The Phoenix Mills Share Price & Credit Ratings

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Residential, Commercial Projects: 176 companies →

The Phoenix Mills Ltd against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

Valuation (P/E)52.7 against a typical 24.1: pricier than most peers (1st = cheapest).121st of 174
Sales growth+3.4% against a typical +5.2% from a year earlier.72nd of 135
Profit growth+11.2% against a typical +2.6% from a year earlier.48th of 108
Share price, 3 months+6% against a typical −9.2%.30th of 152

Latest announcements

Exchange filings and their impact on the company.

30 Oct 2026Outcome of Board MeetingMedium impactNeutralPrice +3% on 2 Nov

Board approved Q2/H1 FY27 results; trend points to continued growth but detailed numbers not available.

AIAI analysisNeutral for shareholdersMedium impact

Board approved Q2/H1 FY27 results; trend points to continued growth but detailed numbers not available.

The Phoenix Mills board on October 30, 2026 approved the unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026. The extracted filing contained only the outcome letter and not the detailed profit and loss figures. The business enters Q2 on a steady trend with FY26 revenue of Rs 4,423 crore at about 60% operating margins, suggesting continued growth if that run-rate holds.

Why it matters: Board on Oct 30, 2026 approved unaudited Q2/H1 FY27 standalone and consolidated results, but extracted filing contained only the cover letter without P&L figures, so impact is estimated from FY26 base (revenue Rs 4423 cr, 60% OPM) and TTM growth trend.

For shareholders: Detailed Q2 numbers were not extractable, so no clear beat or miss versus the steady 60% margin growth trend.

Estimated effect over the next 12 months

Estimated effect over the next 12 months
Metric	Now	Estimated change	Confidence
Revenue	₹ 4,423 Cr. FY26 (Mar 2026) consolidated sales	▲ +8% to +12% · +₹ 354 Cr. to +₹ 531 Cr. Q2/H1 FY27 numbers not extractable from text; assume continuation of TTM trend (FY26 +16.2% YoY, TTM 4545) -> FY27 revenue ~8-12% above FY26	35%
Operating margin	60% FY26 (Mar 2026) OPM	0 pts OPM stable at 59-61% last 4 quarters; mall rental model; assume margins hold flat without Q2 detail	40%
Net profit	₹ 1,557 Cr. FY26 (Mar 2026) consolidated net profit	▲ +8% to +12% · +₹ 125 Cr. to +₹ 187 Cr. Revenue +8-12% at stable 60% margin with similar interest and depreciation -> net profit +8-12% on FY26 base	35%
EPS	₹ 34.22 FY26 (Mar 2026) EPS	▲ +8% to +12% · +₹ 2.74 to +₹ 4.11 Net profit +8-12% with no share count change disclosed -> EPS +8-12% on FY26 EPS of Rs 34.22	35%
Net debt	₹ 5,323 Cr. Mar 2026 balance sheet borrowings as proxy for net debt	▲ +3.8% to +7.5% · +₹ 200 Cr. to +₹ 400 Cr. CWIP Rs 3879 cr indicates ongoing mall/office build-out; assume debt funds part of capex -> borrowings up Rs 200-400 cr in next 12 months	35%
Capex	₹ 18,651 Cr. Mar 2026 fixed assets 14772 plus CWIP 3879	▲ +8% to +10.7% · +₹ 1,500 Cr. to +₹ 2,000 Cr. Ongoing development pipeline (CWIP up from 1503 in FY24 to 3879 in FY26); assume Rs 1500-2000 cr capex capitalization over next 12 months	40%
Net worth	₹ 10,989 Cr. Mar 2026 equity capital 72 plus reserves 10917	▲ +10.9% to +13.6% · +₹ 1,200 Cr. to +₹ 1,500 Cr. Retained earnings from ~Rs 1550-1750 cr annual profit less ~7-9% dividend payout -> net worth up Rs 1200-1500 cr	40%

Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.

The Phoenix Mills board on October 30, 2026 approved the unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026. The extracted filing contained only the outcome letter and not the detailed profit and loss figures. The business enters Q2 on a steady trend with FY26 revenue of Rs 4,423 crore at about 60% operating margins, suggesting continued growth if that run-rate holds.

