PHOENIXLTD

What The Phoenix Mills promised, and what happened

Every commitment management made on a call, tracked from the quarter it was made — reaffirmed, revised, diluted or quietly dropped.

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 1 delivered 4 missed 13 open
  • Net Debt to EBITDA delivered said Q2 FY26 Promised: we will be in this range of between 1-1.5x at the peak, worst case, we may go up to 2x Q1 FY27: Promise remains achieved. The ratio increased to 1.3x, still within the guided peak range.
  • Office Occupancy (New Assets) missed said Q1 FY26 Promised: achieve a 90% leasing in 2026 Q1 FY27: Target missed. Overall leased occupancy for the office portfolio was reported at 72% as of June 2026, below the revised target of 90% for new assets by the end of Q1 FY27.
  • Project Completion (Kolkata/Surat Malls) on track said Q1 FY26 Promised: expected to be completed in 2027 Q1 FY27: Management reiterated the delayed timeline for Surat, stating they expect it to open by 'end of 2027 or early 2028', which is consistent with the previously stated H2 FY28 timeline. No specific update on Kolkata mall.

The rest of the ledger

Above is what the last two calls moved. Pro opens all 18 tracked commitments for The Phoenix Mills — every quarter's revision, the source quote behind each one, and the topics management has stopped answering.

See what Pro opens