PHOENIXLTD
Mid CapThe Phoenix Mills Limited
Consumer
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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +21% YoY · PAT +39% YoY · margin expansion · +10% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,233 Cr | +21.4% | +10.0% |
| EBITDA | ₹750 Cr | +33.9% | +14.3% |
| Operating margin | 61.0% | +600 bps | +200 bps |
| PAT | ₹485 Cr | +39.4% | +32.5% |
| PAT margin | 39.3% | +508 bps | +668 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
Consolidated Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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.
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.
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.
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.
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
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.
"first tranche payment most likely will be processed"
Management is confident of delivering double-digit growth across its retail portfolio in FY26, driven by strong consumer demand and robust retailer sales.
"confident of delivering double-digit growth across our retail portfolio in FY26"
Outcome check: Revenue YoY averaged 18.2% across 2 later quarter(s).
By the end of the financial year, most of the retail area under churn in Pune and Bengaluru malls will become operational.
"by end of the financial year, we will see most of that area that is operational"
The robust leasing momentum during H1 FY26 positions the office portfolio for a significant uplift in financial performance going forward.
"positions the office portfolio for a significant uplift in financial performance"
Outcome check: Revenue YoY averaged 18.2% across 2 later quarter(s).
Trend score and candlestick chart
53NeutralSMA20 +2.6% / mo
Technical chart
PHOENIXLTDweekly · 6M-0.9%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 51.
- RSI(14) at 51 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 20% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 34.3%.
- Growth contributes 21/25 to the score.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 90th percentile of the scored universe and 91st percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 91st pctile, median 67 · Mid: 65th pctile, median 76
259 documents indexed, but claim history is not strong enough yet.
2/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 50.20
- P/B
- 5.67
- EV/EBITDA
- 22.56
- Market Cap
- 62283.00Cr
Profitability
- ROE
- 11.60%
- ROCE
- 12.80%
- ROA
- 6.81%
- Dividend Y
- 0.14%
Growth (CAGR)
- Revenue 5Y
- 34.00%
- EPS 5Y
- 83.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.48
- Interest Coverage
- 6.81×
- Altman Z
- 4.57
- Book Value
- 307.00
Cash Flow
- FCF Yield
- 0.42%
- FCF Positive Y
- 6/5
- OCF
- 2426.00 Cr
- EPS TTM
- 34.22
Shareholding
- Promoter Hold
- 47.25%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 58%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — 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.