The Phoenix Mills Ltd.

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thephoenixmills.comBSE: 503100NSE: PHOENIXLTD

Market Cap₹ 67,884 Cr.

Current Price

High / Low₹ 2,170 / 1,466

Stock P/E53.0

Book Value₹ 318

Price to Book4.90

Dividend Yield0.13 %

ROCE15.4 %

ROE14.5 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Property & Related Services: 72.5% • Hospitality Services: 16.3% • Residential Business: 11.1%

AI Sector View

AI GENERATED

Realty

Buy

Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.

Confidence

75%

View full sector analysis →

PROS

Company has delivered good profit growth of 115.0% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 33.4% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.59x)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Receivables are growing faster than sales - a possible quality concern
Recurring exceptional / one-off items are inflating headline profit
Growth is decelerating - 3Y profit CAGR (1.9%) trails the 5Y trend (115.0%)
Though reporting repeated profits, the company pays out little dividend (7.3%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY MIDCAP 150 NIFTY MIDCAP 100 NIFTY 500 NIFTY LARGEMID250 NIFTY TOTAL MKT

S.No.	Name
1.	DLF	656.40	36.55	162479.46	1.22	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1165.45	28.23	116454.47	0.36	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1897.90	53.03	67883.68	0.13	394.51	22.95	1074.94	12.80	15.41	59.77
4.	PRESTIGE	1541.85	58.31	66412.14	0.13	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1796.30	24.84	65313.87	0.45	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1860.00	35.01	56028.13	0.54	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	ANANTRAJ	613.40	38.15	22074.85	0.16	149.19	18.50	631.40	6.58	12.23	29.53
8.	BRIGADE	662.00	31.08	21598.36	0.23	216.94	37.35	1115.55	-12.93	11.02	32.33
9.	ABREL	1341.65	113.30	14985.65	0.19	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1228.35	56.96	13137.67	0.49	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	785.75	10.59	11054.40	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	MAXESTATES	547.20	774.04	8950.27	0.00	8.35	-30.00	51.91	0.86	2.05	15.65

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	811	875	986	1,306	904	918	975	1,016	953	1,115	1,121	1,233	1,075
	318	369	434	679	373	400	422	457	389	449	465	484	623
Operating Profit	492	506	552	627	531	518	553	560	564	667	656	750	452
OPM %	60.73%	57.82%	55.96%	47.99%	58.73%	56.39%	56.69%	55.07%	59.21%	59.79%	58.53%	60.79%	42.07%
	29	32	34	37	38	37	46	42	32	31	22	57	40
Interest	96	96	104	100	103	103	103	94	95	92	102	97	94
Depreciation	63	66	66	76	77	78	81	90	93	91	86	89	96
Profit before Tax	363	375	416	489	388	374	415	418	407	515	490	620	493
Tax %	20.12%	19.02%	17.39%	20.43%	19.25%	22.32%	15.45%	17.05%	21.44%	25.60%	24.86%	21.66%	20.04%
Net Profit	291	305	0	0	315	292	353	348	321	384	366	485	395
	13.46	7.08	7.83	9.05	6.51	6.10	7.41	7.52	6.73	8.50	7.71	11.28	8.30

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,825	1,620	1,982	1,941	1,045	1,483	2,638	3,978	3,814	4,423	4,545
	977	841	988	974	551	749	1,119	1,801	1,652	1,786	2,020
Operating Profit	848	779	994	967	494	734	1,519	2,177	2,161	2,637	2,525
OPM %	46.46%	48.07%	50.14%	49.83%	47.31%	49.49%	57.57%	54.73%	56.67%	59.63%	55.56%
	47	56	133	67	92	74	721	132	164	142	150
Interest	424	349	351	348	348	295	341	396	403	387	386
Depreciation	195	198	204	208	209	186	228	270	327	360	362
Profit before Tax	276	287	572	478	29	328	1,671	1,643	1,595	2,032	2,118
Tax %	31.10%	26.37%	19.22%	25.54%	-16.01%	24.41%	11.90%	19.27%	18.40%	23.38%	22.98%
Net Profit	190	212	462	356	34	248	1,473	1,326	1,302	1,557	1,631
EPS	10.97	15.77	27.40	21.77	3.37	13.30	74.71	61.51	27.53	34.22	—
Dividend Payout %	21.88%	16.43%	10.92%	0.00%	29.82%	18.05%	6.69%	8.13%	9.08%	7.31%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 33%
3 Years:: 19%

