# The Phoenix Mills (PHOENIXLTD) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/phoenixltd

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹2,154.9
- Change: +1.36%
- As of: 2026-11-06
- 1D return: +1.36%
- 5D return: +10.10%
- 1M return: +21.66%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

PHOENIXLTD is trading at ₹2,154.90 as of 2026-11-06, holding near the upper end of its recent price range (+100% in the 20-day and 50-day ranges; +97.9% in the 252-day range). The daily trend is bullish with price above all key moving averages and the Supertrend, supported by a +2.2% upward gap on 2026-11-05. While the monthly trend shows strong conviction (ADX 44.74), the daily trend is developing (ADX 22.14) and the weekly trend is weak (ADX 12.95), suggesting short-term momentum may be consolidating despite the broader uptrend. Immediate resistance lies just above at ₹2,165.13 (+0.47%) and ₹2,169.80 (+0.69%), while support is found at ₹2,145.57 (-0.43%). Annualized volatility stands at +32.6%, indicating significant price fluctuation risk.

- Price is near multi-month highs (+97.9% in 252-day range) with bullish positioning across daily, weekly, and monthly timeframes relative to moving averages and Supertrend.
- Daily trend strength is developing (ADX 22.14) versus strong monthly conviction (ADX 44.74); weekly trend remains weak (ADX 12.95), highlighting a divergence in short-term momentum.
- Immediate resistance levels are ₹2,165.13 (+0.47%) and ₹2,169.80 (+0.69%); nearest support is ₹2,145.57 (-0.43%).
- Annualized volatility is +32.6% with a maximum historical drawdown of -24.3%; current drawdown is +0.0%.
- A sustained break above ₹2,169.80 would confirm continued upside momentum, while a close below ₹2,145.57 could signal a short-term pullback toward the ₹2,108.43 pivot.

- Hammer
- Bullish Engulfing Reversal
- Outside Bar
- Doji

### News Context

In the seven-day window ending 4 November 2026, Phoenix Mills Ltd reported a key management change and received positive analyst coverage. On 3 November, the company appointed Parveen Mahtani as group legal head; she previously served as Chief Legal Officer at Mahindra Lifespace Developers Ltd. This appointment signals an effort to institutionalize legal governance across the firm’s retail, commercial, residential, and hospitality assets. Separately, two brokerages issued 'Buy' recommendations with near-term price targets: Motilal Oswal set a target of ₹2,280 on 2 November, and Emkay Global Financial set a target of ₹2,300 on the same day. These views reflect external optimism regarding the real estate developer's prospects but are distinct from corporate operational facts.

- On 3 November 2026, Phoenix Mills appointed Parveen Mahtani (ex-Mahindra Lifespace) as group legal head to manage complex legal agendas across its mixed-use assets.
- Motilal Oswal issued a 'Buy' rating with a ₹2,280 target price on 2 November 2026.
- Emkay Global Financial issued a 'Buy' rating with a ₹2,300 target price on 2 November 2026.
- Analyst targets represent third-party opinions and do not guarantee future stock performance or corporate outcomes.

- [Listed realty firm Phoenix Mills Ltd appoints Parveen Mahtani as group legal head](https://economictimes.indiatimes.com/industry/services/property-/-cstruction/listed-realty-firm-phoenix-mills-ltd-appoints-parveen-mahtani-as-group-legal-head/articleshow/135500904.cms)
- [Buy Phoenix Mills; target of Rs 2280: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-phoenix-mills-target-of-rs-2280-motilal-oswal-14066717.html)
- [Buy Phoenix Mills; target of Rs 2300: Emkay Global Financial](https://www.moneycontrol.com/news/business/earnings/buy-phoenix-mills-target-of-rs-2300-emkay-global-financial-14066278.html)

### What Changed

On 6 November 2026, Phoenix Mills Limited (NSE: PHOENIXLTD) engaged in a concentrated series of investor interactions, signaling active management of institutional relations. The company participated in the BofA Property Week Virtual Conference and filed schedules for physical meetings at the Avendus Spark INDX and JM Financial Annual Conferences on 16 November 2026, followed by CLSA’s 29th India Forum and a Singapore-based BofA Securities meeting on 17 November 2026. These engagements cover both one-on-one and group formats across Mumbai and Singapore.

