The retail portfolio’s consumption reached approximately ₹4,787 crore in Q3 FY26, reflecting a 20% increase year-on-year, while the nine-month consumption rose by 15% year-on-year to about ₹12,122 crore.
The company noted that demand remained robust during the festive quarter, although certain assets were undergoing planned renovations and premiumisation efforts. Newer malls, such as the Phoenix Mall of Asia in Bengaluru and the Phoenix Mall of the Millennium in Pune, continued to grow and significantly contributed to portfolio momentum.
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In the commercial office sector, leasing activity remained vigorous throughout 9M FY26, achieving gross leasing of around 1.20 million square feet. Leased occupancy for operational assets in Mumbai and Viman Nagar, Pune, improved to 77% as of December 2025, compared to 67% in March 2025. Leased occupancy in new office developments in Pune, Bengaluru, and Chennai was recorded at 41%, with advanced leasing discussions indicating further potential growth.
Millennium Towers 1 and 2 in Pune received Occupation Certificates in Q3 FY26, while Millennium Tower 3 had obtained its certificate earlier in March 2025. Furthermore, Millennium Towers achieved USGBC LEED Platinum certification in November 2025.
The hospitality segment demonstrated stable performance during Q3 and 9M FY26, bolstered by high occupancy rates and ARR-driven growth in Revenue Per Available Room. The St. Regis, Mumbai, experienced RevPAR growth of 10% year-on-year in Q3 FY26 and 8% year-on-year in 9M FY26, with occupancy levels at 86% during the quarter.
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Residential sales and collections remained consistent, aided by the execution and monetisation of premium inventory. Gross residential sales were approximately ₹140 crore in Q3 FY26, compared to ₹58 crore in the same quarter last year. For the nine-month period, gross residential sales reached around ₹412 crore, up from ₹135 crore in 9M FY25.
Shares of Phoenix Mills Ltd closed at ₹1,910.00, up by ₹0.36, or 6.80%, on the BSE.
