Phoenix Mills Ltd
PHOENIXLTD NSE
Phoenix Mills Ltd
Consumer Discretionary F&ONSE: PHOENIXLTD BSE: 503100 Realty
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]
AI Verdict: BUY Confidence: 7%
Phoenix Mills Ltd commands a dominant position in India's premium retail real estate segment with strong revenue growth of 16% TTM and profit growth of 33% TTM. While the valuation at 42.6x PE and 6.03x PB is elevated, the overwhelming analyst consensus (89% buy) and consistent long-term stock CAGR of 27% over 10 years support a buy with a medium-to-high risk profile.
Key Fundamentals
MidcapResidential Commercial ProjectsRealtyMarket Cap
₹69,123 Cr
Volatility
Moderate
P/E Ratio
55.66
EBITDA
₹2,608 Cr
Return on Equity
13.29%
Debt to Equity
0.47
Book Value
₹307.25
EPS
₹61.08
52W High
₹1,993
52W Low
₹1,402.5
Technical Indicators
Key Insights
Weaknesses
3- Stock is trading at 6.22 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 claude-opus-4.6 3d agoBUY
Risk medium
Phoenix Mills Ltd commands a dominant position in India's premium retail real estate segment with strong revenue growth of 16% TTM and profit growth of 33% TTM. While the valuation at 42.6x PE and 6.03x PB is elevated, the overwhelming analyst consensus (89% buy) and consistent long-term stock CAGR of 27% over 10 years support a buy with a medium-to-high risk profile.
Bull Case 8
- Exceptional profit growth of 33% TTM signals strong operating leverage and improving margins in the retail real estate portfolio
- Stock has delivered 34% CAGR over 3 years and 36% CAGR over 5 years, significantly outperforming broader market indices
- Overwhelming analyst consensus with 88.89% buy ratings (16 out of 18 analysts) reflects high institutional conviction
- Revenue growth of 19% CAGR over 3 years demonstrates consistent top-line expansion driven by rising consumption and mall footfall
- Compounded profit CAGR of 83% over 5 years shows massive earnings recovery and scalability of the asset-light franchise model
- ROE has improved from 9% (10-year average) to 12% last year, indicating an upward trajectory in capital efficiency
- Market cap of Rs 67,485 crore provides large-cap stability and institutional liquidity for portfolio investors
- Long-term stock CAGR of 27% over 10 years demonstrates sustained value creation through multiple market cycles
Bear Case 7
- Stock trades at 6.03x price-to-book value, which is expensive for a real estate company and limits margin of safety
- PE ratio of 42.6x is significantly above sector averages, pricing in aggressive future growth expectations
- 3-year average ROE of only 11% is modest for a company commanding such premium valuations
- Dividend payout of only 8.17% of profits over 3 years offers negligible income return with yield at just 0.13%
- Compounded sales CAGR of only 10% over 10 years suggests historical revenue growth has been inconsistent
- Only 1 sell rating out of 18 analysts suggests potential groupthink risk with limited contrarian coverage
- 5-year average ROE of 10% indicates the high capital intensity of mall development dilutes returns on equity
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Positives 1
- Macquarie initiates with Outperform Jun 15
Macquarie set a ₹2,100 price target implying 19.5% upside, citing 50% mall GLA under expansion, 4x office growth, and 900+ hotel keys by FY30. 18 of 20 analysts have a buy rating.
Neutral 3
- ₹32.37 Cr block trade on NSE Jun 22
Institutional block deal of ~1.73 lakh shares executed at ₹1,874.10 per share, a privately negotiated transaction to minimize market impact.
- Active investor conference circuit Jun 05
Phoenix Mills attended multiple institutional investor meets between May 27 and Jun 9 organized by Citi, Morgan Stanley, Bank of America, Motilal Oswal, and ICICI Securities in Mumbai.
- Share transfer window opened Jun 03
Company announced a special window for transfer and dematerialisation of physical shares on June 3, 2026.
