The Phoenix Mills logo

The Phoenix Mills share price

NSE: PHOENIXLTDBSE: 503100RealtyMid Cap

The Phoenix Mills Limited · Face value ₹2 · Listed Jan 1962 on BSE, Apr 2007 on NSE
Last close ₹1,899.30down ₹5.70 (0.30%)BSE ₹1,915.50

Share price at the NSE close on 28 Oct 2026. Previous close ₹1,905.00.

28 Oct: open ₹1,905.00, high ₹1,919.70, low ₹1,895.30

52-week range of traded prices to 28 Oct 2026
₹1,465.60Low, 24 Mar 2026₹2,169.80High, 14 Jul 2026
Market cap
₹67,934 Cr169th largest listed
P/E
53.07
P/B
6.18
Dividend yield
0.13%
ROE
11.9%
ROCE
12.0%
Debt to equity
0.37
Volume, NSE
2,19,80950.6% delivered

The Phoenix Mills share price chart

Daily closes since Jan 2007, BSE closes Jan 2007 to Apr 2007, adjusted for splits and bonuses

+11.6%over a year · Nifty Realty −15.5% · Nifty 500 −8.8%

Results20-session average 5,08,530 shares a day, 57.7% delivered

About The Phoenix Mills

The Phoenix Mills Limited owns, develops and runs shopping malls in Indian cities and builds offices, hotels and homes around them, making mixed-use destinations.1 Its customers are shoppers, global and domestic brands that rent space in its malls, companies that lease its offices, hotel guests and homebuyers.2

Its business segments are retail, commercial offices, hospitality and residential development.3 It has a portfolio of over 20 million sq. ft. and, counting projects under construction, is present in 14 cities.1 All of its business is in India.4

It was incorporated in 1905.5 Its first mall was High Street Phoenix, now Phoenix Palladium, in Lower Parel, Mumbai.65

Atul Ruia, the chairman, is a promoter, and the promoter group held 47.25% of the shares at the end of Mar 2026.678 At that date it had 43 subsidiaries and 5 associate companies.9 Some assets are owned with partners: CPP Investments in Project Rise in Mumbai and Phoenix Grand Victoria in Kolkata, and GIC in Phoenix MarketCity Mumbai.1011

The Phoenix Mills key points

Results

  • In the quarter to Jun 2026, consolidated revenue was ₹1,075 crore, up 13% year on year; EBITDA (earnings before interest, tax, depreciation and amortisation) was ₹642 crore, up 14%, and net profit attributable to owners ₹297 crore, up 23%.1213
  • In the year to Mar 2026, consolidated revenue was ₹4,423 crore, up 16%; EBITDA was ₹2,637 crore, up 22%, and net profit attributable to owners ₹1,224 crore, up 24%.14
  • At 30 Jun 2026, gross debt was ₹5,658 crore and net debt (debt less cash and investments) ₹3,658 crore, both including associate companies; average cost of debt was 7.69%.1516
  • In the quarter to Jun 2026, capital spending was ₹1,085 crore, including ₹716 crore for its land at Chandigarh, now a wholly owned project.17

Business segments

  • Retail. It runs 12 malls in 8 cities, of about 11 million sq. ft.; in the quarter to Jun 2026, retailers' sales there were ₹4,730 crore, up 32%, and rental income ₹594 crore, up 17%.1819
  • Offices. 7 office developments in Mumbai, Pune, Bengaluru and Chennai, of about 4.8 million sq. ft. In the quarter to Jun 2026, office income was ₹75 crore, up 44%.2021
  • Hotels. 2 hotels with about 588 rooms, The St. Regis, Mumbai and Courtyard by Marriott, Agra; in the quarter to Jun 2026, hotel income was ₹145 crore, up 18%.1822
  • Residential. Homes at One Bangalore West and Kessaku in Bengaluru; in the year to Mar 2026, gross sales were ₹471 crore and collections (cash received from buyers) ₹467 crore.23

Revenue mix

  • Consolidated revenue by business, year to Mar 202624
    Itemyear to Mar 2026
    Annuity (recurring) businesses: retail, offices, hotels, asset management₹3,800 crore
    Residential and other businesses₹623 crore

Customers and partners

  • Brands present in more than 6 of its malls account for about 67% of its occupied retail space.25
  • In the year to Mar 2026, it completed about 920 leasing deals for about 3.2 million sq. ft., with new tenants such as Rolex, Ikea, Uniqlo and Lego.26
  • As of its annual report for the year to Mar 2026, leases on about 50% of its operating mall space were due for renewal over the next 3 years.27

