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The Phoenix Mills Limited (PHOENIXLTD)

₹1,896.90 -1.06% last close, 16 Oct

📊 NSE: PHOENIXLTD 🏢 Construction 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Phoenix Mills' revenue was ₹1,075 Cr (+12.8% year on year, -12.8% on the previous quarter), and net profit ₹395 Cr (+23.0% year on year); the operating margin was 59.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,075	+12.8%	-12.8%
Operating profit	₹642	+13.7%	-14.5%
Net profit	₹395	+23.0%	-18.7%
EPS (₹)	8.30	+23.3%	-26.4%
Operating margin	59.7%	—	—

Full quarterly financials → Results calendar →

PHOENIXLTD delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 63.2% of the PHOENIXLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.33%. That is close to its usual level. In PHOENIXLTD futures, open interest rose 0.15% while the futures price fell 1.06%: short buildup (new short positions).

63.2%Delivery, 16 Oct

58.33%Own 20-session average

0.8×Volume vs its average

+0.15%Futures open interest

₹1,896.90NSE close · -1.06%

Delivery in the last 5 sessions: 66.8% · 70.6% · 63.0% · 51.8% · 63.2%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Phoenix Mills Approves Internal Merger of Subsidiary Truevalue Infrabuild into SGH Realty

🟡 NEUTRAL ⭐ 3/10

M&A 📅 15 Oct 2026, 05:02 PM

The Phoenix Mills Limited announced a scheme of amalgamation between two of its indirect entities: Truevalue Infrabuild Private Limited (a step-down wholly owned subsidiary) will merge into SGH Realty Private Limited (subsidiary). Truevalue Infrabuild has nil turnover and a net worth of ₹3.70 lakh as of September 30, 2026, while SGH Realty reported a turnover of ₹10,639.14 lakh (approx. ₹106.4 cr) and net worth of ₹11,139.54 lakh (approx. ₹111.4 cr). Because the transferor is a wholly owned subsidiary of the transferee, no cash consideration or new shares will be issued, and shares will be cancelled. The transaction is an internal corporate restructuring with no change in the shareholding pattern or material financial impact on Phoenix Mills' ₹82,395 Cr market cap.

Scheme involves merger of step-down subsidiary Truevalue Infrabuild into subsidiary SGH Realty
Transferor TVIB has nil turnover and net worth of ₹3.70 lakh as of September 30, 2026
Transferee SGH reported turnover of ₹10,639.14 lakh and net worth of ₹11,139.54 lakh as of September 30, 2026
Zero cash consideration or share issuance involved; all shares of TVIB will be cancelled
Subject to approval from Regional Director (RD) or NCLT

💡 Track the eventual regulatory approvals from the RD/NCLT; this internal restructuring has no direct bearing on Phoenix Mills' operating earnings.

Phoenix Mills Discontinues Standalone Quarterly Operational Business Updates From Q2 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Oct 2026, 05:56 PM

The Phoenix Mills Limited announced that it will discontinue releasing separate quarterly operational business updates starting from Q2 and H1 FY27. Going forward, the company will report key operational metrics directly alongside its quarterly financial results. The management cited the short interval between early operational updates and formal financial releases as the reason for consolidating the disclosures. There is no impact on operations, financial metrics, or underlying business performance.

Standalone quarterly operational business updates discontinued starting from Q2 and H1 FY27
Operational metrics will be integrated directly with quarterly financial results going forward
Change covers portfolio metrics across retail, office, hospitality, and residential segments
Filing dated October 8, 2026, aims to streamline disclosure frequency

💡 Track the upcoming Q2 FY27 quarterly financial earnings release, where operational metrics (retail consumption, occupancy, hospitality performance) will now be presented alongside the financial statements.

Phoenix Mills Submits Reg 74(5) Dematerialisation Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 01:13 PM

The Phoenix Mills Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited for the quarter ended September 30, 2026. It confirms that share certificates received for dematerialisation during the period were verified, accepted or rejected, and mutilated within prescribed regulatory timelines. This is a standard administrative compliance filing with no impact on business operations.

Filing covers the quarterly period ended September 30, 2026
Confirmation certificate issued by RTA MUFG Intime India Private Limited on October 03, 2026
Company submitted the certificate to BSE and NSE on October 08, 2026
Regulation 74(5) compliance confirmed with depository participants regarding share certificates

💡 No action is required as this is a recurring regulatory filing. Investors should track upcoming Q2 operational updates and financial results.

