Realty firm The Phoenix Mills Ltd on Thursday (July 24) reported a 3.4% year-on-year (YoY) increase in net profit at ₹240.6 crore for the first quarter that ended June 30, 2025, over ₹232.5 crore in Q1FY25.
Revenue from operations was up 4.5% to ₹984.5 crore against ₹942.4 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA rose 4.7% YoY to ₹595.3 crore in the first quarter over ₹568.7 crore. The EBITDA margin stood at 60.4% compared to 60.3% in the year-ago period.
In Q1FY26, Phoenix Mills reported a 12% YoY growth in retail consumption, which stood at approximately ₹3,588 crore. Gross retail collections for the quarter came in at around ₹853 crore, reflecting a 7% increase over the same period last year.
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In the commercial office segment, the company achieved gross leasing of approximately 4.07 lakh sq. ft. across its office properties in Mumbai, Pune, Bengaluru, and Chennai. Pre-leasing activity has also commenced at One National Park in Chennai, which is nearing completion. Income from commercial offices stood at ₹52 crore in Q1 FY26, up 4% compared to Q1FY25.
The residential portfolio also showed strong momentum, with gross sales of about ₹168 crore in Q1FY26, significantly higher than ₹50 crore in the year-ago quarter. Collections from the residential segment rose to ₹99 crore, up from ₹60 crore in Q1FY25. Sales booked and revenue recognised during the quarter amounted to ₹40 crore.
Board approves buyout
Further, The Phoenix Mills announced that its board of directors has approved the proposed buyout of the 49% shareholding held by Canada Pension Plan Investment Board (CPP Investments) in Island Star Mall Developers Private Limited (ISMDPL).
Also Read: Phoenix Mills Q1 retail sales up 12%; residential sales jump over 3x to ₹168 crore
Following the transaction, subject to shareholder and regulatory approvals, including clearance from the Competition Commission of India (CCI), PML’s ownership in ISMDPL will increase from 51% to 100%. The total consideration for the transaction is approximately ₹5,449 crore, to be paid over 36 months in four tranches, with appropriate adjustments, including those applicable in case of prepayment.
The transaction structure involves a mix of buyback, capital reduction, and dividend payout by ISMDPL and/or secondary purchase by PML and/or its affiliates. Bansi S Mehta Valuers LLP acted as the independent valuer and determined the fair value of ISMDPL for the proposed transaction. Morgan Stanley India Company Pvt Ltd acted as the financial advisor and provided a fairness opinion for the proposed transaction to PML.
The results came after the close of the market hours. Shares of Phoenix Mills Ltd ended at ₹1,456.00, up by ₹1.70 or 0.12%, on the BSE.
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