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The Phoenix Mills Q1 FY26 results: net profit up 2.0% to ₹320.86 crore, revenue up 5.4%
The Phoenix Mills Limited reported consolidated revenue of ₹952.99 crore in Q1 FY26, up 5.4% from the year-ago quarter, with EBITDA of ₹564.29 crore and a 59.2% margin. Net profit was ₹320.86 crore and basic EPS was ₹6.73, while the company also announced a proposed buyout of CPP Investments’ 49% stake in ISMDPL.
Key points
- Consolidated revenue was ₹952.99 crore, up 5.4% from Q1 FY25 and down 6.2% from Q4 FY25.
- EBITDA was ₹564.29 crore, up 6.3% year on year, while the margin increased 0.5 percentage points to 59.2%.
- Net profit rose 2.0% to ₹320.86 crore from Q1 FY25, but fell 7.7% from Q4 FY25.
- Basic EPS was ₹6.73, compared with ₹13.01 in Q1 FY25 and ₹7.52 in Q4 FY25.
- The board approved a proposed buyout of CPP Investments’ 49% stake in ISMDPL for approximately Rs. 5,449 crores, subject to shareholder and regulatory approvals.
How did The Phoenix Mills perform in Q1 FY26?
The Phoenix Mills Limited reported consolidated revenue of ₹952.99 crore for Q1 FY26, up 5.4% from ₹904.14 crore in Q1 FY25 but down 6.2% from ₹1,016 crore in Q4 FY25. EBITDA was ₹564.29 crore, up 6.3% year on year and up 0.8% sequentially; the EBITDA margin was 59.2%, up 0.5 percentage points from Q1 FY25 and 4.1 percentage points from Q4 FY25.
Net profit was ₹320.86 crore, up 2.0% from ₹314.71 crore in the year-ago quarter but down 7.7% from ₹347.70 crore in the previous quarter. Profit attributable to owners was ₹240.69 crore, and basic EPS was ₹6.73 against ₹13.01 in Q1 FY25 and ₹7.52 in Q4 FY25. On the standalone basis, revenue was ₹125.53 crore, up 6.2%, and profit was ₹40.72 crore against ₹96.0 crore in the year-ago quarter.
| ₹ crore | Q1 FY26 | Q4 FY25 | Q1 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 952.99 | 1,016 | 904.14 | +5.4% | −6.2% |
| Other income | 31.52 | 45.15 | 38.26 | −17.6% | −30.2% |
| Total expenses | 577.30 | 641.04 | 553.71 | +4.3% | −9.9% |
| EBITDA | 564.29 | 559.65 | 531.02 | +6.3% | +0.8% |
| EBITDA margin | 59.2% | 55.1% | 58.7% | +0.5 pp | +4.1 pp |
| Profit before tax | 407.21 | 417.71 | 388.18 | +4.9% | −2.5% |
| Tax | 87.29 | 71.20 | 74.74 | +16.8% | +22.6% |
| Net profit | 320.86 | 347.70 | 314.71 | +2.0% | −7.7% |
| EPS (₹) | 6.73 | 7.52 | 13.01 | −48.3% | −10.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in The Phoenix Mills' costs and profit?
Total expenses rose ₹23.59 crore, or 4.3%, to ₹577.30 crore from ₹553.71 crore in Q1 FY25. Cost of materials increased ₹91.78 crore, or 265.8%, to ₹126.31 crore, employee cost rose ₹7.65 crore, or 8.6%, to ₹96.25 crore, and depreciation increased ₹15.96 crore, or 20.6%, to ₹93.45 crore.
