Phoenix Mills Q1 profit up 23% to ₹394 cr; retail consumption strong
Consolidated net profit rises 23% YoY on 13% revenue growth. Mall portfolio expansion with Kolkata, Surat openings planned for H2 FY28.
— 2 earlier stories on The Phoenix Mills Ltd. →What's new
- Net profit up 23% YoY to ₹394.5 cr in Q1 FY27.
- Revenue rises 13% to ₹1,074.9 cr; property segment at ₹895.7 cr.
- Retail consumption for year to Mar 2026 at ₹16,587 cr; new malls in Kolkata, Surat for H2 FY28.
Why this matters
The results reflect continued strong retail consumption and disciplined balance sheet management (net debt/EBITDA at 1.19x). While the filing is routine and largely anticipated, the expansion into new cities supports long-term growth. The stock's premium valuation (P/E 55.7x) hinges on sustained execution.
What we're watching
- Progress on Kolkata and Surat mall openings in H2 FY28.
- Retail consumption trends in coming quarters.
- Leasing activity and occupancy in existing malls.
The full read
Phoenix Mills delivered a steady quarter: consolidated net profit rose 23% to ₹394.5 crore, revenue climbed 13% to ₹1,074.9 crore, and the property segment remained the engine at ₹895.7 crore. Retail consumption hit ₹16,587 crore for the year to March 2026, a sign demand is holding. The balance sheet stays disciplined with net debt to EBITDA at 1.19x. Expansion into Kolkata and Surat is on track for H2 FY28. The filing is routine: profit growth was guided and the stock already trades at 55.7x trailing earnings. What matters from here is execution, leasing velocity in existing malls and delivery of the new pipeline.
Questions answered
- What drove the 23% profit growth?
- Consolidated net profit rose to ₹394.5 cr from ₹321 cr a year ago, driven by a 13% revenue increase to ₹1,074.9 cr, led by the property and related services segment.
- How much did the property segment contribute?
- Property and related services revenue was ₹895.7 cr in Q1 FY27, while hospitality contributed ₹184.6 cr.
- What is the company's retail consumption figure?
- Annual retail consumption for the year to March 2026 was ₹16,587 cr. In Q1 FY27 alone, retail portfolio consumption was ₹4,727 cr, up 32% YoY.
- When will the new malls in Kolkata and Surat open?
- The new malls are expected to open in the second half of FY28, which is more than a year away.
- What is the company's debt level?
- Net debt to EBITDA stood at 1.19 times at the end of FY26, indicating a healthy balance sheet.
- Is this filing likely to move the stock?
- The results are widely anticipated and routine, limiting surprise. The filing does not introduce new strategic information beyond what the market already expects.
The Phoenix Mills Ltd.
Latest quarter · Mar 2026
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All notes on PHOENIXLTD →- 28 Jul 2026 · 6:19 PM IST Phoenix Mills Q1 profit up 23% to ₹394 cr; retail consumption strong
- today Phoenix Mills Q1 profit jumps 23% as retail consumption stays strong
- 20d ago Phoenix Mills retail consumption up 32% to ₹4,727 cr in Q1