This is further to our letter dated September 02, 2026 intimating that the 121st Annual General Meeting of The Phoenix Mills Limited (''Company'') will be held on Monday, September 28, ....

Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel: (022) 3001 6600 Fax: (022) 3001 6601 CIN No : L17100MH1905PLC000200 September 04, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street, Fort, Bandra-Kurla Complex, Bandra East, Mumbai- 400 001 Mumbai- 400051 Security code: 503100 Symbol: PHOENIXLTD Dear Sir/ Madam, Sub: Notice of 121st Annual General Meeting and Integrated Annual Report for Financial Year 2025-26 - Compliance under Regulation 30 and 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 This is further to our letter dated September 02, 2026 intimating that the 121st Annual General Meeting of The Phoenix Mills Limited (‘Company’) will be held on Monday, September 28, 2026 at 02:30 P.M. (IST) through Video Conferencing/Other Audio Visual Means. Pursuant to Regulation 30 and 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), we enclose herewith the following: 1. Integrated Annual Report of the Company for the Financial Year 2025-26 2. Notice of the 121st Annual General Meeting (‘AGM’) of the Company The aforesaid documents are being dispatched electronically to those Members whose e-mail addresses are registered with the Company or MUFG Intime India Private Limited, Registrar to an Issue and Share Transfer Agent of the Company, or the Depositories Participants(s) or Depositories. Further, pursuant to Regulation 36(1)(b) of the SEBI Listing Regulations, a letter providing the web-link of the Integrated Annual Report of the Company for the Financial Year 2025-26 along with the Notice of the 121st Annual General Meeting of the Company, being sent to those members who have not registered their e-mail address, is also attached. The Notice of AGM, Integrated Annual Report, aforesaid letter and other related documents are also available on the website of the Company at https://www.thephoenixmills.com/investors/FY2026/Annual-Report. You are requested to take the above on record. Thanking you. For The Phoenix Mills Limited Bhavik Gala Company Secretary Membership No. F8671 Encl.: As above Regd. Office: The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel.: (022) 2496 4307 / 8 / 9 Fax: (022) 2493 8388 E-mail: info@thephoenixmills.com www.thephoenixmills.com INTEGRATED ANNUAL REPORT 2025-26 B U I L T C O M P OU N D P H OE N I X AV E N U E O F S TA R S VIMANNAGAR, PUNE EARLIER KNOWN AS PHOENIX MARKETCITY PUNE PHOENIX MALL OF ASIA, BENGALURU READ INSIDE THE REPORT 02-81 210-406 Forward-looking statements This report may contain forward looking statements which can CORPORATE OVERVIEW FINANCIAL STATEMENTS be identified by specific terminology including but not limited to ‘anticipates’, ‘believes’, ‘estimates’, ‘expects’, ‘intends’, ‘may’, Theme Introduction 02 Social and Relationship Capital 60 Standalone Financial Statements 211 ‘plans’, ‘should’, ‘could’, ‘will’, or negative variations. These statements are subject to risks and opportunities beyond About the Report 04 Intellectual Capital 66 Consolidated Financial Statements 304 the Company’s control, or the Company’s current beliefs and assumptions about future events. The actual performance About Us 06 Natural Capital 74 of the Company may differ from expected outcomes stated in Chairman’s Letter to Shareholders 10 407 this report. There is no guarantee that future results will be achieved as envisaged. Vice Chairman's Letter to Shareholders 14 NOTICE Board of Directors 18 82-209 Management Team 20 STATUTORY REPORTS 420 Our Value Creation Model 22 Materiality Matters 24 Management Discussion and Analysis 82 GRI CONTENT INDEX Financial Capital 26 Business Responsibility & Sustainability Report 103 Manufactured Capital 32 Board’s Report 146 Human Capital 50 Report on Corporate Governance 179 CORPORATE INFORMATION Corporate Overview Statutory Reports Financial Statements Good locations become more valuable with time. Cities grow around them, customer catchments deepen and new opportunities emerge. At Phoenix, we have built our business around this principle. We invest in locations with enduring potential, build destinations that remain relevant and continue improving them long after they open. At Phoenix, value is not created in bursts but accumulated, Built to and then it compounds. Compound Compounding comes from reinvesting and funding the next phase of growth, in what we already own. Existing supported by prudent capital allocation. destinations are refreshed, repositioned This creates a self-reinforcing cycle of and densified, while new uses such as growth and value creation. offices and hospitality are added where The outcome is visible over time. they strengthen the destination. From FY06 to FY26, EBITDA increased As our destinations mature, they create from approximately 26 crore to opportunities that were not fully visible at 2,637 crore, representing a CAGR of inception, allowing us to unlock greater approximately 26% through multiple value from the same location over time. economic and market cycles. Our capabilities compound as well. Built to Compound describes both Retailer relationships deepen, operating how we have grown and how we knowledge improves and each new intend to create value from here: by P H O E N I X A V E N U E O F S T A R S development benefits from the experience strengthening existing destinations, gained across the portfolio. The cash building on the capabilities developed VIMANNAGAR, PUNE generated by mature assets is reinvested over time and investing with a long- into enhancing existing destinations term perspective. EARLIER KNOWN AS PHOENIX MARKETCITY, PUNE 02 The Phoenix Mills Limited INTEGRATED ANNUAL REPORT 2025-26 03 Corporate Overview Statutory Reports Financial Statements ABOUT THE REPORT This Report has been HOW TO READ THIS REPORT prepared in alignment This Integrated Annual Report has been designed to Business Model Components present a connected view of PML’s business performance, with the International The Business Model structure follows the Integrated strategic priorities, and value creation journey. To Reporting framework based on the Six Capitals model Integrated Reporting make the Report more intuitive and reader-friendly, we which maps Capitals and Inputs Value Creation Process Framework (IIRC) and have incorporated a structured navigation framework Outputs Outcomes SDGs. supported by icons, references and visual cues that help incorporates disclosures link related themes and sections across the document. in accordance with the Financial Manufactured Human Capital Capital Capital Companies Act, 2013, Key features to support your reading applicable rules, Indian Intellectual Social and Natural 1 Capital Relationship Capital Accounting Standards Capital Icons and Visual Identifiers (Ind AS), the SEBI Icons have been used throughout the Report to highlight (Listing Obligations and strategic pillars, material topics and key business 4 elements, enabling readers to quickly connect related Disclosure Requirements) UNSDG Alignment information across sections. Regulations, 2015, and UNSDG references indicate how our operations and initiatives contribute towards broader global development relevant Secretarial 2 priorities and sustainable urbanisation goals. Standards. Strategic Pillars Our nine strategic pillars represent the foundation of our The Report covers The Phoenix Mills long-term vision and growth roadmap. Associated icons Limited (PML) on both a standalone and help readers identify how various initiatives align with consolidated basis, encompassing its key these priorities. business segments comprising retail, commercial offices, hospitality and NAVIGATING THE REPORT residential developments. The Report Strategic Location an [Showing first 8,000 characters — download PDF for full document]