DLF Ltd.
NSE: DLF
Real Estate · Real Estate - Development
₹675.00 last close on 16 Oct 2026 +0.67%
Research updated
Phoenix Mills Ltd.
NSE: PHOENIXLTDReal EstateReal Estate - Diversified
- Last close
- ₹1,896.90
- Day change
- −₹20.30 (−1.06%)vs
- Market cap
- ₹68,574 crIndian rupees
- Research updated
- 2 reports
About Phoenix Mills
Phoenix Mills Ltd. is a prominent real estate development and retail mall management company based in India. Its primary function is to engage in the development and management of expansive mall complexes, which serve as cultural and commercial hubs in urban areas. Phoenix Mills Ltd. operates a portfolio of high-end shopping malls, commercial spaces, and hospitality properties, creating integrated living, working, and leisure experiences for consumers. This company plays a significant role in India's retail and real estate markets by driving the development of large retail spaces that accommodate both domestic and international brands. The company also contributes to urban infrastructure by blending modern architectural design with community-centered spaces. As a leader in its sector, Phoenix Mills Ltd. stands out for its innovative approaches to real estate management and development, impacting the way shopping, lifestyle, and retail therapy are perceived in India.
- Sector
- Real Estate
- Industry
- Real Estate - Diversified
- Listing
- NSE: PHOENIXLTD
- Chief executive
- Mr. Rajesh Ramesh Kulkarni
- Employees
- 2,073
- Headquarters
- Mumbai, India
- ISIN
- INE211B01039
- Website
- thephoenixmills.com
Public research · Report of
Business model & financial foundation
Phoenix Mills (NSE: PHOENIXLTD), Retail-led mixed-use property owner and developer: revenue of ₹4,423 crore in FY26 (+16.0% on FY25), an EBITDA margin of 59.6%, net profit of ₹1,224 crore and net debt of ₹3,463 crore.
- Revenue, FY26 (₹ crore)
- 4,423
- consolidated
- Revenue growth, FY26
- +16.0%
- on FY25
- EBITDA margin, FY26
- 59.6%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,224
- to owners
- Return on equity, FY26
- 11.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,463
- Consolidated borrowings less expanded current liquidity
- Market capitalisation (₹ crore)
- 65,813
- at the close of 15 Oct 2026
Company profile
Phoenix Mills owns and operates destination malls, with offices, luxury hotels and residential projects around its retail campuses. Rental income benefits from contractual escalations, occupancy ramp-up and retailer consumption; development expenditure and staged acquisitions compete with cash generation. Consolidated earnings include material minority stakes in mall platforms.
| Item | Value |
|---|---|
| Legal name | The Phoenix Mills Limited |
| Exchange and ticker | NSE: PHOENIXLTD; BSE: 503100 |
| ISIN | INE211B01039 |
| Sector | Real Estate |
| Industry | Retail-led mixed-use property owner and developer |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | D T S & Associates LLP (since 2022 reappointment) |
| Market capitalisation | ₹65,813 crore (15 Oct 2026) |
| Shares outstanding | 35.76 crore shares (FY26) |
| Price | ₹1,887 (close, 15 Oct 2026) |
| 52-week range | ₹1,466 - ₹2,170 (to 15 Oct 2026) |
| Website | https://www.thephoenixmills.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Island Star Mall Developers Private Limited | 58.33% | CPP platform; Whitefield Bengaluru mall |
| Pallazzio Hotels & Leisure Limited | 73.01% | St Regis Mumbai |
| Offbeat Developers Private Limited | 67.1% | Mumbai retail and offices |
| Vamona Developers Private Limited | 67.1% | Pune retail |
| Palladium Constructions Private Limited | 100% | Residential development |
| SGH Realty Private Limited | 50.05% | Palladium Ahmedabad |
| Thoth Mall and Commercial Real Estate Private Limited | 53.68% | Surat retail development |
| Mindstone Mall Developers Private Limited | 51% | Kolkata development |
| Alyssum Developers Private Limited | 58.34% | Pune mall and offices |
| Sparkle One Mall Developers Private Limited | 58.34% | Bengaluru mall and offices |
| Alliance Spaces Private Limited | 100% | Fountainhead offices Pune |
