The Phoenix Mills Limited has informed the Exchange about Transcript
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The Phoenix Mills reported strong H1 FY26 results, with revenue rising 14% year-on-year to Rs. 2,068 crore and EBITDA up 17% to Rs. 1,231 crore. In Q2 alone, revenue grew 22% to Rs. 1,115 crore, EBITDA jumped 29% to Rs. 667 crore, and net profit climbed 39% to Rs. 304 crore. Retail continued to be the main growth engine, with retailer consumption up 14% in Q2 to Rs. 3,750 crore, while the office portfolio saw occupancy rise from 67% to 77% with over 1 million sq ft leased in FY26. Management shared a multi-year pipeline including Kolkata and Surat malls by CY2027, Bengaluru retail expansion by CY2026, and a long-term goal of delivering 1-2 million sq ft of retail annually beyond 2030. The balance sheet strengthened with net debt down Rs. 500 crore to ~Rs. 2,200 crore, average cost of debt falling from 8.50% to 7.68%, and net debt-to-EBITRA below 1x. The company is set to pay its first tranche of ~Rs. 1,257 crore to CPP Investments in November, fully funded. Shishir Shrivastava was elevated from Group CEO/MD to Vice Chairman.
Strong Q2 results beat expectations with EBITDA growing faster than revenue, signaling margin expansion and operational leverage. The CPP transaction clearance and disciplined balance sheet (net debt/EBITDA <1x) position the company well for future growth, while the clear multi-year delivery pipeline through 2030 supports long-term earnings visibility. Shareholders can expect continued momentum in retail and a meaningful ramp-up in office rental income from Q3/Q4 FY26.