Phoenix Mills Reports Strong Q2 Performance: Retail Consumption Up 13%, Residential Sales Surpass FY25
Mumbai-based real estate developer Phoenix Mills Ltd has reported robust operational performance for Q2 and H1 FY26, with retail consumption up 13% and residential sales exceeding FY25 levels.
Phoenix MillsReal EstateRetail ConsumptionResidential SalesCommercial OfficesReal Estate MumbaiOct 10, 2025
In its retail portfolio, retailer consumption across all operational malls rose 13% year-on-year in Q2 FY26 and 12% YoY in H1 FY26, despite heavy monsoons in several cities. The growth was led by Phoenix Palladium (Mumbai), Phoenix Citadel (Indore), Palladium Ahmedabad, Phoenix Mall of the Millennium (Pune), and Phoenix Mall of Asia (Bengaluru). These malls have seen a steady increase in footfall and sales, driven by strategic marketing and customer engagement initiatives.
The company is also undergoing strategic repositioning for Phoenix MarketCity Bengaluru and Pune to enhance customer experience and long-term potential. Trading densities in these malls have shown strong double-digit growth, indicating a positive outlook for the retail segment.
In the commercial offices segment, leasing momentum remained strong, with gross leasing of around 7.2 lakh square feet completed in H1 FY26 across Mumbai, Pune, Bengaluru, and Chennai. Occupancy in operational assets at Mumbai and Viman Nagar, Pune, rose to 76% in September 2025, up from 67% in March 2025. The company received Completion Certificates for One National Park (Chennai) in August 2025, Tower 3 of Millennium Towers (Pune) in March 2025, and Phoenix Asia Towers (Bengaluru) in January 2025. Notably, Phoenix Asia Towers also achieved USGBC LEED Platinum™ Certification in July 2025, highlighting the company's commitment to sustainable development.
In the hospitality segment, The St. Regis, Mumbai, recorded 2% YoY growth in Q2 FY26 with occupancy at 85%, ARR at ₹17,711, and RevPAR at ₹15,025, despite muted travel demand and the absence of one-off events that boosted last year’s performance. For H1 FY26, the property’s ARR and RevPAR rose 7% YoY. Meanwhile, Courtyard by Marriott, Agra, reported occupancy of 60%, ARR of ₹4,396, and RevPAR of ₹2,621 in Q2 FY26.
The residential business showed strong momentum, with gross residential sales for H1 FY26 surpassing the full-year FY25 total. In Q2 FY26, gross sales stood at ₹139 crore (up from ₹27 crore in Q2 FY25) and collections at ₹115 crore (up from ₹60 crore). For H1 FY26, gross residential sales were ₹287 crore, and collections totalled ₹214 crore, both sharply higher year-on-year.
These results demonstrate Phoenix Mills' ability to navigate market challenges and capitalize on growth opportunities across its diverse portfolio. The company's focus on customer satisfaction, strategic expansion, and sustainable practices positions it well for continued success in the coming years.
Shares of Phoenix Mills Ltd ended at ₹1,592.20, down by ₹1.60, or 0.10%, on the BSE.
Frequently Asked Questions
What was the growth in retail consumption for Phoenix Mills in Q2 FY26?
Retail consumption across all operational malls rose 13% year-on-year in Q2 FY26 and 12% YoY in H1 FY26.
How much gross leasing was completed in the commercial offices segment in H1 FY26?
Gross leasing of around 7.2 lakh square feet was completed in H1 FY26 across Mumbai, Pune, Bengaluru, and Chennai.
What significant certification did Phoenix Asia Towers achieve in July 2025?
Phoenix Asia Towers achieved USGBC LEED Platinum™ Certification in July 2025.
What was the performance of The St. Regis, Mumbai, in Q2 FY26?
The St. Regis, Mumbai, recorded 2% YoY growth in Q2 FY26 with occupancy at 85%, ARR at ₹17,711, and RevPAR at ₹15,025.
How did residential sales perform in H1 FY26 compared to FY25?
Gross residential sales for H1 FY26 surpassed the full-year FY25 total, with gross sales at ₹287 crore and collections at ₹214 crore.
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