Market pricing reflects this period of engagement, with the stock closing at ₹2,154.90 on 6 November 2026, up from ₹2,126.00 in the prior snapshot. While specific financial metrics or strategic pivots were not disclosed in the available filings beyond general business overviews, the density of scheduled roadshows suggests a focus on capital market communication rather than immediate operational announcements.

- Phoenix Mills held a virtual interaction with institutional investors on 6 November 2026 via BofA Securities, providing a general business overview.
- The company has scheduled physical investor meetings for 16 November 2026 at the Avendus Spark INDX and JM Financial Annual Conferences in Mumbai.
- Additional investor engagements are planned for 17 November 2026, including CLSA’s 29th India Forum in Mumbai and a BofA Securities meeting in Singapore.
- The stock price closed at ₹2,154.90 on 6 November 2026, compared to ₹2,126.00 in the previous observation.

- [The Phoenix Mills Limited has informed the Exchange about Outcome of interaction with Analyst/ Institutional Investor |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026131922_Investor_meet_Outcome_November_06.pdf)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026134429_PML_Spark_Conference_16Nov26.pdf)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026143048_PML_JM_Financial_Conference_16Nov26.pdf)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026150851_PML_CLSA_Conference_17Nov26.pdf)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026152101_PML_Bofa_Conference_17Nov26_Singapore.pdf)

### Official Filings

Phoenix Mills Limited has disclosed a series of institutional investor interactions scheduled for mid-November 2026, following an earlier virtual session on November 6. The company participated in the BofA Property Week Virtual Conference on November 6, where it provided a general business overview and industry updates to investors. Subsequently, filings indicate that management will engage in physical one-on-one and group meetings during two major conferences in Mumbai on November 16: the Avendus Spark INDX Annual Investor Conference and the JM Financial Annual Conference.

Further engagements are planned for November 17, including the CLSA 29th India Forum 2026 in Mumbai and the '2026 India Corporate Day' organized by BofA Securities in Singapore. Presentations at these upcoming events are explicitly stated to cover financial results for the quarter and half-year ended September 30, 2026. These disclosures reflect standard post-results roadshow activity aimed at communicating recent performance metrics to the investment community.

- Phoenix Mills held a virtual interaction with institutional investors on November 6, 2026, via the BofA Property Week conference, focusing on general business and industry updates.
- Physical investor meetings are scheduled for November 16, 2026, in Mumbai as part of the Avendus Spark INDX and JM Financial Annual Conferences.
- Additional one-on-one and group sessions are set for November 17, 2026, at the CLSA 29th India Forum in Mumbai and the BofA Securities '2026 India Corporate Day' in Singapore.
- Upcoming presentations in Mumbai and Singapore will specifically address financial results for the quarter and half-year ended September 30, 2026.

- [THE PHOENIX MILLS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_131916356.xml)
- [The Phoenix Mills Limited has informed the Exchange about Outcome of interaction with Analyst/ Institutional Investor |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026131922_Investor_meet_Outcome_November_06.pdf)
- [THE PHOENIX MILLS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_134153185.xml)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026134429_PML_Spark_Conference_16Nov26.pdf)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026143048_PML_JM_Financial_Conference_16Nov26.pdf)
- [THE PHOENIX MILLS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_143804476.xml)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026150851_PML_CLSA_Conference_17Nov26.pdf)
- [THE PHOENIX MILLS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_150741029.xml)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026152101_PML_Bofa_Conference_17Nov26_Singapore.pdf)
- [THE PHOENIX MILLS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_152025986.xml)

