Buy Phoenix Mills; target of Rs 950: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Phoenix Mills

The key highlight for Phoenix Mills (PML) was consumption recovery at retail malls. During Q4FY21, total consumption was at Rs 1,435 crore (up 5% QoQ; at ~100% (~94% on like to like basis) of Q4FY20). Reported revenues degrew ~3.4% YoY to Rs 385.9 crore, with core portfolio (commercial + retail + hospitality) revenues down ~14.7% YoY to Rs 329.5 crore, dragged by weak hospitality performance (down ~66% YoY). Reported EBITDA margin were down 620 bps YoY to 44.9%, given the higher mix of residential revenues.

Outlook

We maintain BUY rating with unchanged SoTP based target price of Rs 950/share.

For all recommendations report, click here

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