TL;DR: Phoenix Mills has no visible headwinds in recent news and received a strong endorsement from Macquarie highlighting its premium mall portfolio, expansion pipeline, and internally funded ₹12,000 Cr annual capex. The stock is down 4% YTD but has near-unanimous analyst buy ratings. Active institutional engagement suggests sustained interest, and execution on FY27-30 mall commissioning and refurbishment timelines will be key catalysts ahead.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 729 | 811 | 875 | 986 | 1,306 | 904 | 918 | 975 | 1,016 | 953 | 1,115 | 1,121 | 1,233 |
| Expenses | 298 | 318 | 369 | 434 | 679 | 373 | 400 | 422 | 457 | 389 | 449 | 465 | 484 |
| Operating Profit | 431 | 492 | 506 | 552 | 627 | 531 | 518 | 553 | 560 | 564 | 667 | 656 | 750 |
| OPM % | 59% | 61% | 58% | 56% | 48% | 59% | 56% | 57% | 55% | 59% | 60% | 59% | 61% |
| Other Income | 74 | 29 | 32 | 34 | 37 | 38 | 37 | 46 | 42 | 32 | 31 | 22 | 57 |
| Interest | 97 | 96 | 96 | 104 | 100 | 103 | 103 | 103 | 94 | 95 | 92 | 102 | 97 |
| Depreciation | 65 | 63 | 66 | 66 | 76 | 77 | 78 | 81 | 90 | 93 | 91 | 86 | 89 |
| PBT | 343 | 363 | 375 | 416 | 489 | 388 | 374 | 415 | 418 | 407 | 515 | 490 | 620 |
| Tax % | 14% | 20% | 19% | 17% | 20% | 19% | 22% | 15% | 17% | 21% | 26% | 25% | 22% |
| Net Profit | 292 | 291 | 305 | 345 | 392 | 315 | 292 | 353 | 348 | 321 | 384 | 366 | 485 |
| EPS in Rs | 7.11 | 6.73 | 7.07 | 7.82 | 9.14 | 6.5 | 6.1 | 7.41 | 7.52 | 6.73 | 8.5 | 7.71 | 11.28 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Expenses | 877 | 978 | 961 | 830 | 975 | 963 | 539 | 725 | 1,096 | 1,790 | 1,645 | 1,786 |
| Operating Profit | 762 | 790 | 856 | 784 | 1,001 | 973 | 501 | 735 | 1,519 | 2,182 | 2,162 | 2,637 |
| OPM % | 47% | 45% | 47% | 49% | 51% | 50% | 48% | 50% | 58% | 55% | 57% | 60% |
| Other Income | -63 | -11 | 39 | 50 | 125 | 60 | 86 | 74 | 721 | 126 | 163 | 142 |
| Interest | 396 | 443 | 424 | 349 | 351 | 348 | 348 | 295 | 341 | 396 | 403 | 387 |
| Depreciation | 168 | 177 | 195 | 198 | 204 | 208 | 209 | 186 | 228 | 270 | 327 | 360 |
| PBT | 136 | 159 | 276 | 287 | 572 | 478 | 29 | 328 | 1,671 | 1,643 | 1,595 | 2,032 |
| 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 |
| 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 |
| Div. Payout % | 90% | 26% | 22% | 16% | 11% | 0% | 31% | 18% | 7% | 8% | 9% | 7% |
Balance Sheet
| 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 | 6,541 |
| 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 |
Cash Flow
| 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 | -447 | -468 | 488 | -532 | 1,029 |
| CFO/OP | 86 | 80 | 171 | 196 | 43 | 87 | 84 | 114 | 103 | 114 | 110 | 104 |
Ratios
| 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 | — | 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% |
Documents
1
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
8 May - Phoenix Mills to hold non-deal roadshow with Avendus Spark in Chennai on 13 May 2026. 8 May - Phoenix Mills to hold non-deal roadshow with Avendus Spark in Chennai on 13 May 2026.
2
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
8 May - Phoenix Mills to hold non-deal roadshow in Chennai on 14 May 2026. 8 May - Phoenix Mills to hold non-deal roadshow in Chennai on 14 May 2026.
4
Dilution Of Stake In Associate Company.
7 May - Mirabel Entertainment allotted 4.35 lakh rights shares on May 7, 2026; Phoenix Mills stake fell to 35.49%. 7 May - Mirabel Entertainment allotted 4.35 lakh rights shares on May 7, 2026; Phoenix Mills stake fell to 35.49%.
5
Intimation Under Regulation 30 And 46(2)(Oa) Of The SEBI (LODR) Regulations, 2015 - Audio Recording Of The Earnings Conference Call
28 Apr - Audio recording of FY2026 earnings conference call for audited Q4 and annual results published on website. 28 Apr - Audio recording of FY2026 earnings conference call for audited Q4 and annual results published on website.
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 Consumer Discretionary sector within the Realty 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 ₹69123.42 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 55.66. 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 ₹1,402.5 and a high of ₹1,993. 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 13.29%. 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