Island Star Mall buyout

  • Island Star Mall Developers (ISMDPL) owns 4 malls in Bengaluru, Pune and Indore, of about 4.4 million sq. ft., and about 2.2 million sq. ft. of recently completed offices.24
  • On 14 Nov 2025, the company completed the first of 4 tranches (instalments) to buy out CPP Investments' 49% stake in ISMDPL, raising its own holding from 51% to 58.33%.28
  • The company stated in its annual report for the year to Mar 2026 that CPP Investments is to receive ₹5,449.16 crore, with adjustments, over 3 years from the first payment, the second tranche planned in the year to Mar 2027, pending a tribunal's approval.29

Expansion and capital spending

  • In its presentation of 28 Jul 2026, the company said it expects Phoenix Grand Victoria, Kolkata and the Palladium and Bangalore mall expansions to open in 2027, and the Rise offices in Mumbai in 2028.3031
  • On its earnings call of 29 Jul 2026, the company said Phoenix Grand Victoria was approaching 90% leased, its Surat mall 50%, and the Palladium and Bangalore phase 2 expansions over 50%.32
  • The company stated in its annual report for the year to Mar 2026 that Phoenix MarketCity Bangalore is to grow from about 1 million sq. ft. of retail into a campus of over 4 million sq. ft. with offices and the 400-key Grand Hyatt Bangalore.3327

What the company expects

  • In its presentation of 28 Jul 2026, the company said it estimates, subject to change, over 18 million sq. ft. of malls, about 9 million sq. ft. of offices, about 2,188 hotel rooms and about 7 million sq. ft. of homes (cumulative) by 2030.34
  • On its earnings call of 29 Jul 2026, the company said it would stay with its guidance of mid-teens per cent rental income growth for the year to Mar 2027 and the year after, to be reviewed as the next quarter shapes up.35
  • On its earnings call of 29 Jul 2026, the company said office rent-paying occupancy (space already earning rent), 42% in Jun 2026, should reach the 72% already leased by Mar 2027.36

Recent events

  • On 1 Sep 2026, the company said India Ratings had upgraded its credit rating (a grade of the ability to repay debt) on its bank loans from IND AA to IND AA+.37
  • On 19 Aug 2026, the company and its subsidiary Offbeat Developers took 45.00% of O2 Renewable Energy XXVIII to buy its renewable power as captive users (buyers that hold a stake in the power plant).38

Last updated

All 38 sources, each with its page
  1. 1. Annual report, 4 Sep 2026, page 6
  2. 2. Annual report, 4 Sep 2026, page 14
  3. 3. Annual report, 4 Sep 2026, page 5
  4. 4. Annual report, 4 Sep 2026, page 190
  5. 5. Annual report, 4 Sep 2026, page 54
  6. 6. Annual report, 4 Sep 2026, page 12
  7. 7. Annual report, 4 Sep 2026, page 92
  8. 8. Annual report, 4 Sep 2026, page 104
  9. 9. Annual report, 4 Sep 2026, page 77
  10. 10. Annual report, 4 Sep 2026, page 9
  11. 11. Annual report, 4 Sep 2026, page 21
  12. 12. Investor presentation, 28 Jul 2026, page 6
  13. 13. Earnings call, 29 Jul 2026, page 6
  14. 14. Annual report, 4 Sep 2026, page 16
  15. 15. Investor presentation, 28 Jul 2026, page 7
  16. 16. Investor presentation, 28 Jul 2026, page 27
  17. 17. Earnings call, 29 Jul 2026, page 7
  18. 18. Investor presentation, 28 Jul 2026, page 3
  19. 19. Earnings call, 29 Jul 2026, page 3
  20. 20. Annual report, 4 Sep 2026, page 50
  21. 21. Investor presentation, 28 Jul 2026, page 15
  22. 22. Earnings call, 29 Jul 2026, page 5
  23. 23. Annual report, 4 Sep 2026, page 76
  24. 24. Annual report, 4 Sep 2026, page 52
  25. 25. Annual report, 4 Sep 2026, page 38
  26. 26. Annual report, 4 Sep 2026, page 49
  27. 27. Annual report, 4 Sep 2026, page 53
  28. 28. Annual report, 4 Sep 2026, page 203
  29. 29. Annual report, 4 Sep 2026, page 203
  30. 30. Investor presentation, 28 Jul 2026, page 28
  31. 31. Investor presentation, 28 Jul 2026, page 28
  32. 32. Earnings call, 29 Jul 2026, page 4
  33. 33. Annual report, 4 Sep 2026, page 9
  34. 34. Investor presentation, 28 Jul 2026, page 30
  35. 35. Earnings call, 29 Jul 2026, page 17
  36. 36. Earnings call, 29 Jul 2026, page 5
  37. 37. Exchange filing, 1 Sep 2026, page 1
  38. 38. Exchange filing, 19 Aug 2026, page 1

