Buy Phoenix Mills; target of Rs 950: ICICI Direct

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26 Aug, 2025 12:21

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The key highlight for Phoenix Mills (PML) was consumption recovery at retail malls with festivities. During Q3FY21, total consumption was at Rs 1,380 crore (up 195% QoQ; at ~67% of Q3FY20) and the improving trend continued in January 2021 – growing 5% MoM to Rs 530 crore (~83% of January 2020). Reported revenues de-grew ~34% YoY to Rs 337.8 crore, with core portfolio (commercial + retail + hospitality) revenues down ~39% YoY to Rs 282.3 crore, dragged by weak hospitality performance (down 74% YoY). Reported EBITDA margin was down 366 bps YoY to 47%.

We maintain BUY rating with SoTP based target price of Rs 950 (Rs 795, earlier).

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