Phoenix Mills Ltd. (PHOENIXLTD) AI Stock Analysis

• Market Cap: ₹681.85B
• Dividend Yield: 0.14%
• Average Volume (3M): 16.97K
• Price to Earnings (P/E): 63.2
• Beta (1Y): 1.66
• Revenue Growth: -1.32%
• EPS Growth: -4.67%
• Country: IN
• Employees: 101
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): 8.50
• Shares Outstanding: 357,598,300
• 10 Day Avg. Volume: 22,730
• 30 Day Avg. Volume: 16,973
• PEG Ratio: -5.67
• Price to Book (P/B): 5.48
• Price to Sales (P/S): 15.02
• P/FCF Ratio: -107.29
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: ₹1,869.00 ▼(-1.74% Downside)

Phoenix Mills Ltd. demonstrates strong financial performance with solid revenue growth and profit margins, but recent volatility and high capital expenditures pose risks. The technical analysis shows a strong upward trend, though the stock is nearing overbought levels. Valuation metrics suggest the stock may be overvalued, with a high P/E ratio and low dividend yield.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a strong market position and effective business model, enhancing long-term financial stability.

Profit Margins

High profit margins reflect efficient cost management and strong pricing power, supporting sustainable profitability.

Cash Generation

Strong cash generation supports liquidity and financial flexibility, enabling reinvestment and debt management.

Negative Factors

Revenue Volatility

Revenue volatility can impact financial predictability and investor confidence, posing risks to long-term growth.

High Capital Expenditures

High capital expenditures can strain cash flow and limit financial flexibility, impacting future investment capacity.

Rising Liabilities

Rising liabilities can increase financial risk and interest obligations, affecting long-term financial health.

Phoenix Mills Ltd. Business Overview & Revenue Model

Company Description

The Phoenix Mills Limited engages in the operation and management of malls, construction of commercial and residential properties, and hotel business in India. The company operates in two segments, Property and Related Services, and Hospitality. Its real estate asset portfolio consists of retail mall, commercial office, residential, and hospitality projects located in Mumbai, Chennai, Bengaluru, Pune, Kolkata, Lucknow, Bareilly, Agra, Ahmedabad, and Indore. The company owns and operates hotels under The St. Regis name with 395 keys and ten restaurants in Mumbai; and Courtyard by Marriott brand name with 193 keys and four restaurants in Agra. It operates malls primarily under the Phoenix MarketCity, Phoenix Palladium, Phoenix United, and Phoenix Palassio brand names. The Phoenix Mills Limited was incorporated in 1905 and is based in Mumbai, India.

How the Company Makes Money

Phoenix Mills Ltd. generates revenue through a diversified portfolio that includes leasing and rental income from its retail spaces and commercial properties. The company earns a significant portion of its income from the operation of shopping malls, where it charges tenants rental fees based on leased space and a percentage of sales. Additionally, Phoenix Mills engages in real estate sales, where it profits from the development and sale of residential properties. Strategic partnerships with brands and retailers also play a crucial role in enhancing foot traffic and sales, further contributing to revenue growth. The company may also benefit from ancillary services such as advertising and promotion within its retail spaces.

Phoenix Mills Ltd. Financial Statement Overview

Summary

Phoenix Mills Ltd. has shown strong revenue growth and robust profit margins, but recent volatility in revenue and net income is concerning. The balance sheet is stable with improving leverage ratios, though rising liabilities and debt are risks. Cash flow is strong, but high capital expenditures are impacting free cash flow.

Income Statement

Phoenix Mills Ltd. has demonstrated strong revenue growth over the years, with total revenue increasing from 2021 to 2024. The company has maintained a robust gross profit margin, averaging around 80-100%, indicating efficient cost management. However, recent declines in revenue from 2024 to 2025 and fluctuating net income suggest potential volatility. The high EBIT and EBITDA margins further highlight strong operational performance, although the dip in net profit margin in the latest period is a concern.

Balance Sheet

The balance sheet shows a stable equity position, with stockholders' equity increasing consistently over the years. The debt-to-equity ratio has improved, indicating better leverage management. While the equity ratio remains healthy, the increasing total liabilities, particularly debt levels, pose a risk. The company demonstrates a satisfactory return on equity, although recent net income fluctuations could impact future performance.

Cash Flow

Phoenix Mills Ltd. has shown strong operating cash flows, often exceeding net income, demonstrating good cash generation capabilities. However, recent negative free cash flow suggests high capital expenditures, which could pressure liquidity if not managed well. The decline in free cash flow growth from the previous year indicates potential cash flow constraints.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	38.62B	38.14B	39.78B	26.01B	14.83B	10.08B
Gross Profit	37.99B	35.95B	26.26B	19.34B	9.81B	8.90B
EBITDA	23.52B	23.25B	23.09B	22.41B	8.09B	5.87B
Net Income	9.92B	9.84B	10.99B	13.35B	2.37B	576.32M
Balance Sheet
Total Assets	0.00	215.31B	192.83B	175.89B	143.35B	114.55B
Cash, Cash Equivalents and Short-Term Investments	0.00	14.97B	20.81B	17.29B	24.33B	6.11B
Total Debt	0.00	46.87B	46.39B	42.59B	39.82B	40.63B
Total Liabilities	-138.53B	76.79B	68.96B	65.13B	53.23B	52.51B
Stockholders Equity	138.53B	104.48B	94.58B	83.80B	65.82B	48.85B
Cash Flow
Free Cash Flow	-2.84B	-5.34B	4.88B	-4.70B	7.42B	-3.08B
Operating Cash Flow	3.41B	20.84B	21.62B	13.56B	7.81B	4.37B
Investing Cash Flow	-4.49B	-21.62B	-18.59B	-15.36B	-28.41B	-9.55B
Financing Cash Flow	-3.19B	-472.72M	-2.99B	1.32B	22.28B	5.22B

