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]
Business Segments1) Property & Related Services (79% in 9M FY25 vs 72% in FY23):[1][2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | DLF | 649.65 | 41.64 | 160808.61 | 0.91 | 1180.09 | -27.08 | 1643.04 | -16.81 | 6.51 | 9016.03 | 22.47 | 3859.74 | 1007.10 | 3.78 | 7.30 | 0.04 |
| 2. | Lodha Developers | 1070.00 | 32.14 | 106869.40 | 0.40 | 789.80 | 86.50 | 3798.50 | 44.67 | 15.62 | 15597.50 | 29.61 | 3329.50 | 788.70 | 5.07 | 5.70 | 0.45 |
| 3. | Phoenix Mills | 1857.40 | 233.51 | 66420.31 | 0.13 | 129.36 | -3.41 | 137.33 | 18.82 | 6.50 | 515.18 | 61.95 | 284.45 | 129.36 | 12.33 | 4.63 | 0.13 |
| 4. | Prestige Estates | 1524.80 | 85.81 | 65677.80 | 0.12 | 457.40 | 123.88 | 2431.70 | 5.52 | 7.66 | 7921.90 | 36.60 | 765.50 | 430.30 | 4.17 | 1.15 | 0.92 |
| 5. | Oberoi Realty | 1666.80 | 27.13 | 60605.21 | 0.49 | 760.26 | 28.98 | 1779.04 | 34.79 | 17.73 | 5327.81 | 56.59 | 2233.06 | 760.26 | 3.59 | 10.23 | 0.18 |
| 6. | Godrej Propert. | 1888.95 | 36.69 | 56896.36 | 0.00 | 402.99 | 20.84 | 740.38 | -32.28 | 6.57 | 4265.55 | -18.34 | 1549.83 | 405.08 | 3.20 | 2.67 | 0.89 |
| 7. | Brigade Enterpr. | 835.00 | 25.73 | 20415.61 | 0.30 | 170.28 | 36.58 | 1383.37 | 29.03 | 13.34 | 5588.84 | 26.50 | 795.44 | 162.50 | 3.15 | 3.39 | 0.83 |
| – | Median: 93 Co. | 175.0 | 33.35 | 833.65 | 0.0 | 4.94 | 4.79 | 48.77 | 9.98 | 7.66 | 176.16 | 16.71 | 12.18 | 4.14 | 2.83 | 2.4 | 0.43 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 118 | 124 | 123 | 118 | 112 | 120 | 116 | 118 | 116 | 127 | 125 | 126 | 137 |
Expenses | 38 | 37 | 42 | 36 | 39 | 42 | 37 | 41 | 43 | 46 | 55 | 44 | 51 |
Operating Profit | 80 | 86 | 80 | 82 | 73 | 77 | 79 | 77 | 72 | 81 | 70 | 82 | 87 |
Other Income | 6 | 8 | 58 | 6 | 93 | 5 | 5 | 53 | 105 | 14 | 15 | 6 | 95 |
Profit before tax | 61 | 69 | 114 | 64 | 142 | 58 | 57 | 106 | 150 | 65 | 49 | 48 | 150 |
Tax % | 15% | 21% | 12% | 20% | 11% | 13% | 8% | 9% | 11% | 14% | -5% | 15% | 14% |
Net Profit | 52 | 54 | 101 | 51 | 126 | 50 | 53 | 96 | 134 | 56 | 52 | 41 | 129 |
EPS in Rs | 1.45 | 1.52 | 2.83 | 1.43 | 3.52 | 1.41 | 1.48 | 2.69 | 3.75 | 1.56 | 1.44 | 1.14 | 3.62 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 294 | 314 | 356 | 376 | 397 | 440 | 444 | 249 | 284 | 477 | 466 | 486 | 515 |
Expenses | 101 | 110 | 139 | 122 | 145 | 172 | 185 | 116 | 119 | 155 | 152 | 186 | 196 |
Operating Profit | 193 | 203 | 217 | 254 | 252 | 269 | 259 | 134 | 164 | 321 | 313 | 300 | 319 |
Other Income | 80 | 12 | 93 | 20 | 53 | 63 | 41 | 288 | 323 | 111 | 107 | 187 | 130 |
Interest | 44 | 71 | 69 | 81 | 75 | 78 | 76 | 62 | 64 | 66 | 65 | 73 | 71 |
Depreciation | 25 | 31 | 29 | 30 | 40 | 44 | 46 | 42 | 29 | 31 | 35 | 45 | 66 |
Profit before tax | 203 | 114 | 211 | 163 | 190 | 209 | 178 | 316 | 394 | 336 | 321 | 369 | 311 |
Net Profit | 153 | 62 | 150 | 134 | 155 | 173 | 148 | 292 | 370 | 290 | 280 | 337 | 277 |
EPS in Rs | 5.27 | 2.13 | 4.89 | 4.36 | 5.05 | 5.65 | 4.81 | 8.50 | 10.36 | 8.13 | 7.84 | 9.43 | 7.76 |