### Fundamentals

Phoenix Mills demonstrates a trajectory of robust earnings growth and improving operational efficiency, anchored by strong cash generation despite rising leverage. For the quarter ended September 2026, sales reached ₹1,153 crore (up 3% year-on-year), while operating profit expanded to ₹710 crore and net profit rose to ₹427 crore. Earnings quality remains high, with Cash from Operating Activity at ₹2,426 crore for FY2026, representing 104% of operating profit. The company’s working capital management has improved significantly, with the Cash Conversion Cycle stabilizing at 26 days in March 2026, down sharply from historical highs. However, the balance sheet shows increasing reliance on debt, with borrowings rising to ₹6,116 crore as of September 2026, up from ₹4,687 crore in March 2025. This coincides with a reduction in cash reserves to ₹137 crore and an increase in fixed assets to ₹15,764 crore, indicating active capital deployment. Institutional ownership is shifting, with DIIs increasing their stake to 17.3% while FIIs reduced theirs to 31.62%.

- {'metric': 'Quarterly Profitability', 'observation': 'Net profit rose to ₹427 crore and EPS to ₹9.11 in Sep 2026, driven by operating margin expansion even as YoY sales growth moderated to 3%.'}
- {'metric': 'Leverage Trend', 'observation': 'Borrowings increased to ₹6,116 crore (Sep 2026) from ₹4,687 crore (Mar 2025), while cash balances contracted to ₹137 crore, signaling higher financial risk.'}
- {'metric': 'Cash Flow Quality', 'observation': 'FY2026 CFO was ₹2,426 crore, converting 104% of operating profit, confirming that reported earnings are backed by substantial cash generation.'}
- {'metric': 'Next Checkpoint', 'observation': 'Monitor whether continued asset growth (Fixed Assets at ₹15,764 crore) translates into sustained revenue acceleration beyond the current 3% YoY pace.'}

### Bull Case

Phoenix Mills (NSE: PHOENIXLTD) presents a conditional constructive case anchored by multi-timeframe technical strength and supportive analyst sentiment, despite the stock trading near recent highs. As of 6 November 2026, the daily close stood at ₹2,154.90, with the Supertrend indicator signaling a bullish direction on both daily and monthly timeframes. The Plus DI (30.6) significantly outweighs the Minus DI (9.18) on the daily chart, suggesting underlying buying pressure. Furthermore, the stock has delivered robust period returns, including a +23.5% gain over the last year and a +15.1% return year-to-date. Institutional sentiment appears aligned, with Motilal Oswal and Emkay Global Financial issuing 'Buy' recommendations with targets of ₹2,280 and ₹2,300 respectively, implying potential upside from current levels. This technical and sentiment alignment offers a basis for monitoring further momentum, provided the stock can sustainably break through immediate resistance levels around ₹2,165–₹2,170.

- Multi-timeframe technical structure is bullish: Daily and Monthly Supertrends are positive, with daily Plus DI (30.6) well above Minus DI (9.18).
- Strong historical performance: The stock has returned +23.5% over one year and +15.1% year-to-date as of 6 Nov 2026.
- Analyst support: Motilal Oswal and Emkay Global Financial have issued 'Buy' ratings with price targets of ₹2,280 and ₹2,300.
- Key resistance to monitor: Immediate upside faces resistance at ₹2,165.13 (0.47% above) and ₹2,169.80 (0.69% above).

- [Listed realty firm Phoenix Mills Ltd appoints Parveen Mahtani as group legal head](https://economictimes.indiatimes.com/industry/services/property-/-cstruction/listed-realty-firm-phoenix-mills-ltd-appoints-parveen-mahtani-as-group-legal-head/articleshow/135500904.cms)
- [Buy Phoenix Mills; target of Rs 2280: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-phoenix-mills-target-of-rs-2280-motilal-oswal-14066717.html)
- [Buy Phoenix Mills; target of Rs 2300: Emkay Global Financial](https://www.moneycontrol.com/news/business/earnings/buy-phoenix-mills-target-of-rs-2300-emkay-global-financial-14066278.html)
- [THE PHOENIX MILLS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_131916356.xml)
- [The Phoenix Mills Limited has informed the Exchange about Outcome of interaction with Analyst/ Institutional Investor |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026131922_Investor_meet_Outcome_November_06.pdf)
- [THE PHOENIX MILLS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_134153185.xml)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026134429_PML_Spark_Conference_16Nov26.pdf)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026143048_PML_JM_Financial_Conference_16Nov26.pdf)
- [THE PHOENIX MILLS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_143804476.xml)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026150851_PML_CLSA_Conference_17Nov26.pdf)