Phoenix Mills Outlines 2030 Roadmap: Retail to >18 msft GLA, ₹5,449 Cr ISMDPL Buyout on Track

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 28 Sep 2026, 10:10 PM

The Phoenix Mills Limited released its 121st AGM presentation outlining operational highlights and its 2030 roadmap. In FY26, consolidated revenue reached ₹4,423 crore (up 16% YoY) with consolidated EBITDA of ₹2,637 crore (up 22% YoY) and Operating Free Cash Flow of ₹2,140 crore. The company plans to scale its retail footprint from ~11.5 msft to >18 msft GLA and office portfolio from ~5 msft to ~9 msft by 2030. Additionally, the buyout of CPPIB's 49% stake in ISMDPL for ₹5,449 crore (funded via surplus cash, accruals, and debt) is progressing, with PML ownership having increased from 51% to 58.33% post-Tranche 1 in November 2025.

Targets expanding operational retail GLA from ~11.5 msft (12 malls) to >18 msft by 2030
Consolidated FY26 revenue reached ₹4,423 crore (up 16% YoY) with EBITDA of ₹2,637 crore (up 22% YoY)
ISMDPL buyout consideration of ~₹5,449 crore underway to move stake from 51% to 100% (currently at 58.33%)
Q1 FY27 retail consumption registered 32% YoY growth over Q1 FY26
Key upcoming retail destinations include Phoenix Grand Victoria Kolkata (~1 msft) and Surat (~1 msft), both slated for 2027 completion

💡 Track the execution progress and delivery timelines of ongoing retail assets in Kolkata and Surat (2027), along with cash outflows for the remaining tranches of the ₹5,449 crore ISMDPL buyout.

Phoenix Mills Concludes 121st AGM; ₹2.50 Per Share Final Dividend Put to Vote

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Sep 2026, 10:07 PM

The Phoenix Mills Limited concluded its 121st Annual General Meeting held on September 28, 2026, through video conferencing. Key resolutions put to vote included the adoption of FY26 financial statements and the approval of a final dividend of ₹2.50 per equity share (face value ₹2). A total of 77 members attended the meeting, and all ordinary business items were transacted via remote and in-meeting e-voting. Scrutinizer voting results will be declared and uploaded separately.

121st AGM held via Video Conferencing on September 28, 2026, with 77 members present
Approval sought for a final dividend of ₹2.50 per Equity Share of face value ₹2 for FY26
Remote e-voting took place from September 24 to September 27, 2026
Re-appointment of director Mr. Rajesh Kulkarni transacted via ordinary resolution

💡 Track the upcoming formal submission of the Scrutinizer's voting results to confirm resolution approvals and check the declared record date for dividend disbursement.

PHOENIXLTD Participates in 2026 Jefferies India Forum Investor Meetings

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Sep 2026, 07:05 PM

The Phoenix Mills Limited attended group meetings at the 2026 Jefferies India Forum held in Gurugram on September 17, 2026. The company provided a general business overview and industry updates to institutional investors following an advance intimation made on September 11, 2026. No unpublished price sensitive information, material strategic decisions, or financial figures were disclosed in the filing. This is a routine institutional investor interaction for the Rs 80,461 crore retail real estate developer.

Meeting conducted on September 17, 2026, at Gurugram
Participated in the 2026 Jefferies India Forum via group meetings
Follows prior advance intimation submitted on September 11, 2026
Discussion limited to general business overview and industry updates

💡 Track subsequent quarterly operational updates for trends in consumption, rental renewals, and retail occupancy across key malls.

Phoenix Mills to Attend J.P. Morgan India Conference on September 22, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 05:42 PM

The Phoenix Mills Limited has announced its participation in the J.P. Morgan India Conference scheduled for September 22, 2026, in Mumbai. The company management will participate in physical one-on-one and group meetings with institutional investors. This is a routine investor interaction under Regulation 30(6) of SEBI LODR, with no new financial disclosures or material transactions announced.

Meeting organized by J.P. Morgan at Mumbai
Scheduled date: Tuesday, 22nd September 2026
Meeting format includes both one-on-one and group physical sessions
Intimation filed pursuant to SEBI LODR Regulation 30(6)

💡 Track whether any fresh investor presentation is uploaded on exchanges or the company website prior to or following the conference on September 22, 2026.

The Phoenix Mills to Participate in 2026 Jefferies India Forum on September 17, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 02:47 PM

The Phoenix Mills Limited has announced its participation in the 2026 Jefferies India Forum scheduled for Thursday, September 17, 2026. The investor interaction will be held physically in Gurugram, featuring one-on-one and group meetings with institutional investors. No material financial details, guidance, or price-sensitive information were disclosed in the filing. The company recorded TTM revenue of ₹4,545 Cr and net profit of ₹1,538 Cr through June 2026.

