Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — H1 FY2027 Earnings Presentation
76 slides from Phoenix Mills's earnings presentation, Oct 30, 2026
Slide 1: Exchange filing cover letter
Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel: (022) 3001 6600 CIN No. : L17100MH1905PLC000200 October 30, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street,
Slide 2: Built to Compound: Investor Presentation Q2 & H1 FY27
Photo shot at location Phoenix Avenue of Stars, Pune Earlier known as Phoenix MarketCity Pune THE PHOENIX MILLS LIMITED Built to Compound Investor Presentation Q2 & H1 FY27
Slide 3: A Diversified Real Estate Platform Built for Compounding
A Diversified Real Estate Platform Built for Compounding RETAIL OFFICES HOSPITALITY RESIDENTIAL >18 msft ~9 msft ~2,188 keys ~7 msft GLA by 2030 GLA by 2030 Operational by 2030 Cumulative Saleable Area by 2030 Operational: ~11 msft Operational: ~5 msft Operational: 2 hotels, ~588 keys Area launched:
Slide 4: 26% EBITDA CAGR Over 20 Years: Compounding Through Cycles
26% EBITDA CAGR Over 20 Years: Compounding Through Cycles EBITDA (Rs. Cr) 2,637 CAGR 26% 778 263 26 FY06 FY13 FY18 FY26 Note: Above figures represent the Consolidated EBITDA of PML Group. Concept Architect 3
Slide 5: India's Best Retail Developer & Operator
India’s Best Retail Developer & Operator Consumption (Rs. Cr) Retail Rental (Rs. Cr) 16,587 CAGR 2,157 CAGR 15% 13% 2,570 420 FY13 FY26 FY13 FY26 Concept Architect 4
Slide 6: Q2 FY27 Consolidated Performance Overview
Q2 FY27 Consolidated Performance Overview Revenue EBITDA PAT Annuity Businesses (Retail, Rs. 1,055 cr Rs. 669 cr Rs. 391 cr Offices, Hotel and Asset Management) ↑ 16% vs Q2 FY26 ↑ 21% vs Q2 FY26 ↑ 31% vs Q2 FY26 Consolidated Group Rs. 1,153 cr Rs. 710 cr Rs. 424 cr Performance ↑ 3% vs Q2 FY26 ↑ 7% v
Slide 7: H1 FY27 Consolidated Performance Overview
H1 FY27 Consolidated Performance Overview Revenue EBITDA PAT Annuity Businesses (Retail, Offices, Hotel and Asset Rs. 2,089 cr Rs. 1,318 cr Rs. 793 cr Management) ↑ 16% vs H1 FY26 ↑ 20% vs H1 FY26 ↑ 31% vs H1 FY26 Consolidated Group Rs. 2,228 cr Rs. 1,352 cr Rs. 818 cr Performance ↑ 8% vs H1 FY26 ↑
Slide 8: Strong Cash Flows and Balance Sheet Provide Visibility for Next Growth Phase
Strong Cash Flows and Balance Sheet Provide Visibility for Next Growth Phase Operating Free Cash Flow (H1 FY27)1 Liquidity (as of 30-Sep-26)2,3 Rs. 1,215 cr Rs. 2,638 cr ↑ 22% YoY ↑ Rs. 634 cr vs March 2026 Gross Debt (as of 30-Sep-26)3 Net Debt (as of 30-Sep-26)3 Rs. 6,117 cr Rs. 3,479 cr ↑ Rs. 953
Slide 9: Multiple Growth Levers Driving Earnings and Cash Flow Growth
Multiple Growth Levers Driving Earnings and Cash Flow Growth Embedded Growth in Densification & Portfolio Incremental Growth Operating Retail Portfolio Expansion Drivers • Rental uplift on existing malls • Densification of existing destinations • 100% Ownership of ISMDPL through strategic reposition
Slide 10: Q2 and H1 FY27 Business wise Update
Photo shot at location Q2 and H1 FY27 Business wise Update Phoenix Mall of Asia, Bengaluru 9
Slide 11: Retail: Strong Performance Across Consumption, Rentals and EBITDA
