### **Overview** Phoenix Mills Limited (PML) is India’s largest retail mall owner and operator, with a market-leading position in the retail-led mixed-use real estate sector. With over a century of legacy since its founding in 1905, PML has transformed from a textile mill owner into a pioneering developer and operator of large-scale, integrated urban destinations. Today, it operates across **retail, commercial offices, hospitality, and premium residential segments**, creating high-traffic, 24/7 lifestyle ecosystems in key Indian cities. PML is currently India’s only fully integrated developer that manages the entire lifecycle of mixed-use assets — from land acquisition and master planning to operations and densification. --- ### **Core Business Segments** #### **1. Retail: The Engine of Growth** - **Operational Portfolio**: As of FY2025, PML operates **12 city-center malls** with **~11.5 million sq. ft. of retail Gross Leasable Area (GLA)** across 8 major Indian cities: Mumbai, Pune, Bengaluru, Chennai, Lucknow, Indore, Ahmedabad, and Bareilly. - **Retail Consumption**: Generated **₹13,750 crore** in retail consumption in FY2025 — a 21% YoY increase. - **Footfall**: Over **130 million visitors** in FY2025. - **Brand Loyalty**: Approximately **67% of retail space** is occupied by ~178 brands operating in **six or more** of its malls — reflecting strong tenant retention and repeat tenancy. - **Tenant Curatorship**: Serves as the **preferred partner for international brands** entering India, often functioning as a **first-to-market launchpad** (e.g., Uniqlo, Bershka, Chanel Fragrance & Beauty). - **Experiential Retail**: - Replaced low-yield anchors with curated F&B zones, luxury brand clusters, entertainment, and themed experiences. - Launched **Gourmet Village** (a two-level F&B hub) at Phoenix Palladium Mumbai in July 2025. Similar concepts planned for other malls. - Hosts proprietary festivals like **Phoenix Shopping Festival, Pink Friday,** and **Food Festival** to increase engagement. - **Repositioning & Premiumization**: Aggressively repositioning Phoenix MarketCity malls in Mumbai, Pune, Chennai, and Bengaluru to align with evolving consumer preferences. #### **2. Expansion & Growth Strategy (2025–2030)** PML is executing a multi-pronged growth strategy across **new developments, densification of existing assets, and geographic expansion**. - **Growth Target**: Expand retail footprint to **over 18 million sq. ft. by 2030**, adding ~7 million sq. ft. of retail GLA. - **New Retail Projects**: - **Kolkata (Phoenix Grand Victoria)** - **Surat** - **Thane** - **Coimbatore** - **Chandigarh/Mohali** - **Expansions at Existing Sites**: - Phoenix Palladium Mumbai (+250,000 sq. ft. retail) - Phoenix MarketCity Mumbai and Bangalore - **Densification**: Leveraging **existing Floor Space Index (FSI)** at key sites: - **Bengaluru (Phoenix Mall of Asia):** 1.16 million sq. ft. - **Pune (Phoenix Mall of Millennium):** 0.67 million sq. ft. - Total undeveloped FSI potential: **~2.71 million sq. ft.** - **Pipeline**: ~7 million sq. ft. of retail space under construction or planned — expected to open by 2027. #### **3. Commercial Offices: Integrated, High-Yield Assets** - **Operational Portfolio**: ~**4.8 million sq. ft.** of Grade A office space, including completed projects like: - **Phoenix Asia Towers (Hebbal, Bengaluru)** - **Millennium Towers (Wakad, Pune)** - **One National Park (Chennai)** — received Completion Certificate in August 2025 - **FY2025 Performance**: - Office income: **₹210 crore** (+10% YoY) - EBITDA: **₹131 crore** (+19% YoY), margins expanded to **62%** - Occupancy: **67%** - Average rental rate: **₹125 per sq. ft./month** - **Leasing Momentum**: In FY2025, PML leased **~300,000 sq. ft.**, including **110,000 sq. ft.** in newly completed assets. - **Strategy**: Offices are anchored in mixed-use hubs, offering tenants **integrated access to retail, dining, wellness, and transit**. Tenants include Xiaomi, Hitachi, NTT Group, JSW, Bajaj Finance, and Savills. - **Office Growth Target**: Expand to **~9 million sq. ft. of GLA** by 2030 via new launches and densification. - **Flagship Projects**: - **Project Rise (Lower Parel, Mumbai)**: 1.1 million sq. ft. GLA - **Phoenix Millennium Towers (Pune)** – designed as a lifestyle-integrated workplace with pool, fitness center, and food & beverage outlets. #### **4. Hospitality: Enhancing Mixed-Use Performance** - **Operational Assets**: - **The St. Regis Mumbai (395 keys)** - **Courtyard by Marriott, Agra (193 keys)** - **FY2025 Performance (St. Regis)**: - Revenue: **₹523 crore** - Occupancy: **86%** - RevPAR: **+15% YoY** - Average Daily Rate: **+11% YoY** - **Upcoming Hotels**: - **Grand Hyatt Bangalore (~400 keys)** – completion expected by 2027 - **Second hotel in Bengaluru (~300 keys)** – in planning - Additional hotels in **Indore, Kolkata**, and other key cities — targeting **~700–1,200 keys** in near pipeline - **Strategic Role**: Hotels increase **weekday footfall**, boost **F&B and retail sales**, extend **dwell time**, and enable high-profile events. #### **5. Residential: Premium Urban Living** - **Focus**: High-end premium housing in **Bangalore and Kolkata**. - **Key Projects**: - **One Bangalore West (Towers 1–7)** - **Kessaku, Bangalore** - **One Belvedere, Kolkata** (upcoming) - **Alipore, Kolkata** (1 million sq. ft. under design) - **FY2025 Performance**: - Gross sales: **₹212 crore** - Collections: **₹219 crore** - Avg. selling price: **₹26,000/sq. ft.