Phoenix Mills Ltd. (IN:PHOENIXLTD)
:PHOENIXLTD
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Phoenix Mills Ltd.
(PHOENIXLTD)
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Rating:70Outperform
Price Target:
₹1,937.00
▲(1.83% Upside)
Action:Upgraded
Date:04/29/26
The score is driven primarily by strong fundamentals (high profitability and improving leverage) and supportive technical momentum. These positives are moderated by cash-flow volatility and a notably expensive valuation (high P/E with a very low dividend yield).
Positive Factors
High and sustainable margins
Very high gross and net margins across FY2024–FY2025 indicate durable earnings power from retail-led mixed-use assets. Elevated margins provide a structural buffer versus cyclical revenue swings, support reinvestment in properties, and improve ability to cover fixed costs and interest over the medium term.
Negative Factors
Volatile free cash flow
Meaningful swings in free cash flow reflect lumpy capex and working-capital timing typical of development cycles. This volatility raises refinancing and liquidity risk, constrains discretionary payouts or buybacks, and can force funding choices that affect long-term growth and tenant investments.
Read all positive and negative factors
Positive Factors
Negative Factors
High and sustainable margins
Very high gross and net margins across FY2024–FY2025 indicate durable earnings power from retail-led mixed-use assets. Elevated margins provide a structural buffer versus cyclical revenue swings, support reinvestment in properties, and improve ability to cover fixed costs and interest over the medium term.
Read all positive factors
Phoenix Mills Ltd. (PHOENIXLTD) vs. iShares MSCI India ETF (INDA)
Market Cap
₹624.03B
Dividend Yield0.14%
Average Volume (3M)16.97K
Price to Earnings (P/E)33.4
Beta (1Y)1.65
Revenue Growth15.98%
EPS Growth15.62%
CountryIN
Employees101
SectorReal Estate
Sector Strength53
IndustryReal Estate - Diversified
Share Statistics
EPS (TTM)30.16
Shares Outstanding357,640,470
10 Day Avg. Volume22,730
30 Day Avg. Volume16,973
Financial Highlights & Ratios
PEG Ratio1.81
Price to Book (P/B)4.90
Price to Sales (P/S)12.18
P/FCF Ratio74.20
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,085.00Price Target Upside9.61% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)44.33
Revenue Forecast (FY)₹49.42B
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. I...
How the Company Makes Money
Phoenix Mills primarily monetizes its real estate portfolio through (1) leasing and licensing income from retail tenants in its malls and mixed-use developments, typically structured as fixed rentals and/or revenue-share arrangements linked to ten...
Phoenix Mills Ltd. Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.60B | 44.23B | 38.07B | 39.71B | 26.38B | 14.83B |
| Gross Profit | 30.12B | 31.73B | 26.57B | 26.26B | 19.34B | 9.81B |
| EBITDA | 23.44B | 22.77B | 21.81B | 21.99B | 15.30B | 7.43B |
| Net Income | 10.78B | 12.24B | 9.84B | 10.99B | 13.35B | 2.37B |
Balance Sheet | ||||||
| Total Assets | 228.12B | 228.53B | 215.31B | 192.83B | 175.89B | 143.35B |
| Cash, Cash Equivalents and Short-Term Investments | 22.91B | 18.33B | 14.97B | 20.81B | 17.29B | 24.33B |
| Total Debt | 49.10B | 53.23B | 46.87B | 46.39B | 42.59B | 39.82B |
| Total Liabilities | 82.23B | 85.48B | 76.79B | 68.96B | 65.13B | 53.23B |
| Stockholders Equity | 107.91B | 109.89B | 104.48B | 94.58B | 83.80B | 65.82B |
Cash Flow | ||||||
| Free Cash Flow | 12.31B | 7.26B | -5.34B | 4.88B | -4.70B | 7.42B |
| Operating Cash Flow | 12.31B | 21.23B | 20.84B | 21.62B | 13.56B | 7.81B |
| Investing Cash Flow | -12.07B | -27.39B | -21.62B | -18.59B | -15.36B | -28.41B |
| Financing Cash Flow | 729.51M | 6.66B | -472.72M | -2.99B | 1.32B | 22.28B |
Phoenix Mills Ltd. Technical Analysis
Neutral
1902.15
Price Trends
1680.70
Positive
1733.71
Negative
1676.60
Positive
Market Momentum
8.79
Positive
45.74
Neutral
16.60
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PHOENIXLTD, the sentiment is Neutral. The current price of 1902.15 is above the 20-day moving average (MA) of 1780.09, above the 50-day MA of 1680.70, and above the 200-day MA of 1676.60, indicating a neutral trend. The MACD of 8.79 indicates Positive momentum. The RSI at 45.74 is Neutral, neither overbought nor oversold. The STOCH value of 16.60 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:PHOENIXLTD.
Phoenix Mills Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹591.74B | 20.58 | ― | 0.48% | 15.16% | 12.66% | |
70 Outperform | ₹624.03B | 33.38 | ― | 0.14% | 15.98% | 15.62% | |
70 Outperform | ₹1.44T | 28.27 | ― | 0.86% | 2.51% | 1.05% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
55 Neutral | ₹517.35B | 23.95 | ― | ― | 21.54% | 24.63% | |
52 Neutral | ₹597.88B | 77.12 | ― | 0.11% | 27.00% | 56.39% |
* Real Estate Sector Average
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Phoenix Mills Ltd. Corporate Events
Phoenix Mills Concludes Earnings Call on Q3 and Nine-Month FY26 Results
Jan 29, 2026
The Phoenix Mills Limited has informed the stock exchanges that it concluded an earnings conference call with analysts and institutional investors on January 29, 2026, to discuss its unaudited standalone and consolidated financial results for the ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.