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Informist, Monday, Jul. 27, 2026

By Ashutosh Pati

MUMBAI – The Phoenix Mills Ltd. is expected to report a strong year-on-year performance for the June quarter, mainly due to firm demand in its retail business, according to brokerages tracking the company.

The real estate developer is expected to post a consolidated net profit of INR 3.33 billion for the June quarter, up 38% on year, as per the average of estimates from five brokerages. The highest estimate for the company's bottom line is INR 4.19 billion from Nuvama Wealth Management Ltd. and the lowest is INR 2.31 billion from JM Financial Institutional Securities Pvt. Ltd.

The Phoenix Mills is likely to report consolidated revenue of INR 11.21 billion for the quarter, up nearly 18% on year, as per the estimates. The highest estimate for the top line is INR 12.24 billion from Nuvama and the lowest is INR 9.85 billion from JM Financial. 

Sequentially, however, the company is expected to report a fall of 18% and 9% in its bottom line and top line, respectively. The consolidated net profit for the March quarter was INR 4.03 billion on revenue of INR 12.33 billion.

The company is Nuvama's top pick for the sector and it has the highest projections for both net profit and revenue. "The commercial segment...is performing very well; we anticipate absorption to improve going ahead. The retail and hospitality segments are back to normal," the brokerage said.

The Phoenix Mills is a real estate developer with a diverse range of projects, including residential, commercial, retail, and hospitality. It has a presence across several cities in India. The company's sales in the retail portfolio grew 32% on year to INR 47.27 billion in the June quarter. This growth was driven by healthy demand across the portfolio, with "double-digit growth" across most assets, the company had said earlier this month.

The Phoenix Mills' commercial office portfolio continued to witness occupier interest across key markets during the quarter, with leased occupancy improving to 72% as of June from 70% as of March. The company gross leased around 190,000 square feet of space during the June quarter. "Leasing activity remains encouraging, with advanced-stage discussions across assets providing visibility on further occupancy improvement," the company said.

The real estate player is likely to report consolidated earnings before interest, tax, depreciation, and amortisation of INR 6.56 billion for the June quarter, up over 16% on year but down around 13% sequentially. The highest estimate for the company's EBITDA is INR 7.20 billion from Nuvama and the lowest is INR 5.58 billion from JM Financial.

Kotak Securities Ltd. estimates the company's EBITDA margin at 57% for the June quarter, while Motilal Oswal Financial Services sees it at 59.6%. Phoenix Mills' EBITDA margin was 59% in the year-ago quarter.

The company's management had guided for double-digit growth in rental income for financial year 2026-27 (Apr-Mar). It expects a 14-15% increase in rental income from the Pune mall and around 20% growth from the Bengaluru mall.

The Phoenix Mills will detail its June quarter earnings on Tuesday. On Friday, its shares closed 1.2% lower at INR 2,010.70 on the National Stock Exchange. Since its March quarter results, shares of the company have risen over 14%.

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 2,097 per share. This is just over 4% higher than the current market price. Only Nomura Equity Research has a "neutral" recommendation on the stock.

Following are the June quarter earnings estimates for The Phoenix Mills from five brokerages in descending order by the estimate of net profit in INR billion:

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Edited by Shubhayan Bhattacharya

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