** (+8% YoY, +63% from FY2020) - **Inventory**: ~**340,000 sq. ft. of ready-to-sell inventory** in Bengaluru. - **Pipeline**: ~**3.27 million sq. ft. under development or planning**, including future phases in Bengaluru and Kolkata. --- ### **Integrated Mixed-Use Model: The Competitive Advantage** PML has perfected a **retail-led, mixed-use ecosystem** where **each component enhances the others**: - **Retail drives footfall**, drawing consumers seven days a week. - **Offices increase weekday traffic**, stabilizing mall performance and boosting tenant sales. - **Hotels attract business and leisure travelers**, driving F&B and service demand. - **Residential units create captive neighborhoods** surrounding its hubs. This **interdependence maximizes asset yield, footfall, and dwell time**, resulting in higher rental rates and tenant success. --- ### **Flagship Assets & Strategic Complexes** #### **1. Lower Parel, Mumbai – The Pioneer** - Original mill redevelopment: **High Street Phoenix → Phoenix Palladium**. - Added **The St. Regis Mumbai (2015)** and **Fountainhead Towers (Pune)**. - Ongoing densification: - **Project Rise**: Adding 1.1 million sq. ft. of offices and 0.2 million sq. ft. of retail. - **West Zone Expansion** at Phoenix Palladium: 250,000 sq. ft. with **Gourmet Village** (launched July 2025) and pickleball/padel courts. - **EBITDA Growth**: Lower Parel asset grew from **₹168 crore (FY13) to ₹648 crore (FY25)** — a **4x increase**. #### **2. Phoenix MarketCity Bangalore – Future Super Campus** - Being transformed into a **4+ million sq. ft. mixed-use super campus** by 2030: - **Retail**: Expand from 1.0 to **~1.8 million sq. ft.** - **Offices**: Add **~1.6 million sq. ft.** by 2030 - **Hospitality**: Two hotels – **400-key Grand Hyatt (2027)** and **300-key future hotel** - **Expansion Timeline**: - Phase 2: 400,000 sq. ft. offices (2027) - Phase 3: 1.2M sq. ft. offices + 300-room hotel + 600,000 sq. ft. retail (2030) #### **3. Island Star Mall Developers (ISMDPL) – Full Ownership Platform** - Acquired full ownership of **ISMDPL** (formerly a JV with CPP Investments) in July 2025. - **Portfolio**: - 4.4 million sq. ft. retail (Phoenix MarketCity Bangalore, Mall of Asia, Mall of Millennium, Phoenix Citadel) - 2.2 million sq. ft. completed offices - 2 hotels (~700 keys) - **Planned Expansion**: Add **0.8 million sq. ft. retail + 1.6 million sq. ft. offices**. - **Platform Vision**: Transform from 1.0 million sq. ft. (2017) to **13 million sq. ft. by 2030** — the largest mixed-use platform in India. --- ### **Strategic Alliances & Capital Partnerships** PML has partnered with leading global institutional investors: - **CPP Investments (Canada)**: Full ownership now with PML post-stake buyout. - **GIC (Singapore)**: 33% stake in a $733 million platform (Phoenix MarketCity Pune & Mumbai, Fountainhead Pune). - These partnerships provide **long-term capital, global credibility**, and **risk-sharing**, enabling accelerated development and monetization options. --- ### **Operational Excellence & Financials (FY2025 Highlights)** - **Retail Occupancy**: High trading occupancy rates; e.g., **Palladium Ahmedabad (94% in 18 months)**, **Phoenix Citadel (91% in 1 year)**. - **Office Leasing**: Robust pipeline — **~50% of One National Park pre-leased by July 2025**. - **Sustainability & Innovation**: - Launched **India’s most advanced EV charging hub** at Phoenix MarketCity Mumbai (6 × 220 kW ultra-fast chargers). - Focus on **green certifications, energy-efficient design, and digital platforms**. - **Financial Discipline**: Funded land acquisitions (₹1,599 crore) and capex (₹1,016 crore) through **operating cash flows**; steady gross debt at **₹4,409 crore**. - **Revenue Streams**: Lease rentals, hotel income, residential sales, parking, advertising, and events. --- ### **Leadership & Vision** - **Key Executives**: - **Rashmi Sen (COO, Retail)** – instrumental in scaling retail portfolio and brand strategy. - **Rajesh Kulkarni** – led major development projects. - **Vision**: Become **India’s definitive proxy for urban consumer spending**, capturing rising discretionary income and lifestyle demand. - **2030 Roadmap**: Deliver **over 20 million sq. ft. of mixed-use space** across India. ---