Phoenix Mills Ltd

NSE: PHOENIXLTD BSE: 503100Infra

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]

₹1,720

52W: ₹1402 — ₹1993

PE 208 · Book ₹154 · +1017% vs book

Market Cap₹61,514 Cr

Stock P/E208Price to Earnings

ROCE6.92%Return on Capital

ROE5.45%Return on Equity

Div. Yield0.14%Face Value ₹2

Strengths

+Company has been maintaining a healthy dividend payout of 30.5%

Weaknesses

−Stock is trading at 11.4 times its book value
−Company has a low return on equity of 5.53% over last 3 years.
−Working capital days have increased from 84.3 days to 161 days

Shareholding Pattern

Promoters47.25%

FIIs32.97%

DIIs16.14%

Public3.64%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	47.27%	47.26%▼0.0	47.26%	47.26%	47.26%	47.25%▼0.0	47.25%	47.25%
FIIs	35.41%	35.5%▲0.1	35.66%▲0.2	36.14%▲0.5	36.27%▲0.1	33.45%▼2.8	33.85%▲0.4	32.97%▼0.9
DIIs	13.33%	13.17%▼0.2	13.03%▼0.1	12.59%▼0.4	12.72%▲0.1	15.47%▲2.8	15.26%▼0.2	16.14%▲0.9
Public	3.98%	4.07%▲0.1	4.06%▼0.0	3.99%▼0.1	3.74%▼0.3	3.84%▲0.1	3.64%▼0.2	3.64%

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	120	116	118	116	127	125	126	137	146	135
Expenses	42	37	41	43	46	55	44	51	48	43
Operating Profit	77	79	77	72	81	70	82	87	98	92
OPM %	65%	68%	65%	62%	64%	56%	65%	63%	67%	68%
Net Profit	50	53	96	134	56	52	41	129	46	55
EPS ₹	1.41	1.48	2.69	3.75	1.56	1.44	1.14	3.62	1.28	1.53

AI Insights

Revenue Trend

Mar 2026 revenue at ₹544Cr, up 11.9% YoY. OPM at 66%.

Debt Position

Borrowings at ₹655Cr. Debt-to-equity ratio: 0.12x. Healthy balance sheet.

Capex Cycle

CWIP at ₹850Cr (99% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 16.14% (-3.79pp change). FIIs: 32.97% (+4.41pp change). Promoters hold 47.25%.

Margin & Efficiency

ROCE declining from 11% (Mar 2015) to 7% (Mar 2026). Working capital days: 161.

Valuation

PE 208x with 6.92% ROCE. Price is 1017% above book value of ₹154. Dividend yield: 0.14%.