Retail: Strong Performance Across Consumption, Rentals and EBITDA Q2 FY27 Q2 FY27 Retail Q2 FY27 Retail Consumption Rental Income Asset EBITDA Rs. 4,685 cr Rs. 605 cr Rs. 639 cr ↑ 25% vs Q2 FY26 ↑ 15% vs Q2 FY26 ↑ 18% vs Q2 FY26 H1 FY27 H1 FY27 Retail H1 FY27 Retail Consumption Rental Income Asset E
Slide 12: Q2 FY27 Retail Consumption up 25% with growth across all malls
Q2 FY27 Retail Consumption up 25% with growth across all malls Q2 FY27 Consumption (Rs. Cr) Growth 17% 68% 19% 21% 16% 22% 18% 19% 25% 17% 25% 10% over Q2 FY26 777 682 542 509 479 417 363 355 263 166 69 63 Phoenix Phoenix Mall PMC Phoenix PMC & Phoenix Mall PMC Phoenix Palladium Phoenix PU Lucknow P
Slide 13: H1 FY27 Retail Consumption up 28% with growth across all malls
H1 FY27 Retail Consumption up 28% with growth across all malls H1 FY27 Consumption (Rs. Cr) Growth 21% 81% 20% 25% 17% 28% 21% 20% 26% 20% 21% 9% over H1 FY26 1,501 1,393 1,083 1,045 934 849 747 727 524 342 136 134 Phoenix Phoenix Mall PMC Phoenix PMC & Phoenix Mall PMC Phoenix Palladium Phoenix PU
Slide 14: Q2 FY27: Consumption Across the Entire Spectrum of Discretionary Wallet Spend
Q2 FY27: Consumption Across the Entire Spectrum of Discretionary Wallet Spend Consumption Contribution Trading Area Mix YoY Consumption Growth Fashion & Accessories 51% 61% 22% Jewellery 15% 2% 28% Electronics 13% 3% 39% Food & Beverages 9% 11% 21% Others 5% 4% 34% FEC & Multiplex 5% 15% 16% Gourmet
Slide 15: Repositioning Driving Higher Rentals at Phoenix Avenue of Stars, Pune
Repositioning Driving Higher Rentals at Phoenix Avenue of Stars, Pune ANCHORS PHOENIX AVENUE OF STARS, PUNE – PERFORMANCE Q2 FY27 Value YoY Growth UNIQLO IKEA MAX Consumption Rs. 509 cr ↑ 21% In a new avatar PREMIUM BRANDS Trading Density Rs. 2,328 pspm ↑ 12% MICHAEL BOSS COACH Rental Income Rs. 60
Slide 16: Repositioning Driving Higher Rentals at Phoenix MarketCity Bangalore
Repositioning Driving Higher Rentals at Phoenix MarketCity Bangalore NEW BRANDS PHOENIX MARKETCITY BANGALORE – PERFORMANCE Q2 FY27 Value YoY Growth UNIQLO AZORTE NEXT Consumption Rs. 542 cr ↑ 19% Trading Density Rs. 2,894 pspm ↑ 2% NYKAA TIRA LEVI’S Rental Income Rs. 61 cr ↑ 25% H1 FY27 Value YoY Gr
Slide 17: Phoenix Citadel, Indore relaunched as Phoenix Pride of India
Phoenix Citadel, Indore relaunched as Phoenix Pride of India, Indore 16
Slide 18: India Celebrates at Phoenix
INDIA CELEBRATES AT PHOENIX Diwali Fireworks at Phoenix Pride of India Drone show at Phoenix Palassio, Lucknow Diwali Décor at Phoenix Palladium
Slide 19: Offices: Expanding the Base, Building Occupancy
Offices: Expanding the Base, Building Occupancy Portfolio doubled in 2 years, driven by three major completions during 2025 LEASABLE AREA & LEASED OCCUPANCY GROWTH LEASED OCCUPANCY (SEPTEMBER 2026) 83% 77% 79% Occupancy across Occupancy across Occupancy Established Assets1 New Assets2 Sep-26 Millenn
Slide 20: Offices: Occupancy Ramp-Up Driving Income & EBITDA growth
Offices: Occupancy Ramp-Up Driving Income & EBITDA growth Q2 FY27 Q2 FY27 Income EBITDA Rs. 89 cr Rs. 56 cr ↑ 64% vs Q2 FY26 ↑ 61% vs Q2 FY26 H1 FY27 H1 FY27 Income EBITDA Rs. 163 cr Rs. 98 cr ↑ 55% vs H1 FY26 ↑ 47% vs H1 FY26 Note: The numbers cover our entire offices portfolio across Mumbai, Pune,
