The Phoenix Mills share price & results

The Phoenix Mills Limited· Realty· Consumer Discretionary

Results to: Sept 2026
Latest analysed call: Q2 FY27
Ownership as of: Sept 2026

Mumbai-based real estate group operating malls, Grade-A offices, hotels and residential projects across India.

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Guidance Hit Rate

24 targets · 40% hit rate 2 achieved · 19 active →

Segment Shift

3 segments tracked See revenue & margin mix below →

Reverse DCF

Implied Growth Test priced-in growth in DCF tool →

Concall & Tone

Q2 FY27 analysed Read claims, qualifiers & Q&A →

Price & Snapshot

₹2,147 +0.77% · +₹16.5

Last close 9 Nov 2026 · NSE · INR · Source: Inve

Performance +21.1% 1Y

1Y: ₹1,773.3 on 7 Nov 2025 → ₹2,147. High ₹2,154.9 (6 Nov 2026), low ₹1,477.4 (23 Mar 2026).

Previous close: ₹2,130.5
Market cap: ₹74.4k Cr
52-week range: ₹1,477.4 – ₹2,154.9
One year: +21.93%
Price to earnings (TTM to Sept 2026): 56.44×
Return on equity (TTM to Sept 2026): 14.48%

Reported

Key financial metrics & valuation ratios

Each figure keeps its basis and period; nothing is filled in.

Metric	Value	Change	Basis	Period	Note
Revenue	3.0 ₹ crore	−84.2% YoY	Quarterly, as filed	Quarter to Sept 2026	Revenue from operations as filed.
Operating margin	66.0 %	+3.0 pts YoY	Operating profit / revenue	Quarter to Sept 2026	For the quarter; a change is in percentage points.
Net profit	127 ₹ crore	−1.6% YoY	Quarterly, as filed	Quarter to Sept 2026	Profit after tax as filed.
Return on equity	14.48 %	+1.9 ptsFY Mar 2026 vs FY Mar 2025	Trailing twelve months	TTM to Sept 2026	Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin	23.31 %	+37.3 ptsFY Mar 2026 vs FY Mar 2025	Fiscal year	FY ending Mar 2026	(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)	12.88 %	+20.2 ptsFY Mar 2026 vs FY Mar 2025	Trailing twelve months	TTM to Sept 2026	Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Business Mix

Where revenue comes from

Residential Business shrank from 35% to 0% of revenue over the last two years.

Property & Related Services 82.7% · ₹895.69 Cr +17.2% YoY

Hospitality Services 17.0% · ₹184.59 Cr +18.7% YoY

Residential Business 0.3% · ₹3.35 Cr −92.2% YoY

Explore full multi-period segment shift & margins →

Guidance

What management said, and what became of it

2 of 5 judged targets kept · 19 open · verdicts reflect calls analysed to Q2 FY27.

Target	Original wording	Said	Latest call	Verdict
Operations Net Debt to EBITDA	we will be in this range of between 1-1.5x at the peak, worst case, we may go up to 2x Call transcript, Q2 FY26 · 31 Oct 2025	Q2 FY26	Q2 FY27:Promise remains achieved. Net debt to EBITDA improved to 1.2x as of September 2026, well within the guided 1.0-1.5x peak range. Call transcript, Q2 FY27 · 31 Oct 2026	Achieved
Growth Office Occupancy (New Assets)	achieve a 90% leasing in 2026 Call transcript, Q1 FY26 · 24 Jul 2025	Q1 FY26	Q2 FY27:Target remains missed from prior quarters. Overall portfolio leased occupancy rose to 79% in Q2 FY27, but the original Q1 FY27 deadline has elapsed. Call transcript, Q2 FY27 · 31 Oct 2026	Missed
Growth Office Trading Occupancy (Overall Portfolio)	the trading occupancy should also move up towards the 95-96% levels by the end of FY27. Call transcript, Q4 FY26 · 28 Apr 2026	Q4 FY26	Q2 FY27:Diluted. Management now guides rent-generating occupancy to reach 70% by March 2027 (end of FY27) and 80% by June/July 2027 (from 54% currently), stepping down from the original 95-96% target level for FY27. Call transcript, Q2 FY27 · 31 Oct 2026	Diluted

Source: Inve Guidance Tracker for The Phoenix Mills Limited · to Q2 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

3 of The Phoenix Mills Limited's 24 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 21 more targets are in the full ledger.

