Phoenix Mills Ltd.
Realty · NSE
52-week range
₹1,400 – ₹1,993
From 52w high
-8.2%
RSI (14)
63.0
vs SMA 50 / 200
↑ 50 · ↑ 200
Phoenix Mills (PHOENIXLTD) is a Realty-sector mall and mixed-use developer trading at ₹1,820, up 17.2% over the past year and above both its 50-DMA (₹1,675) and 200-DMA (₹1,669). The company reported 50% profit growth in Q4 FY26 and has compounded earnings at roughly 50% annually over five years, though this growth has been financed largely through rising debt, with a debt-to-equity ratio of 37.2 and FCF positive in only 2 of the tracked years.
- ✓5-year revenue CAGR of 33.7% and earnings CAGR of ~50% reflect substantial scale expansion in the retail mall and commercial real estate segment over the cycle.
- ✓Current price of ₹1,820 is 8.7% off its 52-week high, with RSI at 61 (neutral) and the stock above both the 50-DMA and 200-DMA, indicating broad price trend is upward over the trailing year.
- ✓Quality score of 55 ranks 3rd among 6 Realty peers tracked, ahead of DLF (57 is above PHOENIXLTD; PHOENIXLTD is 3rd), with only Oberoi Realty (65) and DLF (57) scoring higher on the composite quality metric.
- ✓Q4 FY26 results included a dividend announcement alongside reported profit and revenue growth, with EBITDA described as robust across retail and office segments in the most recent earnings period.
- ✗Debt-to-equity of 37.2 is exceptionally high; the debt trend is rising, and FCF has been positive in only 2 of the tracked years, indicating that expansion has been funded heavily through external capital rather than internally generated cash.
- ✗ROE of 11.06% has exceeded 15% in only 1 of the available historical years (consistencyScore 22/100), meaning profitability on shareholder equity has not been consistently strong despite headline earnings growth rates.
- ✗Trailing PE of 52.1 is among the higher multiples in the Realty peer set (range 24.8–66.4), with forward PE of 35.3 still implying substantial earnings-growth expectations are embedded in the current price.
- ✗Low dividend yield of 0.14% provides minimal income return relative to the capital and leverage risks inherent in a high-debt real estate developer.
- ·Phoenix Mills reported Q4 FY26 profit up 50% with strong revenue and EBITDA growth across retail and office portfolios, with a dividend declared — the most recent earnings event was broadly positive on reported metrics.
- ·Post-results price action was described as mixed in one report dated 2026-05-09, with derivative market activity noted, suggesting the market did not respond uniformly to the earnings outcome.
- ·Motilal Oswal issued a note on Phoenix Mills following results (2026-04-29), citing a specific price figure of ₹2,030 as their stated view — a named broker action in the post-results period.
- ?Given that debt-to-equity stands at 37.2 and is rising, what is the trajectory of interest coverage and at what debt level does the company's expansion model face refinancing stress?
- ?The 5-year earnings CAGR of ~50% has not translated into consistent FCF positivity — does the gap between reported earnings and free cash flow reflect accounting treatment of lease obligations, capex cycles, or another structural factor?
- ?Phoenix Mills trades at a premium PE to most Realty peers — does the mall-operator business model (recurring lease income vs. residential project sales) justify a structural multiple premium, and how sensitive is that argument to retail consumption trends?
- ?With the nearest resistance at ₹1,834.9 roughly 0.8% above the current price, how has the stock historically behaved at this level, and what does the broader support structure at ₹1,600–₹1,727 imply about the range the market has established?
PE
52.1
Forward PE
35.3
ROE
+11.1%
Profit margin
+27.7%
D/E
37.21
Dividend yield
+0.1%
Quality score
55/100
ROE 5y above 15%
1/5 yrs
FCF 5y positive
2/5 yrs
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.Analysis generated 11 May 2026.