Phoenix Mills Ltd logo

Phoenix Mills Ltd

PHOENIXLTD NSE

Key Fundamentals

MidcapResidential Commercial ProjectsRealty
Market Cap
₹68,559 Cr
Volatility
Moderate
P/E Ratio
54.21
EBITDA
₹2,608 Cr
Return on Equity
9.4%
Debt to Equity
0.48
Book Value
₹307.23
EPS
₹61.08
52W High
₹2,169.8
52W Low
₹1,437.2

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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58 extracted metrics + investor summaries across FY06–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Weaknesses

3
  • Stock is trading at 6.28 times its book value
  • Company has a low return on equity of 11.0% over last 3 years.
  • Dividend payout has been low at 8.17% of profits over last 3 years

Growth Rate

Revenue Growth
11.56% ↗
Net Income Growth
19.60% ↗
Cash Flow Change
-3.58% ↘
ROE
-12.23% ↗
ROCE
-12.87% ↗
EBITDA Margin (Avg.)
-2.64% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Phoenix Mills Ltd is India's largest retail-led mixed-use real estate platform with a market cap of ₹67,701 crore, trading at a PE of 41.5x and 6.15x book value. FY26 consolidated revenue grew 16% YoY to ₹4,423 crore with net profit up 20% to ₹1,557 crore, supported by 11.5 million sq ft of operational retail GLA across 12 malls and a pipeline to reach 18 million sq ft by FY30.

Bull Case 8
  • Strong revenue growth trajectory — consolidated revenue grew 16% YoY to ₹4,423 crore in FY26 and compounded sales have grown at 19% CAGR over 3 years
  • Retail consumption grew 21% YoY to ₹13,750 crore in FY25, demonstrating robust consumer demand across the mall portfolio
  • Significant expansion pipeline with plans to grow from 11.5 million sq ft across 12 malls to 18 million sq ft across 17 malls by FY30, a ~57% increase in retail GLA
  • Net debt-to-EBITDA improved from 1.2x in March 2025 to 0.9x by September 2025, indicating strengthening balance sheet and deleveraging
  • Profit compounding at 32% TTM and 83% CAGR over 5 years, showing operating leverage in the annuity rental model
  • Commercial office portfolio expanded to 4.8 million sq ft with occupancy rising from 67% in March 2025 to 77% by December 2025, adding a diversified income stream
  • Retail trading occupancy remains steady at 91%, reflecting high tenant retention and mall desirability
  • Stock price CAGR of 30% over 3 years and 35% over 5 years reflects sustained market confidence in the business model
Bear Case 8
  • Stock trades at 6.15x price-to-book value, significantly premium to asset value, leaving limited margin of safety
  • PE ratio of 41.5x is elevated for a realty company, pricing in significant future growth that must be delivered consistently
  • Return on equity has averaged only 11% over 3 years and 10% over 5 years, modest given the premium valuation
  • Dividend payout has been just 8.17% of profits over the last 3 years with a yield of only 0.13%, offering negligible income return
  • Revenue growth decelerated from 26% rental growth in H1 FY25 to 10% retail rental income growth in FY26, suggesting slowing same-store momentum
  • Expansion to 18 million sq ft by FY30 requires substantial capital deployment — group net debt stood at ₹2,707 crore as of FY25 end, and capex needs could reverse the deleveraging trend
  • Commercial office occupancy at 70% as of March 2026 remains below optimal levels, with 4.8 million sq ft deployed across cities where supply is rising
  • Concentration risk in discretionary retail consumption makes the business cyclically sensitive to economic slowdowns or shifts in consumer spending patterns

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Positives 3
  • Q1FY27 profit surges 51% YoY Jul 28

    Consolidated net profit rose 51% YoY to ₹3,945 crore in Q1FY27, driven by strong property and hospitality segment performance.

  • Palladium Mumbai 450K sq ft expansion Jul 29

    Phoenix Mills plans to expand its flagship Mumbai Palladium property by 450,000 sq ft, with completion targeted by FY28, scaling up its mixed-use portfolio.

  • Active institutional investor engagement Aug 5

    Management scheduled participation in five investor conferences (Nirmal Bang, Emkay, Equirus, Motilal Oswal) between Aug 10-17, 2026, signalling proactive institutional outreach.

Neutral 5
  • Equirus conference investor briefing Aug 14

    Management briefed institutional investors on general business overview and industry updates at the Equirus Annual India Conference 2026 on August 14.

  • Q1FY27 earnings call concluded Jul 29

    Phoenix Mills held its Q1FY27 earnings conference call on July 29, discussing unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.

