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Phoenix Mills

PHOENIXLTD NSE
₹2,079.50 No trade today
P/E
58.10
View as Markdown
MCP
Close 4 Nov 2026 ₹2,079.50 +334.70 +19.2% 1Y
Start ₹1,744.80

Key Fundamentals

MidcapRealtyConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
12.40%
Debt to Equity
0.48
EPS (TTM)
₹35.79
Book Value
₹254.39
Market Cap
—
P/E (TTM)
58.10
P/B
8.17
ROE
11.00%
Dividend Yield
0.12%
EBITDA
₹2,808 Cr
52W High
₹2,169.80
52W Low
₹1,465.60
Volume
0

Peer Comparison

Consumer Discretionary › Realty › Residential Commercial Projects › Residential, Commercial Projects

Phoenix Mills peer comparison
DLF
₹720.0039.02₹1,76,861 Cr3.911.13%9.50%6.32%₹6,375 Cr₹4,567 Cr
Lodha Developers
₹1,122.0027.17₹1,09,477 Cr4.510.40%15.50%16.40%₹18,181 Cr₹4,129 Cr
Phoenix Mills (this company)
₹2,079.5058.10₹73,757 Cr8.170.12%11.00%12.40%₹4,545 Cr₹1,629 Cr
Prestige Estates Projects
₹1,580.0059.74₹67,457 Cr4.180.13%7.53%10.40%₹13,053 Cr₹1,265 Cr
Oberoi Realty
₹1,710.9023.64₹61,958 Cr3.260.24%14.60%17.30%₹6,214 Cr₹2,632 Cr
Godrej Properties
₹1,739.0032.73₹51,392 Cr2.710.60%8.82%7.63%₹5,203 Cr₹1,591 Cr
Brigade Enterprises
₹541.1025.40₹17,553 Cr2.470.38%10.50%10.50%₹5,532 Cr₹784 Cr
Median 7 companies₹1,580.0032.73₹67,457 Cr3.910.38%10.50%10.50%₹6,214 Cr₹1,629 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

53 Average

Data confidence 100/100

Category scores

Quality
71
Strong
Returns, margins, earnings quality 22% weight
Valuation
42
Weak
Cheap vs sector & own history 24% weight
Growth
56
Good
Sales & profit trajectory 9% weight
Financial Health
28
Poor
Solvency, leverage, coverage 9% weight
Momentum
66
Strong
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

3
  • Stock is trading at 6.15 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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBearish342
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
68.99
Neutral
MACD (12,26,9)
32.22
Bullish
SMA (50)
1,913.44
Bullish
SMA (200)
1,826.75
Bullish

As of

Analyst Rating

Based on 20 analysts
BUY90%

18 of 20 analysts rate Buy, 0 Hold, 2 Sell.

As of

BUY
18
90%
HOLD
0
0%
SELL
2
10%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+9.58%
5Y+33.55%
3Y+19.09%
1Y+16.05%
TTM+17.66%

Net profit

Net profit growth by window
10Y+33.91%
5Y+100.54%
3Y+1.75%
1Y+19.13%
TTM+23.97%

Operating cash flow

Operating cash flow growth by window
10Y+17.18%
5Y+41.22%
3Y+21.40%
1Y+16.41%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+15.05 pp
5Y+11.54 pp
3Y+1.64 pp
1Y+2.92 pp
TTM+2.91 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,817 Cr
Mar 2018₹1,614 Cr
Mar 2019₹1,977 Cr
Mar 2020₹1,936 Cr
Mar 2021₹1,040 Cr
Mar 2022₹1,460 Cr
Mar 2023₹2,616 Cr
Mar 2024₹3,972 Cr
Mar 2025₹3,807 Cr
Mar 2026₹4,418 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹191 Cr
Mar 2018₹256 Cr
Mar 2019₹497 Cr
Mar 2020₹388 Cr
Mar 2021₹48.00 Cr
Mar 2022₹268 Cr
Mar 2023₹1,478 Cr
Mar 2024₹1,333 Cr
Mar 2025₹1,307 Cr
Mar 2026₹1,557 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹784 Cr +5.0% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Phoenix Mills Ltd trades at a price of ₹2,016.6 as of 2026-11-02, commanding a market cap of ₹72,129 crore at a P/E of 56.35x TTM. The company has delivered strong long-term profit compounding of 24% over 10 years and sales growth of 18% TTM, though its return on equity of 10.88% and dividend yield of 0.13% remain modest relative to the premium valuation.

Bull Case 8
  • Compounded profit growth of 24% over 10 years demonstrates a sustained long-term earnings trajectory, well above the broader market average
  • TTM profit growth of 32% signals continued earnings momentum in the most recent period
  • Stock price CAGR of 33% over 5 years reflects strong wealth creation, significantly outpacing broader indices
  • Compounded sales growth of 19% over 3 years and 18% TTM indicates consistent top-line expansion driven by the retail-led consumption theme in India
  • Debt-to-equity ratio of 0.48 is conservative for a realty company, suggesting manageable leverage and financial flexibility for future expansion
  • ROCE of 11.84% is reasonable for a capital-intensive real estate business and supports the case for efficient capital deployment
  • The stock is trading 7.1% below its 52-week high of ₹2,169.8, suggesting it has held up well relative to recent peaks
  • 5-year compounded profit growth of 81% highlights a sharp post-pandemic earnings recovery and structural improvement in profitability
Bear Case 6
  • Price-to-book ratio of 6.56x (trading at 6.15 times book value) is steep, implying the market assigns a heavy premium over net asset value
  • Return on equity of 10.88% (and a 3-year average of roughly 11%) is modest given the premium valuation, indicating the stock's price growth has outpaced fundamental returns on capital
  • Dividend yield of just 0.13% with a payout of only 8.17% of profits over the last 3 years offers negligible income to shareholders
  • 10-year compounded sales growth of 10% is moderate, suggesting top-line expansion has historically been slower before the recent acceleration
  • 10-year average ROE of 9% indicates that the elevated recent profitability may not be the long-term norm for the business
  • EPS TTM of ₹35.79 against a price of ₹2,016.6 implies investors are paying a very high multiple per rupee of current earnings, increasing vulnerability to any earnings miss

