WatchTalking point
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged 1.59× over the last 3 profit-making years versus 4.32× before that.
Importance 64 / 95 · cash quality
The Phoenix Mills · Research view
The Phoenix Mills Ltd.
NSE: PHOENIXLTDBSE: 503100ISIN INE211B01039Face value ₹2consolidated
₹1,928
−0.96% · 2026-10-01 · 52-wk ₹1,477–₹2,154
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Margins at a multi-year high
EBITDA margin of 63.5% is the widest in 7 years (prior range 52.8% to 62.0%).
Importance 53 / 95 · profitability
StrengthTalking point
Book value compounding
Net worth compounded at 17.2% a year over 7 years (₹4,697 → ₹14,305) — though FY2022 saw a one-off step-change of 45% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Importance 52 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Realty › Realty › Residential, Commercial Projects.
- Market cap
- ₹68,947 cr
- FY2026 revenue
- ₹4,423 cr
- FY2026 net profit
- ₹1,557 cr
- Net worth
- ₹14,305 cr
- Total debt
- ₹5,296 cr
- EPS (basic)
- ₹34.23
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 6 residential, commercial projects.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Revenue compounded at 12.2% a year over 7 years (₹1,982 → ₹4,423) — though FY2023 saw a one-off step-change of 78% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Rule REVENUE_CAGR_STRONG
- Revenue growth per year
- +12.2%over 7 years
- Revenue growth
- +16.0%vs last year
- Net profit growth
- +19.1%vs last year
- Change in net profit since FY19
- +213%
Net profit grew 19.1% year on year (FY2025 → FY2026).
Revenue grew 16.0% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹395 cr, up 23.0% from ₹321 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹1,075 cr, up 12.8% from ₹953 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹586 cr, up 16.7% from ₹502 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 918 | — | 292 | — | 31.8% |
| Q3 FY25 | 975 | −1.1% | 353 | +2.3% | 36.2% |
| Q4 FY25 | 1,016 | −22.2% | 348 | −11.2% | 34.2% |
| Q1 FY26 | 953 | +5.4% | 321 | +2.0% | 33.7% |
| Q2 FY26 | 1,115 | +21.5% | 384 | +31.5% | 34.4% |
| Q3 FY26 | 1,121 | +15.0% | 366 | +3.8% | 32.7% |
| Q4 FY26 | 1,233 | +21.3% | 485 | +39.6% | 39.4% |
| Q1 FY27 | 1,075 | +12.8% | 395 | +23.0% | 36.7% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹4,545 crTTM
- EBITDA
- ₹2,894 crTTM
- EBIT
- ₹2,531 crTTM
- PBT
- ₹2,117 crTTM
- Net profit
- ₹1,630 crTTM
C. Corporate actions
11 Sept 2026DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
15 Sept 2025DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
20 Sept 2024Bonus issueBonus issue 1:1 — 1:2
20 Aug 2024DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
15 Sept 2023DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
12 Sept 2022DividendFinal Dividend - Rs. - 2.4000 — ₹2.40/share
16 Sept 2021DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
17 Sept 2019DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
11 Sept 2018DividendFinal Dividend - Rs. - 2.6000 — ₹2.60/share
18 Sept 2017DividendFinal Dividend - Rs. - 2.4000 — ₹2.40/share
31 Aug 2016DividendFinal Dividend - Rs. - 0.4500 — ₹0.45/share
17 Mar 2016DividendInterim Dividend - Rs. - 1.7500 — ₹1.75/share
2 Sept 2015DividendDividend - Rs. - 2.2000 — ₹2.20/share
13 Aug 2014DividendDividend - Rs. - 2.2000 — ₹2.20/share
12 Aug 2013DividendDividend - Rs. - 2.2000 — ₹2.20/share
10 Aug 2012DividendDividend - Rs. - 2.0000 — ₹2.00/share
9 Sept 2011DividendFinal Dividend - Rs. - 1.8000 — ₹1.80/share
17 Sept 2010DividendFinal Dividend - Rs. - 1.2000 — ₹1.20/share
11 Sept 2009DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
12 Sept 2008DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
13 Feb 2008Otherother
25 Oct 2007DividendDividend - Rs. - 3.0000 — ₹3.00/share
9 Dec 2005Bonus issueBonus issue 4:1 — 1:5
9 Dec 2005Otherother
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
EBITDA margin of 63.5% is the widest in 7 years (prior range 52.8% to 62.0%).
Rule MARGIN_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 63.5%
- 8-year range
- 52.8–63.5%
- ROE FY2026
- 11.1%
- ROCE FY2026
- 12.8%
EBITDA margin improved from 60.6% to 63.5% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Cash conversion (CFO ÷ profit) has averaged 1.59× over the last 3 profit-making years versus 4.32× before that.
