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The Phoenix Mills Q2 FY27 results: net profit up 11.2% to ₹427 crore, revenue up 3.4%
The Phoenix Mills Limited reported consolidated Q2 FY27 revenue of ₹1,153 crore and net profit of ₹427 crore. EBITDA rose to ₹710.31 crore, while the margin increased to 61.6% from 59.8% in Q2 FY26; basic EPS was ₹9.11.
Key points
- Consolidated revenue rose 3.4% to ₹1,153 crore in Q2 FY27, while EBITDA increased 6.5% to ₹710.31 crore.
- Net profit rose 11.2% to ₹427 crore and basic EPS increased to ₹9.11 from ₹8.5.
- The EBITDA margin increased 1.8 percentage points year on year to 61.6%.
- For H1 FY27, revenue rose 7.7% to ₹2,227.75 crore and net profit increased 16.5% to ₹821.51 crore.
- The stock was up 3.0% on the reaction day and 5.0% from its pre-results close by the next day's close.
How did The Phoenix Mills perform in Q2 FY27?
The Phoenix Mills reported consolidated Q2 FY27 revenue of ₹1,153 crore, up 3.4% from ₹1,115 crore in Q2 FY26 and 7.2% from ₹1,075 crore in Q1 FY27. EBITDA was ₹710.31 crore, up 6.5% year on year and 10.7% sequentially, while the EBITDA margin increased to 61.6% from 59.8% and 59.7%, respectively.
Net profit was ₹427 crore, compared with ₹384.09 crore in Q2 FY26 and ₹394.51 crore in Q1 FY27. Profit attributable to owners rose to ₹325.71 crore from ₹303.99 crore and ₹296.86 crore, respectively, while basic EPS was ₹9.11 against ₹8.5 and ₹8.3.
On the standalone basis, Q2 FY27 revenue was ₹140.94 crore and profit attributable to owners was ₹127.14 crore, compared with profit attributable to owners of ₹129.36 crore in Q2 FY26. The board approved the unaudited standalone and consolidated results and the auditors’ limited review report on 30 October 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,153 | 1,075 | 1,115 | +3.4% | +7.2% |
| Other income | 36.29 | 40.21 | 30.79 | +17.9% | −9.7% |
| Total expenses | 639.45 | 622.76 | 631.67 | +1.2% | +2.7% |
| EBITDA | 710.31 | 641.53 | 666.92 | +6.5% | +10.7% |
| EBITDA margin | 61.6% | 59.7% | 59.8% | +1.8 pp | +1.9 pp |
| Profit before tax | 549.64 | 492.40 | 514.54 | +6.8% | +11.6% |
| Tax | 125.58 | 98.85 | 131.70 | −4.6% | +27.0% |
| Net profit | 427 | 394.51 | 384.09 | +11.2% | +8.2% |
| EPS (₹) | 9.11 | 8.30 | 8.50 | +7.2% | +9.8% |
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 increased 1.2% to ₹639.45 crore from ₹631.67 crore in Q2 FY26. Cost of materials fell 12.1% to ₹44.61 crore and employee cost declined 2.4% to ₹104.96 crore, while finance costs rose 12.2% to ₹103.16 crore and depreciation increased 2.8% to ₹93.80 crore.
Other expenses increased 8.3% to ₹283.74 crore from ₹262.04 crore, while other income rose 17.9% to ₹36.29 crore from ₹30.79 crore. There was no exceptional item in the consolidated quarter, and tax expense declined 4.6% to ₹125.58 crore.
