Financial Performance - Consolidated
Q1 FY27 Consolidated Results:
- Income from operations: ₹1,075 crore (13% YoY growth from ₹953 crore)
- Operating EBITDA: ₹642 crore (14% YoY growth from ₹564 crore)
- EBITDA Margin: 60% (59% in Q1 FY26)
- Profit before tax and exceptional items: ₹492 crore (21% YoY growth from ₹407 crore)
- Exceptional items: None
- Profit after tax, share of associates and minority interest: ₹297 crore (23% YoY growth from ₹241 crore)
- Diluted EPS: ₹8.30 (23% YoY growth from ₹6.73)
Business Segment Performance:
- Annuity businesses (Retail, Offices, Hotel Management) Revenue: ₹1,033 crore (17% YoY growth from ₹881 crore)
- Annuity businesses EBITDA: ₹649 crore (19% YoY growth from ₹544 crore)
- Residential & Others Revenue: ₹42 crore (-42% YoY from ₹72 crore)
- Residential & Others EBITDA: ₹8 crore (-137% YoY from ₹20 crore)
Financial Performance - Standalone
Q1 FY27 Standalone Results:
- Income from operations: ₹147 crore (17% YoY growth from ₹126 crore)
- Operating EBITDA: ₹100 crore (23% YoY growth from ₹82 crore)
- EBITDA Margin: 68% (65% in Q1 FY26)
- Profit before tax and exceptional items: ₹73 crore (52% YoY growth from ₹48 crore)
- Exceptional Items: None
- Profit after tax: ₹62 crore (51% YoY growth from ₹41 crore)
- Diluted EPS: ₹1.72 (51% YoY growth from ₹1.14)
Operational Metrics - Retail Portfolio
Overall Retail Performance:
- Total consumption: ₹4,730 crore (32% YoY growth)
- Retail rental income: ₹594 crore (17% YoY growth from ₹508 crore)
- Retail asset EBITDA: ₹625 crore (17% YoY growth from ₹533 crore)
Mall-wise Performance (Rental Income):
- Phoenix Palladium Mumbai: ₹126 crore (20% growth)
- Phoenix MarketCity Bangalore: ₹56 crore (17% growth)
- Phoenix Avenue of Stars, Pune: ₹60 crore (13% growth)
- Phoenix MarketCity & Palladium Chennai: ₹64 crore (12% growth)
- Phoenix MarketCity Mumbai: ₹50 crore (11% growth)
- Phoenix Palassio Lucknow: ₹39 crore (8% growth)
- Phoenix United Lucknow: ₹9 crore (4% growth)
- Phoenix United Bareilly: ₹7 crore (6% growth)
- Phoenix Citadel Indore: ₹29 crore (16% growth)
- Palladium Ahmedabad: ₹37 crore (15% growth)
- Phoenix Mall of the Millennium Pune: ₹47 crore (10% growth)
- Phoenix Mall of Asia Bangalore: ₹69 crore (47% growth)
Consumption by Category:
- Fashion & Accessories: 52% of consumption (24% YoY growth)
- Jewellery: 16% of consumption (55% YoY growth)
- Electronics: 12% of consumption (61% YoY growth)
- Food & Beverages: 9% of consumption (26% YoY growth)
- Others: 5% of consumption (31% YoY growth)
- FEC & Multiplex: 4% of consumption (19% YoY growth)
- Gourmet & Hypermarket: 2% of consumption (7% YoY growth)
Office Portfolio Performance
Portfolio Overview (as of June 2026):
- Total portfolio: 4.76 msft with 72% occupancy
- Gross rent: ₹112 pspm
Operational Assets (Mumbai & Pune):
- Leasable area: 1.88 msft
- Occupancy: 84% (vs 70% in June 2025)
- Q1 FY27 Income: ₹60 crore (17% YoY growth)
- Q1 FY27 EBITDA: ₹42 crore (18% YoY growth)
New Assets (Completed 2025):