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Supply chain

Cross-company call evidence

Named counterparties and similar headwinds disclosed on earnings calls.

Relationship Period Lifecycle

Counterparties named by The Phoenix Mills Limited

The Phoenix Mills Limited → acquires or invests in → ISMDPL (CPP Investments' 49% stake).

Q2 FY27 · Announced · Positive · Counterparty named; listed-company identity not verified.
1. Proposed
2. Announced
3. Active
4. Completed / ended
Buyout of CPP Investments' stake. Tranche 1 (November 2025) took PML from 51% to 58.33%. In October 2026 the NCLT approved the Tranche 2 selective capital reduction, which will take PML to 68.1%

Disclosed value: INR 1350 crores

“In October 2026, the NCLT approved the Selective Capital Reduction scheme, forming part of Tranche 2. We expect the capital reduction to be completed in November 2026, following which PML stake in ISMDPL will increase from 58.33% to 68.1%. The capital reduction consideration is INR 1,350 crore.”

Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

Evidence drawer

Evidence type: Transcript excerpt

“In October 2026, the NCLT approved the Selective Capital Reduction scheme, forming part of Tranche 2. We expect the capital reduction to be completed in November 2026, following which PML stake in ISMDPL will increase from 58.33% to 68.1%. The capital reduction consideration is INR 1,350 crore.”

Source company: The Phoenix Mills Limited · Counterparty: ISMDPL (CPP Investments' 49% stake) · Call date: 2026-10-31 · Period: Q2 FY27 · Review status: Structured call extraction
The Phoenix Mills Limited → acquires or invests in → ISMDPL.

Q4 FY26 · Closed / completed · Positive · Counterparty named; listed-company identity not verified.
1. Proposed
2. Announced
3. Active
4. Completed / ended
Full ownership of a high-quality cash generation platform.

“The most significant transaction was the buyout of CPP transaction stake in ISMDPL, which will result to full ownership of a high-quality cash generation platform.”

Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

Evidence drawer

Evidence type: Transcript excerpt

“The most significant transaction was the buyout of CPP transaction stake in ISMDPL, which will result to full ownership of a high-quality cash generation platform.”

Source company: The Phoenix Mills Limited · Counterparty: ISMDPL · Call date: 2026-04-28 · Period: Q4 FY26 · Review status: Structured call extraction
The Phoenix Mills Limited → acquires or invests in → ISML.

Q3 FY26 · Closed / completed · Positive · Counterparty named; listed-company identity not verified.
1. Proposed
2. Announced
3. Active
4. Completed / ended
Increased stake in ISML

Disclosed value: INR 1257 crores

“First tranche payment has been made for Rs. 1,257 crores in November 2025. With this, PML stake in ISML stands at 58.33%, up from 51% earlier.”

Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

Evidence drawer

Evidence type: Transcript excerpt

“First tranche payment has been made for Rs. 1,257 crores in November 2025. With this, PML stake in ISML stands at 58.33%, up from 51% earlier.”

Source company: The Phoenix Mills Limited · Counterparty: ISML · Call date: 2026-01-29 · Period: Q3 FY26 · Review status: Structured call extraction
The Phoenix Mills Limited → acquires or invests in → Island Star Mall Developers Private Limited (ISMDPL).

Q1 FY26 · Announced · Positive · Counterparty named; listed-company identity not verified.
1. Proposed
2. Announced
3. Active
4. Completed / ended
Strengthens control over a high-performing retail and office platform, reinforces long-term vision, captures full operating free cash flows, provides strategic control over capital allocation and execution timelines, and unlocks further value.

Disclosed value: INR 5449 crores

“We are glad to share that our Board of Directors has approved a proposal to acquire 49% stake in Island Star Mall Developers Private Limited platform... The agreed consideration for the proposed transaction is Rs. 5,449 crores payable to CPP Investments over a 36-month period in four tranches, subject to applicable laws, and any adjustments including those related to prepayment of tranches.”

Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

Evidence drawer

Evidence type: Transcript excerpt

“We are glad to share that our Board of Directors has approved a proposal to acquire 49% stake in Island Star Mall Developers Private Limited platform... The agreed consideration for the proposed transaction is Rs. 5,449 crores payable to CPP Investments over a 36-month period in four tranches, subject to applicable laws, and any adjustments including those related to prepayment of tranches.”

Source company: The Phoenix Mills Limited · Counterparty: Island Star Mall Developers Private Limited (ISMDPL) · Call date: 2025-07-24 · Period: Q1 FY26 · Review status: Structured call extraction
The Phoenix Mills Limited → acquires or invests in → Island Star Mall Developers Private Limited (ISMDPL).

Q4 FY25 · Announced · Positive · Counterparty named; listed-company identity not verified.
1. Proposed
2. Announced
3. Active
4. Completed / ended
strengthens our control over a high performing retail and office platform and reinforces our long-term vision.

Disclosed value: INR 5449 crores

“our Board of Directors has approved a proposal to acquire 49% stake in Island Star Mall Developers Private Limited platform, which the Group has seeded and grown over the past decade. The agreed consideration for the proposed transaction is Rs. 5,449 crores payable to CPP Investments over a 36-month period in four tranches, subject to applicable laws, and any adjustments including those related to prepayment of tranches.”

Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

Evidence drawer

Evidence type: Transcript excerpt

“our Board of Directors has approved a proposal to acquire 49% stake in Island Star Mall Developers Private Limited platform, which the Group has seeded and grown over the past decade. The agreed consideration for the proposed transaction is Rs. 5,449 crores payable to CPP Investments over a 36-month period in four tranches, subject to applicable laws, and any adjustments including those related to prepayment of tranches.”

Source company: The Phoenix Mills Limited · Counterparty: Island Star Mall Developers Private Limited (ISMDPL) · Call date: 2025-07-24 · Period: Q4 FY25 · Review status: Structured call extraction

Similar pressures reported by peers

Tailwind coverage is not available yet.

Similar commentary provides sector context; it does not establish a business relationship with The Phoenix Mills Limited. Each comparison matches a headwind disclosed by The Phoenix Mills Limited in the same calendar reporting quarter.

Thane, Chandigarh and Coimbatore were targeted for CY2030 with 'elbow room' for approvals…

Topic: Regulatory compliance · Regulatory policy · Q2 FY27

The Phoenix Mills Limited reported: Thane, Chandigarh and Coimbatore were targeted for CY2030 with 'elbow room' for approvals and retailer fit-outs. No timelines were given for the new cities until land is finalised.

Reporting period ended 2026-09-30

10 other companies · Regulatory policy

Lodha Developers Limited (LODHA) reported (period ended 2026-09-30): Average LTV is high 40s/low 50s in the ₹1-5 crore segment; management expects only a moderate impact and none above ₹5 crores. Extended Eastern Suburbs sales were slower in Q2.
Sobha Limited (SOBHA) reported (period ended 2026-09-30): Launches are highly time-sensitive; any slippage in RERA or municipal approvals could push launches from Q3 to Q4 FY27.
HORIZONIND (HORIZONIND) reported (period ended 2026-09-30): Solar capacity expansion capped near-term by state-level open access and wheeling regulations despite having 150-200 MW theoretical rooftop potential.
Sri Lotus Developers and Realty Limited (LOTUSDEV) reported (period ended 2026-09-30): Some project timelines (Lotus Monarch, Salona) have shifted by about a year due to regulatory and multi-party involvement. Management stated that new project additions would compensate, keeping overall guidance intact.

Evidence drawer

Evidence type: Summary paraphrase

Thane, Chandigarh and Coimbatore were targeted for CY2030 with 'elbow room' for approvals and retailer fit-outs. No timelines were given for the new cities until land is finalised.

Source company: The Phoenix Mills Limited · Reporting period ended 2026-09-30 · Calendar quarter: Q2 FY27 · Distinct companies matched: 10

Similar commentary provides sector context; it does not establish a business relationship.

