The Phoenix Mills financials and balance sheet

NSE: PHOENIXLTDBSE: 503100RealtyMid Cap

₹1,872.30₹37.60 (1.97%)BSE ₹1,858.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,909.90.

52-week range of traded prices to 23 Oct 2026

₹1,465.60Low, 24 Mar 2026₹2,169.80High, 14 Jul 2026

Next results date: the board meets on 30 Oct 2026 to consider: financial results.

Market cap: ₹66,968 Cr169th largest listed
P/E: 52.3
P/B: 6.1
Dividend yield: 0.13%
ROE: 11.9%
ROCE: 12.0%
Debt to equity: 0.37
Volume, NSE: 3,93,22453.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.The Phoenix Mills annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹4,423 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.3% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,423
Materials and goods−291
Employee costs−404
Other expenses−1,090
Operating profit2,637
Depreciation−360
Other income+171
One-off items−29
Finance costs−387
Profit before tax2,032
Tax−475
Joint ventures−0.1
Net profit1,557

What the company owns

Plant, investments and other assets₹19,927 Cr
Current investments₹1,010 Cr
Cash and bank₹823 Cr
Inventory₹776 Cr
Receivables₹317 Cr

What pays for it: net worth and liabilities

Net worth₹14,305 Cr
Borrowings₹5,296 Cr
Other liabilities₹3,040 Cr
Owed to suppliers₹212 Cr

The Phoenix Mills business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.The Phoenix Mills segment results by quarter

Revenue by segment

₹4,457 CrTotal

Property & Related Services₹3,233 Cr72.5% of total
Hospitality services₹729 Cr16.3% of total
Residential business₹496 Cr11.1% of total

