The Phoenix Mills Limited (PHOENIXLTD) fair value: what the stock is really worth
As of Oct 23, 2026: fair value (intrinsic value) of The Phoenix Mills Limited stock ₹405, price ₹1,872, upside -78.4%, quality 58 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?No
Good quality?Yes
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
60‑month range ₹398.28 – ₹2,154 · fair‑value band ₹261.21 – ₹769.30 · the ₹1,872 price screens above the ₹405.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 22, 2026.
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The Phoenix Mills Limited engages in the operation and management of malls, construction of commercial and residential properties, and hotel business in India. The company operates in three segments, Property and Related Services, Hospitality, and Residential Business.
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Its real estate asset portfolio consists of retail mall, commercial office, residential, and hospitality projects located in Mumbai, Chennai, Bengaluru, Pune, Kolkata, Lucknow, Bareilly, Agra, Ahmedabad, Indore, Surat, Chandigarh, Thane, and Coimbatore.
The company owns and operates hotels under The St. Regis name; Courtyard by Marriott brand name in Agra; and various restaurants in Mumbai and Agra.
It operates malls primarily under the Phoenix Palladium, Phoenix MarketCity, Palladium, Phoenix United, Phoenix Palassio, Phoenix Paragon, Phoenix Citadel, Phoenix Grand Victoria, Phoenix Mall of Asia, and Phoenix Mall of the Millennium brand names.
The Phoenix Mills Limited was incorporated in 1905 and is based in Mumbai, India.
Stock analysis
The Phoenix Mills Limited (PHOENIXLTD) currently trades at ₹1,872, while our model-based Fair Value estimate is ₹405.25, 78.4% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹836.61 per share, and 0 of the 16 models we run sit above the ₹1,872 price.
Bear case: the Asset-Based group reads lowest at ₹195.27, and 16 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹261.21 (bear) to ₹769.30 (bull), the price of ₹1,872 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
The Phoenix Mills Limited reported revenue of ₹44.2B in FY2026 versus ₹14.8B in FY2022, a compound +31.4%/yr. Reported net income was ₹12.2B in FY2026, compounding +50.7%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap ₹670B (≈ $7.1B) Mid · P/E ratio 52.2 · P/S ratio 18.7 · EPS (TTM) ₹35.90 · Dividend yield 0.1% · Net margin 28.2% · Return on equity 11.1% · Return on assets (EBIT) 8.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −28% fair-value upside, at −78%, PHOENIXLTD screens richer than that median.
Fair Value models
Bear₹261.21Fair Value ₹405.25Bull₹769.30
Price ₹1,872 · Upside -78.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹19.03 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+16.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.4%
Start year 2021 (pandemic). Over 10 years: +9.5% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.2%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+38.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+38.8%
Dividend (yield on the price)0.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.38.8% vs 23.1%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.29% → 52%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+44.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+13.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +38.4% a year for the price and +8.7% for the forecasts.
Compare The Phoenix Mills Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate - Diversified · 129 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside−78.4% · Bottom 25%
Profitability
Return on equity (12 months)11.1% · Top 25%
Return on assets6.8% · Top 25%
Net margin (12 months)35.8% · Above median
Operating margin (12 months)50.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)12.8% · Above median
Dividend yield (12 months)0.1% · Bottom 25%
Balance sheet
Debt / equity0.43× · Below median
Valuation Multiplesvs Real Estate - Diversified median · lower = cheaper
P/E (12 months)52.2× · Priciest 25%
P/B6.10× · Priciest 25%
P/S (12 months)18.74× · Priciest 25%
Price / free cash flow117.4× · Priciest 25%
EV/EBITDA33.1× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 36
FUTURE (revenue growth)64· sector 5
PAST (return on equity)44· sector 18
HEALTH (low debt)79· sector 75
DIVIDEND (yield)3· sector 70
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "The Phoenix Mills Limited Fair Value". https://www.fairvalue-calculator.com/stock/PHOENIXLTD
Frequently asked questions
Is The Phoenix Mills Limited (PHOENIXLTD) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of ₹405.25 versus a price of ₹1,872, about −78% upside (overvalued).
What is the fair value of PHOENIXLTD?
Our model-based fair value for The Phoenix Mills Limited is ₹405.25 (as of Oct 22, 2026), built from audited fundamentals. The current price: ₹1,872.
What is the quality score of PHOENIXLTD?
The Phoenix Mills Limited has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for The Phoenix Mills Limited (PHOENIXLTD)?
Our model-based price target is the fair value of ₹405.25 (as of Oct 22, 2026) from 16 valuation models. Cautious scenario ₹261.21, optimistic scenario ₹769.30. It is a calculation from audited fundamentals, not an analyst target.
What is the The Phoenix Mills Limited stock forecast for 2026?
Our models put fair value at ₹405.25, about −78% upside versus a price of ₹1,872 (overvalued). Cautious scenario ₹261.21, optimistic scenario ₹769.30. The calculation is refreshed regularly with new filings.
What is the revenue of The Phoenix Mills Limited (PHOENIXLTD)?
The Phoenix Mills Limited reported trailing-twelve-month revenue of about ₹45.4B (latest available figure, as of Oct 22, 2026).
Does The Phoenix Mills Limited pay a dividend?
The Phoenix Mills Limited currently shows a dividend yield of 0.13% relative to its recent price (as of Oct 22, 2026).
What growth is priced into The Phoenix Mills Limited (PHOENIXLTD)?
For today's price to be fair in a discounted-cash-flow model, The Phoenix Mills Limited would have to grow free cash flow by +44.1 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +33.5 % per year. As of Oct 22, 2026.