- Phoenix Asia Towers, Bengaluru: 0.82 msft, 40% occupied, ₹91 pspm
- Millennium Towers, Pune: 1.46 msft, 79% occupied, ₹88 pspm
- One National Park, Chennai: 0.60 msft, 63% occupied, ₹113 pspm
- Q1 FY27 Income from new assets: ₹15 crore
Total Office Performance:
- Q1 FY27 Total Income: ₹75 crore (44% YoY growth from ₹52 crore)
- Q1 FY27 EBITDA: ₹42 crore (31% YoY growth from ₹32 crore)
- EBITDA Margin: 56% (62% in Q1 FY26)
Hospitality Performance
The St. Regis, Mumbai:
- Q1 FY27 Gross Sales: ₹64 crore
- Q1 FY27 Collections: ₹51 crore
- Revenue from Rooms: ₹61 crore (14% YoY growth)
- Revenue from F&B and Banquet: ₹68 crore (26% YoY growth)
- Total Income: ₹133 crore
- Operating EBITDA: ₹60 crore (20% YoY growth)
- EBITDA Margin: 45% (stable)
Courtyard by Marriott, Agra:
- Revenue from Rooms: ₹6.2 crore (16% YoY growth)
- Revenue from F&B and Banquet: ₹5.1 crore (-5% YoY)
- Other Operating Income: ₹0.3 crore (-17% YoY)
- Total Income: ₹11.6 crore (5% YoY growth)
- Operating EBITDA: ₹3.1 crore (-22% YoY)
- EBITDA Margin: 11% (vs 15% in Q1 FY26)
Residential Performance
Q1 FY27 Metrics:
- Gross residential sales: ₹64 crore
- Collections: ₹51 crore
- Average sales price: ₹36,000 psf
- Constructed and ready to sell inventory: ~0.15 msft
Project-wise Details:
- One Bangalore West: Saleable area 2.46 msft, launched area 1.80 msft, cumulative sold area 1.77 msft, ready inventory 0.02 msft, cumulative sales value ₹2,061 crore, Q1 FY27 collections ₹5 crore, revenue recognized ₹3 crore
- Kessaku Bengaluru: Saleable area 1.03 msft, launched area 1.03 msft, cumulative sold area 0.90 msft, ready inventory 0.13 msft, cumulative sales value ₹1,728 crore, Q1 FY27 collections ₹46 crore
- Total inventory in Bengaluru + Kolkata: ~1.81 msft
Debt and Capital Structure
Group-level Debt Position (as of June 30, 2026):
- Gross debt across PML Group entities: ₹5,164 crore
- Net debt to EBITDA ratio: 2.0x (based on trailing 12-month EBITDA)
- Effective cost of debt: Not quantified
- Cash and cash equivalents: Not quantified
Entity-wise Debt Breakdown:
- Operational assets debt: ₹4,826 crore
- Under-development assets debt: ₹338 crore
Strategic Developments
ISMDPL Buyout:
- PML to consolidate 100% ownership in Island Star Mall Developers Pvt Ltd
- Structured buyout of CPP Investments' 49% stake
- Total consideration: ~₹5,449 crore, payable over 36 months in four tranches
- Tranche 1 completed in November 2025
- Funding: Substantially from surplus cash + internal accruals + incremental debt at ISMDPL
Growth Projects Pipeline:
- Phoenix Grand Victoria, Kolkata: Retail completion expected 2027
- Phoenix MarketCity Bangalore Expansion: Retail | Office | Hotel Phase 3
- Surat: Retail development expected 2027-28
- Thane: Retail GLA ~1.30 msft Phase 1, approvals secured
- Coimbatore: Retail GLA ~1 msft, excavation commenced
- Chandigarh: Retail GLA ~1.70 msft Phase 1, excavation commenced
- Art Exchange, Bengaluru: Offices expected 2027
- Grand Hyatt, Bengaluru: Expected 2027
- Rise Offices, Mumbai: Expected 2028