### FAQs

**What recent leadership changes has Phoenix Mills announced?**

Phoenix Mills appointed Parveen Mahtani as its group legal head. Mahtani previously served as Chief Legal Officer at Mahindra Lifespace Developers Ltd. This appointment aligns with a broader industry trend of real estate developers hiring experienced general counsels to manage complex legal agendas across retail, commercial, residential, and hospitality assets.

**What are the current analyst price targets for Phoenix Mills?**

Motilal Oswal issued a 'Buy' recommendation with a target price of ₹2,280. Emkay Global Financial also issued a 'Buy' recommendation, setting a higher target price of ₹2,300. These figures represent broker opinions and projections, not guaranteed future prices.

**How is Phoenix Mills performing technically as of November 6, 2026?**

The stock closed at ₹2,154.90, up from a previous close of ₹2,126.00. Technical indicators show a bullish daily Supertrend direction with an ADX of 22.14. The stock has gained +15.1% over the past 10 days and +23.5% over the last year, with an annualized volatility of +32.6%.

**What investor meetings is Phoenix Mills participating in near-term?**

On November 6, 2026, the company participated in the BofA Property Week Virtual Conference. It has scheduled physical participation in the Avendus Spark INDX Annual Investor Conference and the JM Financial Annual Conference, both on Monday, November 16, 2026, in Mumbai.

- [Listed realty firm Phoenix Mills Ltd appoints Parveen Mahtani as group legal head](https://economictimes.indiatimes.com/industry/services/property-/-cstruction/listed-realty-firm-phoenix-mills-ltd-appoints-parveen-mahtani-as-group-legal-head/articleshow/135500904.cms)
- [Buy Phoenix Mills; target of Rs 2280: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-phoenix-mills-target-of-rs-2280-motilal-oswal-14066717.html)
- [Buy Phoenix Mills; target of Rs 2300: Emkay Global Financial](https://www.moneycontrol.com/news/business/earnings/buy-phoenix-mills-target-of-rs-2300-emkay-global-financial-14066278.html)
- [THE PHOENIX MILLS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_131916356.xml)
- [The Phoenix Mills Limited has informed the Exchange about Outcome of interaction with Analyst/ Institutional Investor |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026131922_Investor_meet_Outcome_November_06.pdf)
- [THE PHOENIX MILLS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_134153185.xml)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026134429_PML_Spark_Conference_16Nov26.pdf)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026143048_PML_JM_Financial_Conference_16Nov26.pdf)
- [THE PHOENIX MILLS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_143804476.xml)
- [The Phoenix Mills Limited has informed the Exchange about Schedule of Investor meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026150851_PML_CLSA_Conference_17Nov26.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Strong Uptrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹2,108.43
- Risk regime: Price Risk Currently Contained

### Support levels
- 1888.6999999999998
- 1819.6374999999998
- 1573.45

### Resistance levels
- 2169.8
- 2165.133333333333
- 2202.2666666666664

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +1.36% |
| return_10 | +15.09% |
| return_1m | +14.41% |
| return_1y | +23.50% |
| return_20 | +21.66% |
| return_3m | +12.65% |
| return_5 | +10.10% |
| return_6m | +17.17% |
| return_since_start | +35.62% |
| return_ytd | +15.07% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | contained_risk |
| label | Price risk currently contained |
| summary | Recent drawdown and price variability remain within the producer's contained-risk thresholds. |
| maximum_drawdown | -24.27% |
| annualized_volatility | +32.64% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# The Phoenix Mills Limited Q2 FY2026-27: Revenue and profit advance

Revenue from operations rose 7.2% sequentially and 3.4% year on year to ₹1,153 crore in Q2 FY2026-27. Profit for the period increased 8.2% quarter on quarter and 11.2% year on year to ₹427 crore. At 30 September 2026, noncurrent borrowings were higher and cash and cash equivalents lower than at 31 March 2026.

