The Phoenix Mills Limited has informed the Exchange regarding Board meeting held on July 24, 2025.
PHOENIXLTD · price
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The Phoenix Mills' board met on July 24, 2025 and approved three key items. First, unaudited Q1 FY26 (quarter ended June 30, 2025) results: consolidated revenue from operations rose to ₹95,298.53 lakhs from ₹90,414.05 lakhs a year ago (~5.4% growth), while consolidated profit after tax (including share in associates) came in at ₹32,085.75 lakhs versus ₹31,471.10 lakhs in Q1 FY25. Standalone revenue grew to ₹12,553.42 lakhs, but standalone net profit fell to ₹4,071.79 lakhs from ₹9,600.26 lakhs due to a large exceptional gain booked last year. Second, the board approved a framework to give an exit to Canada Pension Plan Investment Board (CPP) from its 49% stake in material subsidiary Island Star Mall Developers Pvt Ltd (ISMDPL), making ISMDPL a wholly owned subsidiary of Phoenix Mills. Third, Mr. Rajesh Kulkarni was re-appointed as Whole-time Director for five years from May 27, 2026 to May 26, 2031. The CPP exit is classified as a material related party transaction and needs shareholder and regulatory approvals.
Modest top-line growth and steady consolidated profits show the core mall and hospitality business remains stable. The buyout of CPP's 49% stake will give Phoenix Mills full control of ISMDPL but means additional capital outlay, while the related party tag means shareholders' approval is required — a potential near-term overhang. Re-appointment of the Whole-time Director provides management continuity.