Phoenix Mills reported a 7.14% rise in consolidated net profit to ₹326 crore for the September quarter. Commercial office income surged 64% as occupancy rates improved in Mumbai and Pune. The company said its growth roadmap to 2030 is embedded in existing assets and land parcels already under its control.

Commercial office income surged sharply, driven by higher occupancy rates and tenant move-ins across Mumbai and Pune assets, lifting overall operational margins. Meanwhile, residential sales saw steady collections during the quarter. Find out how management plans to fund its upcoming 2030 growth roadmap using existing land parcels.

The operator and developer of retail-led mixed-use destinations, Phoenix Mills reported a 7.14% year-on-year increase in consolidated net profit to ₹326 crore for the September quarter, compared with ₹304 crore in the corresponding period last year. Revenue from operations grew 3.4% to ₹1,153 crore from ₹1,115 crore.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased 6.5% year-on-year to ₹710 crore from ₹667 crore, while the EBITDA margin improved to 61.6% from 59.8%.

The company's commercial office business recorded income of ₹89 crore in Q2 FY27, marking a 64% increase over the year-ago quarter. Office assets completed during 2025 contributed ₹28 crore to income, supported by tenant move-ins and a ramp-up in occupancy.

Occupancy across the operational office assets in Mumbai and Viman Nagar in Pune stood at 83% in September 2026, compared with 77% in September 2025. Including offices completed in 2025, portfolio occupancy stood at around 79% in September 2026.

The company also reported gross leasing of around 6 lakh square feet across its office assets in Mumbai, Pune, Bengaluru and Chennai during the first half of FY27.

In its residential business, gross sales stood at around ₹84 crore in Q2 FY27, while collections were approximately ₹85 crore. For the first half of the financial year, gross residential sales were around ₹147 crore and collections stood at approximately ₹136 crore.

The company said its growth roadmap to 2030 is embedded in existing assets, land parcels and development rights already under its control.

Phoenix Mills shares closed 0.64% lower at ₹1,957.20 on October 30, declining ₹12.70, ahead of earning announcements.