Phoenix Mills Limited reported a robust performance for fiscal year 2025 (FY25), with its retail rental income rising 18% YoY to ₹1,951 crore and retail segment EBITDA growing 20% YoY to ₹2,010 crore. The results reflect the ongoing revival of India’s retail sector, strong consumer demand, and the company’s strategic expansion initiatives.
Key Highlights from FY25
Retail Portfolio Growth
Phoenix Mills’ strategy of developing destination malls has significantly contributed to its growth. The company currently operates 12 malls with a gross leasable area (GLA) of approximately 11 million square feet, providing a strong foundation for rental and retail income growth.
Strong Operating Metrics
In Q1 FY25, retail consumption increased 25% YoY, fueling a 28% YoY rise in gross retail collections, which reached ₹794 crore. This demonstrates strong engagement across both new and existing malls.
Expansion Through Acquisitions
The company is expanding its retail portfolio through strategic acquisitions. In July 2025, Phoenix Mills announced plans to acquire the remaining 49% stake in Island Star Mall Developers Private Limited (ISMDPL), gaining full ownership of 4.4 million square feet of operational retail space.
Performance of Other Business Segments
- Office Segment: Total income grew 10% YoY to ₹210 crore, while EBITDA rose 19% YoY to ₹131 crore.
- Hospitality Segment: St. Regis Mumbai achieved 85% occupancy in Q1 FY25, with a stable Average Room Rate (ARR).
Recent Company Activities
Phoenix Mills continues to advance its growth pipeline with ongoing projects such as Phoenix Grand Victoria in Kolkata and a retail destination in Surat, both expected for completion by 2027. Operational updates from July 2024 highlighted strong retail consumption, robust leasing activity in commercial offices, and positive retail collection trends.
Market and Investor Response
Following the strong Q1 results and the ISMDPL acquisition news, Phoenix Mills’ stock experienced notable gains, with brokerage firms issuing favorable ratings, citing the company’s strong fundamentals and growth strategy.
Summary
Phoenix Mills delivered strong FY25 results, with retail rental income up 18% YoY to ₹1,951 crore and retail segment EBITDA up 20% YoY to ₹2,010 crore, driven by India’s retail recovery and the company’s expansion strategy. The firm now operates 12 malls across 11 million sq. ft. GLA and is set to gain full ownership of ISMDPL’s 4.4 million sq. ft. retail portfolio. Other segments, including offices and hospitality, also showed growth. Phoenix Mills continues to expand its retail and commercial footprint through strategic acquisitions and ongoing development projects.
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