Phoenix Mills Q2 Update: Retail consumption up 13%, residential sales surpass FY25 levels

Mumbai-based real estate developer The Phoenix Mills Ltd on Friday (October 10) reported strong operational performance for the quarter and half year ended September 30, 2025 (Q2 and H1 FY26).

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).

The company said Phoenix MarketCity Bengaluru and Pune are undergoing strategic repositioning to enhance customer experience and long-term potential, with trading densities showing strong double-digit growth.

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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 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.

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.

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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.

Shares of Phoenix Mills Ltd ended at ₹1,592.20, down by ₹1.60, or 0.10%, on the BSE.