Arthneeti

Phoenix Mills Q2 FY27 Share Price & Earnings Call Analysis

₹2,016.60+3.03% today
Market cap
₹72,132 Cr
P/E
54.71
ROE
10.96%
PEG
4.44
Price to sales
15.74
Debt to equity
0.67
52W high / low
₹2,154 / ₹1,477
Sales growth (5Y)
33.56%
EBITDA margin
60.18%
Net profit margin
33.83%
Promoter holding
47.24%
Sales (last year)
₹4,582 Cr

Phoenix Mills Ltd is engaged in the operation & management of malls, construction of commercial & residential property and hotel business in India. Its core businesses include Retail, Office, Hotel and Asset Management.[1]

Guidance scorecard · Q2 FY27 call

What Phoenix Mills's management guided
and where it ranks in Realty

#21of 40 in
Realty
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Continued mid-teens rental income growth for FY27 and FY28, driven by high lease occupancy (97%-99%) and strong brand additions.
  • Consumption growth expected to remain healthy, with July already trending over 20% y-o-y; sustainable 20%+ consumption growth anticipated over the next 12 months.
  • Expansion projects like Phoenix Palladium Phase-2 (4.5 lakh sq ft) and Surat Mall expected to start rental contributions from FY28, with full impact in FY29 and FY30.
  • Strong pipeline of new international and domestic brands (e.g., Uniqlo, IKEA) driving premiumization and higher trading densities.
  • Jewelry and electronics consumption growing disproportionately, contributing to high mall productivity.
  • Focus on asset repositioning and tenant mix optimization to sustain trading occupancy and rental growth.

2 more points from Phoenix Mills's call on revenue

Create a free account to keep reading this call

Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Phoenix Mills said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Q1 FY27 capex was Rs. 1,085 crore, including Rs. 314 crore for construction and Rs. 771 crore for land acquisition and development rights.
  • Rs. 716 crore paid to GAMADA for Chandigarh land, transitioning Chandigarh to a wholly owned project; excavation work has started.
  • Multiple assets moving from construction to operation in 2027, including Phoenix Grand Victoria (Kolkata), Phoenix Surat, Phoenix MarketCity Bangalore, and Phoenix Palladium expansions.
  • Continued reinvestment in densification projects (hotels, offices) on existing land to enhance IRR without acquiring new land.
  • New residential projects planned for Kolkata and Bengaluru by end of 2026 or early 2027.
  • Further development potential at Lower Parel including Project Rise office and additional office tower totaling approx. 1.5-1.6 million sqft.

2 more points from Phoenix Mills's call on capex

Create a free account to keep reading this call

Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Phoenix Mills said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Group residential booking for Q1 was Rs. 64 crore with collections of Rs. 51 crore.
  • Agreements pending completion amounting to Rs. 20 crore from the previous year, expected to reflect in Q2.
  • Total expected sales bookings reaching approximately Rs. 84 crore for Q2.
  • Approximately 1.5 lakh square feet of completed residential inventory available for sale.

2 more points from Phoenix Mills's call on the order book

Create a free account to keep reading this call

Full Q1 FY27 analysis
Full Realty ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Realty
on management's own guidance

  1. SobhaGood growth
    2
  2. Strong growth
    1
  3. Man InfraGood growth
    3
See all potential multibaggersWhere does Phoenix Mills rank?

Portfolio builder

Build your portfolio
from the top-ranked stocks

  1. 1. Pick 3–15 stocks
  2. 2. Choose large, mid or small cap and your sectors
  3. 3. Get a portfolio built from the rankings
Build my portfolio

Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Realty companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹12,022 Cr41.0
2Sobha20–40%Up 2%+₹12,032 Cr63.0
3Man Infra20–40%Up 2%+₹4,311 Cr19.2
420–40%Up 2%+₹1,091 Cr11.9
520–40%Flat₹1.04L Cr23.8
620–40%Flat₹59,882 Cr22.6

Sign up free to see every company in the sector ranking and track Phoenix Mills.

Pro shows every company guiding 40%+ revenue growth →Full Realty ranking

Phoenix Mills announcements

All announcements →

Financials of Phoenix Mills

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Phoenix Mills

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +47.28%47.28%47.27%47.26%47.26%47.26%47.26%47.25%47.25%47.25%47.25%47.24%
FIIs +30.80%32.82%35.41%35.50%35.66%36.14%36.27%33.45%33.85%32.97%31.73%31.62%
DIIs +17.70%15.79%13.33%13.17%13.03%12.59%12.72%15.47%15.26%16.14%17.38%17.30%
Public +4.22%4.12%3.98%4.07%4.06%3.99%3.74%3.84%3.64%3.64%3.64%3.84%
No. of Shareholders68,84776,90274,05187,74889,28888,53185,49886,58975,77973,87673,39083,618

Pros & Cons

Phoenix Mills

Key positives and risks surfaced from the company insights section.