## Revenue and profit grew against both comparison periods

Revenue from operations was ₹1,153 crore, up from ₹1,075 crore in Q1 FY2026-27 and ₹1,115 crore in Q2 FY2025-26. Expenses increased 2.7% sequentially to ₹639 crore from ₹623 crore.

Profit before tax rose to ₹550 crore from ₹492 crore in Q1 FY2026-27 and ₹515 crore in Q2 FY2025-26. Profit for the period was ₹427 crore, compared with ₹395 crore in Q1 FY2026-27 and ₹384 crore a year earlier. Basic earnings per share increased to ₹9.11 from ₹8.30 and ₹8.50, respectively.

## Finance costs and tax expense

Finance costs rose 9.9% quarter on quarter to ₹103 crore from ₹94 crore, and were 12.2% higher than the ₹92 crore reported in Q2 FY2025-26. Tax expense increased 27.0% sequentially to ₹126 crore from ₹99 crore, but was below the ₹132 crore recorded a year earlier.

## Borrowings increased while cash declined

At 30 September 2026, noncurrent borrowings stood at ₹5,544 crore, up from ₹4,704 crore at 31 March 2026 and ₹3,987 crore at 30 September 2025. Current borrowings were ₹549 crore, down from ₹591 crore at 31 March 2026.

Cash and cash equivalents were ₹137 crore at 30 September 2026, compared with ₹181 crore at 31 March 2026 and ₹341 crore at 30 September 2025. Total assets increased to ₹23,979 crore from ₹22,853 crore at 31 March 2026. Equity attributable to owners of the parent was ₹9,099 crore, down from ₹10,989 crore at that date.

## Key Takeaway

Phoenix Mills delivered growth in revenue, profit before tax and profit for the period both sequentially and year on year. The balance sheet also showed higher noncurrent borrowings and lower cash and parent-attributable equity than at 31 March 2026, alongside an increase in total assets.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +47.24%
- FII holding: +31.62%
- DII holding: +17.30%
- Mutual fund holding: +14.91%
- Retail holding: +2.29%
- Promoter pledged: +0.00%

### Major reported shareholders

- Ruia International Holding Company Private Limited — +31.10% (Bodies Corporate)
- Senior Advisory Services Private Limited — +8.10% (Bodies Corporate)
- Ashok Atul Private Limited — +5.41% (Bodies Corporate)
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund — +2.55%
- Atul Ashokkumar Ruia — +2.12%
- Dsp Mid Cap Fund — +1.71%
- Icici Prudential Focus Equity Fund — +1.67%
- Government Of Singapore — +1.59%
- Invesco India Focused Fund — +1.32%
- Polar Capital Funds Plc - Emerging Market Stars Fund — +1.29%

