Date: September 28, 2026

Operational Performance

Retail Business Performance:

  • Operational portfolio: 12 malls across 8 cities with ~11.5 million square feet (msft) gross leasable area (GLA)
  • FY26 retail consumption: ₹16,587 crore, up 21% versus FY25
  • FY26 retail rental income: ₹2,157 crore, up 10% versus FY25
  • FY26 retail EBITDA: ₹2,246 crore, up 12% versus FY25
  • Q1 FY27 retail consumption: up 32% YoY over Q1 FY26

Commercial Office Business:

  • Operational portfolio: 7 offices across 4 cities with ~4.8 msft GLA
  • March 2026 occupancy: 70%
  • FY26 office income: ₹213 crore, up 6% versus FY25
  • FY26 office EBITDA: ₹141 crore, up 7% versus FY25
  • Recently completed offices: One National Park, Millennium Towers, Phoenix Asia Towers

Hospitality Business:

  • Operational portfolio: 2 hotels (The St. Regis Mumbai and Courtyard by Marriott, Agra) with 588 keys
  • FY26 operating income: ₹596 crore, up 8% versus FY25
  • FY26 operating EBITDA: ₹276 crore, up 14% versus FY25
  • Properties feature 395 keys, 9 F&B venues, and ~60,000 sq. ft. banquet space

Residential Business:

  • FY26 gross bookings: ₹471 crore
  • FY26 collections: ₹467 crore
  • FY26 average sales price: ~₹28,600 per square foot
  • Area launched: ~2.8 million square feet
  • Premium projects in Bengaluru: One Bangalore West, Kessaku

Expansion and Development Pipeline

Growth Targets by 2030:

  • Retail GLA: >18 msft (from current ~11.5 msft)
  • Office GLA: ~9 msft (from current ~5 msft)
  • Hotels: ~2,188 keys (from current 588 keys)
  • Residential: ~7 msft cumulative saleable area (from current ~3.5 msft)

Key Projects Under Development:

  • Phoenix Grand Victoria Kolkata: East India's retail destination (Expected Completion: 2027)
  • Second retail destination in Gujarat at Surat (Expected Completion: 2027)
  • Expansion of Phoenix Palladium, Mumbai: Current Retail GLA ~1 msft
  • Expansion of Phoenix MarketCity Bangalore
  • Multiple projects moving from approvals to execution phase

Strategic Acquisition

ISMDPL Stake Acquisition:

  • PML ownership in ISMDPL moving from 51% to 100%
  • Transaction consideration: ~₹5,449 crores
  • Funding: Surplus cash, internal accruals, and measured debt
  • Tranche 1 paid in November 2025: Stake increased from 51% to 58.33%
  • ISMDPL platform includes: Phoenix MarketCity Bangalore + Expansion, Phoenix Mall of Asia + Phoenix Asia Towers (Bengaluru), Phoenix Mall of the Millennium + Millennium Towers (Pune), Phoenix Citadel (Indore)
  • Current operational area: ~6.6 msft
  • Target growth: ~13 msft by 2030

Financial Discipline

  • 26% EBITDA CAGR over 20 years through cycles
  • Net Debt to EBITDA computed using annual EBITDA for FY25 and FY26
  • Net Debt and EBITDA both include associate companies not part of PML's consolidated financial statements

Sustainability Initiatives

Certifications Achieved:

  • USGBC LEED Gold Certification
  • USGBC LEED Platinum Certification
  • USGBC LEED Platinum Pre-certification

Environmental Initiatives:

  • Renewable energy through offsite solar plant/rooftop
  • EV Charging Stations
  • Smart Building Management Systems
  • Professional vendor tie-ups & organic waste converters for efficient waste management
  • STP-based water recycling & other water conservation initiatives