Phoenix Mills Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,409.36Overvalued by 25.43%vs CMP ₹1,890.00

P/E (52.1) × ROE (11.0%) × BV (₹307.00) × DY (0.13%)

₹764.95Overvalued by 59.53%vs CMP ₹1,890.00

MoS: -147.1% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹1,910.75	23%	Fair (+1.1%)
Graham Number	Earnings	₹458.70	17%	Over (-75.7%)
Earnings Power	Earnings	₹166.37	11%	Over (-91.2%)
DCF	Cash Flow	₹824.52	11%	Over (-56.4%)
Net Asset Value	Assets	₹307.23	7%	Over (-83.7%)
EV/EBITDA	Enterprise	₹686.23	9%	Over (-63.7%)
Earnings Yield	Earnings	₹304.60	7%	Over (-83.9%)
ROCE Capital	Returns	₹152.40	7%	Over (-91.9%)
Revenue Multiple	Revenue	₹159.66	6%	Over (-91.6%)
Consensus (9 models)		₹764.95	100%	Overvalued

Key Drivers: EPS CAGR 35.6% lifts DCF — verify sustainability. | Wide model spread (₹152–₹1,911) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 35.6%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 14 September 2026, 2:42 pm +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹3,807.00 Cr, versus ₹3,972.00 Cr in Mar 2024 (-4.2% year on year). Net profit for Mar 2025 was ₹1,307.00 Cr, versus ₹1,333.00 Cr in Mar 2024 (-2.0% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹2,084.00 Cr against net profit of ₹1,307.00 Cr. Cash flow covered 1.59 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹5,323.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Phoenix Mills Ltd scores 69/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health75/100 · Strong

ROCE 12.4% GoodROE 11.0% AverageD/E 0.44 ModerateInterest Coverage 5.7x StrongProfitable 5/5 available years Reported history

Smart Money45/100 · Moderate

FII holding down -1.72% (6mo) SellingDII holding up 1.91% MF buyingPromoter holding at 47.3% Stable

Earnings Quality85/100 · Strong

CFO/NP ratio: 1.36x Cash-backed earningsOPM stable around 56% SteadyWorking capital: -112 days (improving) Efficient

Quarterly Momentum58/100 · Moderate

Revenue (4Q): 2% YoY FlatProfit (4Q): +5% YoY Positive

Industry Rank60/100 · Moderate

P/E 52.1 vs industry 63.0 In-lineROCE 12.4% vs industry 11.2% Average3Y sales CAGR: 38% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 14, 2026, 2:42 pm

Market Cap	67,601 Cr.
Current Price	1,890
Intrinsic Value	₹764.95
High / Low	2,170/1,465
Stock P/E	52.1
Book Value	307
Dividend Yield	0.13 %
ROCE	12.4 %
ROE	11.0 %
Face Value	2.00
PEG Ratio	1.46

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Phoenix Mills Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Phoenix Mills Ltd	67,601 Cr.	1,890	2,170/1,465	52.1	307	0.13 %	12.4 %	11.0 %	2.00
Oberoi Realty Ltd	63,307 Cr.	1,741	1,986/1,390	23.9	493	0.46 %	17.3 %	14.6 %	10.0
Godrej Properties Ltd	61,447 Cr.	2,040	2,352/1,434	38.0	636	0.49 %	7.63 %	8.82 %	5.00
Anant Raj Ltd	21,533 Cr.	598	744/403	37.2	161	0.17 %	12.1 %	11.2 %	2.00
Brigade Enterprises Ltd	20,837 Cr.	639	802/451	30.6	209	0.31 %	10.5 %	10.5 %	10.0
Industry Average	18,160.96 Cr	418.18		62.96	151.53	0.65%	11.19%	11.90%	6.24