Results

Consolidated; ₹ crore.The Phoenix Mills quarterly results

Revenue growth, 12 months
+17.7%
Net profit growth, 12 months
+29.0%

Quarter to Jun 2026, against the quarter before

Revenue
₹1,075 Crdown 12.83%
Net profit
₹395 Crdown 18.73%
Net margin
36.7%

Revenue by quarter

₹918 CrSep 24₹975 CrDec 24₹1,016 CrMar 25₹953 CrJun 25₹1,115 CrSep 25₹1,121 CrDec 25₹1,233 CrMar 26₹1,075 CrJun 26
Peak revenue ₹1,233 Cr, quarter to Mar 2026; lowest ₹918 Cr, quarter to Sep 2024

Net profit by quarter, a loss in red

₹292 CrSep 24₹353 CrDec 24₹348 CrMar 25₹321 CrJun 25₹384 CrSep 25₹366 CrDec 25₹485 CrMar 26₹395 CrJun 26
₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue9189751,0169531,1151,1211,2331,075
Net profit292353348321384366485395
Net margin31.8%36.2%34.2%33.7%34.4%32.7%39.4%36.7%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Property & Related Services₹3,233 Crup 9.60%72.5%
  • Hospitality services₹729 Crup 8.67%16.3%
  • Residential business₹496 Crup 156.42%11.1%
The pill is the change in revenue on the year before; the share is of all the businesses together.

Valuation

Today, against the company's own history.The Phoenix Mills PE ratio and valuation

Price to earnings

At or below today's level on 52% of 1,920 trading days over the last 10 years.

LowestHighest
Its median52.41Industry median16.79
Price to book

At or below today's level on 91% of 1,958 trading days since Nov 2018.

LowestHighest
Its median3.40Industry median1.48
Dividend yield

At or below today's level on 28% of 2,442 trading days over the last 10 years.

LowestHighest
Its median0.16%Industry median0.52%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year−8.2%+24.3%−26.3%0.2%
3 years+32.5%−2.9%+36.2%0.2%
5 years+31.2%+86.2%−29.6%0.2%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth over 3 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the year to Mar 2023.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.The Phoenix Mills shareholding pattern

Shareholding by group

  • Promoters47.24%
  • Foreign institutions31.62%
  • Indian institutions17.31%
  • Individuals and others3.83%
Holder
Ruia International Holding Company Private LimitedPromoter31.10%
Senior Advisory Services Private LimitedPromoter8.10%
Ashok Atul Private LimitedPromoter5.41%
Atul Ashokkumar RuiaPromoter2.12%
Government of SingaporeForeign portfolio investors, category I1.59%
Polar Capital Funds Plc - Emerging Market Stars FundForeign portfolio investors, category I1.29%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters −0.01 pts, foreign institutions −0.11 pts, Indian institutions −0.08 pts, mutual funds −0.57 pts.

Mutual fund holdings

239 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 96 of the 125 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 3 more funds filed their first portfolio on record, holding it.All 239 funds holding The Phoenix Mills

Bought again
1
Added
56
Cut
69
Held unchanged
110
Sold out
5
Fund
Axis Mutual Fund logoAxis Midcap FundAxis Mutual Fund39,74,7612.29%₹769.1 Cr
ICICI Prudential Mutual Fund logoICICI Prudential Focused FundICICI Prudential Mutual Fund28,52,1773.21%₹551.9 Cr
DSP Mutual Fund logoDSP Midcap FundDSP Mutual Fund27,48,9162.73%₹531.9 Cr
SBI Mutual Fund logoSBI Midcap FundSBI Mutual Fund20,00,0001.66%₹387.0 Cr
DSP Mutual Fund logoDSP Large & Mid Cap FundDSP Mutual Fund19,14,6312.14%₹370.5 Cr
ICICI Prudential Mutual Fund logoICICI Prudential Balanced Advantage FundICICI Prudential Mutual Fund18,01,2660.48%₹348.5 Cr
Axis Mutual Fund logoAxis Small Cap FundAxis Mutual Fund16,81,1181.06%₹325.3 Cr
Axis Mutual Fund logoAxis ELSS Tax Saver FundAxis Mutual Fund16,55,0511.06%₹320.3 Cr
Edelweiss Mutual Fund logoEdelweiss Mid Cap FundEdelweiss Mutual Fund14,33,2261.44%₹277.3 Cr
Sundaram Mutual Fund logoSundaram Mid Cap FundSundaram Mutual Fund14,00,0001.96%₹270.9 Cr
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 29 Oct 2025.The Phoenix Mills insider trading

