PHOENIXLTD
The Phoenix Mills share price & financials
- Price
- ₹1,881.1
- Market cap
- ₹70.0k Cr
- Sector
- Realty
- Calls analysed
- 6
The Phoenix Mills Limited Q1 FY27
What went well
- Consolidated revenue grew 13% to ₹1,075 crores, demonstrating broad-based growth.
- Operating EBITDA grew 14% to ₹642 crores, with a healthy 60% margin.
- Core annuity business revenue increased 17% to ₹1,033 crores and EBITDA by 19% to ₹649 crores.
What The Phoenix Mills Limited does
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
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 1 delivered 4 missed 13 open- Net Debt to EBITDA delivered said Q2 FY26 Promised: we will be in this range of between 1-1.5x at the peak, worst case, we may go up to 2x Q1 FY27: Promise remains achieved. The ratio increased to 1.3x, still within the guided peak range.
- Office Occupancy (New Assets) missed said Q1 FY26 Promised: achieve a 90% leasing in 2026 Q1 FY27: Target missed. Overall leased occupancy for the office portfolio was reported at 72% as of June 2026, below the revised target of 90% for new assets by the end of Q1 FY27.
- Project Completion (Kolkata/Surat Malls) on track said Q1 FY26 Promised: expected to be completed in 2027 Q1 FY27: Management reiterated the delayed timeline for Surat, stating they expect it to open by 'end of 2027 or early 2028', which is consistent with the previously stated H2 FY28 timeline. No specific update on Kolkata mall.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 12.8%, net profit up 22.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 918 | 975 | 1,016 | 953 | 1,115 +21% | 1,121 +15% | 1,233 +21% | 1,075 +13% |
| EBITDA | 518 | 553 | 560 | 564 | 667 +29% | 656 +19% | 750 +34% | 642 +14% |
| Net profit | 292 | 353 | 348 | 321 | 384 +32% | 366 +4% | 485 +39% | 394 +23% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +21.1% 1Y
1Y: ₹1,561.2 on 10 Sept 2025 → ₹1,890. High ₹2,154 (13 Jul 2026), low ₹1,477.4 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −5.6%
- 29 Jul
- Q4 FY26
- −2.1%
- 28 Apr
- Q3 FY26
- −2.3%
- 29 Jan
- Q2 FY26
- −1.2%
- 31 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 18.8% a year over 3 years, FY23 to FY26. Operating margin widened to 59.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.6k Cr | ₹4.0k Cr | ₹3.8k Cr | ₹4.4k Cr |
| Operating profit | ₹1.5k Cr | ₹2.2k Cr | ₹2.2k Cr | ₹2.6k Cr |
| Operating margin | 57.6% | 54.7% | 56.7% | 59.6% |
| Interest | ₹341 Cr | ₹396 Cr | ₹403 Cr | ₹386 Cr |
| Depreciation | ₹228 Cr | ₹271 Cr | ₹326 Cr | ₹359 Cr |
| Net profit | ₹1.5k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.6k Cr |
| Net margin | 56.0% | 33.5% | 34.3% | 35.2% |
| ROCE | 10.0% | 12.0% | 11.0% | 13.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹36 Cr | ₹36 Cr | ₹36 Cr | ₹36 Cr | ₹72 Cr | ₹72 Cr |
| Reserves | ₹5.0k Cr | ₹6.5k Cr | ₹8.3k Cr | ₹9.4k Cr | ₹10.7k Cr | ₹10.9k Cr |
| Borrowings | ₹4.1k Cr | ₹4.0k Cr | ₹4.3k Cr | ₹4.6k Cr | ₹4.9k Cr | ₹5.3k Cr |
| Other liabilities | ₹2.3k Cr | ₹3.8k Cr | ₹4.8k Cr | ₹5.0k Cr | ₹7.1k Cr | ₹6.5k Cr |
| Total liabilities | ₹11.4k Cr | ₹14.3k Cr | ₹17.4k Cr | ₹19.1k Cr | ₹22.8k Cr | ₹22.9k Cr |
| Fixed assets | ₹7.2k Cr | ₹7.5k Cr | ₹11.0k Cr | ₹13.1k Cr | ₹14.4k Cr | ₹14.8k Cr |
| Capital work in progress | ₹1.3k Cr | ₹2.0k Cr | ₹2.3k Cr | ₹1.5k Cr | ₹3.6k Cr | ₹3.9k Cr |
| Investments | ₹576 Cr | ₹2.3k Cr | ₹1.3k Cr | ₹1.7k Cr | ₹1.9k Cr | ₹1.5k Cr |
| Other assets | ₹2.3k Cr | ₹2.5k Cr | ₹2.9k Cr | ₹2.7k Cr | ₹2.9k Cr | ₹2.7k Cr |
| Total assets | ₹11.4k Cr | ₹14.3k Cr | ₹17.4k Cr | ₹19.1k Cr | ₹22.8k Cr | ₹22.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +4.66 pp while FIIs trimmed −4.54 pp. The shareholder count shrank 14% to 73,390.