Slide 21: Hotels: Growing Cash Flows, Strengthening Ecosystem
Hotels: Growing Cash Flows, Strengthening Ecosystem Q2 FY27 Q2 FY27 Occupancy Income EBITDA (The St. Regis) Rs. 137 cr Rs. 56 cr 82% ↑ 13% vs Q2 FY26 ↑ 12% vs Q2 FY26 For H1 FY27 H1 FY27 H1 FY27 Occupancy Income EBITDA (CYMA) Rs. 282 cr Rs. 118 cr 76% ↑ 15% vs H1 FY26 ↑ 16% vs H1 FY26 For H1 FY27 Co
Slide 22: The St. Regis, Mumbai: Performance Overview for Q2 and H1 FY27
The St. Regis, Mumbai: Performance Overview for Q2 and H1 FY27 ARR (Rs.) RevPAR (Rs.) Occupancy 20% 16% 13% 14% Growth Growth Growth Growth 80% Q2 FY27 82% 17,727 21,247 18,129 21,051 14,999 16,953 15,230 17,353 H1 FY27 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Q2 FY27 Revenue
Slide 23: Courtyard by Marriott, Agra: Performance Overview for Q2 and H1 FY27
Courtyard by Marriott, Agra: Performance Overview for Q2 and H1 FY27 ARR (Rs.) RevPAR (Rs.) Occupancy 13% Growth 13% Growth 35% Growth 31% Growth 72% Q2 FY27 ↑ 12 pps 76% 4,396 4,950 4,384 4,949 2,862 2,621 3,548 3,738 H1 FY27 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 ↑ 10 pps Q2 FY26 Q2 FY27 H1 FY26 H1 FY27
Slide 24: Residential Business Generating Cash Flows to Fund Future Growth
Residential Business Generating Cash Flows to Fund Future Growth Rs. 84 cr Rs. 85 cr ~37,300 psf Q2 FY27 Q2 FY27 H1 FY27 Gross Sales Collections Average Sales Price (Rs.) Rs. 147 cr Rs. 136 cr Rs. 62 cr H1 FY27 H1 FY27 H1 FY27 Gross Sales Collections Revenue recognized Concept Architect 23
Slide 25: Q2 and H1 FY27 Financial Results
Photo shot at location Q2 and H1 FY27 Financial Results Palladium Ahmedabad 24
Slide 26: H1 FY27 Consolidated EBITDA at Rs. 1,352 crores, up 10% YoY
H1 FY27 Consolidated EBITDA at Rs. 1,352 crores, up 10% YoY Amount in Rs. Cr Particulars Q2 FY27 Q2 FY26 YoY% H1 FY27 H1 FY26 YoY% Income from operations 1,153 1,115 3% 2,228 2,068 8% Operating EBITDA 710 667 7% 1,352 1,231 10% EBITDA Margin (%) 62% 60% 2 pps 61% 60% 1 pps Profit before tax & except
Slide 27: Breakup of Consolidated P&L
Breakup of Consolidated P&L Amount in Rs. Cr Particulars Amount in Rs. Cr Q2 FY27 Q2 FY26 YoY% H1 FY27 H1 FY26 YoY% Revenue from annuity businesses (Retail, Offices, 1,055 914 16% 2,089 1,794 16% Hotel & Asset Management) Add: Residential & Others 98 202 -52% 139 274 -49% Consolidated Revenue 1,153
Slide 28: H1 FY27 Standalone EBITDA at Rs. 194 crores up 15%
H1 FY27 Standalone EBITDA at Rs. 194 crores up 15% Amount in Rs. Cr Particulars Q2 FY27 Q2 FY26 YoY% H1 FY27 H1 FY26 YoY% Income from operations 141 137 3% 288 263 10% Operating EBITDA 93 87 7% 194 168 15% EBITDA Margin (%) 66% 63% 3 pps 67% 64% 3 pps Profit before tax & exceptional items 164 150 9%
Slide 29: Operating Cash Flow in Q2 FY27
Operating Cash Flow in Q2 FY27 Q2 FY27 Q2 FY26 % Change Amount in Rs. cr Net cash from operating activities 711 590 20% Less: Net Interest paid -80 -75 7% Operating free cash flow* 631 516 22% Contribution to Operating free cash flow from Retail, Offices, Hotels 570 446 28% Residential 60 69 -13% *R