Finance costs fell ₹7.96 crore, or 7.7%, to ₹95.15 crore, while other expenses declined ₹3.21 crore, or 1.3%, to ₹244.43 crore. Other income fell ₹6.74 crore, or 17.6%, to ₹31.52 crore. There was no exceptional item in Q1 FY26, against an exceptional charge of ₹0.51 crore in the year-ago quarter; tax was higher by ₹12.55 crore, or 16.8%, at ₹87.29 crore.
| ₹ crore | Q1 FY26 | Q1 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 126.31 | 34.53 | +91.78 | +265.8% |
| Employee cost | 96.25 | 88.60 | +7.65 | +8.6% |
| Finance costs | 95.15 | 103.11 | −7.96 | −7.7% |
| Depreciation | 93.45 | 77.49 | +15.96 | +20.6% |
| Other expenses | 244.43 | 247.64 | −3.21 | −1.3% |
| Total expenses | 577.30 | 553.71 | +23.59 | +4.3% |
| Other income | 31.52 | 38.26 | −6.74 | −17.6% |
| Tax | 87.29 | 74.74 | +12.55 | +16.8% |
| Exceptional items | none | −0.51 (charge) |
Source: Company's results filing (XBRL).
How has The Phoenix Mills done over the last 8 quarters?
Across the reported quarters, revenue peaked at ₹1,305.95 crore in Q4 FY24 and was lowest at ₹875.02 crore in Q2 FY24. It fell in Q1 FY25, rose through Q3 FY25 and Q4 FY25, then declined to ₹952.99 crore in Q1 FY26.
Net profit peaked at ₹391.58 crore in Q4 FY24 and was lowest at ₹292.16 crore in Q2 FY25. It rose in Q3 FY25 and then fell in Q4 FY25 and Q1 FY26, ending at ₹320.86 crore. The EBITDA margin bottomed at 48.0% in Q4 FY24, peaked at 59.2% in Q1 FY26, and was 55.1% in the preceding quarter.
Which businesses drove the quarter?
Property & Related Services reported revenue of ₹764.05 crore, up 4.3% from ₹732.62 crore in the year-ago quarter. Segment EBIT was ₹416.68 crore, compared with ₹430.9 crore previously, and the EBIT margin was 54.5%.
Hospitality Services reported revenue of ₹155.49 crore, up 11.4% from ₹139.61 crore, while EBIT rose to ₹35.71 crore from ₹16.66 crore; the EBIT margin was 23.0%. Residential Business revenue rose 34.0% to ₹42.74 crore from ₹31.9 crore, and EBIT was ₹18.45 crore against ₹5.97 crore, with an EBIT margin of 43.2%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Property & Related Services | 764.05 | +4.3% | 416.68 | 54.5% |
| Property & Related Services | 764.05 | +4.3% | 416.68 | 54.5% |
| Hospitality Services | 155.49 | +11.4% | 35.71 | 23.0% |
| Hospitality Services | 155.49 | +11.4% | 35.71 | 23.0% |
| Residential Business | 42.74 | +34.0% | 18.45 | 43.2% |
| Residential Business | 42.74 | +34.0% | 18.45 | 43.2% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the proposed buyout of CPP Investments’ 49% stake in Island Star Mall Developers Private Limited. The consideration is approximately Rs. 5,449 crores, payable over 36 months in four tranches; completion would increase The Phoenix Mills’ ownership from 51% to 100% and is subject to shareholder, CCI and other regulatory approvals.
The company also filed an investors’ presentation on the unaudited standalone and consolidated results and a presentation on the ISMDPL transaction. It approved the re-appointment of Rajesh Kulkarni as a Whole-time Director for five years, effective from 27 May 2026 to 26 May 2031, subject to shareholder approval. No dividend or fund-raising matter was stated in the same-day filings.
What did the auditors point out?
The consolidated review report included an Emphasis of Matter noting that the results included interim financial information for four subsidiaries whose financial statements had not been prepared on a going-concern basis. The auditors said their conclusion on the statement was not modified in respect of this matter.
The excerpts also stated that the assets and liabilities of those four subsidiaries were recognised at realisable value or expected settlement values. No qualified opinion was stated in the provided review-report excerpts.
