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Informist, Tuesday, Oct. 28, 2025

By Arundathi A R

MUMBAI – The Phoenix Mills Ltd. is expected to post the highest on-year growth in its net profit in six quarters and the highest net sales in five quarters in the September quarter, led by robust growth in its gross sales of its residential properties, according to brokerages tracking the company.

The Phoenix Mills is likely to post a consolidated net profit of INR 3.10 billion for the September quarter, according to the average of estimates from five brokerages. This would mean a rise of 42% on year and nearly 29% sequentially. The company is expected to report consolidated net sales of INR 10.30 billion for the September quarter, up over 12% on year and 8% on quarter, according to the estimates.

The highest estimate for net profit is INR 4.09 billion by Motilal Oswal Financial Services Ltd. and the lowest is INR 2.49 billion by HDFC Securities Ltd. The highest estimate for the net sales is INR 11.08 billion from Nuvama Wealth Management Ltd., while the lowest is INR 9.82 billion from JM Financial Institutional Securities Pvt. Ltd.

"We factor in revenues of INR 9.8 billion in the September quarter. The performance is backed by 10% on-year consumption growth for retail consumption," Kotak Securities Ltd. said. The end-of-season sale is expected to boost the company's retailer sales across all operational malls in the September quarter, Nuvama said. Its retailer sales across all operational malls rose 13% on year in the September quarter, the company said in a business update earlier this month.

The company witnessed strong demand for its premium residential properties. It reported gross residential sales of INR 1.39 billion during the quarter, up nearly 415% on year. Collections during the quarter were INR 1.15 billion, up nearly 92% year on year, according to the company's provisional data.

The Phoenix Mills, a real estate developer, offers a diverse range of projects, including residential, commercial, retail, and hospitality. It has a presence across several cities in India.

The company is expected to post earnings before interest, tax, depreciation, and amortisation of INR 6.11 billion for the September quarter, according to the average of estimates. The highest EBITDA estimate is INR 6.64 billion from Motilal Oswal, while the lowest is INR 5.73 billion from Kotak Securities. Motilal Oswal expects the company to post an EBITDA of INR 6.6 billion, up 28% on year, and an EBITDA margin of 62% for the September quarter.

The Phoenix Mills will announce its September quarter earnings on Friday. On Tuesday, shares of The Phoenix Mills ended 0.5% lower at INR 1,702 on the National Stock Exchange. Since reporting its June quarter earnings on Jul. 24, the company's shares have risen by over 17%.

Of the eight research reports on the company available with Informist, four have a "buy" rating with an average target price of INR 2,257. Three have a "hold" rating and one has a "sell" rating.

Following are the Jul-Sept earnings estimates for The Phoenix Mills, in INR million, from five brokerages in descending order of net profit:

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Edited by Saji George Titus

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