Phoenix Mills Ltd.

NSE: PHOENIXLTD · Realty

52W Range₹1,403 ₹2,170

Snapshot

Unlock Phoenix Mills Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

The Phoenix Mills Limited is a prominent Indian real estate developer specialising in the ownership, operation, and management of large-scale retail malls, commercial office spaces, and hospitality assets. The company maintains a diversified portfolio across several major Indian cities, operating under well-recognised brands such as Phoenix MarketCity and Phoenix Palladium.

Business Model

The company generates revenue primarily through rental income from its retail and commercial properties, alongside operational income from its hospitality business. It leverages its scale to manage high-footfall retail destinations and premium hotel assets.

  • Hotel Keys (St. Regis Mumbai):395
  • Hotel Keys (Courtyard by Marriott Agra):193

Growth Outlook

Growth is driven by the expansion of its retail mall footprint and the continued development of commercial and residential properties in key urban centres. The company focuses on enhancing its hospitality portfolio and strengthening its presence in Tier-1 and Tier-2 cities across India.

Key Risks

  • Cyclical Real Estate Market. The company is susceptible to fluctuations in the Indian real estate market, which can impact property valuations and rental demand.
  • Regulatory and Compliance Risk. Changes in land use policies, zoning regulations, or construction permits could delay project timelines and increase operational costs.
  • Economic Sensitivity. Consumer spending patterns significantly influence mall footfall and retail rental growth, making the business sensitive to broader economic downturns.
  • Hospitality Sector Volatility. The hospitality segment is highly dependent on tourism and business travel, which are vulnerable to geopolitical instability and public health crises.

Price

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Key Metrics

REVENUE

₹4,423 Cr

TTM · consolidated

+16.0%YoY

NET PROFIT

₹1,557 Cr

TTM · consolidated

+19.1%YoY

EPS

₹34.22

TTM · consolidated

-5.2%YoY

RETURN ON EQUITY

14.7%

TTM · consolidated

+1.2 ppYoY

RETURN ON CAPITAL EMPLOYED

12.4%

TTM · consolidated

+1.0 ppYoY

P/E

61.0x

Q4 FY26 · consolidated

61.0 vs 121.4x5Y avg

EV/EBITDA

28.4x

Q4 FY26 · consolidated

28.4 vs 125.2x5Y avg

EBITDA MARGIN

63.5%

TTM · consolidated

+2.9 ppYoY

NET PROFIT MARGIN

39.4%

Q4 FY26 · consolidated

+5.2 ppYoY

DEBT TO EQUITY

0.5x

Q4 FY26 · consolidated

+0.03xYoY

Peers · Realty

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Phoenix Mills Ltd.PHOENIXLTD
54,16760.9628.3916.0%63.5%14.7%12.4%+40.9%
Oberoi Realty Ltd.OBEROIRLTY
52,50923.1116.5132.4%60.9%18.0%20.7%+2.5%
Prestige Estates Projects Ltd.PRESTIGE
51,99159.1419.9472.6%33.3%8.3%13.9%-4.5%
Knowledge Realty TrustKRT
49,89181.0%
Godrej Properties Ltd.GODREJPROP
46,60834.0326.804.2%55.8%10.4%12.7%-8.7%
Embassy Off.REITEMBASSY
39,48522.2625.5%81.9%3.3%3.8%

As of Q4 FY26

Financials