Phoenix Mills Q1FY27 consumption jumps 32% to ₹4,727 cr, but rental income lags growth
Phoenix Mills beat estimates with 32% y-o-y retail consumption growth in Q1FY27, led by strong mall traction across Bengaluru, Pune and Mumbai. Yet rental income rose just 10% in FY26, signaling growth increasingly hinges on office, hospitality and residential diversification beyond mall retail. Stock trades at a rich 40x FY28 earnings.
Phoenix Mills posted 32% y-o-y retail consumption growth to ₹4,727 cr in Q1FY27, beating estimates on strong mall traction, though rental income lags consumption. Growth increasingly diversifies into office, hospitality and residential beyond mall retail.