Corporate Expansion
Phoenix Mills Identifies 10 Potential New Retail Locations, About 13-14 Million Sq Ft
The Phoenix Mills Limited has identified 10 potential new retail locations with a combined retail potential of about 13 million to 14 million square feet, management said on its Q2 FY27 earnings call, with coverage dated 1 November 2026. The sites are long-term options, and no land deal, price or timeline was attached to them.
| Company | The Phoenix Mills Limited (BSE: 503100, NSE: PHOENIXLTD) |
|---|---|
| Announced on | Q2 FY27 earnings call, reported on or about 1 November 2026 |
| Potential new retail locations | 10 |
| Combined retail potential | About 13 million to 14 million sq ft |
| Cities named | Hyderabad, NCR, Navi Mumbai, Goa, Jaipur, Visakhapatnam and Nagpur |
| Per-site retail benchmark | About 1.3 to 1.4 million sq ft, up from an earlier norm of about 1 million sq ft |
| Retail platform (FY26) | 12 operational malls, over 11 million sq ft, across 8 cities |
| Retail portfolio target | More than 18 million sq ft by 2030 |
| Land spending in H1 FY27 | About INR 800 crore for land and some FSI |
What the company announced
On its Q2 FY27 earnings call, management said The Phoenix Mills Limited has identified 10 potential new retail locations. Together they offer about 13 million to 14 million square feet of retail area. The figures came up in the question-and-answer part of the call, and the company's presentation carried the list on a slide numbered 49.
Management said the 10 locations would form part of its plan for 2035 to 2036. No interim dates were given for any of the 10 sites.
Where the sites are
Seven of the 10 locations were named on the call: Hyderabad, the National Capital Region (NCR), Navi Mumbai, Goa, Jaipur, Visakhapatnam and Nagpur. The call covered the company's portfolio across India rather than a single site.
Hyderabad and NCR appear across several sources as priority markets. A JLL report from mid-2026 said Delhi NCR and Hyderabad are expected to account for more than half of upcoming retail supply in India's major cities. An earlier pipeline report from around 2023 had also listed Nagpur, Goa and Vizag as locations under evaluation.
Size benchmark for new sites
Management said its earlier norm was about 1 million sq ft of retail area per new location. The new benchmark is 1.3 million to 1.4 million sq ft per site. Based on that benchmark, the 10 sites would account for the combined 13 million to 14 million sq ft figure.
The analyst who raised the list, Parikshit Kandpal of HDFC Securities, also asked whether the company's earlier practice of adding about 1 million sq ft of retail area each year would change. This article does not have a confirmed answer from management on that point.
Land pipeline and spending
Varun Parwal, Senior Management and CFO of The Phoenix Mills Limited, said the company has spent about INR 800 crore on land and some FSI in the first half of FY27.
He also said one land deal is at a very advanced stage, and the company has already paid some advance consideration on it earlier in the year. The site, city and value of that deal have not been disclosed. Parwal said closing marquee land parcels takes time.
The company's current retail base
As of FY26, the retail platform had 12 operational malls spanning more than 11 million sq ft across 8 cities. In FY26, consumption at these malls reached Rs 16,587 crore, up 21% from FY25. Retail rental income for FY26 was Rs 2,157 crore, up 10%.
The office portfolio stood at 7 operational offices across 4.8 million sq ft in 4 cities, with occupancy at 70% as of March 2026. The company also says it has delivered over 3.5 million sq ft of premium residential development in Chennai and Bengaluru.
For Q2 FY27, the company reported consolidated revenue of Rs 1,153 crore, operating EBITDA of Rs 710 crore, and profit after tax and minority interest of Rs 326 crore. Its food and beverage subsidiary, Bellona Hospitality, has a plan to target Rs 650 crore in revenue and 100 restaurants by 2030, and is also looking at Hyderabad and the Delhi-NCR region.
Market context
Anarock data shows fresh supply of retail space in shopping malls fell 57% to 0.9 million sq ft in the first half of 2026 across seven major cities. That fall points to a tight market, and it is the backdrop against which the 10-site plan is being read.
Anarock put mall vacancy at 6.7% in H1 2026. JLL reported that, as of June 2026, the shopping mall stock across the top seven cities stood at 92.1 million sq ft with a vacancy rate of 11.2%.
Investor view
Emkay Global upgraded The Phoenix Mills Limited to Buy with a target price of Rs 2,300. The brokerage raised its valuation multiple for the retail segment from 20x to 22x and tied that change to confidence in the company's ability to manage its land pipeline.
The company reported an 11% rise in net profit for Q2 FY27, with retail consumption up 25% year on year. The 10 sites were described as long-term options rather than commitments, so no near-term effect on supply from them is reported.
What it means for home buyers
The announcement covers retail malls and the company's commercial portfolio. It does not set out residential launches, prices or possession timelines for any of the 10 sites. Buyers looking at residential property in these cities should check the specific project, its approvals and its timeline directly.
What comes next
The 10 locations sit inside a longer-term plan running to 2035 to 2036. The company's wider retail target is to move from about 11 million sq ft in 2026 to more than 18 million sq ft by 2030.
- Thane: Phase 1 has about 1.30 million sq ft of retail area, has all approvals secured, and excavation is expected to start soon. This is an existing project, not one of the 10 sites.
- Chandigarh: The company plans a retail mall of about 1.5 million to 1.7 million sq ft, using base FSI and extra FSI it has secured.
- Surat: The company expects completion by 2027 and opening in 2028.
- Kolkata: Fit-outs are expected to start around Q2, with launch about six months later.
- ISMDPL stake: The company expects the capital reduction to be completed in November 2026, after which its stake in ISMDPL is expected to rise from 58.33% to 68.1%.
Frequently asked questions
How many new retail locations has Phoenix Mills identified?
The Phoenix Mills Limited said on its Q2 FY27 earnings call that it has identified 10 potential new retail locations, with a combined retail potential of about 13 million to 14 million sq ft.
Which cities are on the list?
Seven of the 10 were named on the call: Hyderabad, NCR, Navi Mumbai, Goa, Jaipur, Visakhapatnam and Nagpur.
When will the new sites be built?
Management placed the 10 locations within its plan for 2035 to 2036. No interim dates were given for any of them, and the company describes them as long-term options rather than commitments.
Does this affect home prices or residential supply?
The announcement is about retail malls. It does not refer to residential projects or prices, so it does not by itself change the residential supply outlook.
How much has the company spent on land?
CFO Varun Parwal said the company has spent about INR 800 crore on land and some FSI in the first half of FY27. One advanced land deal is also in progress, but its site, city and value have not been disclosed.