Buy Phoenix Mills; target of Rs 732: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Phoenix Mills

Phoenix Mills (PHNX) has an operational history of more than 100 years. A textile manufacturer at inception, the company has reinvented itself as a retail-led mixed-use mall developer. Its diversified portfolio of businesses comprises: (a) Retail mall development (enjoys a leadership position in cities where it operates) and (b) Hospitality, Residential and Commercial (together contributed 35% of revenue as of FY17).

Outlook

The stock trades at a PE of 29x/23x FY19/20E, P/BV of 2.6x/2.3x FY19/20E and EV/EBITDA of 13.7x/11.4x respectively. We value retail assets based on NAV approach, assuming a cap rate of 8% and a discount rate of 13%. We initiate coverage on PHNX with a Buy rating and an SOTP-based target price of INR732 (upside 21%).For all recommendations report, click here

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