Phoenix Mills stock: Q2 profit rises 7.14% as offices expand

The Phoenix Mills reported stronger consolidated earnings for the quarter ended September 30, 2026, with net profit rising 7.14% year on year to INR 326 crore from INR 304 crore. Revenue from operations increased 3.4% to INR 1,153 crore from INR 1,115 crore, according to CNBC TV18.

Office Leasing Lifts Operating Mix

EBITDA advanced 6.5% to INR 710 crore from INR 667 crore, while the EBITDA margin widened to 61.6% from 59.8%. Commercial office income reached INR 89 crore, up 64% from the year-earlier quarter, as properties completed in 2025 began contributing after tenant move-ins.

Occupancy across operational office assets in Mumbai and Viman Nagar in Pune rose to 83% in September 2026 from 77% a year earlier. Including offices completed in 2025, portfolio occupancy was about 79%. The company also reported gross leasing of about 6 lakh square feet across office assets in Mumbai, Pune, Bengaluru and Chennai during the first half of FY27.

Roadmap Relies On Existing Assets

Residential gross sales reached about INR 84 crore in the quarter, while collections stood at approximately INR 85 crore. For the first half of FY27, residential gross sales were about INR 147 crore and collections were approximately INR 136 crore.

Phoenix Mills said its growth roadmap through 2030 is embedded in assets, land parcels and development rights already under its control. That approach places the focus on occupancy gains, leasing activity and development execution rather than a requirement for a new land-acquisition cycle.

Business Model And Competition

The Phoenix Mills develops and manages destination shopping malls, Grade-A offices and luxury hotels across India, while also pursuing residential development around its mixed-use assets. Its portfolio spans major markets including Mumbai, Bengaluru, Pune and Chennai, with retail-led properties forming the core of its operating model.

In retail-led mixed-use real estate, Phoenix Mills competes with DLF Limited, Prestige Estates Projects and Oberoi Realty. A KoalaGains analysis describes Phoenix Mills as more concentrated in commercial retail assets than the residential-focused portions of those peers, giving its earnings mix greater exposure to mall and office leasing.

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