Buy Phoenix Mills; target of Rs 528: Axis Direct

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26 Aug, 2025 12:21

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Axis Direct's report on Phoenix Mills

Phoenix Mills Ltd’s (PML) 49% stake divestment in its subsidiary holding Market City Bangalore for Rs 16 bn to CPPIB values the mall at a cap rate of 6.4% as per our estimate(after stripping off additional development potential worth Rs 2 bn). The cap rate of <7% is extremely lucrative and would significantly rerate valuation of its other malls (except Kurla mall).

Outlook

We revise our cap rate to 7% (from 8.5% earlier) for HSP, Pune, and Chennai malls (we continue to value Kurla at 9% cap rate due to its below par performance). Consequently, our revised TP stands at Rs 528 (vs. Rs 413 earlier).

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