Phoenix Mills
Phoenix Mills
Realty F&OKey Fundamentals
MidcapResidential Commercial ProjectsRealtyTapetide Score
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Key Insights
Weaknesses
3- Stock is trading at 6.28 times its book value
- Company has a low return on equity of 10.7% over last 3 years.
- Dividend payout has been low at 8.17% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
Phoenix Mills Ltd is a large-cap realty company with a market capitalisation of about ₹70,119 crore. Revenue has compounded at 19% over 3 years and 34% over 5 years, and TTM profit growth is 32%. The stock trades at a P/E of 43 and a P/B of about 6.4, while return on equity has stayed in the 9-11% range over the past decade.
- Revenue growth has been strong. Sales compounded at 34% over 5 years and 19% over 3 years, and TTM sales grew 18%.
- Profit growth is picking up. TTM profit grew 32%, compared with a 3-year profit CAGR of 12%.
- Over 10 years, profit compounded at 24% while sales compounded at 10%. This points to better operating leverage and margins over the long run.
- Return on equity has risen slowly but steadily, from a 10-year average of 9% to 10% over 5 years and 11% over 3 years and the last year.
- The stock has compounded at 26% over 10 years, 32% over 5 years and 29% over 3 years. Returns have stayed high across market cycles.
- At a market cap of about ₹70,119 crore, the company operates at scale in retail-led, annuity-style rental assets. That scale supports raising capital and building out its pipeline.
- The dividend payout was only 8.17% of profits over 3 years, so most earnings stay in the business. That funds expansion from internal cash rather than outside capital.
- The P/E of 43 is high. It leaves little room for error if earnings growth slows from the current 32% TTM rate.
- The P/B of about 6.37-6.44 is steep compared with an ROE of about 10.7%. Investors are paying a large premium over book value for modest returns on equity.
- The 3-year ROE of 10.7% and 10-year ROE of 9% are low for a company valued this richly. This is typical of capital-intensive real estate.
- Profit grew at a 12% CAGR over 3 years, behind the 19% CAGR in sales. This suggests margin or cost pressure in the medium term.
- The 81% 5-year profit CAGR comes off a low, pandemic-hit base. The 10-year sales CAGR of 10% gives a more normal picture of long-run growth.
- The dividend yield is 0.13% and the payout ratio is 8.17%. Income-focused shareholders get very little cash return.
- The stock is up 28% in the past year, so much of the recent earnings growth may already be priced in. Debt-to-equity data isn't available, so leverage risk in a capital-heavy sector can't be checked from the data provided.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Strong FY26 ESG disclosures Sep 4
Phoenix Mills filed its FY26 BRSR, reporting a 100% recycling rate for waste generated and zero lost-time injuries for employees. This may support its standing with ESG-focused institutional investors.
- NCLT clears subsidiary merger Sep 5
NCLT Chennai sanctioned the merger of six step-down subsidiaries into Astrea Real Estate Developers, a Phoenix Mills subsidiary. Fewer entities should simplify the group structure and cut compliance overhead.
- AGM approves ₹2.50 dividend Sep 28
At its 121st AGM, held via VC on September 28, 2026, shareholders approved a final dividend of ₹2.50 per share and adopted the FY26 financial statements. The record date was September 11, as announced on Sep 2.
- J.P. Morgan India Conference Sep 16
Phoenix Mills said it would attend the J.P. Morgan India Conference in Mumbai on September 22, 2026, with one-on-one and group sessions with institutional investors.
- Jefferies India Forum participation Sep 11
The company said it would attend the 2026 Jefferies India Forum in Gurugram on September 17, 2026, meeting institutional investors in one-on-one and group sessions.
- IIFL Bengaluru non-deal roadshow Sep 8
Phoenix Mills briefed institutional investors on its business and industry updates at an IIFL non-deal roadshow in Bengaluru. The roadshow was announced for September 7 on Sep 2, but the update gives the date as September 8, 2026.
- Mumbai institutional investor meet Sep 2
Phoenix Mills met institutional investors in Mumbai on September 2, 2026, covering its general business overview and industry updates.
TL;DR: September news for Phoenix Mills was mostly corporate housekeeping and investor outreach, with no reported headwinds. Positives include clean FY26 ESG numbers (100% waste recycling, zero lost-time injuries) and a simpler group structure after NCLT approved merging six step-down subsidiaries. The company held at least five institutional investor meetings in one month, which shows active outreach, but none of the news included operating data such as rental income, retail consumption or leasing progress. That gives little basis to call the trend better or worse. The Q2 FY27 results will be the next real test, especially mall consumption growth and new asset ramp-ups.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,639 | 1,769 | 1,817 | 1,614 | 1,977 | 1,936 | 1,040 | 1,460 | 2,616 | 3,972 | 3,807 | 4,418 | 4,545 |
| Expenses | 877 | 978 | 961 | 830 | 975 | 963 | 539 | 725 | 1,096 | 1,790 | 1,645 | 1,780 | 1,830 |
| Operating Profit | 762 | 790 | 856 | 784 | 1,001 | 973 | 501 | 735 | 1,519 | 2,182 | 2,162 | 2,638 | 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 | 140 | 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 6,485 |
| Total Liabilities | 6,641 | 7,424 | 7,008 | 8,497 | 10,116 | 10,545 | 11,389 | 14,330 | 17,426 | 19,100 | 21,427 | 22,796 |
| 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 | 2,656 |
| Total Assets | 6,641 | 7,424 | 7,008 | 8,497 | 10,116 | 10,545 | 11,389 | 14,330 | 17,426 | 19,100 | 21,427 | 22,796 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 49 | 57 | 30 | 29 | 36 | 38 | 114 | 70 | 33 | 25 | 22 | 26 |
| Inventory Days | — | — | — | — | — | — | — | — | — | 854 | — | — |
| Days Payable | — | — | — | — | — | — | — | — | — | 224 | — | — |
| Cash Conversion Cycle | 49 | 57 | 30 | 29 | 36 | 38 | 114 | 70 | 33 | 654 | 22 | 26 |
| Working Capital Days | 91 | 134 | 40 | -150 | -77 | -94 | -212 | -160 | -111 | -78 | -112 | -94 |
| ROCE % | 11% | 11% | 11% | 10% | 11% | 9% | 4% | 5% | 10% | 12% | 11% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY06–FY27.
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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]
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