Target: ₹2,230
CMP: ₹1,902.70
The Phoenix Mills (PML) is engaged in operation and management of malls, construction of commercial and residential property and hotel business in India. The group has real estate assets in Mumbai, Bengaluru, Chennai, Pune, Agra, Indore, Lucknow, Bareilly and Ahmedabad.
Q4FY26 retail consumption grew 31 per cent year on year to ₹4,261 crore, led by broad-based growth across all malls. Rental income grew 13.6 per cent to ₹551 crore. March 2026 trading occupancies in Phoenix MarketCity Pune and Phoenix MarketCity Bengaluru respectively is expected to reach about 90 per cent in Q1FY27. Strategic repositioning of malls (Phoenix MarketCity Bengaluru and Pune) are unlocking higher rents and trading density profit.
The operational commercial office portfolio has expanded massively to 4.8 million sq ft across four cities (Mumbai, Pune, Bengaluru, Chennai) with about 70 per cent occupancy. The management targets overall office occupancy to reach 90 per cent in the coming quarters and expects quarterly office rental income to double by Q4FY27.
The company executed about 920 deals covering 3.2 million sq ft and opened over 400 new stores in FY26. A significant 36-50 per cent of the portfolio area is coming up for renewal over the next two-three years, acting as a major catalyst for accelerated rental growth.
Phoenix Mills’ growth is being driven by retail repositioning, marquee brand additions, office portfolio expansion, residential cash flows and disciplined financial management.
Published on June 25, 2026
