Curation Team
NEW DELHI: The Phoenix Mills has reported a growth of 2.06 per cent in its net consolidated profit during the quarter ended June 30, 2025. Its profit after tax (PAT) stood at ₹319.91 crore in Q1 FY26 as against ₹313.44 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at ₹984.50 crore in Q1 FY26, a growth of 4.47 per cent from ₹942.40 crore it recorded in the similar quarter last year.
On the recommendation of the nomination and remuneration committee, the board of directors of the company has approved the re-appointment of Rajesh Kulkarni as a whole-time director for a period of five years effective from May 27, 2026 to May 26, 2031.
Retail segment
Retail consumption during Q1 FY26 surged 12% year-on-year to ₹3,588 crore. Gross retail collections grew by 7% to ₹853 crore. Retail rental income reached ₹506 crore, a 4% increase. Retail EBITDA also advanced by 4% to ₹535 crore.
The company maintained a leased occupancy rate above 95%, with a trading occupancy rate at 89% in June 2025. Management highlighted that the temporary gap between leased and trading occupancy is strategic, driven by ongoing brand churn and repositioning. Trading occupancy is expected to return to 95%+ in coming quarters.
Commercial office segment
Total income from commercial offices in Q1 FY26 was ₹52 crore, up 4% over the previous year. EBITDA from these assets grew 8% to ₹34 crore. Operational occupancy was sustained at 70% across Mumbai and Pune properties. The company completed gross leasing of approximately 4.07 lakh sq ft during the quarter.
Hospitality segment
Hotel income climbed 11% year-on-year to ₹130 crore, with EBITDA from hotels increasing 19% to ₹58 crore. The St. Regis Mumbai reported 83% occupancy and a 13% year-on-year rise in average room rates. Courtyard by Marriott Agra registered 71% occupancy and a 5% increase in average room rates.
Residential segment
Gross residential sales for Q1 FY26 rose to ₹168 crore, over three times Q1 FY25 sales of ₹50 crore, with collections swelling to ₹99 crore. Average sales price for the quarter stood at ₹27,000 per sq ft.
Debt and capital structure
As of June 30, 2025, PML’s group-level gross debt was ₹4,435 crore, and net debt stood at ₹1,778 crore, resulting in a net debt-to-EBITDA ratio of 1.2x. Liquidity (bank balance, investments, and DSRA) was at ₹2,657 crore. The company’s average cost of debt declined to 7.92% as of June 2025.
