The Phoenix Mills Limited Earnings Summary — Q4 FY2026
The Phoenix Mills Posts Strong 40% Net Profit Growth in Q4 FY26 Supported by Margin Expansion
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 12.8% sequentially in Q1 FY2027.
- Revenue of ₹1,075 Cr is 12.8% higher year-on-year.
- Revenue has compounded at -8.3% annualised over the last 10 quarters.
- Net profit of ₹297 Cr is 23.3% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at -4.2% annualised across the period.
- Operating margin stands at 59.7% in Q1 FY2027.
- Operating margin expanded by 47 bps year-on-year.
- Over the last two years operating margin has expanded by 95 bps.
- PBT margin is 45.8%.
- Expense growth of 11.5% remained below revenue growth of 12.8%.
- Operating profit of ₹642 Cr is 13.7% higher year-on-year.
- Operating leverage has been under pressure recently.
- 5 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 60/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 1,075 | 1,233 | 1,121 | 1,115 | 953 | 1,016 | 975 | 918 | 904 | 1,306 |
| Expenses | Stable | 433 | 484 | 465 | 449 | 389 | 457 | 422 | 400 | 373 | 679 |
| Operating Profit | Stable | 642 | 750 | 656 | 667 | 564 | 560 | 553 | 518 | 531 | 627 |
| Operating Margin | Stable | 59.7% | 60.8% | 58.5% | 59.8% | 59.2% | 55.1% | 56.7% | 56.4% | 58.7% | 48.0% |
| Other Income | Volatile | 40 | 57 | 22 | 31 | 32 | 42 | 46 | 37 | 38 | 37 |
| Interest | Stable | 94 | 97 | 102 | 92 | 95 | 94 | 103 | 103 | 103 | 100 |
| Depreciation | Stable | 96 | 89 | 86 | 91 | 93 | 90 | 81 | 78 | 77 | 76 |
| Profit Before Tax | Stable | 492 | 620 | 490 | 515 | 407 | 418 | 415 | 374 | 388 | 489 |
| Tax | Stable | 99 | 134 | 122 | 132 | 87 | 71 | 64 | 84 | 75 | 100 |
| Net Profit | Stable | 297 | 403 | 276 | 304 | 241 | 269 | 265 | 218 | 233 | 327 |
| Net Margin | Stable | 27.6% | 32.7% | 24.6% | 27.3% | 25.3% | 26.4% | 27.1% | 23.8% | 25.7% | 25.0% |
Key Takeaways
- 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 Guidance
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.
Sentiment Shift
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.
Outlook
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.
From the Annual Report (Key Quotes)
“PML's financial profile is characterized by high operating margins, consistently maintaining OPM near 55-60%.”
“The strategy of using internal accruals and strategic partnerships has fortified its balance sheet against typical real estate cyclicality.”
“Management communication through quarterly concalls is detailed, providing granular data on consumption trends, trading density, and footfalls.”
Official Quarterly Documents
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This summary is AI-generated from The Phoenix Mills Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.