All Competitor Stocks of Phoenix Mills Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	684	729	811	875	986	1,306	904	918	975	1,016	953	1,115	1,121
Expenses	299	298	318	369	434	679	373	400	422	457	389	449	465
Operating Profit	384	431	492	506	552	627	531	518	553	560	564	667	656
OPM %	56%	59%	61%	58%	56%	48%	59%	56%	57%	55%	59%	60%	59%
Other Income	35	74	29	32	34	37	38	37	46	42	32	31	22
Interest	87	97	96	96	104	100	103	103	103	94	95	92	102
Depreciation	57	65	63	66	66	76	77	78	81	90	93	91	86
Profit before tax	276	343	363	375	416	489	388	374	415	418	407	515	490
Tax %	23%	14%	20%	19%	17%	20%	19%	22%	15%	17%	21%	26%	25%
Net Profit	211	292	291	305	345	392	315	292	353	348	321	384	366
EPS in Rs	4.94	7.11	6.73	7.07	7.82	9.14	6.50	6.10	7.41	7.52	6.73	8.50	7.71

Last Updated: February 3, 2026, 9:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 4:16 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,441	1,639	1,769	1,817	1,614	1,977	1,936	1,040	1,460	2,616	3,972	3,807	4,206
Expenses	762	877	978	961	830	975	963	539	725	1,096	1,790	1,645	1,759
Operating Profit	679	762	790	856	784	1,001	973	501	735	1,519	2,182	2,162	2,447
OPM %	47%	47%	45%	47%	49%	51%	50%	48%	50%	58%	55%	57%	58%
Other Income	47	-63	-11	39	50	125	60	86	74	721	126	163	127
Interest	345	396	443	424	349	351	348	348	295	341	396	403	384
Depreciation	105	168	177	195	198	204	208	209	186	228	270	327	361
Profit before tax	275	136	159	276	287	572	478	29	328	1,671	1,643	1,595	1,829
Tax %	33%	36%	48%	31%	26%	19%	26%	-16%	24%	12%	19%	18%
Net Profit	182	91	84	191	256	497	388	48	268	1,478	1,333	1,307	1,419
EPS in Rs	4.43	1.22	4.21	5.49	7.91	13.73	10.91	1.68	6.65	37.37	30.76	27.53	30.46
Dividend Payout %	25%	90%	26%	22%	16%	11%	0%	31%	18%	7%	8%	9%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-50.00%	-7.69%	127.38%	34.03%	94.14%	-21.93%	-87.63%	458.33%	451.49%	-9.81%	-1.95%
Change in YoY Net Profit Growth (%)	0.00%	42.31%	135.07%	-93.35%	60.11%	-116.07%	-65.70%	545.96%	-6.84%	-461.30%	7.86%

Phoenix Mills Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	9%
5 Years:	15%
3 Years:	38%
TTM:	-5%

Compounded Profit Growth
10 Years:	36%
5 Years:	24%
3 Years:	60%
TTM:	-10%

Stock Price CAGR
10 Years:	25%
5 Years:	36%
3 Years:	29%
1 Year:	-16%

Return on Equity
10 Years:	9%
5 Years:	9%
3 Years:	11%
Last Year:	10%

Last Updated: September 5, 2025, 1:46 pm

Balance Sheet

Last Updated: May 18, 2026, 3:30 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	29	31	31	31	31	31	36	36	36	36	72	72
Reserves	1,645	1,997	2,119	2,821	3,443	3,678	5,003	6,547	8,344	9,422	10,377	10,917
Borrowings	3,402	3,889	3,626	3,666	4,244	4,308	4,063	3,982	4,259	4,639	4,687	5,323
Other Liabilities	1,565	1,507	1,233	1,979	2,398	2,528	2,288	3,765	4,787	5,003	6,292	6,541
Total Liabilities	6,641	7,424	7,008	8,497	10,116	10,545	11,389	14,330	17,426	19,100	21,427	22,853
Fixed Assets	4,130	4,548	4,500	5,668	6,522	6,453	7,207	7,508	10,964	13,137	14,466	14,772
CWIP	214	195	328	503	896	1,534	1,274	2,049	2,295	1,503	3,143	3,879
Investments	200	161	410	829	745	590	576	2,317	1,282	1,725	1,465	1,490
Other Assets	2,097	2,520	1,770	1,498	1,952	1,968	2,333	2,456	2,884	2,734	2,353	2,712
Total Assets	6,641	7,424	7,008	8,497	10,116	10,545	11,389	14,330	17,426	19,100	21,427	22,853

