Phoenix Mills profit rises 23% in June quarter; shares slide 5% on project delays

Phoenix Mills reported a 23.2% year-on-year rise in consolidated net profit to ₹297 crore and 12.8% revenue growth to ₹1,075 crore. Higher occupancy and revenue-share flows aided mall performance, but investors flagged softer residential revenue and delays to Bengaluru and Surat projects.

— Source publishedWed, 29 Jul, 2026, 09:46 IST·First seen Wed, 29 Jul, 2026, 11:10 IST·Source NDTV Profit

What happened

Phoenix Mills reported June-quarter profit and revenue growth, supported by higher occupancy at newer malls and stronger revenue-share flows. Shares fell amid

Key facts

  • Consolidated net profit rose 23.2% year-on-year to Rs 297 crore
  • Revenue increased 12.8% year-on-year to Rs 1,075 crore from Rs 953 crore
  • EBITDA rose 13.5% year-on-year to Rs 641 crore
  • EBITDA margin improved to 59.6% from 59.2%
  • Shares fell as much as 5% to Rs 1,934.3
  • Stock has returned more than 28% over one year

Why this matters

The results reinforce the appeal of high-occupancy mall assets and mixed-use expansion, but any partnership or acquisition thesis should discount execution risk in the delayed Bengaluru and Surat developments.

What to watch

  • Revised opening dates, construction milestones and capex guidance for Bengaluru and Surat.
  • Occupancy rates, leasing spreads, tenant sales growth and revenue-share contribution in existing malls.
  • Pre-leasing levels for new projects and the quality of anchor tenants secured.
  • Residential bookings, collections, unsold inventory and project-launch cadence.
  • Net debt, interest costs, operating cash flow and any change in funding strategy.
  • Management commentary on whether delays are approval-related, construction-related or demand-related.
  • Issue revised completion and leasing timelines for Bengaluru and Surat developments.
  • Prioritize tenant pre-commitments and phased mall openings to protect project returns.
  • Use higher mall cash flows to fund capex while managing leverage and avoiding material cost overruns.
  • Increase disclosure on tenant sales growth, occupancy, leasing spreads, retail revenue-share and residential collections to rebuild investor confidence.
  • Potentially accelerate monetization or partnerships for non-core real-estate assets if project funding needs rise.