Phoenix Mills (PHOE.BO): 1QFY27 Results marginally below estimates; Re-leasing and expansion to drive further growth; Maintain Buy

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Phoenix Mills (PHOE.BO): 1QFY27 Results marginally below estimates; Re-leasing and expansion to drive further growth; Maintain Buy

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29 Jul 2026 12:22:29 ET │ 14 pages

Phoenix Mills (PHOE.BO)

1QFY27- Results marginally below estimates; Re-leasing and

expansion to drive further growth; Maintain Buy

CITI'S TAKE

Phoenix Mills reported 1QFY27 results, slightly below Citi estimates on Buy

Revenue and EBITDA. Ex-jewellery and electronics, consumption grew

~24% YoY, outpacing Retail revenue growth of 17% YoY — largely as many Price (29 Jul 26 15:30) Rs1,903.00

Fashion & Accessories stores are yet to cross the variable rental Target price Rs2,250.00↑

threshold. The growth outlook remains supported by: (a) organic

from Rs2,100.00consumption growth of 7–9% in mature malls; (b) re-leasing of 58% of area

expiring by FY30; and (c) new mall openings at Kolkata and Surat in FY28, Expected share price return 18.2%

alongside expansions at Palladium and PMC Bangalore. Maintain Buy. Expected dividend yield 0.1%

Expected total return 18.4%

1QFY27 Results — a) Revenues of Rs10.7bn (+13% YoY), slightly below Citi's estimate

of Rs11.2bn. Retail & Commercial segment contributed Rs8.9bn (+18% YoY); Market Cap Rs680,634M

b) EBITDA came in at Rs6.4bn (+14% YoY), marginally below Citi's estimate of US$7,100M

Rs6.7bn; c) Ex-jewellery and electronics, consumption growth accelerated to 24%

YoY (vs. 17% in 4QFY26), ahead of overall Retail revenue growth of 17%/15% in

1QFY27/4QFY26; e) Trading occupancy at PMC Bangalore and PMC Pune improved

to 88%/90% in 1QFY27 from 86%/87% in 4QFY26. Price Performance

Key focus areas and takeaways — a) Despite consumption growth ex-jewellery and (RIC: PHOE.BO, BB: PHNX IN)

electronics accelerating to 24% YoY — driven primarily by the Fashion & Accessories