Against Q1 FY27, total expenses rose 2.7% to ₹639.45 crore. Finance costs increased 9.9% to ₹103.16 crore and tax expense rose 27.0% to ₹125.58 crore, while cost of materials fell 9.1% to ₹44.61 crore. Other income declined 9.7% to ₹36.29 crore, and there was no exceptional item.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 44.61 | 50.75 | −6.14 | −12.1% |
| Employee cost | 104.96 | 107.52 | −2.56 | −2.4% |
| Finance costs | 103.16 | 91.94 | +11.22 | +12.2% |
| Depreciation | 93.80 | 91.23 | +2.57 | +2.8% |
| Other expenses | 283.74 | 262.04 | +21.70 | +8.3% |
| Total expenses | 639.45 | 631.67 | +7.78 | +1.2% |
| Other income | 36.29 | 30.79 | +5.50 | +17.9% |
| Tax | 125.58 | 131.70 | −6.12 | −4.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue rose 7.7% to ₹2,227.75 crore from ₹2,068.41 crore in H1 FY26. Total income increased 8.1% to ₹2,304.25 crore, profit before tax rose 13.1% to ₹1,042.04 crore and net profit increased 16.5% to ₹821.51 crore.
Basic EPS for H1 FY27 was ₹17.41, compared with ₹15.23 in H1 FY26. The standalone half-year figures were revenue of ₹140.94 crore and profit attributable to owners of ₹127.14 crore for Q2 FY27, with profit attributable to owners of ₹129.36 crore in the year-ago quarter.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,228 | 2,068 | +7.7% |
| Profit before tax | 1,042 | 921.75 | +13.1% |
| Net profit | 821.51 | 704.95 | +16.5% |
| EPS (₹) | 17.41 | 15.23 | +14.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹23,978.94 crore as on 30 September 2026 from ₹22,852.66 crore on 31 March 2026. Total equity was ₹11,261.56 crore, compared with ₹14,304.86 crore, while borrowings rose to ₹6,092.45 crore from ₹5,295.74 crore and cash fell to ₹136.74 crore from ₹181.41 crore.
Inventories were ₹772.16 crore as on 30 September 2026, compared with ₹776.39 crore on 31 March 2026. Trade receivables fell to ₹266.58 crore from ₹316.78 crore, while trade payables declined to ₹205.48 crore from ₹211.79 crore.
For H1 FY27, operating cash flow was ₹1,414.66 crore, compared with ₹1,230.84 crore in H1 FY26. Investing cash flow was negative ₹1,950.81 crore against negative ₹1,207.27 crore, financing cash flow was ₹509.02 crore against ₹72.95 crore, and capital expenditure was ₹1,442.56 crore against ₹588.33 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 23,979 | 22,853 |
| Total equity | 11,262 | 14,305 |
| Borrowings | 6,092 | 5,296 |
| Cash and equivalents | 136.74 | 181.41 |
| Inventories | 772.16 | 776.39 |
| Trade receivables | 266.58 | 316.78 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,415 | 1,231 |
| Cash from investing | −1,951 | −1,207 |
| Cash from financing | 509.02 | 72.95 |
| Capital expenditure | 1,443 | 588.33 |
Source: Company's results filing (XBRL).
How has The Phoenix Mills done over the last 8 quarters?
Revenue increased in each of the last six quarters on a year-on-year basis, as did profit. In Q2 FY27, revenue reached ₹1,152.81 crore after ₹1,074.94 crore in Q1 FY27, while net profit rose to ₹427.0 crore from ₹394.51 crore.
The EBITDA margin reached 61.6% in Q2 FY27, above 59.7% in Q1 FY27 and the recent low of 55.1% in Q4 FY25. Revenue had reached its recent high of ₹1,233.2 crore in Q4 FY26 before declining in Q1 FY27, and net profit had reached ₹485.4 crore in Q4 FY26 before falling to ₹394.51 crore.
Which businesses drove the quarter?
Property and Related Services reported Q2 FY27 revenue of ₹925.09 crore, up 16.1% from ₹797.12 crore in Q2 FY26. Segment EBIT increased to ₹536.79 crore from ₹415.81 crore, with an EBIT margin of 58.0%.
Hospitality Services revenue rose 15.6% to ₹175.14 crore from ₹151.55 crore, while EBIT fell to ₹41.14 crore from ₹43.25 crore. The reported EBIT margin was 23.5%. Residential Business revenue declined 65.2% to ₹60.76 crore from ₹174.53 crore, with EBIT of ₹38.58 crore compared with ₹116.63 crore and an EBIT margin of 63.5%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Property and Related Services | 925.09 | +16.1% | 536.79 | 58.0% |
| Hospitality Services | 175.14 | +15.6% | 41.14 | 23.5% |
| Residential Business | 60.76 | −65.2% | 38.58 | 63.5% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report issued by the statutory auditors. The meeting began at 4:15 p.m. and concluded at 4:59 p.m. on 30 October 2026.