Slide 30: Operating Cash Flow in H1 FY27
Operating Cash Flow in H1 FY27 H1 FY27 H1 FY26 % Change Amount in Rs. cr Net cash from operating activities 1,367 1,148 19% Less: Net Interest paid -151 -149 1% Operating free cash flow* 1,215 998 22% Contribution to Operating free cash flow from Retail, Offices, Hotels 1,137 872 30% Residential 78
Slide 31: Group-level Debt & Cash position as on 30th September 2026 vs. 31st March 2026
Group-level Debt & Cash position as on 30th September 2026 vs. 31st March 2026 30-Sep-26 31-Mar-26 Change Amount Rs. cr Liquidity (Bank balance + 2,638 2,004 + 634 Investments + DSRA)1,2 Gross Debt 1,2 6,117 5,164 + 953 Net Debt 1,2 3,479 3,160 + 319 Net Debt to EBITDA 3 1.2x 1.2x Notes: 1. Does not
Slide 32: Average cost of debt in September 2026 is 7.66%
Average cost of debt in September 2026 is 7.66% Effective cost of debt (%) 9.19% 8.74% 8.81% 8.50% 8.17% 7.51% 7.69% 7.66% 7.30% Spread: 479 bps Spread: 241 bps 6.50% 6.50% 6.25% 5.25% 5.25% 5.25% 4.40% 4.00% 4.00% Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Jun-26 Sep-26 PML's Avg. Cost of Deb
Slide 33: Landmark Destinations completing by 2028
Landmark Destinations completing by 2028 Phoenix Grand Phoenix MarketCity Phoenix Palladium, Phoenix Surat* Victoria, Kolkata Bangalore Expansion Mumbai Expansion Retail: ~1 msft Retail: ~0.2 msft Retail: ~0.45 msft Retail: ~1 msft 2027 2027 2027 2027 Art Exchange, Grand Hyatt Rise Offices, Bengalur
Slide 34: Key Projects Moving from Approvals to Execution
Key Projects Moving from Approvals to Execution Thane Coimbatore Chandigarh Bangalore Expansion Retail GLA: ~1.30 msft Retail GLA: ~1.70 msft Retail | Office | Hotel Retail GLA: ~1 msft Phase 1 Phase 1 Phase 3 Approvals secured. Civil contracts Excavation commenced. Excavation commenced. Excavation
Slide 35: From Destination Retail to Integrated Urban Icons
From Destination Retail to Integrated Urban Icons Segments 2025 By 2027 - 2028 By 2030 Retail ~11 msft >14 msft >18 msft Offices ~5 msft ~7 msft ~9 msft Hotels ~588 keys ~988 keys ~2,188 keys Residential^ ~3.5 msft ~4.5 msft ~7 msft GLA is an estimate based on current plans and market/company norms
Slide 36: Growth Drivers
Photo shot at location Growth Drivers Phoenix Palladium, Mumbai 35
Slide 37: Multiple Growth Levers Driving the Next Phase of EBITDA Expansion
Multiple Growth Levers Driving the Next Phase of EBITDA Expansion DENSIFICATION & PORTFOLIO EMBEDDED PORTFOLIO GROWTH INCREMENTAL DRIVERS EXPANSION Strategic Repositioning Office Portfolio Ramp-Up ISMDPL Acquisition • Rental uplift on rechurned space. • Ramp up in the leased occupancy across the • 1
Slide 38: Re-leasing and Re-layout Unlock Higher Rents and Density
Re-leasing and Re-layout Unlock Higher Rents and Density Growth Trigger 1: Case Study: Phoenix MarketCity Bangalore Resizing & Before After Relocation Strategy Exited Hypermarket Hypermarket + 1 1 Electronic + 2 Layout Redesigned the layout ✓ Identify stores with large area, Fashion Anchor Increased
Slide 39: Embedded Retail Growth from Lease Expiries and Re-leasing