  • Stake cut in O2 Renewable Jul 29

    Phoenix Mills and subsidiary Offbeat Developers reduced investment in O2 Renewable Energy XXVIII to ₹5.77 crore following project cost reduction, maintaining captive solar user status.

  • ₹15.64 Cr block trade on NSE Jul 29

    A block trade of ~82,231 shares executed at ₹1,902 per share on NSE, totalling ₹15.64 crore, indicating institutional-level activity.

  • Q1FY27 earnings call scheduled Jul 23

    Board approved Q1FY27 results on July 28, with earnings conference call held on July 29 for investor engagement.

TL;DR: Phoenix Mills delivered a strong Q1FY27 with 51% YoY profit growth and announced a major 450,000 sq ft expansion of Mumbai Palladium by FY28. The company is actively engaging institutional investors across multiple conferences. No material headwinds are visible in the current news cycle. The trend is clearly positive, with execution on growth plans and robust earnings providing momentum heading into FY27.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
811
875
986
1,306
904
918
975
1,016
953
1,115
1,121
1,233
1,075
Expenses
318
369
434
679
373
400
422
457
389
449
465
484
433
Operating Profit
492
506
552
627
531
518
553
560
564
667
656
750
642
OPM %
61%
58%
56%
48%
59%
56%
57%
55%
59%
60%
59%
61%
60%
Other Income
29
32
34
37
38
37
46
42
32
31
22
57
40
Interest
96
96
104
100
103
103
103
94
95
92
102
97
94
Depreciation
63
66
66
76
77
78
81
90
93
91
86
89
96
PBT
363
375
416
489
388
374
415
418
407
515
490
620
492
Tax %
20%
19%
17%
20%
19%
22%
15%
17%
21%
26%
25%
22%
20%
Net Profit
291
305
345
392
315
292
353
348
321
384
366
485
394
EPS in Rs
6.73
7.07
7.82
9.14
6.5
6.1
7.41
7.52
6.73
8.5
7.71
11.28
8.3
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,639
1,769
1,817
1,614
1,977
1,936
1,040
1,460
2,616
3,972
3,807
4,423
4,545
Expenses
877
978
961
830
975
963
539
725
1,096
1,790
1,645
1,786
1,830
Operating Profit
762
790
856
784
1,001
973
501
735
1,519
2,182
2,162
2,637
2,714
OPM %
47%
45%
47%
49%
51%
50%
48%
50%
58%
55%
57%
60%
60%
Other Income
-63
-11
39
50
125
60
86
74
721
126
163
142
150
Interest
396
443
424
349
351
348
348
295
341
396
403
387
386
Depreciation
168
177
195
198
204
208
209
186
228
270
327
360
362
PBT
136
159
276
287
572
478
29
328
1,671
1,643
1,595
2,032
2,117
Tax %
36%
48%
31%
26%
19%
26%
-16%
24%
12%
19%
18%
23%
—
Net Profit
91
84
191
256
497
388
48
268
1,478
1,333
1,307
1,557
1,630
EPS in Rs
1.22
4.21
5.49
7.91
13.73
10.91
1.68
6.65
37.37
30.76
27.53
34.22
35.79
Div. Payout %
90%
26%
22%
16%
11%
0%
31%
18%
7%
8%
9%
7%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
29
31
31
31
31
31
36
36
36
36
72
72
Reserves
1,645
1,997
2,119
2,821
3,443
3,678
5,003
6,547
8,344
9,422
10,377
10,917
Borrowings
3,402
3,889
3,626
3,666
4,244
4,308
4,063
3,982
4,259
4,639
4,687
5,323
Other Liabilities
1,565
1,507
1,233
1,979
2,398
2,528
2,288
3,765
4,787
5,003
6,292
6,541
Total Liabilities
6,641
7,424
7,008
8,497
10,116
10,545
11,389
14,330
17,426
19,100
21,427
22,853
Fixed Assets
4,130
4,548
4,500
5,668
6,522
6,453
7,207
7,508
10,964
13,137
14,466
14,772
CWIP
214
195
328
503
896
1,534
1,274
2,049
2,295
1,503
3,143
3,879
Investments
200
161
410
829
745
590
576
2,317
1,282
1,725
1,465
1,490
Other Assets
2,097
2,520
1,770
1,498
1,952
1,968
2,333
2,456
2,884
2,734
2,353
2,712
Total Assets
6,641
7,424
7,008
8,497
10,116
10,545
11,389
14,330
17,426
19,100
21,427
22,853
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
564
497
1,419
1,514
350
739
432
781
1,356
2,161
2,084
2,426
Investing
-102
-377
-354
-1,825
-1,394
-362
-950
-2,841
-1,528
-1,859
-2,162
-1,646
Financing
-455
-71
-1,108
277
1,053
-287
522
2,228
132
-299
-47
-731
Net Cash Flow
7
50
-43
-33
9
90
3
167
-40
3
-126
50
Free Cash Flow
456
112
1,234
13
-1,110
-3
309
774
-468
488
-532
1,029
CFO/OP
86
80
171
196
43
87
84
114
103
114
110
104
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
49
57
30
29
36
38
114
70
33
25
22
26
Inventory Days
—
—
—
—
—
—
—
—
—
854
—
973
Days Payable
—
—
—
—
—
—
—
—
—
224
—
265
Cash Conversion Cycle
49
57
30
29
36
38
114
70
33
654
22
734
Working Capital Days
91
134
40
-150
-77
-94
-212
-160
-111
-78
-112
-11
ROCE %
11%
11%
11%
10%
11%
9%
4%
5%
10%
12%
11%
13%

