Phoenix Mills Ltd

PHOENIXLTD

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Market Cap

₹ 63,649 Cr

P/E

59.65

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Phoenix Mills Limited focuses on developing and leasing commercial and retail spaces, with a significant presence in major Indian cities.

The company reported a 14% revenue growth in H1 FY26 to Rs. 2,068 crore, driven by strong retail and residential sales.

Strategic partnerships with CPPIB and GIC enhance financial strength for retail-led mixed-use project development in tier I and II cities.

A significant capacity expansion is underway to increase operational retail space from 11.2 to 14 million square feet by 2027.

Phoenix Mills’ diversified business model includes high-performing retail centers, office spaces, hotels, and residential segments contributing to stable and cross-sector growth.

Sector

Realty

Industry

Construction - Factories / Offices / Commercial

Market Cap

63,649 Cr

Volatility

High Risk

P/E Ratio

59.7

Industry P/E

35.1

PEG Ratio

2.7

P/B Ratio

5.9

52W High

1,848.00

52W Low

1,403.00

Sales CAGR

-4.13%

19.68%

1.81%

10Y

3.53%

Profit CAGR

-1.87%

-3.03%

17.98%

10Y

9.45%

ROE

TTM

9.99%

9.16%

7.08%

10Y

7.11%

ROCE

TTM

12.84%

11.81%

9.67%

10Y

9.87%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PHOENIXLTD	1802.00	63,649 Cr	59.65	5.90	0.14	9.99	12.84	6.14
GODREJPROP	2000.00	60,670 Cr	39.15	3.31	0.00	8.46	6.80	2.13
BRIGADE	866.80	21,005 Cr	26.41	3.24	0.29	12.27	11.69	3.35
ABREL	1713.40	19,512 Cr	—	5.16	0.11	-4.19	-1.89	-1.29
ANANTRAJ	531.60	18,904 Cr	38.34	3.44	0.13	11.20	11.89	8.98
SIGNATURE	1135.40	15,867 Cr	204.20	21.83	0.00	10.70	4.11	0.53
EMBDL	65.57	8,685 Cr	—	0.83	0.00	-1.80	2.27	-1.06

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	811	875	986	1,306	904	918	975	1,016	953	1,115
Expenses	318	369	434	679	373	400	422	457	389	449
Operating Profit	492	506	552	627	531	518	553	560	564	667
OPM %	60.73	57.82	55.96	47.99	58.73	56.39	56.69	55.07	59.21	59.79
Other Income	29	32	34	37	38	37	46	42	32	31
Interest	96	96	104	100	103	103	103	94	95	92
Depreciation	63	66	66	76	77	78	81	90	93	91
Profit Before Tax	363	375	416	489	388	374	415	418	407	515
Tax %	20.12	19.02	17.39	20.43	19.25	22.32	15.45	17.05	21.44	25.60
Net Profit	290	304	344	389	313	291	351	347	320	383
EPS in Rs	6.72	7.07	7.82	9.03	6.50	8.17	7.40	7.52	6.73	8.50

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	1,780	1,825	1,620	1,982	1,941	1,045	1,483	2,638	3,978	3,862
Expenses	993	978	842	988	974	551	750	1,119	1,801	1,668
Operating Profit	787	847	778	993	967	494	734	1,519	2,177	2,194
OPM %	44.22	46.42	48.01	50.12	49.82	47.29	49.47	57.57	54.73	56.82
Other Income	-8.49	47	56	133	66	92	74	721	132	157
Interest	442	423	348	351	348	348	294	341	396	395
Depreciation	177	195	198	204	208	209	186	228	270	342
Profit Before Tax	159	276	287	572	478	29	328	1,671	1,643	1,614
Tax %	48.34	31.10	26.37	19.22	25.54	-16.01	24.41	11.90	19.27	18.97
Net Profit	82	190	212	462	356	34	248	1,473	1,326	1,308
EPS in Rs	4.63	4.70	6.76	11.74	9.35	1.68	6.43	37.30	30.64	30.15
Dividend Payout %	25.70	21.88	15.20	10.95	0.00	29.67	18.05	6.69	8.16	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	29	31	31	31	31	31	36	36	36	36
Reserves	1,645	1,997	2,119	2,821	3,443	3,678	5,003	6,547	8,344	9,422
Borrowings	3,046	3,623	3,354	3,451	3,981	4,084	4,063	3,982	4,259	4,639
Other Liabilities	1,921	1,809	1,504	2,195	2,661	2,755	2,290	3,770	4,950	5,186
Total Liabilities	6,641	7,459	7,008	8,497	10,116	10,547	11,391	14,335	17,589	19,283
Fixed Assets	4,130	4,548	4,500	5,668	6,522	6,453	1,622	1,546	2,429	2,862
CWIP	214	195	328	503	896	1,534	1,274	2,049	2,295	1,503
Investments	200	161	410	829	745	590	6,160	8,279	9,818	12,000
Other Assets	2,097	2,555	1,770	1,498	1,952	1,971	2,335	2,461	3,048	2,917
Total Assets	6,641	7,459	7,008	8,497	10,116	10,547	11,391	14,335	17,589	19,283