No promoter, director, key manager or employee bought or sold on the market.

  • Promoters and promoter group: no market trade
  • Others: no market trade · 21 pledge filings of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

The Phoenix Mills competitors and peers

Residential, Commercial Projects, 171 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to The Phoenix Mills in market cap.Real estate companies

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
DLF logoDLFDLF1,64,93036.113.62−29.3%+6.6%10.3%1.8%1.20%
Lodha Developers logoLodha DevelopersLODHA1,00,64824.404.32+26.0%+39.2%19.0%16.5%0.42%
Prestige Estates Projects logoPrestige Estates ProjectsPRESTIGE59,96652.653.69+67.5%+115.9%7.2%8.7%0.14%
Oberoi Realty logoOberoi RealtyOBEROIRLTY58,21322.113.05+16.6%+18.0%14.7%15.8%0.50%
Godrej Properties logoGodrej PropertiesGODREJPROP47,80535.432.47+50.0%−12.9%7.2%−1.4%0.63%
Brigade Enterprises logoBrigade EnterprisesBRIGADE17,56425.282.58+4.8%−7.6%11.2%8.5%0.37%
Anant Raj logoAnant RajANANTRAJ16,69327.942.76+12.3%+21.2%11.4%9.6%0.22%
Horizon Industrial Parks logoHorizon Industrial ParksHORIZONIND13,873––––––0.00%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.The Phoenix Mills dividend history

Dividend per share, ₹, restated for later splits and bonuses

1.2Mar 171.3Mar 181.5Mar 19Mar 200.5Mar 211.2Mar 222.5Mar 232.5Mar 242.5Mar 252.5Mar 26
Highest ₹2.50 a share, in 4 years, the latest the year to Mar 2026.
Ex-dateTypePer share
11 Sep 2026Final₹2.50
15 Sep 2025Final₹2.50
20 Aug 2024Final₹5.00
15 Sep 2023Final₹5.00
12 Sep 2022Final₹2.40
16 Sep 2021Final₹1.00
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.The Phoenix Mills announcements

The Phoenix Mills share price by year

Each calendar year to 2025.The Phoenix Mills share price history

YearClose at year endChangeHighest closeLowest close
20251,853.50+13.4%1,853.501,417.30
20241,634.00+45.6%2,047.651,117.68
20231,122.33+57.8%1,194.95612.98
2022711.25+44.4%772.95447.43
2021492.68+27.2%560.58339.38
2020387.28−7.0%466.93242.20
2019416.35+47.7%421.88278.25
2018281.80−10.1%360.53256.65
2017313.48+67.1%322.33172.58
2016187.58+11.8%216.40121.20
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
27 Oct 20261,894.001,931.501,894.001,905.001,913.064,01,43254.3%
26 Oct 20261,842.601,904.901,842.601,894.001,884.524,06,38948.7%
23 Oct 20261,903.001,912.801,847.201,872.301,870.673,93,22453.4%
22 Oct 20261,870.401,928.101,866.801,909.901,904.405,26,37445.3%
21 Oct 20261,884.001,928.601,858.001,874.401,882.928,12,79455.8%
19 Oct 20261,885.001,929.701,884.001,884.001,906.154,23,33058.1%
16 Oct 20261,924.001,935.001,890.001,896.901,914.623,56,59663.2%
15 Oct 20261,883.501,934.001,878.001,917.201,917.205,04,39051.8%
14 Oct 20261,902.001,919.801,887.301,887.301,904.917,96,10463.0%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Bonus shares and stock split history

Ex-dateEventPrice factorWhat happened
20 Sep 2024Bonus0.5000Holders received 1 bonus share for every 1 held.
13 Feb 2008Split0.2000Each share became 5.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.

Company details