Shares of Mumbai-based real estate developer Phoenix Mills rose 1.24% to hit an intraday high of ₹1,567 on Tuesday, July 8, after the company provided its business update of Q1FY26 after market opened on Monday.
Phoenix Mills informed the exchanges that its retailers’ sales (consumption) across all operational malls grew 12% year-on-year in Q1FY26, reflecting healthy underlying demand and continued momentum across the portfolio.
Consumption growth during the quarter was led by Phoenix Pallasio (Lucknow), Phoenix Citadel (Indore), Phoenix Palladium (Mumbai) and Palladium Ahmedabad, supported by the continued ramp-up of our new assets i.e. Phoenix Mall of the Millennium and Phoenix Mall of Asia, the company said in an exchange filing.
Phoenix Mills said, “Strategic repositioning is underway across the Phoenix Marketcity portfolio through space optimisation and a refreshed, curated tenant mix refresh; all aimed at driving long-term value and improving customer experience. Trading occupancy for the quarter stood at 89%, marginally lower than 91% in Q4 FY25, primarily due to planned, transitional vacancies associated with these upgrades.” On the commercial offices front, Phoenix Mills completed gross leasing of 4.07 lakh sq ft in the first quarter of the current fiscal across Mumbai, Pune, Bengaluru and Chennai. “Occupancy at operational assets in Vimmanagar, Mumbai and Pune stood at 69% in June 2025, compared to 67% in March 2025,” Phoenix Mills said. On the hospitality front, St Regis, Mumbai recorded an occupancy of 84% in the June quarter with average room rent (ARR) rising 13% to ₹18,502 and Courtyard by Marriott, Agra achieved an occupancy of 71% with an ARR of ₹4,374.
The company sold residential properties worth ₹168 crore in the June quarter as against sales of ₹50 crore in the same period last year.
Phoenix Mills shares declined 4.66% in the first quarter of the current fiscal, while the BSE realty index had gained nearly 16% in the first quarter.
As of 9:26 am, Phoenix Mills shares were trading 0.75% higher at ₹1,560, outperforming the Sensex which was up 0.1%.