## Official filings

- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_131916356.xml)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026131922_Investor_meet_Outcome_November_06.pdf)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_134153185.xml)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026134429_PML_Spark_Conference_16Nov26.pdf)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026143048_PML_JM_Financial_Conference_16Nov26.pdf)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_143804476.xml)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026150851_PML_CLSA_Conference_17Nov26.pdf)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_150741029.xml)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026152101_PML_Bofa_Conference_17Nov26_Singapore.pdf)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_152025986.xml)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026153034_PMLMS_Conference_18Nov26.pdf)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_152850234.xml)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_06112026153839_PMLMS_Conference_19Nov-26_Singapore.pdf)
- 2026-11-06 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261106_153730319.xml)
- 2026-11-04 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261104_173958094.xml)
- 2026-11-04 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_04112026174531_PMLConferencecallTranscriptOctober2026_sd.pdf)
- 2026-11-03 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_03112026142538_PML_newspaper_03112026_sd.pdf)
- 2026-11-02 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261102_170712821.xml)
- 2026-11-02 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_02112026170504_PML_intimation_of_earningscall_2112026_sd.pdf)
- 2026-10-31 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_31102026140708_PMLNewspaperResults31102026_sd.pdf)
- 2026-10-31 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_31102026141447_PMLConferencecallOutcome31102026_sd.pdf)
- 2026-10-31 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_31102026142355_PMLConferencecallRecordingOct2026_sd.pdf)
- 2026-10-31 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261031_160921335.xml)
- 2026-10-31 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2579_WebXMLFile_20261031_160912822.xml)
- 2026-10-30 — Generic Announcement: The Phoenix Mills Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PHOENIXLTD_30102026191824_PML_outcome_of_Board_Meeting_sd.pdf)

