Phoenix Mills: Broker reiterates Buy at ₹2,230 as Q4 mall consumption jumps 31% to ₹4,261 cr
Rental income climbed 13.6% to ₹551 cr in Q4FY26 on the back of 400+ new store openings across FY26 and a renewal cycle covering 36-50% of the portfolio. Office vertical scales to 4.8 mn sq ft at 70% occupancy, with 920 deals inked over 3.2 mn sq ft signalling sustained demand.
Broker maintains Buy on Phoenix Mills with ₹2,230 target. Q4FY26 mall consumption rose 31% to ₹4,261 cr, rentals up 13.6%. Office portfolio at 4.8 mn sq ft; 400+ new stores opened across FY26, with renewals driving rental growth.
Why this matters
Strong Q4 print follows Phoenix's premiumisation push with the Pune MarketCity rebrand to 'Avenue of Stars' and Bengaluru office expansion via the 0.8M sq ft Asia Towers in Hebbal.
Retail-company signals steady at 3,801 over the last 90 days, with Phoenix anchoring the premium mall narrative.