Rule CASH_CONVERSION_DETERIORATING
Operating cash flowNet profit
- Total debt
- ₹5,296 cr
- Operating cash flow ÷ net profit
- 1.56×FY2026
- Free cash flow
- ₹1,029 cr
- Current ratio
- 1.29×
Net worth compounded at 17.2% a year over 7 years (₹4,697 → ₹14,305) — though FY2022 saw a one-off step-change of 45% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Operating cash flow has matched or exceeded reported profit in 5 of the last 6 profit-making years (latest 1.56×).
Section 08 · Relative position
How does it compare with peers?
Ranked against 6 residential, commercial projects (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
PHOENIXLTD · 3rd of 6 · set median 14.8%
EBITDA margin
PHOENIXLTD · 1st of 6 · set median 46.6%
Return on equity
PHOENIXLTD · 3rd of 6 · set median 10.5%
P/E ratio
PHOENIXLTD · 5th of 6 · set median 33.8×
- P / E
- 42.3×TTM to Jun 26
- P / B
- 4.8×latest book
- P / S
- 15.2×TTM sales
- Earnings yield
- 2.4%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 44.3× · P/S 15.0× · ROE 11.1%.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit (32.0% a year) and the stock (32.0% a year) compounded at roughly the same rate — but FY2021 profit (₹388) was well below the through-cycle level (~₹1,307), so this rate is inflated by the recovery from a low base.
Rule STOCK_TRACKED_EARNINGS · recovery
- 1-year return
- +23.3%
- 3-year return
- +112.5%
- 5-year return
- +301.0%
- From 52-wk high
- −10.5%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Above₹1,925
- vs 200-day avg
- Above₹1,821
- RSI (14)
- 50.3neutral
- MACD histogram
- 4.6
- From 52-wk high
- −10.5%
- From 52-wk low
- +30.5%
- 30-day volatility
- 20.8%ann.
- 6-month return
- +28.0%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchCash conversion trending downCash conversion (CFO ÷ profit) has averaged 1.59× over the last 3 profit-making years versus 4.32× before that.CASH_CONVERSION_DETERIORATING · conviction 64
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,982 | 1,941 | 1,073 | 1,483 | 2,638 | 3,978 | 3,814 | 4,423 |
| Total income | 2,067 | 2,000 | 1,166 | 1,558 | 2,755 | 4,110 | 3,964 | 4,594 |
| EBITDA | 1,078 | 1,026 | 586 | 808 | 1,635 | 2,309 | 2,312 | 2,808 |
| Profit before tax | 572 | 478 | 29 | 328 | 1,671 | 1,643 | 1,595 | 2,032 |
| Net profit | 497 | 388 | 48 | 268 | 1,478 | 1,333 | 1,307 | 1,557 |
| EPS (₹) | 27.5 | 21.8 | 3.2 | 13.3 | 74.8 | 61.4 | 27.5 | 34.2 |
| Net worth | 4,697 | 4,987 | 6,204 | 9,011 | 11,076 | 12,387 | 13,853 | 14,305 |
| Total debt | 3,981 | 4,108 | 3,654 | 3,982 | 4,259 | 4,612 | 4,663 | 5,296 |
| Operating cash flow | — | — | 437 | 781 | 1,356 | 2,162 | 2,084 | 2,426 |
| Free cash flow | — | — | −308 | 774 | −468 | 489 | −532 | 1,029 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -2.0 | -44.7 | 38.2 | 77.8 | 50.8 | -4.1 | 16.0 |
| Profit growth YoY | — | -21.8 | — | — | 450.9 | -9.8 | -1.9 | 19.1 |
| Profitability | ||||||||
| EBITDA margin % | 54.4 | 52.8 | 54.6 | 54.5 | 62.0 | 58.0 | 60.6 | 63.5 |
| Net margin % | 24.0 | 19.4 | 4.1 | 17.2 | 53.6 | 32.4 | 33.0 | 33.9 |
| Return on equity % | 10.6 | 8.0 | 0.9 | 3.5 | 14.7 | 11.4 | 10.0 | 11.1 |
| Return on capital % | 10.1 | 9.2 | 4.0 | 5.4 | 9.9 | 12.6 | 11.2 | 12.8 |
| Leverage & cash | ||||||||
| Debt to equity | 0.85 | 0.82 | 0.59 | 0.44 | 0.38 | 0.37 | 0.34 | 0.37 |
| Cash flow ÷ profit | — | — | 9.15 | 2.91 | 0.92 | 1.62 | 1.59 | 1.56 |
| Current ratio | 1.00 | 0.90 | 0.98 | 1.87 | 1.34 | 1.51 | 1.14 | 1.29 |