Buy Phoenix Mills; target of Rs 2003: Motilal Oswal

Motilal Oswal is bullish on Phoenix Mills has recommended buy rating on the stock with a target price of Rs 2003 in its research report dated October 31, 2025.

Broker Research

November 04, 2025 / 13:23 IST

BUY

26 Aug, 2025 12:21

Volume

Todays L/H

Motilal Oswal's research report on Phoenix Mills

PHNX reported revenue of INR11.2b, +22% YoY/+17% QoQ (in line with estimates), while EBITDA came in at INR6.7b, up 29% YoY/18% QoQ (6% above estimate). Margin stood at 59.8%, up 340bp YoY/58bp QoQ (210bp above our estimate). In 1HFY26, revenue stood at INR20.7b, +14% YoY, while EBITDA came in at INR12.3b, up 17% YoY. Margin stood at 59.5%, up 196bp YoY. Adj. PAT stood at INR3b, +39% YoY/+26% QoQ (20% below estimate due to higher values of taxes and associate profits). PAT margin stood at 27.3%. In 1HFY26, adj. PAT stood at INR5.4b, up 21% YoY, with margins of 26.3%. In 2QFY26, group net debt stood at INR22.03b from INR26.6b in 1QFY26.

Outlook

We retain our BUY rating with a revised TP of INR2,003/share (earlier INR2,044/share), implying upside potential of 19%.

For all recommendations report, click here