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	564	497	1,419	1,514	350	739	432	781	1,356	2,161	2,084	2,426
Cash from Investing Activity +	-102	-377	-354	-1,825	-1,394	-362	-950	-2,841	-1,528	-1,859	-2,162	-1,646
Cash from Financing Activity +	-455	-71	-1,108	277	1,053	-287	522	2,228	132	-299	-47	-731
Net Cash Flow	7	50	-43	-33	9	90	3	167	-40	3	-126	50
Free Cash Flow	456	112	1,234	13	-1,110	-3	309	774	-468	488	-532	1,029
CFO/OP	86%	80%	171%	196%	43%	87%	84%	114%	103%	114%	110%	104%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	456.00	112.00	1,234.00	13.00	-1,110.00	-3.00	309.00	774.00	-468.00	488.00	-532.00	1,029.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	50	49	57	30	29	36	38	114	70	33	25	22
Inventory Days											854
Days Payable											224
Cash Conversion Cycle	50	49	57	30	29	36	38	114	70	33	654	22
Working Capital Days	79	91	134	40	-150	-77	-94	-212	-160	-111	-78	-112
ROCE %	12%	11%	11%	11%	10%	11%	9%	4%	5%	10%	12%	11%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	47.29%	47.28%	47.28%	47.27%	47.26%	47.26%	47.26%	47.26%	47.25%	47.25%	47.25%	47.25%
FIIs	30.01%	30.80%	32.82%	35.41%	35.50%	35.66%	36.14%	36.27%	33.45%	33.85%	32.97%	31.73%
DIIs	18.51%	17.70%	15.79%	13.33%	13.17%	13.03%	12.59%	12.72%	15.47%	15.26%	16.14%	17.38%
Public	4.18%	4.22%	4.12%	3.98%	4.07%	4.06%	3.99%	3.74%	3.84%	3.64%	3.64%	3.64%
No. of Shareholders	69,523	68,847	76,902	74,051	87,748	89,288	88,531	85,498	86,589	75,779	73,876	73,390