What did The Phoenix Mills' management say?
Management said group capital expenditure was planned at Rs. 1,200-1,300 crores over the next 12 months and Rs. 5,000-6,000 crores over five years, excluding Thane, Coimbatore and Chandigarh acquisitions. It also guided to approximately Rs. 1,000 crores of ISMDPL Phase 2 capital expenditure between then and 2027.
Management said office occupancy was targeted to rise from current approximate 6% to 90% by CY2026 across Pune, Bengaluru and Chennai. Shishir Shrivastava said the office ramp-up offered “a huge-huge valuation upside that can be achieved based on our performance and our delivery,” while also noting execution risk in reaching the target.
Management identified planned retail churn, the Palladium Courtyard demolition and higher net debt as risks. It said retail consumption rose 12% year on year while rental income rose 4%, with Bengaluru trading occupancy at 84% against 98% in December. The proposed buyout also remained subject to pending shareholder, CCI and other customary approvals.
How did The Phoenix Mills shares react?
After the after-market filing, the stock rose 4.1% in five minutes, 5.1% in 15 minutes and 5.3% in 30 minutes. It closed the reaction day 4.8% above the previous close; by the next day’s close the gain was 4.0%, and by five sessions it was 0.6%.
The Residential Commercial Projects median fell 1.9% on the reaction day, 3.6% by the next day and 4.8% by five sessions, leaving The Phoenix Mills ahead by 6.7 percentage points, 7.6 percentage points and 5.4 percentage points, respectively. Earlier reaction-day moves were 3.3% on 30 January 2025, down 1.4% on 25 October 2024, up 0.4% on 31 July 2024 and up 4.0% on 17 May 2024.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | +4.1% | |
| 15 minutes | +5.1% | |
| 30 minutes | +5.3% | |
| Reaction day | +4.8% | −1.9% |
| Next day | +4.0% | −3.6% |
| 5 days | +0.6% | −4.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 January 2025 | +3.3% |
| 25 October 2024 | −1.4% |
| 31 July 2024 | +0.4% |
| 17 May 2024 | +4.0% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
A total of 58 other Residential Commercial Projects companies were compared on revenue growth, whose median was 17.7%. Of these, 28 grew more slowly than The Phoenix Mills and 30 grew faster; The Phoenix Mills’ own consolidated revenue growth was 5.4%.
Profit was higher for 35 peers in the industry comparison, which covered 59 companies on profit. The peer figures were recorded as of 6 November 2026.
| The Phoenix Mills revenue growth (YoY) | +5.4% |
|---|---|
| Median of 58 other Residential Commercial Projects companies | +17.7% |
| Companies with slower revenue growth than The Phoenix Mills | 28 of 58 |
| Companies with faster revenue growth than The Phoenix Mills | 30 of 58 |
| Companies whose net profit rose | 35 of 59 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was The Phoenix Mills' revenue in Q1 FY26?
Revenue from operations was ₹952.99 crore, up 5.4% from ₹904.14 crore in Q1 FY25 (consolidated).
Did The Phoenix Mills make a profit in Q1 FY26?
Yes. Net profit was ₹320.86 crore, against a net profit of ₹314.71 crore in Q1 FY25.
What was The Phoenix Mills' EPS in Q1 FY26?
Basic earnings per share were ₹6.73, against ₹13.01 in Q1 FY25.
How did The Phoenix Mills shares react to the Q1 FY26 results?
On the reaction day the stock moved +4.8% from the previous close; the median Residential Commercial Projects stock moved −1.9%.
When did The Phoenix Mills announce its Q1 FY26 results?
On 24 July 2025, in a filing to the NSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Standalone & Consolidated Financial Results Of The Company For The Quarter Ended June 30, 2025. (BSE, 17 July 2025) · PDF
- Outcome of Board Meeting (NSE, 24 July 2025) · PDF
- The earnings call (28 July 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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