Mentions over time

First observed: Q1 2025 · Latest observed: Q3 2026

Recorded disclosures by calendar reporting quarter
Period	Other calls	Own calls
Q3 2026	0	1
Q1 2026	0	1
Q4 2025	0	1
Q2 2025	0	1
Q1 2025	0	1

Counts reflect the calls covered here. No mention in a period does not establish that a relationship ended.

From available earnings-call summaries. Disclosures are management statements, not independently verified transactions.

Live Summary

PHOENIXLTD ₹2,147 +0.77%

Guidance Verdict (24 tracked) 2 kept · 19 open· 3 missed

AI Call Brief · Q2 FY27

The Phoenix Mills Limited Q2 FY27

Overview

Symbol: NSE:PHOENIXLTD
Sector: Realty
Industry: Consumer Discretionary
Exchange: NSE
Currency: INR

What The Phoenix Mills Limited does

Based on the company's own presentations, annual report and earnings calls.

The Phoenix Mills Limited is a diversified real estate developer and operator with a mixed-use portfolio spanning retail malls, commercial office campuses, hotels and residential projects across multiple Indian cities. It earns primarily by leasing retail and office space to brand/tenant partners and by operating owned hotels, alongside sale of residential units. The group grew from a single mall in Mumbai in 2005 into a pan-India retail-led platform, and has more recently added Grade-A office campuses, branded hospitality assets and premium residential projects to the same city clusters.

Segments

Retail
Offices
Hospitality
Residential

Operational retail area: ~11.5 million sq ft leasable area
Malls operated: 12 malls across 8 cities
Operational office area: ~5 million sq ft Grade-A, campus-integrated office space
Office city presence: Mumbai, Pune, Bengaluru, Chennai
Hotels operated: 2 hotels (The St. Regis, Mumbai and Courtyard by Marriott, Agra)
Hotel keys: ~588 keys operational

Founded 1905Headquarters Mumbai, Maharashtra, India Company website

How the price took the results

Moved an average of ±3.2% across the last 4 priced result releases

Close before → close after

Quarter	Release	Revenue (₹ Cr)	Net profit (₹ Cr)	Rev YoY	Before → After	Reaction
Q2 FY27	31 Oct 26	3	127	−84.2%	₹1,957.2 → ₹2,016.6	+3.0%
Q1 FY27	29 Jul 26	17	62	+183.3%	₹2,023.2 → ₹1,910.5	−5.6%
Q4 FY26	28 Apr 26	8	55	0.0%	₹1,799.7 → ₹1,761.9	−2.1%
Q3 FY26	29 Jan 26	14	46	+133.3%	₹1,726.2 → ₹1,686.9	−2.3%

The move from the last close before each results date to the first close on or after it — the market's first read on the quarter alongside what was filed.

Guidance

What management said, and what became of it

2 of 5 judged targets kept · 19 open · verdicts reflect calls analysed to Q2 FY27.

Target	Original wording	Said	Latest call	Verdict
Operations Net Debt to EBITDA	we will be in this range of between 1-1.5x at the peak, worst case, we may go up to 2x Call transcript, Q2 FY26 · 31 Oct 2025	Q2 FY26	Q2 FY27:Promise remains achieved. Net debt to EBITDA improved to 1.2x as of September 2026, well within the guided 1.0-1.5x peak range. Call transcript, Q2 FY27 · 31 Oct 2026	Achieved
Growth Office Occupancy (New Assets)	achieve a 90% leasing in 2026 Call transcript, Q1 FY26 · 24 Jul 2025	Q1 FY26	Q2 FY27:Target remains missed from prior quarters. Overall portfolio leased occupancy rose to 79% in Q2 FY27, but the original Q1 FY27 deadline has elapsed. Call transcript, Q2 FY27 · 31 Oct 2026	Missed
Growth Office Trading Occupancy (Overall Portfolio)	the trading occupancy should also move up towards the 95-96% levels by the end of FY27. Call transcript, Q4 FY26 · 28 Apr 2026	Q4 FY26	Q2 FY27:Diluted. Management now guides rent-generating occupancy to reach 70% by March 2027 (end of FY27) and 80% by June/July 2027 (from 54% currently), stepping down from the original 95-96% target level for FY27. Call transcript, Q2 FY27 · 31 Oct 2026	Diluted

Source: Inve Guidance Tracker for The Phoenix Mills Limited · to Q2 FY27

The full ledger

Open The Phoenix Mills Limited’s full ledger

A free account opens 5 company ledgers a month. All 24 tracked commitments, with each call’s wording and source.