## News and market events

- 2026-11-03 — Economic Times: **Listed realty firm Phoenix Mills Ltd appoints Parveen Mahtani as group legal head** — Listed realty firm Phoenix Mills Ltd has appointed Parveen Mahtani, formerly Chief Legal Officer at Mahindra Lifespace Developers Ltd, as its group legal head. This move reflects a broader trend in the institutionalising Indian real estate sector, where developers are hiring experienced general counsels with promoter-level access to manage complex legal agendas across retail, commercial, residential, and hospitality assets. The appointment aligns with recent industry shifts, as other major developers such as Arvind SmartSpaces, Godrej Properties, Hero Realty, Anant Raj, and DLF have also recen — [Source](https://economictimes.indiatimes.com/industry/services/property-/-cstruction/listed-realty-firm-phoenix-mills-ltd-appoints-parveen-mahtani-as-group-legal-head/articleshow/135500904.cms)
- 2026-11-02 — MONEYCONTROL: **Buy Phoenix Mills; target of Rs 2280: Motilal Oswal** — Motilal Oswal has issued a 'Buy' recommendation for Phoenix Mills, setting a target price of Rs 2,280. The brokerage's note suggests potential upside for investors in the real estate development firm. — [Source](https://www.moneycontrol.com/news/business/buy-phoenix-mills-target-of-rs-2280-motilal-oswal-14066717.html)
- 2026-11-02 — MONEYCONTROL: **Buy Phoenix Mills; target of Rs 2300: Emkay Global Financial** — Emkay Global Financial has issued a 'Buy' recommendation for Phoenix Mills with a price target of Rs 2300. — [Source](https://www.moneycontrol.com/news/business/earnings/buy-phoenix-mills-target-of-rs-2300-emkay-global-financial-14066278.html)
- 2026-09-27 — MONEYCONTROL: **Broader markets underperform, extend losing streak to third week** — Midcap,Smallcap,Broader indices,Market this week,midcap this week,smallcap this week — [Source](https://www.moneycontrol.com/news/business/markets/broader-markets-underperform-extend-losing-streak-to-third-week-14039106.html)
- 2026-09-25 — BUSINESS: **Sensex, Nifty trade near flat line; realty shares jump** — Realty shares rebounded after declining in the previous trading session. — [Source](https://www.business-standard.com/markets/capital-market-news/sensex-nifty-trade-near-flat-line-realty-shares-jump-126092500471_1.html)
- 2026-09-25 — Economic Times: **NFO Insight: Motilal Oswal Nifty REITs & Realty Index Fund opens for subscription. Is now the right time to invest in realty?** — Motilal Oswal Mutual Fund has launched the Nifty REITs & Realty Index Fund, which will be accepting subscriptions until October 9. This innovative fund seeks to give investors access to listed REITs and real estate firms using an index-focused strategy. Given the absence of historical performance data for new funds, experts suggest exercising caution. — [Source](https://economictimes.indiatimes.com/mf/analysis/nfo-insight-motilal-oswal-nifty-reits-realty-index-fund-opens-for-subscription-is-now-the-right-time-to-invest-in-realty/articleshow/134475116.cms)
- 2026-09-24 — MONEYCONTROL: **Trade Spotlight: How should you trade Vijaya Diagnostic Centre, IDFC First Bank, Radico Khaitan, MCX India, Phoenix Mills, and others on September 24?** — Trade Spotlight, Buy Ideas,Top Buy Ideas,Top Picks,Stock Picks,Top Stock Picks,Share Tips,Share Market Tips,Stock Tips,Stock Market Tips,Vijaya Diagnostic Centre,Somany Ceramics,IDFC First Bank,Radico Khaitan,Phoenix Mills,Multi Commodity Exchange of India — [Source](https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-vijaya-diagnostic-centre-idfc-first-bank-radico-khaitan-mcx-india-phoenix-mills-and-others-on-september-24-14036848.html)
- 2026-09-23 — BUSINESS: **Market near day's high; realty shares climb** — Realty shares witnessed buying demand for six consecutive trading sessions. — [Source](https://www.business-standard.com/markets/capital-market-news/market-near-day-s-high-realty-shares-climb-126092300479_1.html)
- 2026-09-18 — Economic Times: **Capitalmind Flexi Cap Fund adds Divi’s Laboratories, Bajaj Auto and 3 other stocks in August** — Capitalmind Flexi Cap Fund made five fresh additions and completely exited five stocks from its portfolio in August, while keeping its exposure unchanged in 27 stocks. The fund had 32 stocks across 17 sectors, with healthcare accounting for the largest allocation. Heres a look at the stocks added and exited, sector allocation and the funds performance since inception. — [Source](https://economictimes.indiatimes.com/mf/analysis/capitalmind-flexi-cap-fund-adds-divis-laboratories-bajaj-auto-and-3-other-stocks-in-august/articleshow/134328679.cms)
- 2026-09-17 — CNBC-TV18: **'High Quality Compounder' - Bank of America Securities bets on this real estate play for 24% upside** — BoFA Securities views Phoenix Mills as a high-quality compounder with a healthy balance sheet. — [Source](https://www.cnbctv18.com/market/phoenix-mills-shares-high-quality-compounder-bank-of-america-securities-bets-on-this-real-estate-play-target-upside-19992444.htm)