Embedded Retail Growth from Lease Expiries and Re-leasing Growth Trigger 2: Leases expiring for 72% of the GLA over FY26 to FY30 Lease expiries create opportunities to refresh the brand and category mix, achieve higher re-leasing spreads and drive growth without new capex % of operational 13% 12% 24
Slide 40: Luxury and Star Brands Addition Driving Higher Rentals
Luxury and Star Brands Addition Driving Higher Rentals Growth Trigger 3: Case Study: Phoenix Mall of Asia Trading Occupancy Leased Occupancy Q2 FY27 (Period ended Sep-26) 96% 99% • Prime Upper Ground Level, strategically leased last to select Star and Luxury Brands driving higher TD and highest rent
Slide 41: Premium Workspaces anchoring Retail Ecosystems
Premium Workspaces anchoring Retail Ecosystems Growth Trigger 4: Ramp up of the Offices Portfolio Phoenix Asia Towers GLA: ~0.81 msft Millennium Towers GLA: ~1.47 msft Grade A Offices Integrated Campus Design Future-Ready Workspaces Strategically integrated with destination Synergistic environments
Slide 42: Campus Densification at Phoenix MarketCity Bangalore
Campus Densification to Unlock Multi-Year Growth at Phoenix MarketCity Bangalore Growth Trigger 5: Densification: Expansion of PMC-B from ~1 msft to 4+ msft Artist’s Impression Phase 3: Phase 2 Expansion: Phase 3: Retail expansion Grand Hyatt Hotel Office Expansion GLA- ~0.6 msft ~ 400 Keys GLA ~1.2
Slide 43: Phoenix Grand Victoria, Kolkata: Flagship Entry into East India
Phoenix Grand Victoria, Kolkata: Flagship Entry into East India Growth Trigger 6 Expected Completion: 2027 Indicative Render Retail GLA: ~1 msft 42
Slide 44: Surat: Our Second Retail Destination in Gujarat
Surat: Our Second Retail Destination in Gujarat Growth Trigger 6 Expected Completion: 2027-2028 Indicative Render Retail GLA: ~1 msft 43 43
Slide 45: Pipeline of Scalable Retail-Led Developments
Pipeline of Scalable Retail-Led Developments Growth Trigger 6 Thane, Coimbatore, Chandigarh | Expected Completion: By 2030 Thane Coimbatore Chandigarh Retail GLA: ~1.30 msft Retail GLA: ~1.70 msft Retail GLA: ~1 msft Phase 1 Phase 1 Excavation commenced. Excavation commenced. Excavation commenced. 4
Slide 46: ISMDPL Buyout Enhances Control and Earnings Visibility
ISMDPL Buyout Enhances Control and Earnings Visibility Growth Trigger 7 ISMDPL Platform PML to consolidate 100% ownership Transaction in ISMDPL Operational Retail GLA Structure ~4.4 msft Structured buy out of CPP Investments’ 49% stake Completed Offices GLA ~Rs. 5,449 cr, to be paid over ~2.2 msft 3
Slide 47: Residential: Cash Generation from Ready Inventory
Residential: Cash Generation from Ready Inventory Growth Trigger 8: One Bangalore West and Kessaku (Bengaluru) & One Belvedere (Kolkata) Photo shot at location of a completed tower of One Bangalore West Average Price achieved in H1 FY27 (OBW and Kessaku) ~Rs. 37,300 per sq. ft. Constructed and Ready
Slide 48: Infrastructure Led Catchment Expansion Benefits Portfolio
Infrastructure Led Catchment Expansion Benefits Portfolio Growth Trigger 9: Case Study – Phoenix Palladium Ongoing infrastructure upgrades expand our catchment, enhance accessibility and increase footfalls Coastal Road & Sea Link Monorail Connecting Nariman Point and Bandra to Lower Parel Metro Aqua