COMPOUNDED PROFIT GROWTH

10 Years:: 25%
5 Years:: 84%
3 Years:: -3%

STOCK PRICE CAGR

10 Years:: 25%
5 Years:: 34%
3 Years:: 27%
1 Year:: 21%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 13%
3 Years:: 14%
Last Year:: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	31	31	31	31	34	36	36	36	72	72
Minority Interest	280	466	1,223	1,279	1,101	2,429	2,696	2,930	3,405	3,316
	2,116	2,812	3,430	3,661	4,986	6,526	8,320	9,393	10,368	10,911
	3,929	3,857	4,420	4,512	4,221	4,100	4,571	4,878	5,452	6,060
Trade Payables	108	109	148	109	95	130	158	205	203	212
	421	1,083	725	895	889	1,068	1,855	1,939	2,195	2,608
Total Liabilities	6,884	8,358	9,977	10,486	11,326	14,288	17,636	19,381	21,694	23,179
	4,501	5,668	6,522	6,453	1,622	1,546	2,429	2,862	2,873	2,847
Capital Work in Progress	295	426	831	1,401	1,274	1,922	2,295	1,503	3,143	3,879
	410	829	745	590	576	2,317	1,282	1,725	1,465	1,490
	945	661	899	816	768	750	1,212	782	774	776
	0	0	0	0	0	0	0	270	230	317
Cash & Bank	81	41	192	141	514	593	630	710	512	823
	652	734	788	1,086	6,572	7,160	9,788	11,529	12,697	13,046
Total Assets	6,884	8,358	9,977	10,486	11,326	14,288	17,636	19,381	21,694	23,179

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,463	1,535	431	847	420	838	1,565	2,161	2,084	2,426
Cash from Investing	-354	-1,825	-1,394	-362	-950	-2,841	-1,536	-1,859	-2,162	-1,646
Cash from Financing	-1,108	277	1,053	-287	522	2,228	132	-299	-47	-731
	-43	-33	9	90	3	167	-48	3	-126	50

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.27	47.27	47.26	47.26	47.26	47.25	47.25	47.25	47.25
	35.41	35.44	35.66	36.14	36.27	33.45	33.85	32.97	31.73
	13.33	13.17	13.03	12.59	12.72	15.47	15.26	16.14	17.38
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	3.98	4.11	4.05	4.00	3.74	3.83	3.63	3.64	3.64

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Amalgamation/Merger

2026-09-10 - The Phoenix Mills Limited has informed the Exchange about effective date of scheme of merger and amalgamation between subsidiary companies.

2026-09-08

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-08 - The Phoenix Mills Limited has informed the Exchange about Outcome of Interaction with Analyst/Institutional Investor

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - The Phoenix Mills Limited has informed the Exchange about Outcome of Interaction with Analyst/Institutional Investor

2026-09-05

Amalgamation/Merger

2026-09-05 - The Phoenix Mills Limited has informed the Exchange about sanction of scheme of merger and amalgamation between subsidiary companies by National Company Law Tribunal, Chennai Bench.

2026-09-05

Copy of Newspaper Publication

2026-09-05 - The Phoenix Mills Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-04

General Updates

2026-09-04 - The Phoenix Mills Limited has informed the Exchange about Letter Providing The Web-Link Of The Integrated Annual Report Of The Company For The Financial Year 2025-26

2026-09-04

Shareholders meeting

2026-09-04 - The Phoenix Mills Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026

2026-09-03

Copy of Newspaper Publication

2026-09-03 - The Phoenix Mills Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-02 - The Phoenix Mills Limited has informed the Exchange about Outcome of Interaction with Analyst/Institutional Investor

News

Recent coverage and analyst commentary for PHOENIXLTD

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