- 2026-09-16 — BUSINESS: **Indices trade higher; realty shares plunge** — At 14:25 IST, the barometer index, the S&P BSE Sensex jumped 312.79 points or 0.43% to 74,323.02. The Nifty 50 index added 117.65 points or 0.51% to 23,236.25. — [Source](https://www.business-standard.com/markets/capital-market-news/indices-trade-higher-realty-shares-plunge-126091600625_1.html)
- 2026-09-11 — BUSINESSTODAY: **Lodha, Godrej Properties, other shares slide as Nifty Realty hits two-month low; here's why** — Lodha Developers, Godrej Properties, Nifty Realty, realty stocks, real estate stocks, DLF, Prestige Estates, Phoenix Mills, Anant Raj, Oberoi Realty, Nifty Realty index, realty sector, bond yields, interest rates, US Treasury yields, Indian bond yields, housing demand, real estate sector, stock market today — [Source](https://www.businesstoday.in/markets/stocks/story/lodha-godrej-properties-other-shares-slide-as-nifty-realty-hits-two-month-low-heres-why-554841-2026-09-11)
- 2026-09-11 — BUSINESS: **Indices trade with major losses; realty shares decline** — At 10:30 IST, the barometer index, the S&P BSE Sensex, tanked 538.70 points or 0.72% to 74,367.44. The Nifty 50 index lost 179.35 points or 0.76% to 23,298.45. — [Source](https://www.business-standard.com/markets/capital-market-news/indices-trade-with-major-losses-realty-shares-decline-126091100337_1.html)
- 2026-09-02 — BUSINESS: **Phoenix Mills allots 14,139 equity shares under ESOP** — Consequent to the allotment, the paid up equity share capital has increased to Rs 71,53,55,716 consisting of 35,76,77,858 equity shares having face value of Rs 2/- each. — [Source](https://www.business-standard.com/markets/capital-market-news/phoenix-mills-allots-14-139-equity-shares-under-esop-126090200735_1.html)
- 2026-08-26 — BUSINESS: **Volumes jump at Phoenix Mills Ltd counter** — Phoenix Mills Ltd saw volume of 1.28 lakh shares by 10:45 IST on BSE, a 16.81 fold spurt over two-week average daily volume of 7623 shares — [Source](https://www.business-standard.com/markets/capital-market-news/volumes-jump-at-phoenix-mills-ltd-counter-126082600292_1.html)
- 2026-08-20 — Economic Times: **Stocks in news: Hyundai Motor India, BSE, HEG, Hexaware Tech and Oil India** — Indian equity markets extended their losing streak to a seventh consecutive session, with the Nifty50 closing lower at 24,078.30. Key corporate developments are expected to influence Thursday's trade, including Hyundai Motor India's planned price increase, Aditya Infotech's fundraising approval, and BSE's agreement with MSCI for index futures and options. Other companies like HEG, Ceigall India, and HDFC Life Insurance also saw significant announcements. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-hyundai-motor-india-bse-heg-hexaware-tech-and-oil-india/articleshow/133353448.cms)
- 2026-07-29 — CNBC-TV18: **Q1 Results LIVE Updates: Phoenix Mills shares decline over 5%; MTAR Tech down 5% ahead of report** — Q1 Results LIVE Updates: Four Nifty 50 stocks are reporting their earnings today namely Asian Paints, Adani Enterprises, Adani Ports and Eicher Motors. Dabur, Waaree Energies, ACME Solar, Bajaj Housing Finance, CarTrade Tech, Chalet Hotels, Colgate-Palmolive, J&K Bank, Hexaware Technologies, KPIT Tech, Garden Reach Shipbuilders, Force Motors, Dhanlaxmi Bank, Devyani International, MOIL, Piramal Pharma, Prestige Estates, Redington, Star Health Insurance, Syngene, Teamlease, Triveni Engineering, Zensar Tech are among the other earnings from the broader markets. L&T, Netweb Tech, among others will also be reacting to their results. Watch this space for all the LIVE Q1 results updates. — [Source](https://www.cnbctv18.com/market/q1-results-live-updates-asian-paints-adani-ports-ent-hul-eicher-bajaj-hsg-dabur-mtar-kpit-tech-cartrade-colgate-share-price-liveblog-19956225.htm)

## Business profile

**Strategic vision:** Real estate development, mall operation, hospitality, and residential business.

### Business segments
- **Property and Related Services:** This segment involves the operation and management of malls and commercial office spaces.
- **Hospitality:** The company operates hotels and manages restaurants.
- **Residential Business:** This segment focuses on the construction of residential properties.

### Competitive strengths
- Strategic locations of properties across major Indian cities.
- Diverse portfolio encompassing retail malls, commercial spaces, residential projects, and hospitality assets.
- Operation of multiple retail mall brands and international hotel brands.

## Related stocks

- [Godrej Properties Limited (Real Estate)](https://faxioms.com/stocks/godrejprop) — -0.31%
- [Lodha Developers Limited (Real Estate)](https://faxioms.com/stocks/lodha) — +0.27%
- [Oberoi Realty Limited (Real Estate)](https://faxioms.com/stocks/oberoirlty) — -0.13%
- [Prestige Estates Projects Limited (Real Estate)](https://faxioms.com/stocks/prestige) — -0.85%
- [Aditya Birla Real Estate Limited (Real Estate)](https://faxioms.com/stocks/abrel) — -0.62%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/phoenixltd
Markdown representation: https://faxioms.com/stocks/phoenixltd?render=md