- Promoters
- 47.3%
- FIIs
- 31.7%
- DIIs
- 17.4%
- Public
- 3.6%
Since Jun 2025
- DIIs +4.66 pp
- FIIs −4.54 pp
- Public −0.10 pp
How it drifted, 12 quarters
Over this window FIIs went from 30.0% to 31.7% — +1.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 47.3%, FIIs 30.0%, DIIs 18.5%, Public 4.2%.Dec '23: Promoters 47.3%, FIIs 30.8%, DIIs 17.7%, Public 4.2%.Mar '24: Promoters 47.3%, FIIs 32.8%, DIIs 15.8%, Public 4.1%.Jun '24: Promoters 47.3%, FIIs 35.4%, DIIs 13.3%, Public 4.0%.Sep '24: Promoters 47.3%, FIIs 35.5%, DIIs 13.2%, Public 4.1%.Dec '24: Promoters 47.3%, FIIs 35.7%, DIIs 13.0%, Public 4.1%.Mar '25: Promoters 47.3%, FIIs 36.1%, DIIs 12.6%, Public 4.0%.Jun '25: Promoters 47.3%, FIIs 36.3%, DIIs 12.7%, Public 3.7%.Sep '25: Promoters 47.3%, FIIs 33.5%, DIIs 15.5%, Public 3.8%.Dec '25: Promoters 47.3%, FIIs 33.9%, DIIs 15.3%, Public 3.6%.Mar '26: Promoters 47.3%, FIIs 33.0%, DIIs 16.1%, Public 3.6%.Jun '26: Promoters 47.3%, FIIs 31.7%, DIIs 17.4%, Public 3.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Invesco India Focused Fund Mutual fund newly disclosed 1.21% held
- Atul Ashokkumar Ruia +0.18 pp 2.12% held
- ICICI Prudential Focus Equity Fund Mutual fund +0.18 pp 2.05% held
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund +0.17 pp 2.31% held
- DSP Midcap Fund Mutual fund +0.14 pp 1.62% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of The Phoenix Mills Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ruia International Holding Company Private Limited | 31.10% | unchanged |
| Senior Advisory Services Pvt.Ltd | 8.10% | unchanged |
| Ashok Atul Private Limited | 5.41% | unchanged |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund | 2.31% | +0.17 pp |
| Atul Ashokkumar Ruia | 2.12% | +0.18 pp |
| ICICI Prudential Focus Equity Fund Mutual fund | 2.05% | +0.18 pp |
| DSP Midcap Fund Mutual fund | 1.62% | +0.14 pp |
| Government Of Singapore - E Sovereign | 1.58% | −0.57 pp |
| Polar Capital Funds Plc - Emerging Market Stars Fund Global fund house | 1.51% | unchanged |
| UTI-Mid Cap Fund Mutual fund | 1.22% | unchanged |
| Invesco India Focused Fund Mutual fund | 1.21% | newly disclosed |
| Schroder International Selection Fund Asian Opportunities Global fund house | 1.10% | unchanged |
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 Aug 2026
0 new, 7 added, 4 trimmed, 0 sold out — net +0.49 L shares (+1.1%).
- Held by funds
- ₹860 Cr
- 15 schemes
- Biggest holder
- SBI Midcap Fund
- ₹380 Cr · 1.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Midcap Fund SBI Mutual Fund | ₹380 Cr | held | Aug '21 |
| HDFC Value Fund HDFC Mutual Fund | ₹123 Cr | −0.20 L | Nov '25 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹95 Cr | held | Jun '25 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹68 Cr | held | Oct '22 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹67 Cr | +1.13 L | Feb '25 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹34 Cr | +0.11 L | Jan '19 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹24 Cr | held | Sep '12 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹24 Cr | +0.02 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 Aug 2026
7 added, 4 trimmed — net +48,665 shares (+1.1%)
- Funds are sitting on
- +87%
- vs est. average cost
- Held by funds
- ₹860 Cr
- 15 schemes · ≈ 1.2% of the company
- Biggest holder
- SBI Midcap Fund
- ₹380 Cr · 1.6% of that fund
- Longest holder
- Nippon India Value Fund
- 14y · since Sep '12
Shares held by these funds −21%
Aug '23 44.00 L shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse The Phoenix Mills Limited
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