PHOENIXLTD · Realty
Phoenix Mills Ltd. reported revenue of ₹1,153 cr for July to September 2026, +3.4% on the year and +7.3% on the quarter. That is slower than this quarter has grown in recent years (+13.2% on average). Over the last four quarters revenue comes to ₹4,582 cr, +12.9% on the four before.
Operating profit (EBITDA) was ₹710 cr, a margin of 61.6%, +176 bps on the year and +186 bps on the quarter. It is the widest margin of the last 8 quarters (range 55.1% to 61.6%). Operating costs grew −1.1% against revenue growth of +3.4%, so more of each rupee of sales reached operating profit.
Net profit was ₹427 cr, +11.2% on the year and +8.4% on the quarter, with earnings per share of ₹9.11. Profit before other income, one-offs and tax grew 6.2%, so 5 points of the headline growth came from outside the core business. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹1,672 cr, +18.9% on the four before.
Of the 5 companies in Real estate, REITs and InvITs that have reported Q2 FY27 so far, Phoenix Mills Ltd. ranks 3rd on revenue growth; the sector median is −2.6%. Its margin moved +176 bps on the year against a sector median of +370 bps.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹36.40 over the last four quarters, the stock at ₹1,905.40 trades at 52.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹986 cr | ₹1,306 cr | ₹904 cr | ₹918 cr | ₹975 cr | ₹1,016 cr | ₹953 cr | ₹1,115 cr | ₹1,121 cr | ₹1,233 cr | ₹1,075 cr | ₹1,153 cr |
| YoY | — | — | +11% | +5% | −1% | −22% | +5% | +21% | +15% | +21% | +13% | +3% |
| EBITDA margin | 56.0% | 48.0% | 58.7% | 56.4% | 56.7% | 55.1% | 59.2% | 59.8% | 58.5% | 60.8% | 59.7% | 61.6% |
| Other income, % of PBT | 8% | 8% | 10% | 10% | 11% | 10% | 8% | 6% | 4% | 9% | 8% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 17% | 20% | 19% | 22% | 15% | 17% | 21% | 26% | 25% | 22% | 20% | 23% |
| Net profit | ₹345 cr | ₹392 cr | ₹315 cr | ₹292 cr | ₹353 cr | ₹348 cr | ₹321 cr | ₹384 cr | ₹366 cr | ₹485 cr | ₹394 cr | ₹427 cr |
| YoY | — | — | +8% | −4% | +2% | −11% | +2% | +32% | +4% | +39% | +23% | +11% |
| Core profit YoY | — | — | +5% | −2% | −3% | −17% | +7% | +44% | +27% | +50% | +21% | +6% |
| EPS | ₹7.82 | ₹9.14 | ₹6.50 | ₹6.10 | ₹7.41 | ₹7.52 | ₹6.73 | ₹8.50 | ₹7.71 | ₹11.28 | ₹8.30 | ₹9.11 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Phoenix Mills Ltd. reported revenue of ₹1,153 cr (+3.4% on the year) and net profit of ₹427 cr (+11.2% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +6.2% on the year, against +11.2% for reported profit.
None of the 8 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.