Browse the register

Latest analysed call: Q2 FY27, 31 Oct 2026. 6 calls analysed.

Call summaries

Q2 FY27 — 31 Oct 2026

The Phoenix Mills Limited Q2 FY27

Phoenix Mills had a strong annuity quarter. Annuity revenue rose 16% and annuity EBITDA 21%, driven by like-for-like gains at existing malls, office occupancy ramp-up and better hotel room rates. Consolidated revenue of ₹1,153 crores grew less because residential revenue is booked only on handover. Net debt fell ₹179 crores QoQ to ₹3,479 crores, but it is still above the March level after heavy land spending, and an undisclosed land acquisition is at an advanced stage. Management expects to beat its 15% FY27 rental growth guidance and set out a large development pipeline from CY2027 to CY2030.

Read the full call

Q1 FY27 — 29 Jul 2026

The Phoenix Mills Limited Q1 FY27

The Phoenix Mills Limited reported a strong Q1 FY27, driven by robust performance across its retail, office, and hospitality segments. Consolidated revenue and EBITDA saw double-digit growth, supported by strategic asset repositioning and new leasing activities. The company maintained a conservative balance sheet while making significant capital expenditures for its extensive development pipeline, ensuring future growth visibility.

Read the full call

Q4 FY26 — 28 Apr 2026

Phoenix Mills Q4 FY26

Phoenix Mills reported a strong FY26, with consolidated revenue up 16% to ₹4,423 crore and EBITDA up 22% to ₹2,637 crore, driven by robust retail consumption growth of 21%. The company saw significant residential bookings and made substantial investments in retail and office assets while improving its net debt to EBITDA ratio to 1.19x. The development pipeline for new malls and office spaces is progressing, with specific targets for occupancy and rental growth in FY27.

Read the full call

Summaries of each call, in Inve’s own words; the transcript is not reproduced. Not investment advice.

Every analysed call

The Phoenix Mills Limited earnings calls (PHOENIXLTD)

Fundamentals

Valuation, return & balance-sheet ratios

Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).

Trailing twelve months
14.83% TTM to Sept 2026
Fiscal year
12.41% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
3.73% 5.38% 9.69% 12.44% 10.75% 12.41%

How it is calculated. Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
Trailing twelve months
14.48% TTM to Sept 2026
Fiscal year
10.96% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1.37% 4.08% 11.08% 12.13% 9.10% 10.96%

How it is calculated. Adjusted profit attributable to owners ÷ average owners’ equity.
Trailing twelve months
7.06% TTM to Sept 2026
Fiscal year
6.76% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
0.46% 2.08% 5.78% 7.18% 5.94% 6.76%

How it is calculated. Total profit excluding exceptional items after tax ÷ average total assets.
Trailing twelve months
60.19% TTM to Sept 2026
Fiscal year
59.71% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
48.17% 50.34% 58.07% 54.93% 56.79% 59.71%

How it is calculated. Operating profit ÷ revenue.
Trailing twelve months
36.97% TTM to Sept 2026
Fiscal year
33.84% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
4.81% 18.36% 35.09% 33.03% 31.60% 33.84%

How it is calculated. Total profit excluding exceptional items after tax ÷ revenue.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
29.71% 53.01% -17.93% 12.29% -13.95% 23.31%

How it is calculated. (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— 291.42% 91.75% 162.12% 159.45% 155.81%

How it is calculated. Operating cash flow ÷ reported total net profit.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
15.10% 2.67% 69.80% 42.15% 68.74% 31.62%

How it is calculated. Fixed-asset purchases ÷ revenue.
Trailing twelve months
12.88% TTM to Sept 2026
Fiscal year
16.05% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-46.28% 40.38% 79.18% 51.83% -4.15% 16.05%

How it is calculated. Revenue change against the same period one year earlier.
Trailing twelve months
23.16% TTM to Sept 2026
Fiscal year
29.76% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-81.61% 295.00% 249.87% 30.45% -16.27% 29.76%