What discount rate (WACC) does the fair value of PHOENIXLTD use?
Our models discount The Phoenix Mills Limited at 10.9 %: a base by market capitalisation (mid), damped by beta 0.35, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For The Phoenix Mills Limited that is +44.1 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has The Phoenix Mills Limited (PHOENIXLTD) delivered so far?
Over the past 5 years revenue at The Phoenix Mills Limited grew +33.5 % a year. The price currently implies +44.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of The Phoenix Mills Limited (PHOENIXLTD) growing?
The median revenue growth in the sector is +2.4 % a year. That is the yardstick for the growth priced into The Phoenix Mills Limited (+44.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of The Phoenix Mills Limited (PHOENIXLTD)?
The free-cash-flow yield on the price is 1.08 %: that much free cash flow The Phoenix Mills Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of The Phoenix Mills Limited (PHOENIXLTD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For The Phoenix Mills Limited it is ₹405.25 per share (as of Oct 22, 2026), against a price of ₹1,872. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is The Phoenix Mills Limited stock overvalued or undervalued in 2026?
As of Oct 22, 2026, PHOENIXLTD trades above its calculated fair value: price ₹1,872, fair value ₹405.25, a gap of about −78% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PHOENIXLTD?
No. The price is what the market pays today (₹1,872); the fair value is what the company's own numbers justify (₹405.25). For The Phoenix Mills Limited the two are ₹1,467 per share apart. That gap is exactly why we show both numbers side by side.
How much is The Phoenix Mills Limited worth?
The market values The Phoenix Mills Limited at about ₹670B (market capitalisation, as of Oct 22, 2026). Per share that is ₹1,872; our models calculate a fair value of ₹405.25 per share.
What do the bullish and bearish scenarios say about PHOENIXLTD?
Our models span a range for The Phoenix Mills Limited: cautious scenario ₹261.21, base ₹405.25, optimistic ₹769.30 per share (as of Oct 22, 2026, price ₹1,872). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PHOENIXLTD?
The Phoenix Mills Limited trades at a price-to-earnings ratio of 52.2 (as of Oct 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹405.25 is built from several models across several years. Other multiples: P/B 6.1, P/S 18.7, EV/EBITDA 33.1.
How solid is the balance sheet of The Phoenix Mills Limited (PHOENIXLTD)?
Balance-sheet figures for The Phoenix Mills Limited (as of Oct 22, 2026): return on equity 11.1%, debt of 0.43 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is PHOENIXLTD from its 52-week high?
The Phoenix Mills Limited trades at ₹1,872, about 13% below its 52-week high of ₹2,154 and 27% above the low of ₹1,477 (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of ₹405.25 is for.
Which stocks are comparable to The Phoenix Mills Limited?
From the same area (Real Estate) we also value Henderson Land Development Company, Swiss Prime Site AG, Central Pattana Public Company, Prestige Estates Projects Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is The Phoenix Mills Limited stock attractive at the current price?
The data as of Oct 22, 2026: price ₹1,872, calculated fair value ₹405.25 (−78%), Quality Score 58/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PHOENIXLTD calculated?
We run The Phoenix Mills Limited through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹405.25, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 12.3 % above its aggregate fair value. The Phoenix Mills Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of The Phoenix Mills Limited (PHOENIXLTD)?
The closing price on Oct 23, 2026 was ₹1,872. Our model-based fair value is ₹405.25, about −78% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with The Phoenix Mills Limited right now?
The price sits above even our optimistic bull case (₹769.30). The favourable scenario is already priced in. The model range is unusually wide (₹261.21 to ₹769.30). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of The Phoenix Mills Limited (PHOENIXLTD) come from?
Earnings per share at The Phoenix Mills Limited grew +26.6 % a year from 2015 to 2026. Broken into its drivers: revenue per share +7.8 %, EBIT margin +4.1 %, tax rate +2.4 %, residual (interest, one-offs) +10.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of The Phoenix Mills Limited
How large is the market capitalisation of The Phoenix Mills Limited (PHOENIXLTD)?
The market capitalisation of The Phoenix Mills Limited is ₹670B (≈ $7.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of The Phoenix Mills Limited (PHOENIXLTD)?
The price-to-sales ratio of The Phoenix Mills Limited is 18.7 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of The Phoenix Mills Limited (PHOENIXLTD)?
Earnings per share at The Phoenix Mills Limited are ₹35.90 (price ÷ EPS = P/E 52.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of The Phoenix Mills Limited (PHOENIXLTD)?
The dividend yield of The Phoenix Mills Limited is 0.1% (payout 7.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of The Phoenix Mills Limited (PHOENIXLTD)?
The net margin of The Phoenix Mills Limited is 28.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of The Phoenix Mills Limited (PHOENIXLTD)?
The return on equity (ROE) of The Phoenix Mills Limited is 11.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of The Phoenix Mills Limited (PHOENIXLTD)?
On an EBIT basis the return on assets of The Phoenix Mills Limited is 8.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of The Phoenix Mills Limited (PHOENIXLTD)?
The operating margin of The Phoenix Mills Limited is 50.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at The Phoenix Mills Limited (PHOENIXLTD)?
Revenue at The Phoenix Mills Limited is growing +12.8% versus a year earlier (3y avg +18.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at The Phoenix Mills Limited (PHOENIXLTD)?
Earnings per share at The Phoenix Mills Limited are growing +23.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does The Phoenix Mills Limited (PHOENIXLTD) carry?
The net debt of The Phoenix Mills Limited is ₹45.0B (fiscal year 2026, ≈ 6.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 22, 2026