Phoenix Mills Retail Consumption Soars 20%, Office Occupancy Hits 77%

REAL-ESTATE
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AuthorAarav Shah|Published at:
Phoenix Mills Retail Consumption Soars 20%, Office Occupancy Hits 77%
Overview

Phoenix Mills reported robust Q3 FY26 results with retail consumption climbing 20% year-on-year to ₹4,787 crore. The company's office portfolio saw occupancy reach 77% following 1.20 million sq ft leased in nine months. Hospitality performance remained steady, and residential sales significantly increased to ₹140 crore.

Phoenix Mills Reports Strong Q3 FY26 Operational Progress

The Phoenix Mills Ltd, a prominent Mumbai-based real estate developer, announced a steady operational performance across its business segments for the quarter and nine months ended December 31, 2025. The results highlight robust consumer spending and effective leasing strategies.

Retail Consumption Surge

The company's retail portfolio consumption reached approximately ₹4,787 crore in Q3 FY26, a significant 20% year-on-year increase. Consumption for the nine-month period rose 15% year-on-year to around ₹12,122 crore. Demand remained broad-based during the festive quarter, with newer malls contributing meaningfully to portfolio momentum.

Office Leasing Gains Traction

Leasing activity in the commercial office segment was strong through 9M FY26, with gross leasing of approximately 1.20 million square feet. Leased occupancy across operational assets in Mumbai and Pune improved to 77% as of December 2025, up from 67% in March 2025. New office developments in Pune, Bengaluru, and Chennai are now 41% leased, with advanced discussions indicating further ramp-up. Millennium Towers in Pune achieved USGBC LEED Platinum certification.

Hospitality and Residential Strength

The hospitality portfolio delivered steady performance, supported by strong occupancies and Revenue Per Available Room (RevPAR) growth. The St. Regis, Mumbai, recorded 10% year-on-year RevPAR growth in Q3 FY26, maintaining 86% occupancy. Residential sales also saw a marked increase, with gross residential sales reaching about ₹140 crore in Q3 FY26, up from ₹58 crore in the corresponding quarter last year. Shares of Phoenix Mills Ltd closed at ₹1,910.00 on the BSE.

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