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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 ofNIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 100NIFTY MIDCAP 150NIFTY TOTAL MKT
S.No.Name
1.DLF656.4036.55162479.461.22793.90-89.591280.34-52.876.8149.68
2.LODHA1165.4528.23116454.470.361373.10103.394996.7043.1016.8938.51
3.PHOENIXLTD1897.9053.0367883.680.13394.5122.951074.9412.8015.4159.77
4.PRESTIGE1541.8558.3166412.140.13271.40-12.872675.1015.9411.5131.75
5.OBEROIRLTY1796.3024.8465313.870.45543.5129.021300.8931.7317.6956.75
6.GODREJPROP1860.0035.0156028.130.54349.38-41.61506.1716.488.37-57.98
7.ANANTRAJ613.4038.1522074.850.16149.1918.50631.406.5812.2329.53
8.BRIGADE662.0031.0821598.360.23216.9437.351115.55-12.9311.0232.33
9.ABREL1341.65113.3014985.650.19-34.59-27.73188.8530.95-4.54-30.02
10.SOBHA1228.3556.9613137.670.4950.85273.371278.1550.036.966.07
11.SIGNATURE785.7510.5911054.400.00-16.53-148.00551.99-36.2434.77-8.10
12.MAXESTATES547.20774.048950.270.008.35-30.0051.910.862.0515.65
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
8118759861,3069049189751,0169531,1151,1211,2331,075
318369434679373400422457389449465484623
Operating Profit492506552627531518553560564667656750452
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%
29323437383746423231225740
Interest96961041001031031039495921029794
Depreciation63666676777881909391868996
Profit before Tax363375416489388374415418407515490620493
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 Profit29130500315292353348321384366485395
13.467.087.839.056.516.107.417.526.738.507.7111.288.30

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,8251,6201,9821,9411,0451,4832,6383,9783,8144,4234,545
9778419889745517491,1191,8011,6521,7862,020
Operating Profit8487799949674947341,5192,1772,1612,6372,525
OPM %46.46%48.07%50.14%49.83%47.31%49.49%57.57%54.73%56.67%59.63%55.56%
4756133679274721132164142150
Interest424349351348348295341396403387386
Depreciation195198204208209186228270327360362
Profit before Tax276287572478293281,6711,6431,5952,0322,118
Tax %31.10%26.37%19.22%25.54%-16.01%24.41%11.90%19.27%18.40%23.38%22.98%
Net Profit190212462356342481,4731,3261,3021,5571,631
EPS10.9715.7727.4021.773.3713.3074.7161.5127.5334.22—
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

Corporate actions

2024

Sep 20

1:1

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital31313131343636367272
Minority Interest2804661,2231,2791,1012,4292,6962,9303,4053,316
2,1162,8123,4303,6614,9866,5268,3209,39310,36810,911
3,9293,8574,4204,5124,2214,1004,5714,8785,4526,060
Trade Payables10810914810995130158205203212
4211,0837258958891,0681,8551,9392,1952,608
Total Liabilities6,8848,3589,97710,48611,32614,28817,63619,38121,69423,179
4,5015,6686,5226,4531,6221,5462,4292,8622,8732,847
Capital Work in Progress2954268311,4011,2741,9222,2951,5033,1433,879
4108297455905762,3171,2821,7251,4651,490
9456618998167687501,212782774776
0000000270230317
Cash & Bank8141192141514593630710512823
6527347881,0866,5727,1609,78811,52912,69713,046
Total Assets6,8848,3589,97710,48611,32614,28817,63619,38121,69423,179

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1,4631,5354318474208381,5652,1612,0842,426
Cash from Investing-354-1,825-1,394-362-950-2,841-1,536-1,859-2,162-1,646
Cash from Financing-1,1082771,053-2875222,228132-299-47-731
-43-339903167-483-12650

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
47.2747.2747.2647.2647.2647.2547.2547.2547.25
35.4135.4435.6636.1436.2733.4533.8532.9731.73
13.3313.1713.0312.5912.7215.4715.2616.1417.38
Government0.000.000.000.000.000.000.000.000.00
3.984.114.054.003.743.833.633.643.64

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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