Phoenix Mills: Steady consumption, but festive test lies ahead

Mall operator The Phoenix Mills Ltd saw retail consumption grow 13% year-on-year in the September quarter (Q2FY26) and 12% year-on-year in the first half of FY26, showed its operational update. This was broadly in line with analyst expectations.

- Manvi Agarwal [e-mail]

Despite heavy monsoons in several cities, Q2 was sequentially better owing to traction in newer malls such as Phoenix Citadel (Indore), Palladium Ahmedabad, Mall of the Millennium (Pune) and Mall of Asia (Bengaluru). The older MarketCity malls in Pune and Bengaluru are undergoing tenant churn and lease restructuring, which could temper near-term growth prospects. While consumption growth at older malls was flat year-on-year in Q2, trading densities—sales per square foot—grew in double digits.