Dividend Payout % | 21% | 52% | 22% | 28% | 26% | 27% | 0% | 6% | 12% | 31% | 32% | 26% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 29 | 29 | 31 | 31 | 31 | 31 | 31 | 34 | 36 | 36 | 36 | 72 | 72 |
Reserves | 1,855 | 1,880 | 2,273 | 2,401 | 2,538 | 2,714 | 2,817 | 4,197 | 4,563 | 4,819 | 5,023 | 5,245 | 5,330 |
Borrowings | 501 | 654 | 821 | 751 | 717 | 797 | 846 | 682 | 867 | 654 | 720 | 749 | 719 |
Other Liabilities | 234 | 222 | 205 | 203 | 214 | 226 | 255 | 249 | 246 | 276 | 257 | 276 | 386 |
Total Liabilities | 2,619 | 2,785 | 3,330 | 3,386 | 3,500 | 3,768 | 3,949 | 5,163 | 5,711 | 5,785 | 6,036 | 6,342 | 6,506 |
Fixed Assets | 409 | 456 | 442 | 606 | 638 | 635 | 676 | 397 | 452 | 476 | 454 | 842 | 867 |
Gross Block | 575.22 | 653.88 | 669.82 | 862.27 | 934.60 | 974.84 | 1,061.40 | 1,026.96 | 838.48 | 891.38 | 896.63 | 1,329.67 | – |
Accumulated Depreciation | 165.93 | 198.06 | 227.39 | 256.50 | 296.81 | 339.79 | 385.63 | 629.65 | 386.13 | 415.36 | 442.86 | 487.22 | – |
CWIP | 123 | 136 | 150 | 143 | 107 | 107 | 115 | 11 | 95 | 198 | 371 | 617 | 677 |
Investments | 1,111 | 1,232 | 1,661 | 2,283 | 2,367 | 2,614 | 2,710 | 2,884 | 4,473 | 4,548 | 4,683 | 4,352 | 4,399 |
Other Assets | 976 | 962 | 1,076 | 354 | 388 | 413 | 448 | 1,870 | 692 | 563 | 528 | 531 | 563 |
Total Assets | 2,619 | 2,785 | 3,330 | 3,386 | 3,500 | 3,768 | 3,949 | 5,163 | 5,711 | 5,785 | 6,036 | 6,342 | 6,506 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 145 | 116 | 155 | 187 | 256 | 234 | 254 | 110 | 378 | 295 | 229 | 320 |
Cash from Investing Activity | -281 | -156 | -408 | -88 | -114 | -200 | -185 | -894 | -436 | -112 | -171 | -181 |
Cash from Financing Activity | 138 | 36 | 304 | -163 | -143 | -33 | -72 | 862 | 127 | -304 | -146 | -58 |
Net Cash Flow | 2 | -4 | 51 | -64 | -1 | 1 | -3 | 78 | 68 | -121 | -88 | 82 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 31 | 26 | 25 | 19 | 17 | 18 | 16 | 61 | 54 | 25 | 18 | 17 |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 31 | 26 | 25 | 19 | 17 | 18 | 16 | 61 | 54 | 25 | 18 | 17 |
Working Capital Days | 21 | 71 | -41 | -81 | 67 | -68 | -157 | 1,259 | -298 | -10 | 44 | 48 |
ROCE % | 11% | 11% | 10% | 9% | 8% | 8% | 7% | 3% | 4% | 6% | 7% | 6% |
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Stock Analysis
Phoenix Mills Ltd. is a leading Indian retail-led mixed-use developer operating malls, commercial offices, and hospitality assets across major cities.
Strong demand for retail spaces and new mall ramp-ups are driving consumption growth. Significant leasing momentum in commercial offices and improving occupancy rates, alongside steady RevPAR growth in hospitality and robust residential sales execution, are key growth drivers.
Currently no data available for Order Book.
No specific red flags were mentioned in this operational update.
The update pertains to operational performance for the quarter and nine months ended December 31, 2025. No forward-looking dates for financial results or conference calls were mentioned in this specific operational update.
Corporate Announcements
