Phoenix Mills Q1 Update: Retailer Sales Rise 12%

The Phoenix Mills Ltd.'s retailer sales grew 12% in the first quarter of fiscal 2026, reflecting healthy underlying demand and continued momentum, as per an exchange filing on Monday.

The company's trading occupancy for the quarter stands at 89%, marginally lower than 91% in the previous quarter, primarily due to planned, transitional vacancy linked to upgrades, said the filing. Gross leasing of nearly 4.07 lakh square feet was completed in Mumbai, Pune, Bengaluru and Chennai during the June quarter.

Occupancy in the operational assets at Mumbai and Vimmanagar in Pune stood at 69% in June, as compared to 67% in March. Gross retail sales stood at nearly Rs 168 crore, with collections standing at Rs 99 crore.

Consumption growth during the quarter was led by Phoenix Palassio (Lucknow), Phoenix Citadel (Indore), Phoenix Palladium (Mumbai) and Palladium Ahmedabad, supported by the continued ramp-up of new assets, stated the filing.

Shares of the company closed 0.08% higher at Rs 1,549.50 apiece, as compared to a flat closing of the benchmark NSE Nifty 50.

Out of 18 analysts tracking the company, 10 maintain a 'buy' rating, six recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 13.3%.