The Phoenix Mills Limited (PHOENIXLTD) Fair Value & Analysis
Real Estate · IN · Market cap ₹746B (≈ $7.9B) · ISIN INE211B01039
What is The Phoenix Mills Limited really worth?
A solid business, but trading 177% above our fair value of ₹701.74.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 16 valuation models · updated 22 days ago
Share price +0.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹950.01). The favourable scenario is already priced in.
- Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (₹432.19 to ₹950.01) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range ₹354.04 – ₹2,154 · fair‑value band ₹432.19 – ₹950.01 · the ₹1,942 price screens above the ₹701.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
The Phoenix Mills Limited (PHOENIXLTD) currently trades at ₹1,942, while our model-based Fair Value estimate is ₹701.74, implying the stock looks roughly 176.8% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of ₹1,202 per share, and 0 of the 16 models we run sit above the ₹1,942 price. Bear case: the Asset-Based group reads lowest at ₹205.85, and 16 of the 16 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, The Phoenix Mills Limited generated revenue of ₹44.2B at a net margin of 27.7%. Revenue grew 33.7% year over year. It earns a return on equity of 11.1%. Net debt stands at ₹45.0B. Fundamentals as of Aug 13, 2026
Our scenario range runs from ₹432.19 (bear case) to ₹950.01 (bull case); at ₹1,942, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 3% below its 52-week high and 39% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −33% fair-value upside, at −64%, PHOENIXLTD screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹13.99 per share, which is 2.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 16 models by family
Widest divergence: DCF Models (₹1,202) versus Dividend Discount (₹42.99). Highest evidence: FCF DCF (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 70
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
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.
of which total revenue +10.0 % · buybacks/dilution −2.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
PHOENIXLTD screens 177% overvalued. Compare with Corem Property Group →
Peer Group
Real Estate - Diversified · 131 stocks
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.
Valuation Multiples vs Real Estate - Diversified median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 35/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Corem Property Group CORED | kr 229.00 | kr 121.82 | −47% |
| Swiss Prime Site AG SPSN | CHF 124.60 | CHF 44.83 | −64% |
| Central Pattana Public Company CPN | 66.00 THB | 71.37 THB | +8% |
| Prestige Estates Projects Limited PRESTIGE | ₹1,586 | ₹645.21 | −59% |
| Umm Al Qura for Development and Construction Company 4325 | 17.19 SAR | 11.60 SAR | −33% |
| Fastighets AB BALDB | kr 54.08 | kr 70.70 | +31% |
| Hainan Airport Infrastructure Co 600515 | ¥2.79 | ¥0.3300 | −88% |
| Parque Arauco S.A PARAUCO | 3,954 CLP | 2,740 CLP | −31% |
| Singapore Land Group U06 | 3.41 SGD | 3.23 SGD | −5% |
| The St. Joe Company JOE | $67.90 | $34.24 | −50% |
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