Selected material entities at 31 March 2026. 43 subsidiaries and 5 associates reported; CPP acquisition remains staged, not yet 100% ownership.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 47.25% | 47.25% | 47.25% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 33.85% | 32.97% | 31.73% | |
| Domestic institutions | 15.26% | 16.15% | 17.38% | |
| of which mutual funds | 14.04% | 14.66% | 15.48% | |
| Retail | 2.09% | |||
| Other | 1.55% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Phoenix owns and operates destination retail malls and builds offices, hotels and residential around its campuses. Rentals combine contractual escalation, new occupancy and consumption-linked rent; consumption is retailer sales, not consolidated revenue. CAM recoveries raise both revenue and costs. Residential bookings lead accounting recognition. Consolidated assets have material minority interests, so owners' earnings require an explicit NCI deduction.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | gross segment revenue, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Property and related services (malls and offices) | 3,205 | 72.5% | 1,749 | 76.8% | 3,233 | 72.5% |
| Hospitality services (hotels and restaurants) | 723.4 | 16.4% | 205.8 | 9.0% | 728.8 | 16.3% |
| Residential Business (sale of residential properties) | 494.0 | 11.2% | 322.1 | 14.1% | 496.0 | 11.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Nexus Select Trust (NXST) | Closest listed consumption-led retail landlord; REIT payout and lower development risk differ. |
| DLF (DLF) | Rental platform and development exposure; office-heavy. |
| Prestige Estates (PRESTIGE) | Mixed-use developer with mall, office and hotel portfolio. |
| Brigade Enterprises (BRIGADE) | Mixed-use rentals, hotels and residential developer. |
| Oberoi Realty (OBEROIRLTY) | Mumbai premium mixed-use assets and hotels. |
| Godrej Properties (GODREJPROP) | Development risk benchmark, not a retail-rental pure peer. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,449 | 2,601 | 3,978 | 3,814 | 4,423 |
| Cost of revenue (vendor classification) * | 157.0 | 196.2 | 598.7 | 218.3 | 449.9 |
| Other operating costs (vendor classification) * | 403.4 | 646.4 | 831.8 | 1,364 | 878.2 |
| EBITDA (vendor classification) * | 776.9 | 1,578 | 2,257 | 2,312 | 2,708 |
| EBIT * | 620.3 | 2,013 | 2,039 | 1,998 | 2,419 |
| Finance cost | 292.3 | 341.2 | 395.9 | 403.2 | 386.8 |
| PBT after exceptional, before share of associates | 328.1 | 1,671 | 1,643 | 1,595 | 2,032 |
| Reported tax subtotal incl current, prior-year and deferred tax | 80.1 | 198.9 | 316.6 | 293.6 | 475.1 |
| PAT including associates and non-controlling interests | 268.2 | 1,478 | 1,333 | 1,307 | 1,557 |
| Reported diluted EPS after exceptional, bonus-restated (₹) | 6.65 | 37.36 | 30.66 | 27.52 | 34.21 |
| Other income | 132.2 | 150.9 | 170.8 | ||
| Materials/construction consumed plus stock/WIP change | 554.7 | 218.3 | 291.2 | ||
| Employee benefits expense | 298.9 | 362.7 | 404.3 | ||
| Other operating expenses including electricity | 947.2 | 1,071 | 1,090 | ||
| Operating EBITDA excluding other income | 2,177 | 2,161 | 2,637 | ||
| Depreciation and amortisation | 270.2 | 326.5 | 360.3 | ||
| Exceptional item signed, net of taxes as reported | 0.00 | 12.7 | -29.0 | ||
| Signed share of profit/(loss) of associates | 6.43 | 5.81 | -0.10 | ||
| PAT attributable to non-controlling interests | 233.5 | 323.1 | 332.7 | ||
| PAT attributable to owners of the parent | 1,099 | 984.2 | 1,224 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Owners equity (out-of-scope older vendor cells are total equity) | 9,011 | 11,076 | 9,458 | 10,448 | 10,989 |
| Gross consolidated borrowings excluding lease liabilities | 3,982 | 4,259 | 4,612 | 4,663 | 5,296 |
| Current cash, bank balances and treasury investments | 298.2 | 263.6 | 2,034 | 1,497 | 1,833 |
| Net consolidated trade receivables | 280.0 | 238.3 | 270.0 | 230.2 | 316.8 |
| Consolidated inventories | 749.8 | 1,212 | 781.7 | 773.9 | 776.4 |
| Consolidated trade payables including non-current | 129.9 | 158.5 | 205.1 | 203.2 | 211.8 |
| Net property, plant and equipment * | 1,240 | 0.00 | 2,240 | 2,280 | 8.71 |
| Capital work in progress * | 2,049 | 2,295 | 1,503 | 3,253 | 3,967 |
| Total assets * | 14,335 | 17,589 | 19,283 | 21,531 | 22,853 |