Filing

28 Oct 2026AcquisitionMedium impactPositivePrice +3.7% on 29 Oct

NCLT cleared Rs 1,350 cr selective reduction raising Phoenix stake in mall arm ISMDPL to 68.1%.

AIAI analysisPositive for shareholdersMedium impact

NCLT cleared Rs 1,350 cr selective reduction raising Phoenix stake in mall arm ISMDPL to 68.1%.

NCLT Mumbai on Oct 27, 2026 approved selective reduction of capital of subsidiary Island Star Mall Developers, cancelling 3.26 crore shares held by Canada Pension Plan Investment Board for Rs 1,350 crore. Post reduction, Phoenix Mills holding in the subsidiary rises from 58.33% to 68.10% and CPP holding falls from 41.67% to 31.90%. This is part of the July 2025 framework to exit CPP from the subsidiary and involves a large cash payout without changing consolidated operations.

Why it matters: NCLT Mumbai approved ISMDPL selective capital reduction cancelling 3.26 cr CPP shares for Rs 1350 cr, lifting Phoenix holding from 58.33% to 68.10%; ISMDPL is already consolidated so no revenue impact but consolidated debt rises and attributable profit share rises.

For shareholders: Higher ownership of a core mall asset increases long-term attributable cash flows despite near-term payout and leverage.

Estimated effect over the next 12 months

Estimated effect over the next 12 months
Metric	Now	Estimated change	Confidence
Revenue	₹ 4,423 Cr. FY26 (Mar 2026)	0% · +₹ 0 Cr. ISMDPL already fully consolidated as material subsidiary, higher parent % from 58.33% to 68.10% does not add consolidated revenue	95%
Operating margin	60% FY26 (Mar 2026)	0% · 0 pts No change in operations or consolidation scope, only ownership split changes, so margin unchanged	95%
Net profit	₹ 1,557 Cr. FY26 (Mar 2026)	▼ −4.5% to −1.9% · −₹ 70 Cr. to −₹ 30 Cr. Rs 1350 cr payout interest at ~8.5% is ~115 cr pre-tax ~86 cr post-tax drag, partly offset by ~34 cr accretion from 9.77pp higher share of assumed ~350 cr ISMDPL PAT -> net -30 to -70 cr on FY26 PAT of 1557 cr	60%
EPS	₹ 34.22 FY26 (Mar 2026)	▼ −5.5% to −2.3% · −₹ 1.9 to −₹ 0.8 Flows from net profit impact above on ~36 cr shares (Rs 72 cr equity capital of Rs 2 face value), funding drag exceeds accretion from higher ownership	60%
Net debt	₹ 5,323 Cr. FY26 (Mar 2026)	▲ +22.5% to +25.4% · +₹ 1,200 Cr. to +₹ 1,350 Cr. Rs 1350 cr selective reduction paid by ISMDPL, assumed largely debt-funded with small cash use, raising consolidated borrowings/net debt	70%
Net worth	₹ 10,989 Cr. FY26 (Mar 2026)	▼ −9.1% to −7.3% · −₹ 1,000 Cr. to −₹ 800 Cr. Attributable net worth is Rs 72 cr equity + Rs 10917 cr reserves, Rs 1350 cr cash payout exceeds book value of cancelled 3.26 cr shares so premium of ~800-1000 cr hits parent reserves	65%

Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.

NCLT Mumbai on Oct 27, 2026 approved selective reduction of capital of subsidiary Island Star Mall Developers, cancelling 3.26 crore shares held by Canada Pension Plan Investment Board for Rs 1,350 crore. Post reduction, Phoenix Mills holding in the subsidiary rises from 58.33% to 68.10% and CPP holding falls from 41.67% to 31.90%. This is part of the July 2025 framework to exit CPP from the subsidiary and involves a large cash payout without changing consolidated operations.

Filing

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

High safety

Rated AA+ by 2 agencies

AA+

DefaultRiskyModerateSafeVery safe

All agencies agree and none has raised a warning.

Agency	Current rating	Outlook	As of
CRISIL	Crisil AA+	Stable	2 Nov 2026
India Ratings	IND AA+; IND A1+	Stable	31 Aug 2026

Rating

2 Nov 2026

▲ Upgrade1 notch

Crisil AA → Crisil AA+

Low

CRISIL

₹ 400 Cr.