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	497	1,419	1,514	208	739	432	781	1,356	2,162	2,084
Cash from Investing Activity	-377	-354	-1,825	-1,252	-362	-950	-2,841	-1,528	-1,859	-2,162
Cash from Financing Activity	-71	-1,108	277	1,053	-287	522	2,228	132	-299	-47
Net Cash Flow	50	-43	-33	8.75	90	3.46	167	-40	3.37	-126

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	47.31%	47.30%	47.30%	47.29%	47.29%	47.28%	47.27%	47.27%	47.26%	47.26%	47.26%	47.25%
FIIs	29.27%	30.37%	28.55%	30.01%	30.80%	32.82%	35.41%	35.50%	35.66%	36.15%	36.28%	33.45%
DIIs	19.02%	18.06%	19.93%	18.52%	17.71%	15.79%	13.34%	13.18%	13.03%	12.60%	12.73%	15.47%
Public	4.40%	4.27%	4.22%	4.18%	4.21%	4.11%	3.98%	4.06%	4.05%	3.99%	3.74%	3.83%
Total Shareholders	58,414	60,955	63,024	69,523	68,847	76,902	74,051	87,748	89,288	88,531	85,498	86,589

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 26, 2024	Atul ruia	Insider - Promoter & Director	Acquisition	3,690.05	12.51 Cr	33,899	0.01
Aug 26, 2024	Sharmila dalmia	Insider - Promoter Group	Disposal	3,690.05	12.51 Cr	33,899	0.01
May 31, 2024	Integrated core strategies (a...	Bulk	Sell	3,093.85	383.16 Cr	12,38,467	0.34
May 31, 2024	Copthall mauritius investment...	Bulk	Buy	3,125.89	2.61 Cr	8,360	0.00
May 31, 2024	Copthall mauritius investment...	Bulk	Sell	3,094.54	286.96 Cr	9,27,311	0.25
May 31, 2024	Bnp paribas financial markets	Bulk	Sell	3,092.11	453.88 Cr	14,67,861	0.41
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	2,367.05	49.78 Cr	2,10,299	0.05
Jan 25, 2024	Marshall wace investment stra...	Block	Buy	2,367.05	1.86 Cr	7,869	0.00
Jan 25, 2024	Marshallwaceinvestmentstrateg...	Block	Buy	2,367.05	2.90 Cr	12,258	0.00
Jan 25, 2024	Bnp paribas arbitrage	Block	Sell	2,367.05	88.22 Cr	3,72,708	0.10

Projection

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	811	875	986	1,306	904	918	975	1,016	953	1,115
Expenses	318	369	434	679	373	400	422	457	389	449
Operating Profit	492	506	552	627	531	518	553	560	564	667
OPM %	60.73	57.82	55.96	47.99	58.73	56.39	56.69	55.07	59.21	59.79
Other Income	29	32	34	37	38	37	46	42	32	31
Interest	96	96	104	100	103	103	103	94	95	92
Depreciation	63	66	66	76	77	78	81	90	93	91
Profit Before Tax	363	375	416	489	388	374	415	418	407	515
Tax %	20.12	19.02	17.39	20.43	19.25	22.32	15.45	17.05	21.44	25.60
Net Profit	290	304	344	389	313	291	351	347	320	383
EPS in Rs	6.72	7.07	7.82	9.03	6.50	8.17	7.40	7.52	6.73	8.50

