Phoenix Mills Reports ₹16,578 Crore Retail Consumption In FY26, Achieves 21 % Growth Without New Malls

Mumbai: Phoenix Mills has delivered a standout FY26, with growth across retail, offices, hospitality, and residential segments, underscoring strong execution across its portfolio.

Retail drives growth

The company recorded its highest-ever retail consumption at approximately Rs 16,578 crore in FY26, reflecting a 21 percent year-on-year increase. Notably, this growth came entirely from its existing portfolio, with no new mall additions during the year. In the fourth quarter alone, consumption reached around Rs 4,251 crore, up 31 percent year-on-year, making it the strongest quarter in terms of growth.

Offices scale up

Phoenix Mills significantly expanded its office portfolio, adding around 2.8 million square feet of Grade A office space across Bengaluru, Chennai, and Pune. This took the total gross leasable area to approximately 4.8 million square feet. During FY26, the company achieved gross leasing of over 2.2 million square feet, with overall occupancy reaching about 70 percent by March 2026, indicating strong demand from occupiers.

Hospitality holds steady

The hospitality segment remained resilient despite a challenging operating environment. The St. Regis, Mumbai, delivered revenue per available room growth of 6 percent in Q4 and 7 percent for the full year, driven primarily by higher room rates. Occupancy levels were sustained at a healthy 86 percent for FY26, highlighting the premium positioning of the asset.

Residential sales surge

Residential sales saw a sharp uptick during the year, more than doubling to approximately Rs 471 crore compared to Rs 212 crore in FY25. This growth was driven by steady execution and continued monetisation of ready, premium inventory. The segment emerged as a strong contributor to overall performance, complementing the company’s core retail-led strategy.

Phoenix Mills indicated that performance across all verticals reflects sustained operating momentum and progress on strategic priorities, positioning the company for continued growth.

Disclaimer: This article is based solely on the company’s official operational update filing and does not include independent verification or additional sources.