Participation scheduled for Thursday, 17th September 2026
Event: 2026 Jefferies India Forum organized by Jefferies
Format: Physical one-on-one and group meetings in Gurugram
Filing made under Regulation 30(6) of SEBI LODR Regulations

💡 Track whether any fresh investor presentation or transcript containing operational updates is uploaded following the forum.

Phoenix Mills Merges 6 Step-Down Subsidiaries Into Astrea Real Estate Effective Sep 10, 2026

🟡 NEUTRAL ⭐ 3/10

M&A 📅 10 Sep 2026, 04:47 PM

The Phoenix Mills Limited has announced that the Scheme of Merger and Amalgamation involving six of its step-down subsidiaries into subsidiary Astrea Real Estate Developers Private Limited became effective on September 10, 2026. The NCLT Chennai Bench previously approved the scheme, as disclosed on September 05, 2026. The companies filed e-Form INC 28 with the Registrar of Companies to complete the merger. This is an internal corporate restructuring to simplify subsidiary holdings without altering external ownership.

Scheme of Merger between 6 step-down subsidiaries and Astrea Real Estate Developers becomes effective on September 10, 2026
Filing of certified NCLT Chennai Bench order completed via e-Form INC 28 on September 10, 2026
Follows initial approval intimation dated September 05, 2026
Merger consolidates step-down entities within Astrea Real Estate Developers Private Limited under Sections 230-232

💡 Track subsequent quarterly financial statements for any operational synergies or consolidated tax benefits resulting from the subsidiary consolidation.

Phoenix Mills Concludes Non-Deal Roadshow in Bengaluru

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 05:32 PM

The Phoenix Mills Limited participated in a Non-Deal Roadshow organized by IIFL on September 08, 2026, in Bengaluru. The interaction involved one-on-one and group meetings with institutional investors following an advance intimation dated September 02, 2026. The company stated that investors were briefed on a general business overview and industry updates without any unpublished price-sensitive information being disclosed. For context, Phoenix Mills maintains a market cap of ₹81,884 Cr and reported TTM revenue of ₹4,545 Cr.

Participated in a Non-Deal Roadshow in Bengaluru on September 08, 2026
Roadshow format consisted of One on One and Group Meetings organized by IIFL
Follows prior advance intimation submitted on September 02, 2026
Discussions were limited to general business overview and industry updates

💡 Track the upcoming Q2 FY2027 operational update and financial earnings for concrete numbers on consumption and retail rental growth.

Phoenix Mills Concludes Non-Deal Roadshow with Institutional Investors in Bengaluru

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Sep 2026, 09:13 PM

The Phoenix Mills Limited participated in a Non-Deal Roadshow comprising one-on-one and group meetings organized by IIFL at Bengaluru on September 07, 2026. The discussions were limited to general business overviews and industry updates, following an earlier intimation dated September 02, 2026. No unpublished price-sensitive information or material new financial projections were disclosed during the event. The company operates at a market cap of ₹81,871 Cr with a TTM revenue of ₹4,545 Cr.

Meeting conducted on September 07, 2026, in Bengaluru
Non-Deal Roadshow organized by IIFL involving one-on-one and group meetings
Discussions focused solely on general business overview and industry updates
Follows prior intimation submitted on September 02, 2026

💡 Track upcoming quarterly performance and retail consumption metrics, as no new material business updates were disclosed.

NCLT Approves Merger of 6 Step-Down Subsidiaries into Astrea Real Estate

🟡 NEUTRAL ⭐ 3/10

M&A 📅 05 Sep 2026, 10:56 AM

The Phoenix Mills Limited announced that the National Company Law Tribunal (NCLT), Chennai Bench, has sanctioned the Scheme of Merger and Amalgamation between six of its step-down subsidiaries and Astrea Real Estate Developers Private Limited (a subsidiary of the company). The transferor companies include Coimbatore Sameera Investments, Dhanalakshmi Engineering, Pulankinar Investment and Finance, Shanthi Chandran Enterprisers, Shanthi Chandran Investments Coimbatore, and Sheela Traders. This internal restructuring was approved under Sections 230 to 232 of the Companies Act, 2013. The move represents an internal group consolidation to simplify legal structures and is not expected to materially alter consolidated revenue (TTM Rs 4,545 Cr) or PAT (TTM Rs 1,538 Cr).