Slide 49: Charting the growth roadmap: 2030 and beyond
Charting the growth roadmap: 2030 and beyond List of Target Cities Thane Coimbatore Chandigarh Hyderabad NCR Navi Mumbai Goa Jaipur Trivandrum & Visakhapatnam Nagpur Cochin Varanasi 48
Slide 50: A Distinguished Board Anchored in Experience and Governance
A Distinguished Board Anchored in Experience and Governance Mr. Atul Ruia Mr. Shishir Shrivastava Mr. Rajesh Kulkarni Ms. Rashmi Sen Chairman Vice Chairman Whole Time Director & Whole Time Director & CEO - Projects Delivery and CEO - Malls Architecture 4 out of 8 Directors are Independent; 2 out of
Slide 51: Q2 and H1 FY27 Annexures
Photo shot at location Q2 and H1 FY27 Annexures Phoenix Mall of the Millennium, Pune 50
Slide 52: Q2 FY27 Retail Rental Income grew by 15% over Q2 FY26
Q2 FY27 Retail Rental Income grew by 15% over Q2 FY26 Q2 FY27 Q2 FY26 Name of Asset Retail Rental Income Retail Rental Income % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai* 120 113 6% Phoenix MarketCity Bangalore 61 49 25% Phoenix Avenue of Stars Pune 60 52 16% Phoenix MarketCity and Palladium
Slide 53: Q2 FY27 Retail Asset EBITDA grew by 18% over Q2 FY26
Q2 FY27 Retail Asset EBITDA grew by 18% over Q2 FY26 Q2 FY27 Q2 FY26 Name of Asset Retail Asset EBITDA Retail Asset EBITDA % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai* 117 110 6% Phoenix MarketCity Bangalore 67 51 32% Phoenix Avenue of Stars Pune 67 57 18% Phoenix MarketCity and Palladium Ch
Slide 54: H1 FY27 Retail Rental Income grew by 16% over H1 FY26
H1 FY27 Retail Rental Income grew by 16% over H1 FY26 H1 FY27 H1 FY26 Name of Asset Retail Rental Income Retail Rental Income % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai* 246 219 13% Phoenix MarketCity Bangalore 117 97 21% Phoenix Avenue of Stars Pune 120 105 14% Phoenix MarketCity and Palla
Slide 55: H1 FY27 Retail Asset EBITDA grew by 17% over H1 FY26
H1 FY27 Retail Asset EBITDA grew by 17% over H1 FY26 H1 FY27 H1 FY26 Name of Asset Retail EBITDA Retail EBITDA % growth (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai* 239 218 9% Phoenix MarketCity Bangalore 128 102 26% Phoenix Avenue of Stars Pune 132 117 13% Phoenix MarketCity and Palladium Chennai 14
Slide 56: Phoenix Palladium Mumbai
Phoenix Palladium Mumbai (Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 115 109 6% 235 210 12% CAM & Others 25 26 -2% 51 47 10% Total Income 140 135 4% 287 257 12% Asset EBITDA 117 110 6% 239 218 9% Asset EBITDA as % of Rental 101% 101% 0 pps 101% 104% -2 pps PML Standalone EBITDA
Slide 57: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore Q2 Q2 % H1 H1 % (Rs. cr) FY27 FY26 growth FY27 FY26 growth Rental 61 49 25% 117 97 21% CAM & Others 24 20 20% 48 41 16% Total Income 85 69 24% 165 137 20% Asset EBITDA 67 51 32% 128 102 26% Asset EBITDA as % 110% 105% 5 pps 109% 105% 4 pps of Rental Rental Rate 216 197 9
Slide 58: Phoenix Avenue of Stars, Pune
Phoenix Avenue of Stars, Pune Q2 Q2 % H1 H1 % (Rs. cr) FY27 FY26 growth FY27 FY26 growth Rental 60 52 16% 120 105 14% CAM & Others 28 23 20% 56 48 18% Total Income 88 75 17% 176 153 15% Asset EBITDA 67 57 18% 132 117 13% Asset EBITDA as % 112% 110% 2 pps 110% 111% -1 pps of Rental Rental Rate 182 17
