Phoenix Mills Q2 FY27 Profit Reaches ₹325.7 Crore; H1 Profit Up 16%

What happened

On 30 October 2026, the board of The Phoenix Mills Limited approved unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026. The company is owned by the Ruia family and operates malls, offices, hotels and an asset management business. Its retail properties include Phoenix Palladium in Lower Parel, Mumbai.

Consolidated net profit for the quarter was about ₹325.7 crore, on consolidated revenue of ₹1,152.81 crore. Against ₹303.99 crore reported for the year-ago quarter (Q2 FY26), the profit figure is up roughly 7%. The comparison base in that report may differ from the ₹325.7 crore figure.

Key numbers for the half year

For April to September 2026 (H1 FY27), consolidated revenue rose 8% to ₹2,228 crore and EBITDA rose 10% to ₹1,352 crore. Profit after tax rose 16% to ₹818 crore.

• Annuity business revenue, which includes retail, office and hotel income, rose 16% to ₹2,089 crore in H1.
• Annuity business EBITDA rose 20%.
• Retail consumption in Q2 was ₹4,685 crore, up 25% from a year earlier.
• Retail consumption in Q1 FY27 was ₹4,727 crore, up 32%.

On a standalone basis, profit after tax was about ₹127.1 crore for the quarter and about ₹188.7 crore for the half year.

Differing figures across reports

Reports on the same results do not agree on every number. One report gives consolidated net profit after tax for the quarter as about ₹424 crore, and another gives about ₹427 crore after associate income. For the half year, one report gives profit after tax of about ₹821.5 crore and another gives ₹843.25 crore. This article uses ₹325.7 crore for the quarter and ₹818 crore for the half year. Revenue for the quarter is reported as ₹1,152.81 crore in one source and ₹1,153 crore rounded in another.

Balance sheet and funding

The company reported a net debt to EBITDA ratio of 1.2x as of September 2026, the same as at March 2026. The average cost of debt in September 2026 was 7.66%.

Restructuring and expansion plans

The company received National Company Law Tribunal (NCLT) approval for mergers of key subsidiaries and a capital reduction at Island Star Mall Developers, the company that owns Phoenix Marketcity Bengaluru. Reports describe this as a move to simplify the group structure.

The company is targeting an increase in operational retail space from about 11.2 million square feet to about 14 million square feet by 2027, through expansion of existing malls.

Projects outside Mumbai

The company is developing new projects in Kolkata, Gujarat, Thane and Coimbatore. Phoenix Grand Victoria in Kolkata, a shopping mall, was announced in 2021 and construction began in 2023.

What it means for buyers, investors and the market

Home buyers: The results cover commercial and retail assets. They do not include any residential launch, price change or project-specific offer.

Investors: The main measures in the results are profit growth, retail consumption growth and leverage. Leverage was unchanged at 1.2x, and retail consumption grew faster than profit in both the quarter and the half year.

Market: Retail spending at the company's malls rose sharply in the first half, which suggests steady footfall and spending in its mall network. The results do not give a Mumbai-wide demand figure.

What comes next

The next steps are the retail-space expansion toward about 14 million square feet by 2027, the NCLT-approved restructuring of group subsidiaries, and the development of projects in Kolkata, Gujarat, Thane and Coimbatore. The company has not announced dates for the Kolkata, Gujarat, Thane or Coimbatore projects in the reports reviewed.