AIAI analysisPositive for shareholdersLow impact

Rating details

Rating: Crisil AA+; before: Crisil AA (13 Feb 2026)
Instruments: Bank Facilities
Source: CRISIL rationale

CRISIL upgraded Phoenix Mills to AA+/Stable on stronger mall occupancy and scale, supporting 12-15% growth with low funding costs.

CRISIL upgraded The Phoenix Mills' Rs 400 crore bank facilities to AA+/Stable from AA/Stable on November 2, 2026. The agency cited ramp-up of recently opened malls including Mall of Asia and Mall of the Millennium, 96% leased occupancy across 10 malls, FY26 group revenue of Rs 4,423 crore at ~60% EBITDA margin, and comfortable leverage at 2.3x debt to EBITDA. CRISIL expects 12-15% revenue and 12-14% EBITDA growth with stable margins, while the company plans Rs 5,000 crore capex plus completion of the CPP Investments stake buyout in Island Star Mall Developers, funded by Rs 4,000-4,500 crore of new debt.

Why it matters: Upgrade from AA to AA+ reflects ramp-up of 4 new malls to 93-97% occupancy, 10-mall 9 msf portfolio at 96% occupancy, FY26 revenue Rs 4423 cr at ~60% EBITDA margin, DSCR above 2.0x and LTV 12-15%; direct 12-month P&L benefit is small interest saving but confirms growth trajectory before Rs 5000 cr capex and Rs 4000-4500 cr incremental debt.

For shareholders: Upgrade validates stronger occupancy and cash flows and should marginally lower borrowing costs while growth capex continues.

Estimated effect over the next 12 months

Estimated effect over the next 12 months
Metric	Now	Estimated change	Confidence
Revenue	₹ 4,418 Cr. FY26	▲ +12% to +15% · +₹ 530 Cr. to +₹ 663 Cr. CRISIL expects 12-15% revenue growth over medium term on ramp-up of Mall of Asia, Mall of Millennium, Palladium Ahmedabad, Pride of India plus rental growth; applied to FY26 revenue of Rs 4418 cr -> +Rs 530-663 cr in next 12 months	70%
Operating margin	60% FY26	−1 pts to 0 pts CRISIL expects EBITDA margin to remain at FY26 level of 59-60% with stable rentals and 96% leased occupancy; no margin expansion from rating itself	75%
Net profit	₹ 1,557 Cr. FY26	▲ +12% to +14% · +₹ 187 Cr. to +₹ 218 Cr. EBITDA growth 12-14% guided by CRISIL with stable margin and slightly lower average rate 7.51% vs 8.5% after AA+ upgrade; ~12-14% growth on FY26 PAT Rs 1557 cr -> +Rs 187-218 cr	60%
EPS	₹ 34.22 FY26	▲ +12% to +14% · +₹ 4.1 to +₹ 4.8 Same profit growth as net_profit with no material equity dilution; 12-14% on FY26 EPS Rs 34.22 -> +Rs 4.1-4.8	60%
Net debt	₹ 4,276 Cr. Mar 2026	▲ +31.2% to +35.1% · +₹ 1,333 Cr. to +₹ 1,500 Cr. Net debt = borrowings Rs 5323 cr less cash Rs 1047 cr = Rs 4276 cr; incremental debt Rs 4000-4500 cr over 3 years for Rs 5000 cr capex plus Rs 4193 cr ISMDPL buyout -> ~Rs 1333-1500 cr debt added in next 12 months	65%
Capex	₹ 18,651 Cr. Mar 2026	▲ +13.9% to +16.1% · +₹ 2,600 Cr. to +₹ 3,000 Cr. Capex base = fixed assets Rs 14772 cr + CWIP Rs 3879 cr = Rs 18651 cr; next 12 months spend ~Rs 1667 cr of Rs 5000 cr FY27-29 plan plus balance ISMDPL stake payment ~Rs 1000-1300 cr -> +Rs 2600-3000 cr gross block	65%
Net worth	₹ 10,989 Cr. Mar 2026	▲ +11.8% to +13.6% · +₹ 1,300 Cr. to +₹ 1,500 Cr. Net worth = equity Rs 72 cr + reserves Rs 10917 cr = Rs 10989 cr; accretion from retained earnings on TTM profit ~Rs 1673 cr less ~7% dividend payout -> +Rs 1300-1500 cr	70%

Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.