Pros
  • Stock is trading at 7.69 times its book value
  • Company has a low return on equity of 10.7% over last 3 years.
  • Dividend payout has been low at 8.17% of profits over last 3 years
Raw Insights
  • Stock is trading at 7.69 times its book value
  • Company has a low return on equity of 10.7% over last 3 years.
  • Dividend payout has been low at 8.17% of profits over last 3 years

Financials of Phoenix Mills

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +8759861,3069049189751,0169531,1151,1211,2331,0751,153
Expenses +369434679373400422457389449465484433442
Operating Profit506552627531518553560564667656750642710
OPM %58%56%48%59%56%57%55%59%60%59%61%60%62%
Other Income +32343738374642323122574036
Interest961041001031031039495921029794103
Depreciation66667677788190939186899694
Profit before tax375416489388374415418407515490620492550
Tax %19%17%20%19%22%15%17%21%26%25%22%20%23%
Net Profit +305345392315292353348321384366485394427
EPS in Rs7.077.829.146.506.107.417.526.738.507.7111.288.309.11

Financials of Phoenix Mills

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +1,6391,7691,8171,6141,9771,9361,0401,4602,6163,9723,8074,4184,582
Expenses +8779789618309759635397251,0961,7901,6451,7801,824
Operating Profit7627908567841,0019735017351,5192,1822,1622,6382,758
OPM %47%45%47%49%51%50%48%50%58%55%57%60%60%
Other Income +-63-113950125608674721126163140156
Interest396443424349351348348295341396403387397
Depreciation168177195198204208209186228270327360365
Profit before tax136159276287572478293281,6711,6431,5952,0322,152
Tax %36%48%31%26%19%26%-16%24%12%19%18%23%
Net Profit +9184191256497388482681,4781,3331,3071,5571,673
EPS in Rs1.224.215.497.9113.7310.911.686.6537.3730.7627.5334.2236.40
Dividend Payout %90%26%22%16%11%0%31%18%7%8%9%7%

Financials of Phoenix Mills

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital29313131313136363636727272
Reserves1,6451,9972,1192,8213,4433,6785,0036,5478,3449,42210,37710,9179,028
Borrowings +3,4023,8893,6263,6664,2444,3084,0633,9824,2594,6394,6875,3236,116
Other Liabilities +1,5651,5071,2331,9792,3982,5282,2883,7654,7875,0036,2926,4858,764
Total Liabilities6,6417,4247,0088,49710,11610,54511,38914,33017,42619,10021,42722,79623,979
Fixed Assets +4,1304,5484,5005,6686,5226,4537,2077,50810,96413,13714,46614,77215,764
CWIP2141953285038961,5341,2742,0492,2951,5033,1433,8793,468
Investments2001614108297455905762,3171,2821,7251,4651,4901,980
Other Assets +2,0972,5201,7701,4981,9521,9682,3332,4562,8842,7342,3532,6562,767
Total Assets6,6417,4247,0088,49710,11610,54511,38914,33017,42619,10021,42722,79623,979

Financials of Phoenix Mills

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +5644971,4191,5143507394327811,3562,1612,0842,426
Cash from Investing Activity +-102-377-354-1,825-1,394-362-950-2,841-1,528-1,859-2,162-1,646
Cash from Financing Activity +-455-71-1,1082771,053-2875222,228132-299-47-731
Net Cash Flow750-43-339903167-403-12650
Free Cash Flow4561121,23413-1,110-3309774-468488-5321,029
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit86%80%171%196%43%87%84%114%103%114%110%104%

Financials of Phoenix Mills

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days4957302936381147033252226
Inventory Days854
Days Payable224
Cash Conversion Cycle49573029363811470336542226
Working Capital Days9113440-150-77-94-212-160-111-78-112-94
ROCE %11%11%11%10%11%9%4%5%10%12%11%12%

Guidance history

How Phoenix Mills's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q3 FY26 call →10–20%FlatPlanned—Rising
Q2 FY26 call →10–20%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

72out of 100

Momentum score · price trend

72 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+19.9%74%
Last 6 months+12.8%70%
Last 3 months+3.2%74%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Phoenix Mills: 0.4 × 74 + 0.4 × 70 + 0.2 × 74 = 72.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Phoenix Mills's management said in earlier quarters

Others in Realty this season

  • Puravankara (Q2 FY27)

    Q2 FY27 Sales Value: ₹2,136 Cr, up 62% YoY from ₹1,322 Cr in Q2 FY26 (Page 9) . Key investor presentation takeaways from Puravankara Ltd's Q2 FY27 investor pres

  • Suraj Estate (Q2 FY27)

    Revenue from operations: ₹170.0 Cr (up from ₹144.6 Cr in Q2 FY26) — 18% YoY increase. Key investor presentation takeaways from Suraj Estate Developers Ltd's Q2

  • Nila Infrastructures Ltd (Q2 FY27)

    Revenue from operations for the quarter ended September 30, 2026, is reported as ₹7,420.43 lakhs (page 7). Key results statement takeaways from Nila Infrastruct

  • Nila Spaces (Q2 FY27)

    Consolidated total income for the quarter ended 30 September 2026: ₹3,351.98 lakhs (Page 7). Key results statement takeaways from Nila Spaces Ltd's Q2 FY27 resu

Compare:vs DLFvs Lodha Developersvs Prestige Estates Projects Ltd