Want to see IN:PHOENIXLTD full AI Analyst Report?
Top Page
Phoenix Mills Ltd.
(PHOENIXLTD)
Select Model
Select Model
Rating:63Neutral
Price Target:
₹2,051.00
▲(1.93% Upside)
Action:Downgraded
Date:08/06/26
The score is supported primarily by strong financial performance—high profitability and a meaningfully improved leverage profile—partly offset by volatile free cash flow. Technicals are soft (negative MACD and trading below the 20-DMA), and valuation is the largest drag due to the high P/E and very low dividend yield.
Positive Factors
Balance-sheet improvement
Material deleveraging improves financial flexibility and lowers refinancing risk over coming years. A stronger balance sheet supports funding of new mixed-use developments, cushions cyclical cash needs and allows management to prioritize strategic investments or liability reduction without urgent external financing.
Negative Factors
Free-cash-flow volatility
Large swings in free cash flow reduce predictability for capital allocation and may force reliance on external financing during development peaks. Persistent volatility complicates dividend policy, increases refinancing risk in down cycles and raises the hurdle for sustainable organic growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet improvement
Material deleveraging improves financial flexibility and lowers refinancing risk over coming years. A stronger balance sheet supports funding of new mixed-use developments, cushions cyclical cash needs and allows management to prioritize strategic investments or liability reduction without urgent external financing.
Read all positive factors
Phoenix Mills Ltd. (PHOENIXLTD) vs. iShares MSCI India ETF (INDA)
Market Cap
₹676.94B
Dividend Yield0.13%
Average Volume (3M)16.97K
Price to Earnings (P/E)52.8
Beta (1Y)1.62
Revenue Growth17.67%
EPS Growth20.01%
CountryIN
Employees2,242
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Development
Share Statistics
EPS (TTM)35.79
Shares Outstanding357,657,900
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
₹2,215.00Price Target Upside10.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)41.76
Revenue Forecast (FY)₹48.85B
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 three segments, Property and Related Services, Hospitality, and...
How the Company Makes Money
Phoenix Mills primarily makes money by owning and operating income-generating real estate assets—especially retail-led mixed-use developments. A core revenue stream comes from leasing mall space to retailers and brands; this typically includes con...
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 | 45.45B | 44.23B | 38.07B | 39.71B | 26.38B | 14.83B |
| Gross Profit | 34.40B | 31.73B | 26.57B | 26.26B | 19.34B | 9.81B |
| EBITDA | 28.26B | 27.79B | 23.31B | 23.15B | 22.46B | 8.29B |
| Net Income | 12.80B | 12.24B | 9.84B | 10.99B | 13.35B | 2.37B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 228.53B | 215.31B | 192.83B | 175.89B | 143.35B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 18.33B | 14.97B | 20.81B | 17.29B | 24.33B |
| Total Debt | 0.00 | 53.23B | 46.87B | 46.39B | 42.59B | 39.82B |
| Total Liabilities | -143.05B | 85.48B | 76.79B | 68.96B | 65.13B | 53.23B |
| Stockholders Equity | 143.05B | 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. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹1.64T | 37.03 | ― | 1.24% | -27.71% | -0.86% | |
69 Neutral | ₹671.57B | 25.53 | ― | 0.44% | 29.10% | 27.52% | |
63 Neutral | ₹676.94B | 52.81 | ― | 0.12% | 17.67% | 20.01% | |
62 Neutral | ₹608.54B | 37.46 | ― | ― | 18.11% | 5.18% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹691.88B | 60.21 | ― | 0.11% | 65.81% | 111.83% |
* General Sector Average
IN:PHOENIXLTD
Phoenix Mills Ltd.
1,916.00
428.99
28.85%
IN:DLF
DLF Limited
663.00
-78.94
-10.64%
IN:GODREJPROP
Godrej Properties Limited
1,991.40
64.02
3.32%
IN:NXST
Nexus Select Trust
168.12
26.38
18.61%
IN:OBEROIRLTY
Oberoi Realty Limited
1,843.20
231.48
14.36%
IN:PRESTIGE
Prestige Estates Projects Limited
1,587.60
-8.58
-0.54%
Phoenix Mills Ltd. Corporate Events
Phoenix Mills Allots 17,428 Shares Under Employee Stock Option Plan
Jul 11, 2026
The Phoenix Mills Limited has approved the allotment of 17,428 fully paid equity shares with a face value of ₹2 each, following the exercise of employee stock options under its 2018 Employees’ Stock Option Plan. The decision was taken ...
Phoenix Mills Files SEBI-Mandated Demat Compliance Certificate
Jul 8, 2026
The Phoenix Mills Limited has submitted a confirmation certificate from its registrar and share transfer agent MUFG Intime India Private Limited for the quarter ended June 30, 2026, in compliance with Regulation 74(5) of SEBI (Depositories and Par...
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.