31 Aug 2026

▲ Upgrade1 notch

IND AA → IND AA+

—

India Ratings

₹ 850 Cr.

13 Feb 2026

Reaffirmed

Crisil AA

—

CRISIL

₹ 400 Cr.

3 Sep 2025

Reaffirmed

IND AA

—

India Ratings

₹ 850 Cr.

7 Aug 2025

Rating action

Crisil AA

—

CRISIL

₹ 400 Cr.

Board meetings

Results dates and other board meetings. Full calendar

		Details
30 Oct 2026	Financial Results	To consider and approve the financial results for the period ended September 30, 2026
28 Jul 2026	Financial Results	to consider and approve unaudited Standalone & Consolidated Financial Results of The Company for the Quarter ended June 30, 2026.
27 Apr 2026	Dividend	Intimation regarding recommendation of final dividend at the upcoming meeting of Board of Directors of The Phoenix Mills Limited ( the Company )
28 Jan 2026	Financial Results	To consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025
31 Oct 2025	Financial Results	Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulations ), we wish to inform you that a Meeting of the Board of Directors of The Phoenix Mills Limited ( Company ) is scheduled to be held on Friday, October 31, 2025, to inter alia consider and approve the unaudited Standalone & Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2025.
24 Jul 2025	Financial Results	To consider and approve the financial results for the period ended Jun 30, 2025

Share price

1M change +5.88%

1 of 2 filing days came with a big price moveBiggest +3.7% on 29 Oct 2026AI reading matched the move 1 of 1

Volume (shares)Price (₹)

Close priceFiling moves (1)Other filings (1)Volume

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales	986	1,306	904	918	975	1,016	953	1,115	1,121	1,233	1,075	1,153
Expenses	434	679	373	400	422	457	389	449	465	484	433	442
Operating Profit	552	627	531	518	553	560	564	667	656	750	642	710
OPM %	56%	48%	59%	56%	57%	55%	59%	60%	59%	61%	60%	62%
Other Income	34	37	38	37	46	42	32	31	22	57	40	36
Interest	104	100	103	103	103	94	95	92	102	97	94	103
Depreciation	66	76	77	78	81	90	93	91	86	89	96	94
Profit before tax	416	489	388	374	415	418	407	515	490	620	492	550
Tax %	17%	20%	19%	22%	15%	17%	21%	26%	25%	22%	20%	23%
Net Profit	345	392	315	292	353	348	321	384	366	485	394	427
EPS in Rs	7.82	9.14	6.5	6.1	7.41	7.52	6.73	8.5	7.71	11.28	8.3	9.11

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth

10 Years: 10%
5 Years: 34%
3 Years: 19%
TTM: 13%

Compounded Profit Growth

10 Years: 24%
5 Years: 81%
3 Years: 12%
TTM: 23%

Stock Price CAGR

10 Years: 26%
5 Years: 32%
3 Years: 27%
TTM: —

Return on Equity

10 Years: 9%
5 Years: 10%
3 Years: 11%
TTM: —

Shareholding

Latest: Sep 2026.

Promoters

47.24%

−0.01 pts in a year

FIIs

31.62%

−1.83 pts in a year

DIIs

17.3%

+1.83 pts in a year

Public

3.84%

0 pts in a year

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 52.7xEPS (12 months) ₹ 36.87Median P/E 48.6x

P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison

The Phoenix Mills Ltd	₹ 2,048.70	—	52.7x	—	11%	—
DLF	₹ 691.55	₹ 1,65,300 Cr.	37.8x	3.5x	0%	0%
Lodha Developers	₹ 1,037.00	₹ 1,03,631 Cr.	31.6x	4.8x	0%	0%
Indus Towers	₹ 378.30	₹ 99,802 Cr.	14.9x	2.6x	0%	0%
Oberoi Realty	₹ 1,646.50	₹ 60,007 Cr.	25.4x	3.6x	0%	0%
Godrej Properties	₹ 1,568.00	₹ 47,232 Cr.	136.6x	2.7x	0%	0%

Management

Kailash Babu Gupta: Chief Financial Officer
Rajesh Ramesh Kulkarni: Chief Executive Officer - Projects Delivery and Architecture and Whole Time Director
Rashmi Sen: Chief Executive Officer - Malls and Whole Time Director
Bhavik Gala: Company Secretary