New Delhi, April 9 -- Shares of The Phoenix Mills Ltd have risen nearly 8% in the past two sessions, buoyed by its March-quarter (Q4FY26) business update. While the quarter was robust for its retail consumption and hotel (hospitality) segments, residential pre-sales were a dampener, falling 43% year-on-year, mirroring broader trends across retail, hospitality and real estate.

Phoenix's retail consumption growth of 31% year-on-year in Q4FY26 was the fastest in FY26, beating analysts' expectations. The performance is particularly notable as the company added no new malls during the year. Phoenix benefits directly when retail sales rise because its rental revenue model is closely linked to tenants' sales. In that sense, the stock doubles as...