What did The Phoenix Mills' management say?
Management said retail consumption rose 25% to ₹4,685 crore in Q2 FY27, with every mall posting double-digit growth. It maintained retail rental-income growth guidance of 14%-15% for FY27-FY28 and said FY27 rental growth should exceed 15% after stronger H1 performance. Varun Parwal said, “I am optimistic that the guidance of 15% that we gave, we should be able to cross it.”
Management said office occupancy reached 79% in September 2026, while rent-generating occupancy was 54% and is targeted at 70% by March 2027 and 80% by June-July 2027. It expects October 2026 normalised retail consumption growth of at least 20%, potentially toward the high end of 20%-25%.
Management identified fit-out affecting about 5% of leasable area, temporarily reducing Q2 consumption by 2%-3% and occupancy. It also said rent and consumption may not converge linearly, new-city expansion has no committed timeline, and FY29-FY30 rental growth remains too uncertain to quantify. The company also said its balance sheet remained conservatively leveraged.
How did The Phoenix Mills shares react?
After the filing appeared after market hours, the stock was up 6.1% after five minutes, 6.9% after 15 minutes and 5.9% after 30 minutes from the price when the filing appeared. It closed the reaction day up 3.0% from the previous close of ₹1,957.2, while the industry median moved 1.4%.
By the next day's close, the stock was up 5.0% from its pre-results close, compared with a 1.8% rise for the industry median. The excess move was 3.3 percentage points on the reaction day and 3.3 percentage points by the next day's close. Earlier result-day moves included 6.8% lower on 28 July 2026 and 1.5% lower on 27 April 2026.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | +6.1% | |
| 15 minutes | +6.9% | |
| 30 minutes | +5.9% | |
| Reaction day | +3.0% | +1.4% |
| Next day | +5.0% | +1.8% |
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 |
|---|---|
| 28 July 2026 | −6.8% |
| 27 April 2026 | −1.5% |
| 28 January 2026 | −2.7% |
| 31 October 2025 | +3.5% |
| 24 July 2025 | +4.8% |
| 30 January 2025 | +3.3% |
| 25 October 2024 | −1.4% |
| 31 July 2024 | +0.4% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Among 34 other Residential Commercial Projects companies that had filed this quarter, the median revenue growth was 22.4%. The peer data shows 10 companies growing more slowly than The Phoenix Mills and 24 growing faster than The Phoenix Mills.
Of the 34 peers with comparable profit data, 19 reported higher profit. The peer comparison was recorded as of 4 November 2026.
| The Phoenix Mills revenue growth (YoY) | +3.4% |
|---|---|
| Median of 34 other Residential Commercial Projects companies | +22.4% |
| Companies with slower revenue growth than The Phoenix Mills | 10 of 34 |
| Companies with faster revenue growth than The Phoenix Mills | 24 of 34 |
| Companies whose net profit rose | 19 of 34 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was The Phoenix Mills' revenue in Q2 FY27?
Revenue from operations was ₹1,153 crore, up 3.4% from ₹1,115 crore in Q2 FY26 (consolidated).
Did The Phoenix Mills make a profit in Q2 FY27?
Yes. Net profit was ₹427 crore, against a net profit of ₹384.09 crore in Q2 FY26.
What was The Phoenix Mills' EPS in Q2 FY27?
Basic earnings per share were ₹9.11, against ₹8.50 in Q2 FY26.
How did The Phoenix Mills shares react to the Q2 FY27 results?
On the reaction day the stock moved +3.0% from the previous close; the median Residential Commercial Projects stock moved +1.4%.
When did The Phoenix Mills announce its Q2 FY27 results?
On 30 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation For Approval Of Unaudited Standalone & Consolidated Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 23 October 2026) · PDF
- Outcome of Board Meeting (NSE, 30 October 2026) · PDF
- The earnings call (4 November 2026)
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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