Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Oct
Source: Bse
The Phoenix Mills Limited (PHOENIXLTD)
Mid CapReal Estate stocks · Mid cap · NSE
The Phoenix Mills Limited is a diversified real estate platform focused on retail-led mixed-use developments. It operates ~11.5 msft of retail GLA across 12 malls in 8 cities, ~5 msft of Grade-A office GLA, 2 hotels with ~588 keys, and has launched ~2.8 msft of premium residential area. The company targets >18 msft retail, ~9 msft office, ~7 msft residential, and ~2,188 hotel keys by 2030.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result28 Jul, 11:42 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Real Estate P/E 22.2 (n=72)
Technical timing lens
Trend score and candlestick chart
55NeutralMACD + · sector -6.4pp vs Nifty 500 (3M)
Stock trend: 63
Sector RS: 44
Sector 3M: -12.0% vs Nifty 500 -5.6%
Real Estate FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
PHOENIXLTDD candles · FIT view+6.1%Latest close ₹1884.00 on 2026-10-19
Bar
-0.1%
RSI
48
MACD hist
1.62
52W pos
59%
2026-10-19O ₹1885.00H ₹1929.70L ₹1884.00C ₹1884.00Vol 4.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PHOENIXLTDNifty RealtyNifty 500
- PHOENIXLTD
- -9.2%
- Nifty 500
- -5.6%
- Nifty Realty
- -11.0%
- Vs Nifty 500
- -3.6 pp
Chart stats
19 Oct 2026- From 52W high
- -13.2%
- 52W range position
- 59%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.85x
- Avg traded value
- ₹94.9 Cr
- 20D price channel
- ₹1,771.2 - ₹2,035.6
₹2,169.8
₹1,465.6 - ₹2,169.8
₹51.6
Latest completed session
20-session average
31.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST42
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +12.8% · PAT +22.7% YoY
Technical
Neutral55
Price trend and sector-relative-strength timing.
Valuation
Legacy model-58.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 70/100Rev +13% YoY · PAT +23% YoY · margin expansion · operating leverage
Filed 28 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,075 Cr | +12.8% | -12.8% |
| EBITDA | ₹642 Cr | +13.8% | -14.4% |
| Operating margin | 60.0% | +100 bps | -100 bps |
| PAT | ₹394 Cr | +22.7% | -18.8% |
| PAT margin | 36.6% | +297 bps | -268 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 52.40
- P/B
- 6.18
- EV/EBITDA
- 23.80
- Market Cap
- 67873.00Cr
Profitability
- ROE
- 11.00%
- ROCE
- 12.40%
- ROA
- 7.15%
- Dividend Y
- 0.13%
Growth (CAGR)
- Revenue 5Y
- 34.00%
- EPS 5Y
- 81.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.48
- Interest Coverage
- 7.03×
- Altman Z
- 4.89
- Book Value
- 307.00
Cash Flow
- FCF Yield
- 0.39%
- FCF Positive Y
- 6/5
- OCF
- 2426.00 Cr
- EPS TTM
- 35.79
Shareholding
- Promoter Hold
- 47.24%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 61%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 544+11.9% vs prev
Net Profit
₹ CrLatest: 271-19.6% vs prev
Return on Equity
%Latest: 4.9-22.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 48.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 48 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 13% off 52W high · 29% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
72
RS percentile
Stage 1 Base / Transition
1M return
+0.3%
3M return
-9.2%
6M return
+4.1%
1Y return
+10.7%
RS 1D
+1
RS 20D
+1
Sector rank
#12
Industry rank
-
Stage evidence
- Price is within 1.8% of the 30-week proxy.
- The 30-week proxy changed +2.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 126.03+0.35%
RS vs Nifty 500126
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth21/25
Quality5/20
Balance Sheet7/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
42
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
42/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 21/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -58.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
52.4
PB
6.2
EV/EBITDA
23.8
ROE
11.0%
ROCE
12.4%
FCF Yield
0.4%
Debt/Equity
0.5
MoS
-58.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
42
Previous: 42
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-58.1%
Previous: -58.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
40
40
40
40
40
40
40
42
42
42
42
42
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹497.21
-278.9% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹1,191.81
-58.1% MoS
PEG
0.98
Comparable companies
Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KEI
Mid
KEI Industries Limited
Retail
match 80
43
43.9
14.7%
-8%
WATCHLIST
SUPREMEIND
Mid
Supreme Industries Limited
Retail
match 80
37
44.3
15.8%
-553%
WATCHLIST
PATANJALI
Mid
Patanjali Foods Limited
Retail
match 79
37
18.5
16.0%
-150%
WATCHLIST
PAGEIND
Mid
Page Industries Limited
Retail
match 79
53
52.1
54.3%
-17%
FAIR VALUE
PIIND
Mid
PI Industries Limited
Retail
match 79
38
30.7
11.2%
+10%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-04T07:25:24.696Z
Management commentary snapshot
FY26 Consolidated Revenue up 16% YoY to Rs. 4,423 Cr, EBITDA up 22% to Rs. 2,637 Cr, and Net Profit up 24% to Rs. 1,224 Cr, driven by resilient demand and operating efficiencies across segments.
The company delivered strong FY26 results with double-digit growth in revenue, EBITDA, and net profit, despite no new mall capacity additions. Strategic repositioning, office portfolio ramp-up, and a robust development pipeline provide clear growth visibility. Balance sheet discipline with declining Net Debt/EBITDA further strengthens the investment case.
Current business mix
Consolidated Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Annuity businesses (Retail, Offices, Hotel & Asset Management)85.9%
Residential & Others14.1%
Growth engines
Strategic Repositioning at PMC Portfolio
Focused initiatives to optimize hypermarket space and re-lease to higher-yield inline and luxury brands are driving rental uplift and trading density.