NCLT Chennai Bench sanctioned the Scheme of Merger and Amalgamation under Sections 230 to 232 of the Companies Act, 2013
6 step-down subsidiary companies merged into Transferee entity Astrea Real Estate Developers Private Limited
Follows initial intimation filed by the company on January 30, 2025
Consolidates multiple regional entities (Coimbatore Sameera, Dhanalakshmi Eng, Pulankinar, Shanthi Chandran entities, Sheela Traders)

💡 Track subsequent statutory filings for the formal effective date and any administrative cost optimizations reflected in upcoming annual reporting.

The Phoenix Mills Schedules 121st AGM for September 28, 2026; Shares FY26 Annual Report Link

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 04 Sep 2026, 11:57 AM

The Phoenix Mills Limited has issued a dispatch letter providing the web-link to its Integrated Annual Report for FY 2025-26 and the notice for its 121st Annual General Meeting (AGM). The AGM is scheduled to take place virtually on Monday, September 28, 2026, at 2:30 PM IST. This filing complies with Regulation 36(1)(b) of SEBI LODR Regulations for shareholders whose email addresses are not registered. The announcement is procedural with no direct financial impact.

121st Annual General Meeting scheduled for Monday, September 28, 2026, at 2:30 PM IST via Video Conferencing.
Integrated Annual Report and AGM notice for FY 2025-26 made available online.
Disclosure issued pursuant to SEBI Listing Regulation 36(1)(b) for members without registered emails.

💡 Investors can review the FY26 Integrated Annual Report on the company website for management discussion and participate in the virtual AGM on September 28, 2026.

Phoenix Mills Issues Notice for 121st AGM on Sept 28, 2026; Proposes ₹2.50/Share Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 11:53 AM

The Phoenix Mills Limited has issued the notice for its 121st Annual General Meeting (AGM), scheduled for September 28, 2026, via video conferencing. Ordinary business items on the agenda include the adoption of FY26 standalone and consolidated financial statements, approval of a final dividend of ₹2.50 per equity share (125% on ₹2 face value), and the re-appointment of Whole-time Director Mr. Rajesh Kulkarni. For FY26, Mr. Kulkarni's remuneration was ₹3.13 crore. The company has also shared access links to its Integrated Annual Report for FY26.

121st AGM convened for Monday, September 28, 2026, at 02:30 PM IST via VC/OAVM.
Proposed final dividend of ₹2.50 per equity share of face value ₹2 (125%) for FY26.
Re-appointment of Whole-time Director Mr. Rajesh Kulkarni, who drew ₹3,13,45,900 in FY26 remuneration.
Integrated Annual Report and AGM Notice dispatched electronically to registered shareholders.

💡 Track the voting results of the AGM on September 28, 2026, particularly regarding the approval and payment timeline of the proposed ₹2.50 per share final dividend.

The Phoenix Mills Concludes Institutional Investor Group Meeting in Mumbai

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 05:49 PM

The Phoenix Mills Limited informed the exchanges that it participated in a group meeting with institutional investors in Mumbai on September 02, 2026. The discussions were limited to a general business overview of the company and broader industry updates. The filing is a standard compliance submission under Regulation 30 of SEBI Listing Regulations following prior intimation on August 28, 2026.

Participated in group meetings with institutional investors on September 02, 2026
Meeting conducted in Mumbai following advance notice given on August 28, 2026
Discussions covered general company overview and industry updates with no new material financial disclosures

💡 Track upcoming quarterly operational metrics and mall consumption trends for fundamental performance updates.

View All PHOENIXLTD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Core businesses (Retail, Commercial Offices, and Hospitality) delivered revenue of INR 3,507 Cr in FY2025, reflecting a 16% YoY growth. However, consolidated revenue from operations decreased 4% YoY to INR 3,814 Cr due to moderated residential sales. In Q2 FY2026, consolidated revenue grew 22% YoY to INR 1,115 Cr, driven by a 165% surge in Residential & Others revenue to INR 202 Cr.

Geographic Revenue Split

Phoenix Palladium Mumbai (standalone) contributed INR 486 Cr in FY2025, a 4% increase from INR 466 Cr. H1 FY2026 consumption was distributed across major assets: Phoenix Palladium (INR 1,151 Cr), PMC Bangalore (INR 900 Cr), PMC Pune (INR 837 Cr), and Phoenix Mall of Asia (INR 832 Cr).

Profitability Margins

Net Profit Margin (excluding minority) stood at 26% in FY2025, a 200 bps decrease from 28% in FY2024. Return on Net Worth declined from 12% to 9% during the same period. Net Profit after tax for Q2 FY2026 was INR 383 Cr, up 32% YoY.

