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Phoenix Mills

PHOENIXLTD NSE

Key Fundamentals

MidcapResidential Commercial ProjectsRealty
Market Cap
₹65,802 Cr
Volatility
Moderate
P/E Ratio
52.81
EBITDA
₹2,808 Cr
Return on Equity
10.88%
Debt to Equity
0.48
Book Value
₹307.21
EPS
₹61.08
52W High
₹2,169.8
52W Low
₹1,465.6

Tapetide Score

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

Key Insights

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

Growth Rate

Revenue Growth
15.87% lower than 3Y
Net Income Growth
19.6% higher than 3Y
Cash Flow Change
16.42% higher than 3Y
ROE
15.74% higher than 3Y
ROCE
13.52% higher than 3Y
EBITDA Margin (Avg.)
4.82% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Phoenix Mills Ltd commands a market cap of ₹65,802 Cr with a PE of 41.5x and PB of 6.15x. The company has delivered strong compounded profit growth of 32% TTM and sales growth of 18% TTM, though its 3-year average ROE stands at a modest 10.7% and dividend payout remains low at 8.17% of profits.

Bull Case 7
  • TTM compounded profit growth of 32% signals strong earnings momentum and improving operational leverage across its mall portfolio
  • Compounded sales growth of 18% TTM and 19% over 3 years reflects consistent top-line expansion driven by rising consumption at its premium retail assets
  • 5-year compounded profit CAGR of 81% demonstrates a dramatic recovery and scaling of profitability from the post-COVID lows
  • Stock price CAGR of 34% over 5 years and 25% over 10 years indicates sustained long-term wealth creation and market confidence
  • 10-year compounded profit growth of 24% shows the company has delivered above-average earnings growth across full business cycles
  • ROE has improved from a 10-year average of 9% to 11% in the last year, suggesting gradual improvement in capital efficiency
  • Market cap of ₹65,802 Cr provides institutional-grade liquidity and positions the company as one of the largest listed retail REIT-style plays in India
Bear Case 7
  • PE ratio of 41.5x is elevated for a realty company, leaving limited margin of safety if earnings growth moderates from the current 32% pace
  • Price-to-book of 6.15x is significantly above sector norms, meaning much of the value depends on future growth rather than current asset backing
  • 3-year average ROE of only 10.7% is low relative to the premium valuation, indicating capital is not generating outsized returns for shareholders
  • Dividend payout of just 8.17% of profits over the last 3 years offers negligible income to shareholders, with a yield of only 0.13%
  • 10-year compounded sales CAGR of only 10% suggests the recent 18-19% growth is a step-up that may not be sustainable over longer horizons
  • 5-year ROE average of 10% has barely improved over the 10-year average of 9%, raising questions about structural return on capital improvement
  • 1-year stock price CAGR of 22% lags the 3-year CAGR of 26%, hinting at possible deceleration in re-rating momentum

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 5
  • Strong Q1 FY27 earnings growth Aug 17

    Q1 FY27 consolidated revenue rose 12.80% YoY to ₹1,074.94 crore and net profit jumped 23.01% to ₹393.55 crore, driving shares up 2.10% to ₹1,929.70.

  • 5-year revenue up 2.98x Aug 17

    Revenue grew from ₹1,483.48 crore (Mar 2022) to ₹4,422.80 crore (Mar 2026), while net profit surged 6.27x from ₹247.99 crore to ₹1,556.61 crore over the same period.

  • Improving leverage and margins Aug 17

    Debt-to-equity improved from 0.60 to 0.48 over five years, with net profit margin at 35.19% and EV/EBITDA at 21.95 for Mar 2026.

  • 100% waste recycling, zero injuries Sep 4

    FY26 BRSR report highlighted 100% recycling rate for waste generated and zero lost-time injuries for employees, strengthening ESG credentials.

  • NCLT approves subsidiary merger Sep 5

    NCLT Chennai sanctioned the merger of six step-down subsidiaries with Astrea Real Estate Developers, simplifying corporate structure.

Neutral 2
  • AGM set for Sep 28 Sep 2

    Phoenix Mills scheduled AGM on September 28, 2026 to approve final dividend of ₹2.50 per share for FY26, with record date of September 11.

  • Active institutional investor outreach Sep 8

    Company held multiple investor meetings between Aug 17 and Sep 8 across Mumbai and Bengaluru, organized by IIFL, Elara Securities, and Motilal Oswal, briefing institutions on business overview and industry updates.

TL;DR: Phoenix Mills is firing on all cylinders with strong revenue and profit growth, improving leverage, and healthy margins at 35.19%. Active investor engagement and a clean ESG profile add to the positive narrative. No material headwinds emerged in recent news flow. With continued mall consumption tailwinds and a simplified corporate structure post-merger, the trend remains firmly positive heading into H2 FY27.

Quarterly Results

Particulars 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

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 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

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
Figures in ₹ Crores

Cash Flow

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/OP
86
80
171
196
43
87
84
114
103
114
110
104
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others1.34%Promot.47.25%Public2.30%DIIs17.39%FIIs31.73%As ofJun 2026

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.[1]
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 market capitalisation of Phoenix Mills Ltd?
Phoenix Mills Ltd has a market capitalisation of ₹65,802 Cr, which places it in the Large Cap band.
What is the PE ratio of Phoenix Mills Ltd?
Phoenix Mills Ltd trades at a PE ratio of 52.81, on earnings per share of ₹61.08, against a book value of ₹307.21 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.
Does Phoenix Mills Ltd pay dividends?
Phoenix Mills Ltd has a dividend yield of 0.13%.
What is the Return on Equity (ROE) of Phoenix Mills Ltd?
Phoenix Mills Ltd reported a return on equity of 10.88%. 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.[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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