Shareholding Pattern Chart

No. of Shareholders

Phoenix Mills Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Axis Midcap Fund	3,580,468	1.96	631.95	3,700,614	2026-06-11 08:19:14	-3.25%
ICICI Prudential Focused Equity Fund	2,736,169	3.02	482.93	2,621,980	2026-06-11 02:34:17	4.36%
DSP Mid Cap Fund	2,637,188	2.39	465.46	3,303,752	2025-11-03 18:18:56	-20.18%
ICICI Prudential Balanced Advantage Fund	2,259,259	0.57	398.76	2,089,259	2026-06-11 08:19:14	8.14%
Axis Small Cap Fund	1,681,118	1.08	296.72	1,156,928	2025-11-03 18:18:56	45.31%
DSP Large & Mid Cap Fund	1,657,702	1.69	292.58	N/A	N/A	N/A
Sundaram Mid Cap Fund	1,413,445	1.86	249.47	1,427,022	2026-02-22 13:00:50	-0.95%
Mirae Asset Midcap Fund	1,398,516	1.34	246.84	897,688	2026-03-20 10:01:48	55.79%
Aditya Birla Sun Life Focused Fund	1,367,929	3.12	241.44	825,797	2025-11-03 18:18:56	65.65%
Franklin India Mid Cap Fund	1,132,124	1.65	199.82	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	27.53	61.36	74.76	13.31	3.20
Diluted EPS (Rs.)	27.52	61.31	74.71	13.30	3.19
Cash EPS (Rs.)	45.54	89.34	95.20	24.30	14.16
Book Value[Excl.RevalReserv]/Share (Rs.)	292.24	693.21	620.13	504.78	360.96
Book Value[Incl.RevalReserv]/Share (Rs.)	292.24	693.21	620.13	504.78	360.96
Revenue From Operations / Share (Rs.)	106.67	222.59	147.72	83.10	62.45
PBDIT / Share (Rs.)	64.67	129.21	91.55	45.28	34.12
PBIT / Share (Rs.)	55.54	114.09	78.80	34.87	21.94
PBT / Share (Rs.)	44.62	91.94	93.58	18.38	1.70
Net Profit / Share (Rs.)	36.40	74.22	82.44	13.89	1.97
NP After MI And SOA / Share (Rs.)	27.53	61.51	74.74	13.30	3.06
PBDIT Margin (%)	60.62	58.04	61.97	54.49	54.64
PBIT Margin (%)	52.06	51.25	53.34	41.96	35.12
PBT Margin (%)	41.82	41.30	63.35	22.11	2.72
Net Profit Margin (%)	34.12	33.34	55.81	16.71	3.15
NP After MI And SOA Margin (%)	25.80	27.63	50.59	15.99	4.90
Return on Networth / Equity (%)	9.42	11.62	15.93	3.60	1.07
Return on Capital Employeed (%)	10.36	11.96	9.37	5.06	4.01
Return On Assets (%)	4.57	5.70	7.58	1.65	0.45
Long Term Debt / Equity (X)	0.36	0.40	0.39	0.47	0.61
Total Debt / Equity (X)	0.44	0.48	0.50	0.60	0.74
Asset Turnover Ratio (%)	0.18	0.21	0.16	0.11	0.03
Current Ratio (X)	1.14	1.51	1.34	1.87	0.97
Quick Ratio (X)	0.81	1.16	0.87	1.50	0.60
Inventory Turnover Ratio (X)	4.90	0.00	0.00	0.00	0.00
Dividend Payout Ratio (NP) (%)	9.08	8.13	3.21	7.24	0.00
Dividend Payout Ratio (CP) (%)	6.81	6.52	2.74	4.06	0.00
Earning Retention Ratio (%)	90.92	91.87	96.79	92.76	0.00
Cash Earning Retention Ratio (%)	93.19	93.48	97.26	95.94	0.00
Interest Coverage Ratio (X)	5.73	5.83	4.79	2.75	1.69
Interest Coverage Ratio (Post Tax) (X)	4.20	4.35	3.54	1.84	1.10
Enterprise Value (Cr.)	66162.71	56345.38	29564.20	25443.87	17903.44
EV / Net Operating Revenue (X)	17.35	14.17	11.21	17.15	16.68
EV / EBITDA (X)	28.62	24.40	18.08	31.48	30.53
MarketCap / Net Operating Revenue (X)	15.37	12.45	8.81	13.23	12.53
Retention Ratios (%)	90.91	91.86	96.78	92.75	0.00
Price / BV (X)	5.61	5.24	2.77	2.98	2.75
Price / Net Operating Revenue (X)	15.37	12.45	8.81	13.23	12.53
EarningsYield	0.01	0.02	0.05	0.01	0.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Phoenix Mills Ltd and is it undervalued?

Phoenix Mills Ltd: the stored intrinsic value estimate is ₹764.95, compared with a stored share price of ₹1,890.00. The model value is 59.5% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Phoenix Mills Ltd?

The stored share price is ₹1,890.00. Price-data record updated: 14 September 2026, 2:42 pm +05:30. This is not a live quote. The stored 52-week high / low is 2,170/1,465; this is a rolling range, not a financial-year range.

How have Phoenix Mills Ltd's revenue and profit changed?

Does Phoenix Mills Ltd's profit convert into cash?

What should I check in Phoenix Mills Ltd's balance sheet?

Reported borrowings were ₹5,323.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Phoenix Mills Ltd's P/E with other stocks?

The stored P/E is 52.10. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Phoenix Mills Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.