental Rate (Rs. pspm) 181 169 7% Consumption (Rs. cr) 381 373 2% Trading Density (Rs. pspm) 1,806 1,
Slide 41: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai (Rs. cr) Q1 FY26 Q1FY25 % growth Rental 45 44 2% CAM & Others 21 22 -2% Total Income 67 66 1% Asset EBITDA 48 48 1% Asset EBITDA as % of 107% 107% -1 pps Rental Rental Rate (Rs. pspm) 133 129 3% Consumption (Rs. cr) 313 301 4% Trading Density (Rs. pspm) 1,426 1,403 2% Lease
Slide 42: Phoenix Palassio
Phoenix Palassio (Rs. cr) Q1 FY26 Q1FY25 % growth Rental 36 34 5% CAM & Others 19 17 6% Total Income 55 52 5% Asset EBITDA 39 37 4% Asset EBITDA as % of 107% 108% -1 pps Rental Rental Rate (Rs. pspm) 137 130 5% Consumption (Rs. cr) 304 274 11% Trading Density (Rs. pspm) 1,751 1,547 13% Leased Occupa
Slide 43: Phoenix United Lucknow
Phoenix United Lucknow (Rs. cr) Q1 FY26 Q1FY25 % growth Rental 9 9 5% CAM & Others 6 5 5% Total Income 15 14 5% Asset EBITDA 9 9 6% Asset EBITDA as % of 101% 100% 1 pps Rental Rental Rate (Rs. pspm) 99 96 3% Consumption (Rs. cr) 58 54 7% Trading Density (Rs. pspm) 901 828 9% Leased Occupancy (%)* 86
Slide 44: Phoenix United Bareilly
Phoenix United Bareilly (Rs. cr) Q1 FY26 Q1FY25 % growth Rental 7 6 12% CAM & Others 5 5 8% Total Income 12 11 11% Asset EBITDA 7 6 11% Asset EBITDA as % of 99% 100% -1 pps Rental Rental Rate (Rs. pspm) 77 72 7% Consumption (Rs. cr) 65 57 14% Trading Density (Rs. pspm) 1,025 925 11% Leased Occupancy
Slide 45: Phoenix Citadel
Phoenix Citadel (Rs. cr) Q1 FY26 Q1FY25 % growth Rental 25 23 9% CAM & Others 15 15 -1% Total Income 41 39 5% Asset EBITDA 27 23 17% Asset EBITDA as % of 105% 98% 7 pps Rental Rental Rate (Rs. pspm) 89 82 9% Consumption (Rs. cr) 141 124 14% Trading Density (Rs. pspm) 720 635 13% Leased Occupancy (%)
Slide 46: Palladium Ahmedabad
Palladium Ahmedabad (Rs. cr) Q1 FY26 Q1FY25 % growth Rental 33 29 14% CAM & Others 18 15 20% Total Income 51 44 16% Asset EBITDA 32 27 20% Asset EBITDA as % of 99% 94% 5 pps Rental Rental Rate (Rs. pspm) 112 149 -25% Consumption (Rs. cr) 203 166 22% Trading Density (Rs. pspm) 1,485 1,376 8% Leased O
Slide 47: Phoenix Mall of the Millennium
Phoenix Mall of the Millennium (Rs. cr) Q1 FY26 Q1FY25 % growth Rental 43 38 15% CAM & Others 23 19 20% Total Income 66 56 17% Asset EBITDA 45 34 31% Asset EBITDA as % of 103% 90% 13 pps Rental Rental Rate (Rs. pspm) 133 135 -1% Consumption (Rs. cr) 323 235 37% Trading Density (Rs. pspm) 1,555 1,337
Slide 48: Phoenix Mall of Asia
Phoenix Mall of Asia (Rs. cr) Q1 FY26 Q1FY25 % growth Rental 43 48 38 48 15% 0% CAM & Others 23 19 23 20% 2% Total Income 66 71 56 70 17% 0% Asset EBITDA 45 49 34 51 31% -3% Asset EBITDA as % of 103% 104% 90% 107% 13 -3 pps Rental Rental Rate (Rs. pspm) 133 153 135 182 -1% -16% Consumption (Rs. cr)
Slide 49: Gross Debt across Subsidiaries as on 30th June 2025
Gross Debt across Subsidiaries as on 30th June 2025 PML Q4 FY25 Q1 FY26 Status Asset Type SPV Asset Name Ownership (%) (Rs. Cr) (Rs. Cr) The Phoenix Mills Ltd. (Standalone) Phoenix Palladium, Mumbai 100.0% 753 738 Classic Mall Development Phoenix MarketCity Chennai 100.0% 432 429 Vamona Developers P
Slide 50: 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 51: 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 50 50