Phoenix Mills Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1902.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PHOENIXLTD, the sentiment is Positive. The current price of 1902.15 is above the 20-day moving average (MA) of 1855.05, above the 50-day MA of 1779.95, and above the 200-day MA of 1621.01, indicating a bullish trend. The MACD of 45.86 indicates Negative momentum. The RSI at 67.05 is Neutral, neither overbought nor oversold. The STOCH value of 64.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:PHOENIXLTD.

Phoenix Mills Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EMBASSY	76 Outperform	₹412.92B	136.43	―	5.36%	9.73%	-86.38%
MINDSPACE	74 Outperform	₹295.10B	58.91	―	0.00%	14.72%	-4.44%
OBEROIRLTY	68 Neutral	₹614.12B	27.50	―	0.48%	2.76%	-3.84%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
PHOENIXLTD	64 Neutral	₹681.85B	63.23	―	0.14%	-1.32%	-4.67%
GODREJPROP	55 Neutral	₹600.33B	38.40	―	―	37.14%	3.92%
PRESTIGE	54 Neutral	₹673.32B	87.96	―	0.11%	-2.28%	5.18%

Phoenix Mills Ltd. Corporate Events

Phoenix Mills Posts Broad-Based Growth in Retail, Offices, Hospitality and Housing in Q3 FY26

The Phoenix Mills Limited reported a strong operational performance for the quarter and nine months ended December 31, 2025, with double-digit growth across key business segments. Retail portfolio consumption reached about Rs 4,787 crore in the third quarter, up 20% year-on-year, and Rs 12,122 crore for the nine-month period, up 15%, supported by resilient festive demand and the ramp-up of newer malls in Bengaluru and Pune despite ongoing revamp and premiumisation initiatives. In commercial offices, gross leasing of around 1.2 million sq ft in the first nine months underscored sustained tenant demand, driving leased occupancy in Mumbai and Pune to 77%, while new office developments in Pune, Bengaluru and Chennai reached 41% occupancy and benefited from fresh occupancy certificates and green building certification at Millennium Towers. The hospitality portfolio, led by The St. Regis, Mumbai, maintained high occupancies and achieved RevPAR growth in the high single to low double digits, while residential sales surged sharply to approximately Rs 140 crore in Q3 and Rs 412 crore over nine months, reflecting strong monetisation of premium inventory and bolstering the company’s diversified growth trajectory.

Phoenix Mills Publishes Notices on Special Window for Physical Share Transfer Requests

The Phoenix Mills Limited has notified the stock exchanges that it has published newspaper advertisements in Business Standard (English) and Navshakti (Marathi) regarding a special window for re-lodgement of transfer requests of physical shares. The communication, which has also been made available on the company’s website, is aimed at informing shareholders and ensuring regulatory compliance around handling legacy physical share certificates, reflecting continued alignment with market and listing norms for investor-related processes.

Phoenix Mills Closes Trading Window Ahead of December Quarter Results

The Phoenix Mills Limited has announced that it will close its trading window for designated persons from January 1, 2026 until 48 hours after the declaration of its financial results for the quarter and nine months ended December 31, 2025, in line with SEBI’s Prohibition of Insider Trading Regulations and the company’s internal code of conduct. The board meeting date for considering and approving these financial results will be communicated later, and all designated insiders have been instructed not to trade in the company’s equity shares during this blackout period, underscoring the company’s adherence to regulatory norms on preventing insider trading and maintaining market integrity.

Phoenix Mills Ltd. Announces Postal Ballot for Key Resolutions

Phoenix Mills Ltd. has announced a Postal Ballot Notice to seek shareholder approval for two key resolutions. The first resolution involves the redesignation of Mr. Shishir Shrivastava from Managing Director to Non-Executive Non-Independent Director and Vice Chairman. The second resolution pertains to the approval of remuneration for Non-Executive Directors. This move is part of the company’s ongoing governance and management restructuring efforts, potentially impacting its leadership dynamics and stakeholder relations.

Phoenix Mills Ltd. to Engage with Investors at Anand Rathi Conference

Phoenix Mills Ltd. has announced its participation in the Anand Rathi Annual Flagship Conference, scheduled for November 12, 2025, in Mumbai. This event will involve one-on-one and group meetings with institutional investors, reflecting the company’s proactive approach to engaging with stakeholders and enhancing its market presence.

Phoenix Mills Ltd. Concludes Earnings Call with Analysts

Phoenix Mills Ltd. concluded an earnings conference call with analysts and institutional investors, discussing its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025. The call, held in compliance with SEBI regulations, provided insights into the company’s financial performance and was supported by investor presentations available on their website.

Phoenix Mills Releases Earnings Call Recording for Stakeholder Transparency

Phoenix Mills Ltd. announced the availability of the audio recording of its recent earnings conference call, which discussed the company’s unaudited financial results for the quarter and half-year ending September 30, 2025. This move is part of the company’s compliance with SEBI regulations and aims to maintain transparency with its stakeholders.