Growth from Lease Expiries
Leases expiring for 72% of the GLA in 5 years create opportunities for refreshing brand mix and achieving higher re-leasing spreads without new capex.
Office Portfolio Ramp-Up
The office portfolio doubled in 2 years to ~5 msft, with ~2.2 msft gross leasing in FY26 and portfolio occupancy at 70%, adding meaningful EBITDA.
ISMDPL Acquisition
100% ownership of ISMDPL (4.4 msft retail + 2.2 msft office) enhances control and earnings visibility, with Tranche 1 payment completed.
Capacity and execution
Office Completions 2025
Millennium Towers, Pune (1.47 msft, 78% leased), One National Park, Chennai (0.60 msft, 60% leased), Phoenix Asia Towers, Bengaluru (0.82 msft, 33% leased) completed.
Thane Retail-led Mixed-Use
Environment clearance received, excavation contractor onboarded, excavation to begin shortly for 1.30-1.50 msft retail GLA.
Coimbatore Retail
Environment Clearance & Building Plan Approval received, excavation commenced & progressing in full swing for ~1 msft retail GLA.
Phoenix MarketCity Bangalore Densification
Phase 2 retail expansion (0.17 msft GLA) targeted for completion in 2026, and Grand Hyatt Hotel (~400 Keys) targeted for 2027.
Tailwinds
Infrastructure-led Catchment Uplift
Ongoing infrastructure upgrades like Metro Aqua Line, Coastal Road & Sea Link, and Atal Setu are expanding catchment, enhancing accessibility, and increasing footfalls at zero cost to PML.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The business segments, particularly retail and hospitality, exhibit seasonality. Therefore, year-on-year comparisons are crucial for assessing underlying performance trends and growth, normalizing for seasonal fluctuations.
Sector KPIs management disclosed
FY26 Retail Consumption
Total consumption in FY26 stood at ~Rs. 16,587 cr, demonstrating a YoY growth of 21% over FY25.
Q4 FY26 Retail Consumption
Total consumption in Q4 FY26 stood at ~Rs. 4,261 cr, demonstrating a YoY growth of 31% over Q4 FY25.
FY26 Retail Rental Income
FY26 Retail Rental Income grew by 10% over FY25 to Rs. 2,157 cr.
Q4 FY26 Retail Trading Density (PMC Bangalore)
Q4 FY26 Trading Density at Phoenix MarketCity Bangalore was Rs. 2,918 pspm, up 26% YoY.
Management forward view
Portfolio Growth Targets by 2030
Targeting >18 msft Retail GLA, ~9 msft Office GLA, ~7 msft Residential Area, and ~2,188 Hotel keys by 2030.
Expansion to New Target Cities
Charting growth roadmap to 2030 and beyond, with a list of target cities including Hyderabad, NCR, Navi Mumbai, Goa, Jaipur, Visakhapatnam, Nagpur, Cochin, Trivandrum & Varanasi.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Retail Trading Occupancy (Repositioned Malls) | Phoenix MarketCity Bangalore at 86% (Mar-26). | Reaching ~90% in Q1 FY27, supported by new store openings like Uniqlo, indicating successful repositioning. |
| Office Portfolio Occupancy | 70% (Mar-26) across operational and recently completed offices. | Continued ramp-up in leased occupancy, especially in newer assets like Phoenix Asia Towers (33% leased). |
| Net Debt to EBITDA | 1.19x as of March 2026. | Maintenance of balance sheet discipline and further reduction, providing funding visibility for future growth phases. |
| Re-leasing Spreads on Lease Expiries | 72% of operational retail GLA has leases expiring between FY26 and FY30. | Management's ability to achieve higher re-leasing spreads and refresh brand/category mix to drive rental growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
project executionnot yet verifiablequantified
The first tranche payment of the CPP Transaction of approximately Rs. 1,257 crore is expected to be processed during the first or second week of November 2025.
Timeframe: First or second week of November 2025Direction: PositiveConfidence: High
"first tranche payment most likely will be processed"
revenue outlookdeliveredquantified
Management is confident of delivering double-digit growth across its retail portfolio in FY26, driven by strong consumer demand and robust retailer sales.
Timeframe: FY26Direction: PositiveConfidence: Confident
"confident of delivering double-digit growth across our retail portfolio in FY26"
Outcome check: Revenue YoY averaged 18.2% across 2 later quarter(s).
project executionnot yet verifiable
By the end of the financial year, most of the retail area under churn in Pune and Bengaluru malls will become operational.
Timeframe: End of the financial yearDirection: PositiveConfidence: High
"by end of the financial year, we will see most of that area that is operational"
revenue outlookdelivered
The robust leasing momentum during H1 FY26 positions the office portfolio for a significant uplift in financial performance going forward.
Timeframe: Going forwardDirection: PositiveConfidence: High
"positions the office portfolio for a significant uplift in financial performance"
Outcome check: Revenue YoY averaged 18.2% across 2 later quarter(s).
Trust Score
79Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 88th percentile of the scored universe and 97th percentile within Real Estate. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
221 docs text-extracted · 70 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · Real Estate: 97th pctile, median 61 · Mid: 67th pctile, median 76
Evidence depth
Financial-only
221 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/4 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching The Phoenix Mills Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentation
Presentation Made To Shareholders At The 121St Annual General Meeting 28 Sep - AGM presentation shared; FY26 revenue Rs 4,423 cr, EBITDA Rs 2,637 cr, net profit Rs 1,224 cr.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Scheme of Arrangement 5 Sep - NCLT approved merger of six step-down subsidiaries into Astrea Real Estate Developers.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.