How it is calculated. Adjusted profit attributable to owners vs the same period one year earlier.
Trailing twelve months
17.66% TTM to Sept 2026
Fiscal year
22.02% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-48.51% 46.71% 106.67% 43.65% -0.92% 22.02%

How it is calculated. Operating profit vs the same period one year earlier.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
0.81× 0.60× 0.51× 0.49× 0.45× 0.48×

How it is calculated. Borrowings ÷ owners’ equity.
Trailing twelve months
6.51× TTM to Sept 2026
Fiscal year
6.12× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1.05× 2.12× 4.02× 5.08× 4.74× 6.12×

How it is calculated. Adjusted EBIT ÷ interest expense.
Trailing twelve months
0.19× TTM to Sept 2026
Fiscal year
0.20× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
0.09× 0.11× 0.16× 0.22× 0.19× 0.20×

How it is calculated. Revenue ÷ average total assets.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
₹3,549.00 Cr ₹3,389.00 Cr ₹3,629.00 Cr ₹3,929.00 Cr ₹4,175.00 Cr ₹4,500.00 Cr

How it is calculated. Borrowings less cash equivalents.
Trailing twelve months
1.78× TTM to Sept 2026
Fiscal year
1.65× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
6.19× 4.18× 2.27× 1.72× 1.87× 1.65×

How it is calculated. (Borrowings − cash equivalents) ÷ adjusted EBITDA.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
2.18× 1.95× 1.89× 1.93× 1.94× 2.01×

How it is calculated. Average total assets ÷ closing owners’ equity.
Trailing twelve months
56.44× TTM to Sept 2026
Fiscal year
63.29× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Market cap ÷ owners’ equity from the balance sheet selected for the TTM inputs. Uses current market cap, not the share price at the period end.
Trailing twelve months
27.07× TTM to Sept 2026
Fiscal year
28.91× FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. (Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.
Trailing twelve months
3.24% TTM to Sept 2026
Fiscal year
3.00% FY ending Mar 2026

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
114.00 days 70.00 days 33.00 days 25.00 days 22.00 days 26.00 days

How it is calculated. Reported receivable days from the annual accounts.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
114.00 days 70.00 days 33.00 days 654.00 days 22.00 days 26.00 days

How it is calculated. Reported debtor days plus inventory days less payable days.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-212.00 days -160.00 days -111.00 days -78.00 days -112.00 days -94.00 days

How it is calculated. Reported net working capital days from the annual accounts.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
31.00% 18.00% 7.00% 8.00% 9.00% 7.00%

How it is calculated. Reported dividend payout as a percentage of annual profit.
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
— — — — — —

How it is calculated. Market capitalisation from the current stock record.

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
3.73%	5.38%	9.69%	12.44%	10.75%	12.41%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
1.37%	4.08%	11.08%	12.13%	9.10%	10.96%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
0.46%	2.08%	5.78%	7.18%	5.94%	6.76%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
48.17%	50.34%	58.07%	54.93%	56.79%	59.71%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
4.81%	18.36%	35.09%	33.03%	31.60%	33.84%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
29.71%	53.01%	-17.93%	12.29%	-13.95%	23.31%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	291.42%	91.75%	162.12%	159.45%	155.81%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
15.10%	2.67%	69.80%	42.15%	68.74%	31.62%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-46.28%	40.38%	79.18%	51.83%	-4.15%	16.05%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-81.61%	295.00%	249.87%	30.45%	-16.27%	29.76%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-48.51%	46.71%	106.67%	43.65%	-0.92%	22.02%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
0.81×	0.60×	0.51×	0.49×	0.45×	0.48×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
1.05×	2.12×	4.02×	5.08×	4.74×	6.12×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
0.09×	0.11×	0.16×	0.22×	0.19×	0.20×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
₹3,549.00 Cr	₹3,389.00 Cr	₹3,629.00 Cr	₹3,929.00 Cr	₹4,175.00 Cr	₹4,500.00 Cr

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
6.19×	4.18×	2.27×	1.72×	1.87×	1.65×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
2.18×	1.95×	1.89×	1.93×	1.94×	2.01×

