NSE: PHOENIXLTD · BSE: 503100
THE PHOENIX MILLS LTD
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD ◆ | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.1 | 20.5 | 50 of 57 | 13% |
| P/B | 4.8 | 1.9 | 60 of 64 | 6% |
| ROCE | 9.9 | 6.4 | 26 of 66 | 62% |
| ROE | 10.9 | 8.0 | 20 of 64 | 70% |
| Debt / Equity | 0.4 | 0.4 | 31 of 64 | 52% |
| 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 | 67952 | 1781 | 3 of 67 | 97% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Tribunal approves Rs1,350 crore reduction in CPP stake in Phoenix mall unit | corporate actions | medium | — | — |
| 26 Oct 2026 · Phoenix Mills schedules Q2 and H1 FY27 results and investor call | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Phoenix Mills board meeting set for October 30 results | results | low | — | — |
| 19 Oct 2026 · Allotment of 14,296 equity shares under ESOP 2018 | capital market events | low | — | — |
| 15 Oct 2026 · Phoenix Mills subsidiaries SGH Realty and Truevalue Infrabuild to merge | strategic transactions | medium | — | — |
| 10 Oct 2026 · Phoenix Mills meets institutional investors in Mumbai | investor communications | low | — | — |
| 8 Oct 2026 · Discontinues separate quarterly operational updates from Q2 FY27 | business updates | medium | — | — |
| 8 Oct 2026 · Phoenix Mills meets institutional investors in Mumbai | investor communications | low | — | — |
| 8 Oct 2026 · Routine quarterly demat confirmation certificate filed with exchanges | compliance | minimal | — | — |
| 6 Oct 2026 · Newspaper ad on physical share demat window published | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | 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 |
Sources, method and disclosures
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.