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

AI News Digest

9h ago

TL;DR: Phoenix Mills delivered a strong Q2 FY27 with double-digit profit growth, 25% retail consumption surge, and a 64% jump in office income, reflecting robust demand across both retail and commercial segments. Leverage remains well-managed at 1.2x net debt-to-EBITDA despite rising gross debt. Internal restructuring via subsidiary mergers signals focus on operational efficiency. The growth trajectory looks solid heading into H2 FY27, though rising debt levels warrant monitoring as expansion continues.

Headwinds 1
  • Gross debt up ₹953 cr Oct 30

    Gross debt rose to ₹6,117 crore as of Sep 30, 2026, up ₹953 crore from Mar 2026, with cost of debt at 7.66% (241 bps over repo rate).

Positives 5
  • Q2 profit surges 11% Oct 30

    Consolidated net profit rose 10.8% YoY to ₹424.05 crore in Q2 FY27, with net consolidated total income up 3.7% to ₹1,189.09 crore.

  • Retail consumption up 25% YoY Oct 30

    Retail consumption surged 25% YoY to ₹4,685 crore in Q2 FY27, with H1 FY27 consumption at ₹9,415 crore, up 28% YoY.

  • Retail rental income up 15% Oct 30

    Retail rental income rose 15% YoY to ₹605 crore in Q2 FY27, while retail asset EBITDA increased 18% to ₹639 crore.

Neutral 2
  • Subsidiary merger for simplification Oct 15

    Subsidiaries SGH Realty and Truevalue Infrabuild approved a scheme of amalgamation to simplify structure and reduce overheads, subject to NCLT/RD approval. No change in listed entity shareholding.

  • BofA Property Week participation Nov 02

    Phoenix Mills will participate in a virtual investor conference on Nov 6, 2026, disclosed under SEBI regulations.

Quarterly Results

₹ Cr
PHOENIXLTD quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
811
875
986
1,306
904
918
975
1,016
953
1,115
1,121
1,233
1,075
1,153
Expenses
318
369
434
679
373
400
422
457
389
449
465
484
433
442
Operating Profit
492
506
552
627
531
518
553
560
564
667
656
750
642
710
OPM %
61%
58%
56%
48%
59%
56%
57%
55%
59%
60%
59%
61%
60%
62%
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
103
Depreciation
63
66
66
76
77
78
81
90
93
91
86
89
96
94
PBT
363
375
416
489
388
374
415
418
407
515
490
620
492
553
Tax %
20%
19%
17%
20%
19%
22%
15%
17%
21%
26%
25%
22%
20%
23%
Net Profit
291
305
345
392
315
292
353
348
321
384
366
485
394
427
EPS (₹)
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
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
PHOENIXLTD profit and loss, annual, ₹ crore
Particulars 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
4,418
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 (₹)
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

₹ Cr
PHOENIXLTD balance sheet, annual, ₹ crore
Particulars 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
6,485
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

₹ Cr
PHOENIXLTD cash flow, annual, ₹ crore
Particulars 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/EBITDA
86
80
171
196
43
87
84
114
103
114
110
104

Ratios

PHOENIXLTD financial ratios, annual
Particulars 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
—
—
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

Beta

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

Log in to view Phoenix Mills insights

62 extracted metrics across FY06–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 47.24%
  • FIIs 31.62%
  • DIIs 17.31%
  • Public 2.49%
  • Others 1.34%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Phoenix Mills

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.
Where is Phoenix Mills Ltd (PHOENIXLTD) listed?
Phoenix Mills Ltd trades as PHOENIXLTD on the NSE and under code 503100 on the BSE.
Which sector does Phoenix Mills Ltd belong to?
Phoenix Mills Ltd is classified under the Realty sector, in the Residential Commercial Projects industry.
What is the PE ratio of Phoenix Mills Ltd?
Phoenix Mills Ltd trades at a PE ratio of 58.10 as of 4 Nov 2026, on earnings per share of ₹35.79, against a book value of ₹254.39 per share.
What is the 52-week high and low of Phoenix Mills Ltd?
Over the last 52 weeks Phoenix Mills Ltd has traded between ₹1,465.6 and ₹2,169.8 as of 4 Nov 2026.
Does Phoenix Mills Ltd pay dividends?
Phoenix Mills Ltd has a dividend yield of 0.12%.
What is the Return on Equity (ROE) of Phoenix Mills Ltd?
Phoenix Mills Ltd reported a return on equity of 11.00%. Its debt-to-equity ratio is 0.48.

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.

Website thephoenixmills.com
CEO Mr. Shishir Ashok Shrivastava
Employees 2,242
Listed 23 Apr 2007
Face Value ₹2

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