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
114.00 days	70.00 days	33.00 days	25.00 days	22.00 days	26.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
114.00 days	70.00 days	33.00 days	654.00 days	22.00 days	26.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
-212.00 days	-160.00 days	-111.00 days	-78.00 days	-112.00 days	-94.00 days

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
31.00%	18.00%	7.00%	8.00%	9.00%	7.00%

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
—	—	—	—	—	—

A dash means inputs are missing or too old, the ratio does not apply, or the value is outside the supported range. FY uses the reported fiscal period; TTM the latest twelve months; valuations use the current market cap with the chosen earnings period. Screen Indian stocks on these ratios →

Financials

Quarterly & annual financial statements

Net profit, year on year: −2% (quarter to sept 2026 against sept 2025).

Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026	Sept 2026
6	8	6	19	14	8	17	3
46	55	44	51	48	43	47	48
81	70	82	87	98	92	100	93
64.0%	56.0%	65.0%	63.0%	67.0%	68.0%	68.0%	66.0%
14	15	6	95	2	3	6	93
19	19	17	16	19	14	14	14
12	16	22	16	17	15	20	21
65	49	48	150	64	66	73	152
14.0%	−5.0%	15.0%	14.0%	28.0%	17.0%	15.0%	16.0%
56	52	41	129	46	55	62	127
1.56	1.44	1.14	3.62	1.28	1.53	1.72	3.55

Source: Inve data · income statement, quarterly · to Sept 2026

Sales 3Y CAGR −73.9%

Operating profit 3Y CAGR −38.2%

Net profit 3Y CAGR −43.2%

Mar 2023	Mar 2024	Mar 2025	Mar 2026
2,638	104	17	47
1,118	154	185	186
1,519	311	300	359
721	109	187	106
341	64	73	66
228	35	45	70
1,672	321	370	328
1,477	280	338	271

Source: Inve data · income statement, annual · to Mar 2026

Mar 2023	Mar 2024	Mar 2025	Sept 2025	Mar 2026	Sept 2026
36	36	72	72	72	72
4,819	5,023	5,245	10,719	5,432	5,536
654	720	749	4,910	655	696
276	257	276	7,111	321	322
5,785	6,036	6,342	22,812	6,480	6,626
476	454	842	14,392	856	820
198	371	617	3,575	850	919
4,548	4,683	4,352	1,925	4,402	4,547
563	528	531	2,920	372	340
5,785	6,036	6,342	22,812	6,480	6,626

Source: Inve data · balance sheet · to Sept 2026

Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
61	54	25	18	17	18
61	54	25	18	17	18
1259	-298	-10	44	48	0
3.0%	4.0%	6.0%	7.0%	6.0%	7.0%
6.0%	12.0%	31.0%	32.0%	26.0%	33.0%

Source: Inve data · annual ratios · to Mar 2026

Where revenue comes from

The businesses behind the company’s reported revenue.

Reporting basis Reporting period

Property & Related Services contributes 82.7% of reported segment revenue.

Quarter ended 30 Jun 2026 · Consolidated

Property & Related Services 82.7%

₹895.69 crore
Hospitality Services 17.0%

₹184.59 crore
Residential Business 0.3%

₹3.35 crore

Reported business segments for quarter ended 30 Jun 2026
Business segment	Revenue · ₹ crore	Share
Property & Related Services	895.69	82.7%
Hospitality Services	184.59	17.0%
Residential Business	3.35	0.3%

Share = segment revenue ÷ total segment revenue, before intersegment adjustments.

How these numbers add up

Total segment revenue: ₹1,083.62 crore
Intersegment adjustment: ₹8.68 crore
Net segment revenue: ₹1,074.94 crore

Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.

Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.

How the mix has moved

Residential Business shrank from 35% to 0% of revenue over the last two years.

PHOENIXLTD revenue by business segment, share of consolidated revenue by quarter
Segment	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Jun 2026	YoY growth latest quarter
Property & Related Services	52%	81%	78%	79%	72%	79%	—	83%	+17.2%
Hospitality Services	13%	15%	16%	20%	19%	16%	19%	17%	+18.7%
Residential Business	35%	4%	5%	2%	10%	4%	6%	<1%	-92.2%

Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.