Shareholding Pattern

As of Jun 2026
Promoters 47.25%
FIIs 31.73%
DIIs 17.39%
Public 2.30%
Others 1.34%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Jan 2022Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
45.51%
45.50%
45.48%
45.43%
47.34%
47.33%
47.32%
47.31%
47.31%
47.30%
47.30%
47.29%
47.29%
47.28%
47.27%
47.27%
47.26%
47.26%
47.26%
47.25%
47.25%
47.25%
47.25%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
30.01%
30.80%
32.82%
35.41%
35.50%
35.66%
36.15%
36.28%
33.45%
33.85%
32.97%
31.73%
DIIs
15.96%
15.74%
17.50%
18.04%
17.15%
16.73%
16.16%
17.02%
19.02%
18.05%
19.93%
18.51%
17.70%
15.79%
13.34%
13.17%
13.02%
12.60%
12.72%
15.47%
15.26%
16.15%
17.39%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
2.40%
2.54%
2.82%
3.01%
2.95%
3.02%
3.02%
3.06%
2.97%
2.87%
2.79%
2.74%
2.72%
2.69%
2.50%
2.61%
2.57%
2.54%
2.38%
2.45%
2.27%
2.27%
2.30%
Others
36.13%
36.21%
34.20%
33.51%
32.56%
32.92%
33.50%
32.60%
30.71%
31.77%
29.99%
1.44%
1.49%
1.42%
1.47%
1.45%
1.48%
1.45%
1.36%
1.38%
1.36%
1.36%
1.34%
No. of Shareholders
0
22,773
26,834
33,116
36,129
36,990
39,284
39,906
42,828
60,955
63,024
69,523
68,847
76,902
74,051
84,801
89,288
88,531
85,498
86,589
75,779
73,876
73,390

Documents

Frequently Asked Questions about Phoenix Mills Ltd

What does Phoenix Mills Ltd do?
Phoenix Mills Ltd is engaged in the operation & management of malls, construction of commercial & residential property and hotel business in India. Its core businesses include Retail, Office, Hotel and Asset Management.[1]
Where is Phoenix Mills Ltd (PHOENIXLTD) listed?
Phoenix Mills Ltd is listed on the Indian stock exchanges. It is listed on NSE: PHOENIXLTD and BSE: 503100. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Phoenix Mills Ltd belong to?
Phoenix Mills Ltd operates in the Realty sector within the Residential Commercial Projects industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Phoenix Mills Ltd?
Phoenix Mills Ltd has a market capitalisation of approximately ₹68559.48 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Phoenix Mills Ltd?
The Price-to-Earnings (PE) ratio of Phoenix Mills Ltd is 54.21. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Phoenix Mills Ltd?
Over the past 52 weeks, Phoenix Mills Ltd has traded between a low of ₹1,437.2 and a high of ₹2,169.8. This range helps investors understand the stock's price volatility and recent trading levels.
Does Phoenix Mills Ltd pay dividends?
Yes, Phoenix Mills Ltd has a dividend yield of 0.13%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Phoenix Mills Ltd?
Phoenix Mills Ltd has a Return on Equity (ROE) of 9.40%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Phoenix Mills Ltd on Tapetide?
On Tapetide, you can view Phoenix Mills Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Phoenix Mills Ltd is engaged in the operation & management of malls, construction of commercial & residential property and hotel business in India. Its core businesses include Retail, Office, Hotel and Asset Management.[1]

Website thephoenixmills.com
CEO Mr. Shishir Ashok Shrivastava
Employees 2,242
Listed 2007-04-23
Face Value ₹ 2
Issued Size 35,75,97,260

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