The Phoenix Mills Limited Earnings Summary — Q4 FY2026

• Revenue for Q4 FY26 grew 21% YoY to ₹1,233 Cr, driven by strong consumption across the mall portfolio.
• Operating Profit Margin (OPM) reached a 3-year high of 61% in the latest quarter.
• Net Profit surged 39% year-on-year to ₹485 Cr, outperforming revenue growth due to operating leverage.
• Annual sales for FY26 reached ₹4,423 Cr compared to ₹3,807 Cr in FY25, indicating a robust upward trajectory.
• Borrowings increased to ₹5,323 Cr as the company continues to invest in significant Capital Work in Progress (CWIP) of ₹3,879 Cr.
• The retail asset class continues to dominate the mix, contributing to a high annuity-like income stream.

Management maintains a focus on the 'Consumption' theme, leveraging turnover-linked rentals to capture retailer margins. Expansion into Tier-1 cities like Kolkata and Ahmedabad is underway to sustain the development pipeline.

Improving

Earnings growth accelerated in the final quarter of FY26 with margins hitting peak levels of 61%, showing better operational efficiency than the previous four quarters.

The outlook remains robust as the company transitions into a sophisticated asset manager with 12 premium malls. Ongoing expansion in hospitality and commercial segments, coupled with high institutional ownership, supports a long-term compounding narrative.