Operates destination retail-led mixed-use campuses in India under the Phoenix MarketCity brand, combining shopping malls with Grade-A offices, hotels and residential apartments on the same sites. The property and related services segment, covering mall rentals and commercial offices, is the largest revenue line at Rs 3,232.54 crore or 72.5% of FY26 segment revenue, with segment EBIT of Rs 1,748.86 crore. Hospitality services, operating hotels under brands including St. Regis Mumbai and Courtyard by Marriott Agra, contributed Rs 728.77 crore or 16.3% of segment revenue, while the residential business, selling apartments within the same developments, generated Rs 496.04 crore or 11.1%. Major cost items are other operating expenses at 24.6% of revenue, capex at 31.6% reflecting the Rs 5,449 crore ISMDPL stake buyout that added 4.4 million sq. ft. of retail along with ongoing construction, and depreciation at 8.1%. Net debt to EBITDA stood at 1.19x at FY26 year-end even after the ISMDPL transaction and peak construction spend. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Property and related services (73%), Hospitality services (16%), Residential business (11%). Asset-heavy, real-estate-led mixed-use developer combining retail rentals, hospitality, residential sales and commercial offices
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,483 | 2,638 | 3,978 | 3,814 | 4,423 |
| EBITDA (ex other income) | 734 | 2,124 | 2,177 | 2,174 | 2,608 |
| margin % | 49.5 | 80.5 | 54.7 | 57.0 | 59.0 |
| Owners' profit | 237 | 1,335 | 1,099 | 984 | 1,224 |
| EPS, as reported (₹) | 13.31 | 74.76 | 61.36 | 27.53 | 34.23 |
| ROE % · ROCE % | 3.0 · 5.1 | 13.3 · 13.4 | 10.8 · 12.0 | 9.4 · 10.4 | 10.9 · 11.8 |
| Debt / equity (x) | 0.44 | 0.38 | 0.37 | 0.34 | 0.37 |
| Cash from operations | 781 | 1,356 | 2,162 | 2,084 | 2,426 |
| Capex | (39) | (1,826) | (1,674) | (2,617) | (1,397) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 918 | 975 | 1,016 | 953 | 1,115 | 1,121 | 1,233 | 1,075 |
| Profit before tax | 374 | 415 | 418 | 407 | 515 | 490 | 620 | 492 |
| Net profit | 292 | 353 | 348 | 321 | 384 | 366 | 485 | 395 |
| EPS (₹) | 8.17 | 7.41 | 7.52 | 6.73 | 8.50 | 7.71 | 11.28 | 8.30 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Property and related services | 824 | 18.5 |
| Hospitality services | 203 | 4.6 |
| Residential business | 216 | 4.8 |
| Property and Related Services | 1,645 | 36.9 |
| Hospitality Services | 526 | 11.8 |
| Residential Business | 280 | 6.3 |
| Property & Related Services | 764 | 17.1 |
| Total, before eliminations | 4,457 | 100.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Phoenix Mills to attend Jefferies India Forum on Sept 17, 2026 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Phoenix Mills: Effective date of subsidiary merger scheme announced | strategic transactions | medium | — | — |
| 8 Sept 2026 · Phoenix Mills participates in IIFL non-deal roadshow at Bengaluru | investor communications | low | — | — |
| 7 Sept 2026 · Phoenix Mills meets investors at IIFL roadshow in Bengaluru | investor communications | low | — | — |
| 7 Sept 2026 · Non-deal roadshow with institutional investors at Bengaluru | investor communications | low | — | — |
| 5 Sept 2026 · NCLT approves merger of six subsidiaries into Astrea Real Estate Developers | strategic transactions | high | — | — |
| 5 Sept 2026 · Notice of 121st AGM and e-voting details | compliance | minimal | — | — |
| 4 Sept 2026 · Phoenix Mills files BRSR for FY26 with 2030 growth targets | compliance | minimal | — | — |
| 4 Sept 2026 · Phoenix Mills announces 121st AGM on Sept 28, 2026; annual report available online | investor communications | medium | — | — |
| 4 Sept 2026 · Notice of 121st AGM on September 28, 2026 via video conferencing | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|
| DLF LIMITED | 1,59,533 | 35.9 | 3.51 | 48.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,11,589 | 27.0 | 4.76 | 22.1 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD ◆ | 67,594 | 52.8 | 4.73 | 26.2 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 64,519 | 56.6 | 3.85 | 18.5 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 63,306 | 20.8 | 3.53 | 18.2 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 52,653 | 32.9 | 2.72 | 23.7 | 9.5 | 11.4 | 46.3 | 107.7 |
| ANANT RAJ LIMITED | 21,490 | 36.2 | 3.69 | 29.3 | 9.6 | 10.2 | 58.7 | 32.1 |
| BRIGADE ENTER. LTD | 20,941 | 24.4 | 2.78 | 15.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 52.8 | 21.8 | 49 of 57 | 14% |
| P/B | 4.7 | 2.1 | 60 of 64 | 6% |
| ROCE | 9.9 | 6.8 | 27 of 67 | 61% |
| ROE | 10.9 | 8.2 | 22 of 67 | 68% |
| Debt / Equity | 0.4 | 0.4 | 34 of 67 | 50% |
| EBITDA margin | 63.4 | 29.6 | 3 of 66 | 97% |
| Revenue growth | 12.8 | 12.8 | 34 of 67 | 50% |
| Profit growth | 22.9 | 7.5 | 27 of 66 | 60% |
| Market cap | 67594 | 2250 | 3 of 67 | 97% |
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| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