Slide 59: Phoenix MarketCity & Palladium Chennai
Phoenix MarketCity & Palladium Chennai Q2 Q2 % H1 H1 % (Rs. cr) FY27 FY26 growth FY27 FY26 growth Rental 64 58 10% 128 115 11% CAM & Others 34 32 8% 68 63 7% Total Income 98 90 9% 196 178 10% Asset EBITDA 75 64 17% 144 127 13% Asset EBITDA as % 116% 109% 7 pps 112% 110% 2 pps of Rental Rental Rate 1
Slide 60: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai Q2 Q2 % H1 H1 % (Rs. cr) FY27 FY26 growth FY27 FY26 growth Rental 50 45 11% 101 91 11% CAM & Others 24 22 8% 48 43 10% Total Income 74 67 10% 148 134 11% Asset EBITDA 52 50 6% 107 97 10% Asset EBITDA as % 104% 109% -5 pps 107% 108% -1 pps of Rental Rental Rate 155 135 15% 1
Slide 61: Phoenix Palassio, Lucknow
Phoenix Palassio, Lucknow Q2 Q2 % H1 H1 % (Rs. cr) FY27 FY26 growth FY27 FY26 growth Rental 40 37 8% 79 74 8% CAM & Others 21 20 9% 41 38 8% Total Income 62 57 8% 121 112 8% Asset EBITDA 43 40 8% 84 79 6% Asset EBITDA as % 108% 108% 0 pps 106% 108% -2 pps of Rental Rental Rate 160 140 14% 157 139 13
Slide 62: Phoenix United Lucknow
Phoenix United Lucknow Q2 Q2 % H1 H1 % (Rs. cr) FY27 FY26 growth FY27 FY26 growth Rental 9 9 2% 18 18 3% CAM & Others 6 6 3% 13 12 6% Total Income 16 15 2% 31 30 4% Asset EBITDA 10 9 8% 19 18 8% Asset EBITDA as % 108% 103% 6 pps 107% 102% 5 pps of Rental Rental Rate 92 95 -3% 92 96 -4% (Rs. pspm) Co
Slide 63: Phoenix United Bareilly
Phoenix United Bareilly Q2 Q2 % H1 H1 % (Rs. cr) FY27 FY26 growth FY27 FY26 growth Rental 7 7 6% 15 14 6% CAM & Others 6 6 -6% 12 12 0% Total Income 13 13 0% 26 25 3% Asset EBITDA 7 8 -1% 15 14 2% Asset EBITDA as % 102% 110% -7 pps 102% 106% -4 pps of Rental Rental Rate 79 74 7% 79 75 6% (Rs. pspm)
Slide 64: Phoenix Pride of India, Indore
Phoenix Pride of India, Indore Q2 Q2 % H1 H1 % (Rs. cr) FY27 FY26 growth FY27 FY26 growth Rental 30 26 14% 59 52 15% CAM & Others 17 17 5% 35 32 7% Total Income 47 43 11% 94 84 12% Asset EBITDA 29 25 18% 59 51 16% Asset EBITDA as % 97% 95% 3 pps 100% 100% 1 pps of Rental Rental Rate 105 89 18% 103 8
Slide 65: Palladium Ahmedabad
Palladium Ahmedabad Q2 Q2 % H1 H1 % (Rs. cr) FY27 FY26 growth FY27 FY26 growth Rental 39 33 17% 76 65 16% CAM & Others 18 17 7% 37 35 5% Total Income 56 50 14% 112 100 12% Asset EBITDA 37 31 19% 75 63 18% Asset EBITDA as % 96% 94% 1 pps 98% 97% 2 pps of Rental Rental Rate 179 154 16% 178 152 17% (Rs
Slide 66: Phoenix Mall of the Millennium, Pune
Phoenix Mall of the Millennium, Pune Q2 Q2 % H1 H1 % (Rs. cr) FY27 FY26 growth FY27 FY26 growth Rental 51 44 15% 98 87 13% CAM & Others 26 22 15% 51 45 13% Total Income 76 66 15% 149 132 13% Asset EBITDA 53 44 21% 103 89 16% Asset EBITDA as % 104% 100% 5 pps 106% 102% 4 pps of Rental Rental Rate 153
Slide 67: Phoenix Mall of Asia, Bengaluru
Phoenix Mall of Asia, Bengaluru Q2 Q2 % H1 H1 % (Rs. cr) FY27 FY26 growth FY27 FY26 growth Rental 73 51 44% 143 98 45% CAM & Others 30 26 17% 60 49 23% Total Income 104 77 35% 203 147 38% Asset EBITDA 82 55 48% 159 105 52% Asset EBITDA as % 111% 108% 3 pps 111% 106% 5 pps of Rental Rental Rate 206 1
