Phoenix Mills Q2 results: Profit rises 39% on strong retail, leasing growth

The Phoenix Mills Ltd on Friday reported a 39.5% rise in consolidated net profit for the second quarter ended September 2025 to ₹304 crore, from ₹218 crore a year earlier, driven by higher rental income and robust consumption across its retail portfolio.

Revenue from operations rose 21.5% year-on-year to ₹1,115.4 crore, while operating earnings before interest, tax, depreciation and amortisation (EBITDA) grew 29% to ₹667 crore. EBITDA margin improved to 59.8% from 56.4% a year earlier.

The developer, which operates high-end retail and mixed-use properties such as Phoenix Palladium in Mumbai and Phoenix MarketCity in Bengaluru, said retail rental income climbed 10% YoY to ₹527 crore, supported by strong tenant sales and footfalls across malls. Consumption across its retail portfolio rose 14% YoY to ₹3,750 crore in the quarter.

Office leasing also remained steady, with 9.4 lakh sq. ft. leased in the year to date, while its hospitality segment reported a 12% sequential rise in EBITDA, aided by higher occupancy and improved room rates.

The company said its newly operational Phoenix Mall of Asia in Bengaluru and Phoenix Mall of the Millennium in Pune have exceeded trading expectations since launch.

Phoenix Mills’ balance sheet remained strong, with average cost of debt easing to 7.68% and net debt-to-EBITDA ratio improving to 0.9x.

The company said it continues to focus on scaling its retail footprint and unlocking value from under-construction projects in Chennai, Kolkata, and Surat, as it targets a consolidated retail portfolio exceeding 15 million sq. ft. over the next few years.