See how segments are shifting across companies → Segment Shift

Ownership

Who owns it — shareholding pattern

Promoters hold 47.24% as of Sept 2026; institutions cut 0.19 pts since Jun 2026.

Promoters −0.01 pts 47.24%
Foreign institutions −0.11 pts 31.62%
Domestic institutions −0.08 pts 17.30%
Government 0.00 pts 0.00%
Public +0.20 pts 3.84%

83,618 shareholders on the register.

Source: Exchange shareholding filings · to Sept 2026 · 8 filings held

Who was buying across the market this quarter

Who bought this quarter

since Jun 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Mutual fund +0.24 pp 2.55% held
Mutual fund +0.11 pp 1.32% held
Mutual fund +0.09 pp 1.71% held
Global fund house +0.09 pp 1.19% held

The same filing shows 3 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Sep 2026 filing

Every holder of The Phoenix Mills Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.

Holder	Stake	Change
	31.10%	unchanged
	8.10%	unchanged
	5.41%	unchanged
Mutual fund	2.55%	+0.24 pp
	2.12%	unchanged
Mutual fund	1.71%	+0.09 pp
Mutual fund	1.67%	−0.38 pp
Sovereign	1.59%	unchanged
Mutual fund	1.32%	+0.11 pp
Global fund house	1.29%	−0.22 pp
Global fund house	1.19%	+0.09 pp
Mutual fund	1.10%	−0.12 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in PHOENIXLTD

Filings to Sep 2026

0 new, 2 added, 9 trimmed, 0 sold out — net −1.52 L shares (−3.4%).

Held by funds: ₹848 Cr; 15 schemes
Biggest holder: SBI Midcap Fund; ₹387 Cr · 1.7% of that fund

Scheme	Holding	Last month	Held since
SBI Midcap Fund SBI Mutual Fund	₹387 Cr	held	Aug '21
HDFC Value Fund HDFC Mutual Fund	₹126 Cr	held	Nov '25
HDFC Large & Mid Cap Fund HDFC Mutual Fund	₹97 Cr	held	Jun '25
Nippon India Power & Infra Fund Nippon India Mutual Fund	₹74 Cr	+0.25 L	Oct '22
SBI Arbitrage Fund (Erstwhile known as SBI Arbitrage Opportunities Fund) SBI Mutual Fund	₹42 Cr	−1.36 L	Feb '25
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund	₹34 Cr	−0.01 L	Jan '19
Nippon India Value Fund Nippon India Mutual Fund	₹25 Cr	held	Sep '12
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund	₹24 Cr	−0.01 L	Feb '21

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Sep 2026

2 added, 9 trimmed — net −1.52 L shares (−3.4%)

Funds are sitting on: +118%; vs est. average cost
Held by funds: ₹848 Cr; 15 schemes · ≈ 1.3% of the company
Biggest holder: SBI Midcap Fund; ₹387 Cr · 1.7% of that fund
Longest holder: Nippon India Value Fund; 14y 1m · since Sep '12

Shares held by these funds −7%

Oct '23 43.85 L shares Sep '26

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Quick Answers

Frequently asked questions on The Phoenix Mills Limited

Compiled directly from PHOENIXLTD's filed financial statements, earnings call transcripts, and ownership disclosures.

How did The Phoenix Mills Limited (PHOENIXLTD) perform in its latest reported quarter (Sept 2026)?

For the quarter ended Sept 2026, The Phoenix Mills Limited reported revenue of ₹3 Cr, net profit of ₹127 Cr, an operating margin of 66.0%. Diluted earnings per share stood at ₹3.55.

How is The Phoenix Mills Limited (PHOENIXLTD) valued today, and what growth does the stock price imply?

The Phoenix Mills Limited (PHOENIXLTD) trades at ₹2,147, with a market capitalization of ₹74.4k Cr.

Who owns The Phoenix Mills Limited (PHOENIXLTD) — promoters, FIIs, DIIs, and mutual funds?

As of Sept 2026, Promoters hold 47.2%, FIIs hold 31.6%, DIIs hold 17.3%, Public shareholders hold 3.8%.

Learn to analyse The Phoenix Mills Limited

Guides on how to read this kind of business and the numbers that matter.