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Informist, Saturday, Apr. 25, 2026

By Shruti Nair

MUMBAI – Phoenix Mills Ltd. is expected to report double-digit growth in its bottom line for the March quarter on year as well as on quarter. The real-estate company's top line is also expected to grow in double digits on year, driven by good operational performance across its retail and residential portfolios. Sequentially, however, the top line is seen only modestly higher.

The company is expected to report a 26% year-on-year jump in consolidated net profit for the March quarter to INR 3.42 billion, according to an average of estimates from five brokerages. Nuvama Wealth Management Ltd. has the highest estimate for the bottom line at INR 4.13 billion while JM Financial Institutional Securities Pvt. Ltd. has the lowest estimate at INR 3.05 billion. Sequentially, the consolidated net profit is seen rising nearly 14%.

The company's consolidated revenue for the quarter is expected to jump over 15% on year to INR 11.73 billion per the average of estimates. The highest estimate is INR 13.52 billion from HDFC Securities Ltd. and the lowest is INR 10.34 billion from JM Financial. Kotak Securities Ltd. sees a jump in the company's retail consumption portfolio supporting the revenue. Sequentially, the consolidated revenue is seen rising a modest 4.7%.

Phoenix Mills witnessed strong operating performance across all its businesses in the financial year 2025-26 (Apr-Mar), the company said in a business update earlier this month. Its retail portfolio consumption hit an all-time high at INR 165.78 billion in FY26, up 21%, driven by the broad-based performance of its existing portfolio. The company's residential sales more than doubled to INR 4.71 billion in FY26 from INR 2.12 billion in FY25.

The company's office portfolio also grew meaningfully with gross leasing of over 2.2 million square feet in FY26 with a portfolio leased occupancy rate of around 70% as of March. In the company's hotel portfolio, The St. Regis Mumbai recorded growth in revenue per available room of 6% on year in the March quarter and 7% in FY26 with an occupancy rate of 86%, similar to the previous year.

The company's earnings before interest, tax, depreciation, and amortisation for the March quarter are expected to be INR 6.86 billion according to the average of five estimates. HDFC Securities has the highest estimate of INR 7.98 billion for EBITDA while JM Financial has the lowest estimate of INR 6.17 billion.

The real-estate developer and operator is expected to report strong EBITDA growth and cash flows from its acquisition of the stake held by Canada Pension Plan Investments in Island Star Mall Developers, according to a research report by Motilal Oswal Financial Services Ltd. In July, Phoenix Mills had announced that it would acquire Canada Pension Plan's 49% stake in Island Star for a total consideration of INR 54.49 billion in four tranches over a period of three years. As of November, it had increased its stake in Island Star to 58.33% from 51% prior to the deal. On completion of the acquisition, Phoenix Mills will be the sole owner of Island Star.

Of the seven brokerage reports on the company available with Informist, six have a "buy" or equivalent recommendation on the stock with an average target price of INR 1,977 per share, up nearly 11% from the current market price. The company is scheduled to release its March quarter results Monday.

The stock is up over 5% since the company reported its December quarter earnings in January. Friday, the shares ended 0.5% lower at INR 1,775.90 on the National Stock Exchange.

Following are the Jan-Mar earnings estimates, in INR billion, for Phoenix Mills from five brokerages in descending order of the net profit estimate:

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Edited by Rajeev Pai

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