EBITDA Margin

Consolidated EBITDA margin improved by 200 bps to 57% in FY2025, reaching INR 2,161 Cr. In Q2 FY2026, the Operating EBITDA margin reached 60%, a 400 bps improvement over 56% in Q2 FY2025, driven by strong retail performance.

Capital Expenditure

The company plans to develop new mixed-use projects on recently acquired land, maintaining a balanced debt-to-equity ratio. While specific total INR Cr for future capex is not aggregated, the group manages debt obligations of INR 400-650 Cr per annum against expected cash accruals of INR 900-1,100 Cr.

Credit Rating & Borrowing

Reaffirmed at 'CRISIL AA/Stable'. Gross debt across subsidiaries as of September 30, 2025, was INR 4,435 Cr. The group maintains a debt-to-lease rental ratio of less than 3.0 times and an average DSCR of 2.4 times.

⚙️ Operational Drivers

Raw Materials

Land parcels and construction materials (steel, cement, and electrical components) are the primary inputs for development, though specific percentage cost breakdowns for materials are not disclosed.

Capacity Expansion

Current retail portfolio spans 11.5 million sq. ft. across 12 destinations. Planned expansion includes the buy-out of a 49% shareholding from CPPIB and new developments like Phoenix Grand Victoria (51% stake) and a retail project in Surat (53.7% stake).

Raw Material Costs

Not disclosed as a specific percentage of revenue; however, project risks and execution timelines are cited as key factors affecting the cost of development.

Manufacturing Efficiency

Trading occupancy at Phoenix Palladium Mumbai is 94% with a rental rate of INR 3,355 per sq. ft. PMC Pune and PMC Bangalore show lower trading occupancy (82% and 80% respectively) due to strategic brand churning, despite high leased occupancy (94-97%).

📈 Strategic Growth

Expected Growth Rate

14-17%

Growth Strategy

Growth is targeted through an 'interconnected model' of integrated destinations (retail, office, residential). Strategies include the strategic churn of tenants to increase rental density (e.g., 11% growth in trading density at PMC Pune) and accelerating the next phase of growth through new land acquisitions and JV buy-outs.

Products & Services

Leasable retail space, commercial office suites, luxury hospitality services (St. Regis Mumbai), and premium residential units.

Brand Portfolio

Phoenix Palladium, Phoenix MarketCity, Phoenix Palassio, Phoenix Citadel, Palladium Ahmedabad, Phoenix Mall of Asia, St. Regis Mumbai.

New Products/Services

New mixed-use developments on recently acquired land and strategic upgrades at Phoenix MarketCity malls to enhance customer experience and rental yields.

Market Expansion

Expansion into 8 major Indian cities with a focus on 'city-centre' destinations. Recent entries include Ahmedabad, Indore, and Lucknow.

Market Share & Ranking

Leadership position in the Indian retail mall segment.

Strategic Alliances

Joint Ventures with Canada Pension Plan Investment Board (CPPIB) and GIC; however, PML is currently pursuing a buy-out of CPPIB's 49% stake in certain assets.

🌍 External Factors

Industry Trends

The hotel industry is seeing a RevPAR CAGR of 4.5-5.0%, with margins expected at 34-36% in FY2026. Retail is shifting toward immersive, experience-driven destinations to counter e-commerce.

Competitive Landscape

Operates in a competitive retail and commercial real estate market, but maintains leadership through scale and marquee assets like Phoenix Palladium.

Competitive Moat

Moat is built on prime city-center land parcels and an annuity-led business model that generates consistent cash flow. The 'integrated destination' model creates high switching costs for residents and office tenants.

Macro Economic Sensitivity

Highly sensitive to cyclicality in the real estate sector and interest rate movements which affect the cost of lease rental discounting loans.

Consumer Behavior

Shift toward 'unwinding' and 'shopping' in integrated hubs, driving a 14% YoY increase in consumption to INR 3,750 Cr in Q2 FY2026.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI Listing Regulations and the Companies Act 2013. Operations are subject to local municipal regulations and environmental norms for large-scale developments.

Environmental Compliance

ESG principles are integrated into the credit profile, focusing on emissions and waste generation management in real estate assets.

Taxation Policy Impact

Effective tax rate for H1 FY2026 was approximately 23.7% (INR 219 Cr tax on INR 922 Cr PBT).

⚠️ Risk Analysis

Key Uncertainties

Project execution risks for under-development assets (Sub-total B debt of INR 136 Cr) and potential volatility in occupancy (currently 75-95% across assets) during economic downturns.