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Informist, Tuesday, Jan. 27, 2026

By Arundathi A R

MUMBAI – The Phoenix Mills Ltd. is expected to post its highest on-year growth in net profit in 11 quarters for the December quarter. The company is also expected to report a high-double-digit on-year rise in its net sales for the quarter, led by robust growth in its gross sales of its residential properties, according to analysts.

Phoenix Mills is likely to post an over 61% on-year rise in its consolidated net profit at INR 4.01 billion for the December quarter, according to the average of estimates from five brokerages. Sequentially, this would mean a rise of 32%. This will also be the highest pace of an on-quarter rise in the company's bottom line in 11 quarters.

The company's consolidated net sales are expected to rise over 18% on year to INR 11.52 billion for the December quarter, according to the average of estimates. On a quarter-on-quarter basis, the company's top line is expected to rise over 3%.

JM Financial Institutional Securities Pvt. Ltd. has the highest estimate for net profit of the company at INR 5.10 billion while Motilal Oswal Financial Services Ltd. has the highest estimate of INR 12.29 billion for the company's net sales for the December quarter. Nuvama Wealth Management Ltd. has the lowest estimate for both net profit and net sales of the company at INR 3.24 billion and INR 10.48 billion, respectively.

"We factor in revenues of INR 11.9 billion in the 3QFY26 (December quarter)," according to Kotak Securities Ltd. "The performance is backed by 9% yoy (year-on-year) consumption growth for retail consumption," the brokerage said.

Phoenix Mills witnessed strong consumption growth from leasing, reflecting resilience in demand. Its retail leasing portfolio rose 20% on year to INR 47.87 billion in the December quarter, the company said in a business update earlier this month. The company's gross residential sales more than doubled on year to INR 1.40 billion, driven by steady execution and monetisation of premium residential inventory, the company said.

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 a consolidated earnings before interest, tax, depreciation, and amortisation of INR 7.21 billion for the December quarter, according to the average of estimates. HDFC Securities Ltd. has the highest estimate of INR 8.16 billion for the company's EBITDA and Nuvama Wealth has the lowest estimate of INR 5.85 billion.

"The company expects strong EBITDA growth and cash flows to come in from the recently acquired 49% stake of Island Star Mall Developers from CPP Investments (Canada Pension Plan Investment Board)," Motilal Oswal said. The brokerage expects the company to post an EBITDA margin of 58% for the latest quarter.

Phoenix Mills will announce its earnings for the December quarter Wednesday. At 1235 IST, shares of the company were down over 1% at INR 1,702.90 on the National Stock Exchange. The stock has risen nearly 9% since the company reported its earnings for the September quarter on Oct. 31.

Of the seven research reports on the stock available with Informist, six have a 'buy' recommendation with an average target price of INR 1,995, which is over 17% higher than the current market price.

Following are the Oct-Dec earnings estimates for The Phoenix Mills from five brokerages in descending order of the estimate of net profit in INR billion:

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Edited by Avishek Dutta

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