| Consolidated borrowings less expanded current liquidity | 2,578 | 3,166 | 3,463 | ||
| Equity attributable to non-controlling interests | 2,930 | 3,405 | 3,316 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after income taxes | 555.1 | 934.0 | 2,161 | 2,084 | 2,426 |
| Free cash flow (vendor definition) * | -478.6 | -469.7 | 488.1 | -533.7 | 1,029 |
| Dividends paid | -17.4 | -43.1 | -89.6 | -89.5 | -89.4 |
| Payment for PPE, investment property, CWIP and intangibles | -1,227 | -1,825 | -1,674 | -2,617 | -1,397 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual issued equity shares at year end | 35.66 | 35.71 | 17.87 | 35.75 | 35.76 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 918.0 | 975.1 | 1,016 | 953.0 | 1,115 | 1,121 | 1,233 | 1,075 |
| Cost of revenue (vendor classification) * | 54.6 | 54.9 | 71.9 | 48.0 | 66.7 | 97.5 | 44.1 | |
| Other operating costs (vendor classification) * | 257.2 | 268.7 | 297.9 | 244.4 | 288.8 | 294.9 | 283.8 | |
| EBITDA (vendor classification) * | 554.8 | 583.2 | 604.8 | 595.8 | 703.6 | 810.8 | 681.8 | |
| EBIT * | 477.3 | 517.9 | 511.8 | 502.4 | 592.3 | 717.4 | 586.2 | |
| Finance cost | 103.1 | 102.9 | 94.1 | 95.1 | 91.9 | 102.3 | 97.4 | 93.8 |
| PBT after exceptional, before share of associates | 374.1 | 415.1 | 417.7 | 407.2 | 514.5 | 490.0 | 620.0 | 492.4 |
| Reported tax subtotal incl current, prior-year and deferred tax | 83.5 | 64.1 | 71.2 | 87.3 | 131.7 | 121.8 | 134.3 | 98.9 |
| PAT including associates and non-controlling interests | 292.2 | 352.8 | 347.7 | 320.9 | 384.1 | 366.2 | 485.4 | 394.5 |
| Reported diluted EPS after exceptional, bonus-restated (₹) | 6.10 | 7.40 | 7.52 | 6.73 | 8.50 | 7.71 | 11.28 | 8.30 |
| Other income | 37.1 | 30.4 | 45.1 | 31.5 | 30.8 | 47.3 | 61.2 | 40.2 |
| Materials/construction consumed plus stock/WIP change | 54.6 | 54.9 | 71.8 | 48.0 | 79.0 | 66.7 | 97.5 | 44.1 |
| Employee benefits expense | 88.5 | 98.6 | 87.0 | 96.2 | 107.5 | 109.4 | 91.2 | 105.5 |
| Other operating expenses including electricity | 257.2 | 268.7 | 297.9 | 244.4 | 262.0 | 288.8 | 294.9 | 283.8 |
| Operating EBITDA excluding other income | 517.7 | 552.8 | 559.7 | 564.3 | 666.9 | 656.3 | 749.6 | 641.5 |
| Depreciation and amortisation | 77.5 | 81.3 | 90.2 | 93.4 | 91.2 | 86.3 | 89.4 | 95.5 |
| Exceptional item signed, net of taxes as reported | 0.00 | 16.0 | -2.73 | 0.00 | 0.00 | -25.0 | -3.99 | 0.00 |
| Signed share of profit/(loss) of associates | 1.52 | 1.83 | 1.19 | 0.94 | 1.25 | -1.98 | -0.32 | 0.96 |
| PAT attributable to non-controlling interests | 74.1 | 88.0 | 78.9 | 80.2 | 80.1 | 90.4 | 82.1 | 97.6 |
| PAT attributable to owners of the parent | 218.1 | 264.8 | 268.8 | 240.7 | 304.0 | 275.8 | 403.3 | 296.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 43.8% | 79.5% | 52.9% | -4.1% | 16.0% |
| EBITDA margin | 54.7% | 56.7% | 59.6% | ||
| Net margin | 27.6% | 25.8% | 27.7% | ||
| Return on equity | 10.7% | 9.9% | 11.4% | ||
| Return on capital employed | 5.3% | 14.2% | 13.9% | 13.7% | 15.4% |
| Return on assets | 6.0% | 4.8% | 5.5% | ||
| Net debt (₹ crore) | 2,578 | 3,166 | 3,463 | ||
| Net debt / EBITDA | 1.18x | 1.46x | 1.31x | ||
| Interest cover | 2.12x | 5.90x | 5.15x | 4.96x | 6.25x |
| Asset turnover | 0.11x | 0.16x | 0.22x | 0.19x | 0.20x |
| Receivable days | 71 | 33 | 25 | 22 | 26 |
| Inventory days (on revenue) | 189 | 170 | 72 | 74 | 64 |
| Payable days (on revenue) | 33 | 22 | 19 | 19 | 17 |
| Cash conversion | 1.97x | 2.12x | 1.98x | ||
| Capex intensity | 84.7% | 70.1% | 42.1% | 68.6% | 31.6% |
| Free cash flow (₹ crore) | -672.0 | -890.6 | 487.3 | -533.7 | 1,029 |
| Dividend payout | 8.2% | 9.1% | 7.3% | ||
| EPS, diluted (₹) | 6.65 | 37.36 | 30.66 | 27.52 | 34.21 |
| Book value per share (₹) | 252.7 | 310.1 | 529.3 | 292.2 | 307.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Consolidated borrowings less expanded current liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Reported diluted EPS after exceptional, bonus-restated).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Phoenix Mills includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Phoenix Mills
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 17 Oct 2026.
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