Analyst Concall
Phoenix Mills likely to see double-digit retail growth FY26
This story was originally published at 15:28 IST on 29 January 2026
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--Phoenix Mills: Saw strong festive demand, consistent execution in Q3
--CONTEXT: Comments by Phoenix Mills' mgmt in post-earnings analyst concall
--Phoenix Mills: Got occupancy certificate for Millennium Towers in Pune Q3
--Phoenix Mills: Mall of Asia to get more marquee brands in next 3-4 months
--Phoenix Mills: Expect higher consumption at Mall of Asia in coming mos
--Phoenix Mills:Awaiting environmental clearance for Thane mixed-use project
--Phoenix Mills: To cross 90% trading occupancy at MarketCity Pune by Mar
--Phoenix Mills: See 95% trading occupancy at MarketCity Bangalore mid-FY27
--Phoenix Mills: Sentiment up on GST cut but no material consumption impact
--Phoenix Mills: To see results of leasing repricing in FY27 financials
--Phoenix Mills: See double-digit growth across retail portfolio in FY26
By Arundathi A R and Shakshi Jain
MUMBAI – The Phoenix Mills Ltd. is likely to see a double-digit growth across its retail portfolio in 2025–26 (Apr-Mar), the company's management said during a conference call with analysts on Thursday. "We continue to see good visibility for double-digit growth across our retail portfolio in FY26, supported by strong consumer demand trends, healthy retailer performance, and ongoing portfolio enhancement," the management said.
Rental income from the retail segment rose 13% on year to INR 5.73 billion in the December quarter, the company said in a presentation to investors. This comprises nearly 51% of the company's revenue from operations for Oct-Dec. In the first nine months of FY26, the rental income from retail segment rose 9% on year to INR 16.09 billion.
Phoenix Mills started registering a notable improvement in its trading occupancy across its malls portfolio in the December quarter, it said in the conference call. The company is on track to cross the 90%-mark in trading occupancy at both Phoenix MarketCity Bangalore and Phoenix MarketCity Pune by March 2026. The metric is expected to increase further to 95% by mid-FY27.
For the December quarter, the company's trading occupancy at Phoenix MarketCity Bangalore was 85% and that in Pune was 86%. The company received occupancy certificate for the entire Millenium Towers in Pune in the December quarter, it said in the conference call.
The realty player also expects to see results from repricing in leasing area in the financials of FY27.
The company said it is awaiting an environmental clearance for the retail-led mixed-use development project in Thane. "In next two or three months, we also expect to commence excavation and subsequent construction activities," the management said.
In the December quarter, the company saw strong festive demand alongside consistent execution. However, on a query about the impact of the recent cut in the goods and services tax, the company said while the reforms have boosted consumer sentiment positively, there has been no material impact on consumption so far.
The Phoenix Mall of Asia in Bengaluru is expected to get more marquee brands in the next three to four months, the company said. It also expects consumption to grow at the Mall of Asia in coming months. Consumption at the Mall of Asia rose 112% on year to INR 7.32 billion in the December quarter. End
Edited by Tanima Banerjee
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