The Phoenix Mills Q2 FY27 Results: Consolidated Net Profit ₹424 Crore on Total Income of ₹1,189 Crore

Earnings
Real estate

Blacklitt Research30 October 20263 min read

The Phoenix Mills (NSE: PHOENIXLTD) reported consolidated total income of ₹1,189.09 crore and net profit of ₹424.06 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹245.93 crore and net profit of ₹127.14 crore, it said in a filing on 30 Oct 2026.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹1,189.09 crore, up 3.7% YoY and 6.6% QoQ
Net profit: ₹424.06 crore, up 10.8% YoY and 7.5% QoQ
EPS: Basic ₹9.11, against ₹8.50 a year earlier and ₹8.30 in Q1 FY27
Finance costs: ₹103.16 crore, up 12.2% YoY, or 8.7% of total income

Standalone

The company on its own, without its subsidiaries

Total income: ₹245.93 crore, up 5.7% YoY and 60.1% QoQ
Net profit: ₹127.14 crore, down 1.7% YoY and up 106.6% QoQ
EPS: Basic ₹3.56 after exceptional item, against ₹3.62 a year earlier
Exceptional item: ₹12.15 crore, paid in full and final settlement of a subsidiary dispute

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	1,189.09	1,146.21	+3.7%	1,115.16	+6.6%
Revenue from operations	1,152.80	1,115.42	+3.4%	1,074.95	+7.2%
Other income	36.29	30.79	+17.9%	40.21	-9.7%
	424.06	382.84	+10.8%	394.51	+7.5%
Finance costs	103.16	91.94	+12.2%	93.84	+9.9%
Depreciation	93.80	91.23	+2.8%	95.51	-1.8%
Tax expense	125.58	131.70	-4.6%	98.85	+27.0%
Net profit margin	35.66%	33.40%	+2.26 pp	35.38%	+0.29 pp
Tax as share of profit before tax	22.8%	25.6%	-2.75 pp	20.1%	+2.77 pp
EPS, basic (₹)	9.11	8.50	+7.2%	8.30	+9.8%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Net profit grew faster than total income. Net profit rose 10.8% YoY to ₹424.06 crore while total income rose 3.7%, and profit before tax rose 6.8% to ₹549.64 crore. Tax fell 4.6% to ₹125.58 crore, and the tax share of profit before tax dropped from 25.6% to 22.8%.

Revenue from operations rose 3.4% YoY, slower than other income, which rose 17.9% to ₹36.29 crore. Other income is 3.1% of total income this quarter and 6.6% of profit before tax.

Finance costs rose 12.2% YoY to ₹103.16 crore, faster than total income. Depreciation of ₹93.80 crore includes accelerated depreciation of ₹4.64 crore charged in the quarter on a mall building the company proposes to demolish and redevelop; the notes give no timetable for that work.

Profit attributable to owners of the company is ₹325.71 crore, with ₹101.29 crore attributable to non-controlling interest. The consolidated figures contain no exceptional item for the quarter.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	245.93	232.77	+5.7%	153.65	+60.1%
Revenue from operations	240.94	227.33	+6.0%	147.45	+63.4%
Other income	4.99	5.44	-8.3%	6.20	-19.5%
	127.14	129.36	-1.7%	61.55	+106.6%
Finance costs	13.68	16.19	-15.5%	13.58	+0.7%
Depreciation	20.70	16.23	+27.5%	20.36	+1.7%
Tax expense	24.38	20.33	+19.9%	11.15	+118.7%
Net profit margin	51.70%	55.57%	-3.88 pp	40.06%	+11.64 pp
Tax as share of profit before tax	16.1%	13.6%	+2.51 pp	15.3%	+0.75 pp
EPS, basic (₹)	3.56	3.62	-1.7%	1.72	+107.0%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit fell 1.7% YoY to ₹127.14 crore even as total income rose 5.7%. Revenue from operations rose 6.0% while other income fell 8.3% to ₹4.99 crore, and the standalone result includes a ₹12.15 crore exceptional item.

Against the first quarter, standalone net profit rose 106.6% and total income rose 60.1%. The step-up is large, and the filing gives no reason for the move in the quarter-on-quarter figures.

Standalone tax rose 19.9% YoY to ₹24.38 crore, lifting the tax share of profit before tax to 16.1% from 13.6%. Standalone finance costs fell 15.5% to ₹13.68 crore.

Consolidated net profit of ₹424.06 crore is ₹296.92 crore higher than standalone net profit of ₹127.14 crore.

Inference

The filing reports that the board approved the results on 30 Oct 2026 and that the statutory auditor, D T S & Associates LLP, issued a limited review report with no modification for both standalone and consolidated results. Island Star Mall Developers Private Limited received NCLT approval dated 27 Oct 2026 for a reduction of equity share capital as a Tranche 2 payment to CPP Investments, and the company says the balance tranche payments remain subject to compliance with applicable laws. The filing does not say when or whether the balance payments will be made, and it gives no dividend figure or record date.

The company has 37 subsidiaries and 5 associates and three reportable segments on a consolidated basis.

Reference: Original filing (PDF)

Sign up to continue reading

Create a free account to read the rest of this article and the analysis that follows.

Disclaimer:

The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.