Slide 68: Leasing and occupancy in the Commercial Office Portfolio as of September 2026
Leasing and occupancy in the Commercial Office Portfolio as of September 2026 Net Leasable Area Leased Gross Rent Asset Location % area leased Area (msft) (msft) (psfpm)* Operational Assets Art Guild House Mumbai 0.64 0.55 85% 130 Phoenix Paragon Mumbai 0.31 0.22 73% 145 The Centrium Mumbai 0.11 0.0
Slide 69: Q2 FY27 Commercial Offices Income stood at Rs. 89cr, up 64%
Q2 FY27 Commercial Offices Income stood at Rs. 89cr, up 64% over Q2 FY26 EBITDA as Total Income (Rs. Cr) EBITDA (Rs. Cr) Asset Name % of Total Income Q2 FY27 Q2 FY26 Growth (%) Q2 FY27 Q2 FY26 Growth (%) Q2 FY27 Q2 FY26 Art Guild House, Mumbai 26 23 13% 19 17 11% 72% 73% The Centrium, Mumbai 3 3 -21
Slide 70: H1 FY27 Commercial Offices Income stood at Rs. 163 cr, up 55%
H1 FY27 Commercial Offices Income stood at Rs. 163 cr, up 55% over H1 FY26 EBITDA as Total Income (Rs. Cr) EBITDA (Rs. Cr) Asset Name % of Total Income H1 FY27 H1 FY26 Growth (%) H1 FY27 H1 FY26 Growth (%) H1 FY27 H1 FY26 Art Guild House, Mumbai 52 47 11% 38 34 13% 74% 73% The Centrium, Mumbai 5 7 -
Slide 71: The St. Regis, Mumbai
The St. Regis, Mumbai Amount in Rs. Cr Photo shot at location Q2 Q2 % H1 H1 % Particulars FY27 FY26 growth FY27 FY26 growth Revenue from Rooms 59 52 14% 120 105 14% Revenue from F&B and Banquet 64 57 13% 133 111 19% Other Operating Income 4 4 7% 8 8 3% Total Income 128 113 13% 261 225 16% Operating
Slide 72: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra Amount in Rs. Cr Q2 Q2 % H1 H1 % Photo shot at location Particulars FY27 FY26 growth FY27 FY26 growth Revenue from Rooms 5.4 4.6 18% 11.6 10.0 17% Revenue from F&B and Banquet 3.8 3.8 1% 9.0 9.2 -2% Other Operating Income 0.3 0.4 -21% 0.6 0.7 -20% Total Income 9.6 8.8 9%
Slide 73: Residential Portfolio: Steady Sales and Collections in H1 FY27
Residential Portfolio: Steady Sales and Collections in H1 FY27 ✓ Residential sales and collections saw steady execution and monetisation of premium residential inventory. ✓ Gross residential sales of ~Rs. 147 cr in H1 FY27 and Collections of ~Rs. 136 cr in H1 FY27 ✓ Gross residential sales of ~Rs. 8
Slide 74: Entity-wise Gross Debt as on 30th September 2026
Entity-wise Gross Debt as on 30th September 2026 PML Q1 FY27 Q2 FY27 Status Asset Type SPV Asset Name Ownership (Rs. Cr) (Rs. Cr) (%) The Phoenix Mills Ltd. (Standalone) Phoenix Palladium, Mumbai 100.0% 649 688 Classic Mall Development Company Ltd Phoenix MarketCity Chennai 100.0% 413 408 Vamona Dev
Slide 75: Click on the logos for updates on Instagram
Click on the logos to for updates on Instagram R E TA I L Phoenix Marketcity Bangalore logo Phoenix Marketcity Kurla logo Phoenix Marketcity Chennai logo Phoenix Palassio logo Palladium Ahmedabad (@palladiumAhm) / X Phoenix Mall of the Millennium | Pune Phoenix Mall Of Asia (@phoenixmoa) • Instagram
Slide 76: Investor relations contacts
Karl Kolah Madhurima Kane Email: [email protected] Email: [email protected] Website: https://www.thephoenixmills.com/investors Linkedin: The Phoenix Mills Limited 75