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	1,780	1,825	1,620	1,982	1,941	1,045	1,483	2,638	3,978	3,862
Expenses	993	978	842	988	974	551	750	1,119	1,801	1,668
Operating Profit	787	847	778	993	967	494	734	1,519	2,177	2,194
OPM %	44.22	46.42	48.01	50.12	49.82	47.29	49.47	57.57	54.73	56.82
Other Income	-8.49	47	56	133	66	92	74	721	132	157
Interest	442	423	348	351	348	348	294	341	396	395
Depreciation	177	195	198	204	208	209	186	228	270	342
Profit Before Tax	159	276	287	572	478	29	328	1,671	1,643	1,614
Tax %	48.34	31.10	26.37	19.22	25.54	-16.01	24.41	11.90	19.27	18.97
Net Profit	82	190	212	462	356	34	248	1,473	1,326	1,308
EPS in Rs	4.63	4.70	6.76	11.74	9.35	1.68	6.43	37.30	30.64	30.15
Dividend Payout %	25.70	21.88	15.20	10.95	0.00	29.67	18.05	6.69	8.16	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	29	31	31	31	31	31	36	36	36	36
Reserves	1,645	1,997	2,119	2,821	3,443	3,678	5,003	6,547	8,344	9,422
Borrowings	3,046	3,623	3,354	3,451	3,981	4,084	4,063	3,982	4,259	4,639
Other Liabilities	1,921	1,809	1,504	2,195	2,661	2,755	2,290	3,770	4,950	5,186
Total Liabilities	6,641	7,459	7,008	8,497	10,116	10,547	11,391	14,335	17,589	19,283
Fixed Assets	4,130	4,548	4,500	5,668	6,522	6,453	1,622	1,546	2,429	2,862
CWIP	214	195	328	503	896	1,534	1,274	2,049	2,295	1,503
Investments	200	161	410	829	745	590	6,160	8,279	9,818	12,000
Other Assets	2,097	2,555	1,770	1,498	1,952	1,971	2,335	2,461	3,048	2,917
Total Assets	6,641	7,459	7,008	8,497	10,116	10,547	11,391	14,335	17,589	19,283

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	497	1,419	1,514	208	739	432	781	1,356	2,162	2,084
Cash from Investing Activity	-377	-354	-1,825	-1,252	-362	-950	-2,841	-1,528	-1,859	-2,162
Cash from Financing Activity	-71	-1,108	277	1,053	-287	522	2,228	132	-299	-47
Net Cash Flow	50	-43	-33	8.75	90	3.46	167	-40	3.37	-126

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PHOENIXLTD	1802.00	63,649 Cr	59.65	5.90	0.14	9.99	12.84	6.14
GODREJPROP	2000.00	60,670 Cr	39.15	3.31	0.00	8.46	6.80	2.13
BRIGADE	866.80	21,005 Cr	26.41	3.24	0.29	12.27	11.69	3.35
ABREL	1713.40	19,512 Cr	—	5.16	0.11	-4.19	-1.89	-1.29
ANANTRAJ	531.60	18,904 Cr	38.34	3.44	0.13	11.20	11.89	8.98
SIGNATURE	1135.40	15,867 Cr	204.20	21.83	0.00	10.70	4.11	0.53
EMBDL	65.57	8,685 Cr	—	0.83	0.00	-1.80	2.27	-1.06

Overview

Detailed Summary

Phoenix Mills Limited focuses on developing and leasing commercial and retail spaces, with a significant presence in major Indian cities.

The company reported a 14% revenue growth in H1 FY26 to Rs. 2,068 crore, driven by strong retail and residential sales.

Strategic partnerships with CPPIB and GIC enhance financial strength for retail-led mixed-use project development in tier I and II cities.

A significant capacity expansion is underway to increase operational retail space from 11.2 to 14 million square feet by 2027.

Phoenix Mills’ diversified business model includes high-performing retail centers, office spaces, hotels, and residential segments contributing to stable and cross-sector growth.

Sector

Realty

Industry

Construction - Factories / Offices / Commercial

Market Cap

63,649 Cr

Volatility

High Risk

P/E Ratio

59.7

Industry P/E

35.1

PEG Ratio

2.7

P/B Ratio

5.9

52W High

1,848.00

52W Low

1,403.00

Sales CAGR

-4.13%

19.68%

1.81%

10Y

3.53%

Profit CAGR

-1.87%

-3.03%

17.98%

10Y

9.45%

ROE

TTM

9.99%

9.16%

7.08%

10Y

7.11%

ROCE

TTM

12.84%

11.81%

9.67%

10Y

9.87%

Phoenixltd

Phoenix Mills Ltd

PHOENIXLTD

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Phoenix Mills Ltd

PHOENIXLTD

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