Profit by segment

Property & Related Services₹1,749 Cr76.8% of total
Hospitality services₹206 Cr9.0% of total
Residential business₹322 Cr14.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Property & Related Services
Revenue, ₹ crore
1,622
1,591
997
1,310
2,163
2,505
2,949
3,233
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
701
704
365
587
1,161
1,401
1,624
1,749
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Hospitality services
Revenue, ₹ crore
359
350
77
174
475
595
671
729
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
88
56
−81
−39
131
123
141
206
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Residential business
Revenue, ₹ crore
877
193
496
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
382
69
322
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,982	1,941	1,073	1,483	2,638	3,978	3,814	4,457
Company revenue, as in its results	1,982	1,941	1,073	1,483	2,638	3,978	3,814	4,423
Revenue	1,622	1,591	997	1,310	2,163	2,505	2,949	3,233
Revenue growth	–	−1.9%	−37.4%	31.4%	65.2%	15.8%	17.7%	9.6%
Profit	701	704	365	587	1,161	1,401	1,624	1,749
Profit growth	–	0.4%	−48.1%	60.7%	97.8%	20.7%	15.9%	7.7%
Margin	43.2%	44.2%	36.7%	44.8%	53.7%	55.9%	55.1%	54.1%
Return on capital	22.6%	20.7%	8.2%	8.1%	12.4%	14.7%	14.6%	15.4%
Assets	7,697	8,201	8,882	11,693	14,823	15,398	17,913	19,013
Liabilities	4,599	4,803	4,428	4,455	5,463	5,873	6,764	7,671
Capital employed	3,098	3,397	4,454	7,238	9,360	9,525	11,149	11,342
Revenue	359	350	77	174	475	595	671	729
Revenue growth	–	−2.6%	−78.1%	127.2%	173.2%	25.3%	12.6%	8.7%
Profit	88	56	−81	−39	131	123	141	206
Profit growth	–	−36.6%	–	–	–	−5.5%	14.4%	45.9%
Margin	24.4%	15.9%	−105.2%	−22.3%	27.5%	20.7%	21.0%	28.2%
Return on capital	27.6%	17.4%	−56.8%	−27.4%	66.2%	41.0%	31.4%	39.7%
Assets	1,134	1,073	963	1,004	952	918	935	949
Liabilities	817	754	821	862	755	618	485	431
Capital employed	317	319	142	142	197	301	450	519
Revenue	–	–	–	–	–	877	193	496
Revenue growth	–	–	–	–	–	–	−77.9%	156.4%
Profit	–	–	–	–	–	382	69	322
Profit growth	–	–	–	–	–	–	−81.9%	364.8%
Margin	–	–	–	–	–	43.6%	35.8%	64.9%
Return on capital	–	–	–	–	–	49.0%	9.2%	39.6%
Assets	–	–	–	–	–	847	829	877
Liabilities	–	–	–	–	–	68	74	65
Capital employed	–	–	–	–	–	779	755	812
	0	0	0	–	–	–	–	–
Profit	85	0	0	–	–	–	–	–
Assets	1,285	1,273	1,610	–	–	–	–	–
Liabilities	2	3	2	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.The Phoenix Mills quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 1 Jul	Mar 2021Filed 29 May	Mar 2022Filed 26 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 27 Apr
Revenue from operations	1,825	1,620	1,982	1,941	1,073	1,483	2,638	3,978	3,814	4,423
	978	842	988	974	579	750	1,119	1,801	1,652	1,786
Materials and goods bought	283	177	219	196	77	103	149	521	218	291
Employee costs	–	–	162	166	113	157	232	299	363	404
Other expenses	–	–	608	613	390	490	738	981	1,071	1,090
Operating profit before depreciation	847	777	993	967	494	734	1,519	2,177	2,161	2,637
Operating margin	46.4%	48.0%	50.1%	49.8%	46.0%	49.5%	57.6%	54.7%	56.7%	59.6%
Materials, % of revenue	–	–	11.0%	10.1%	7.2%	6.9%	5.6%	13.1%	5.7%	6.6%
Employee costs, % of revenue	–	–	8.2%	8.5%	10.5%	10.6%	8.8%	7.5%	9.5%	9.1%
Other expenses, % of revenue	–	–	30.7%	31.6%	36.3%	33.0%	28.0%	24.7%	28.1%	24.6%
Depreciation and amortisation	195	198	204	208	209	186	228	270	327	360
Operating profit after depreciation	652	579	789	760	285	548	1,291	1,907	1,835	2,277
Other income	47	56	85	59	92	74	116	132	151	171
Finance costs	423	348	351	348	348	294	341	396	403	387
Profit before one-off items and tax	276	287	523	470	29	328	1,066	1,643	1,582	2,061
One-off items	0	0	48	8	0	0	605	0	13	−29
Profit before tax	276	287	572	478	29	328	1,671	1,643	1,595	2,032
	86	76	110	122	−5	80	199	317	294	475
Current tax	–	–	82	42	58	79	207	269	241	392
Deferred tax	–	–	27	80	−63	1	−8	48	52	83
Share of profit of joint ventures and associates	1	44	35	33	14	20	5	6	6	0
	191	256	497	388	48	268	1,478	1,333	1,307	1,557
Belonging to the company's shareholders	168	242	421	335	53	237	1,335	1,099	984	1,224
Belonging to outside owners of subsidiaries	–	–	76	54	−5	31	143	234	323	333
Other comprehensive income	–	–	17	−52	33	11	−17	53	14	−16
Total comprehensive income	–	–	514	336	80	279	1,461	1,386	1,321	1,541
Net margin	10.5%	15.8%	25.1%	20.0%	4.4%	18.1%	56.0%	33.5%	34.3%	35.2%
Net margin without joint ventures and associates	10.4%	13.0%	23.3%	18.3%	3.2%	16.7%	55.8%	33.3%	34.1%	35.2%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 16 May	Mar 2020Filed 1 Jul	Mar 2021Filed 29 May	Mar 2022Filed 26 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 27 Apr
	4,697	4,987	6,204	9,011	11,076	12,387	13,853	14,305
	3,474	3,708	4,885	6,582	8,380	9,458	10,448	10,989
Share capital	31	31	34	36	36	36	72	72
Reserves	3,443	3,678	4,850	6,547	8,344	9,422	10,377	10,917
Belonging to outside owners of subsidiaries	1,223	1,279	1,319	2,429	2,696	2,930	3,405	3,316
	3,981	4,108	3,654	3,982	4,259	4,612	4,663	5,296
Repayable after a year	3,432	3,405	3,016	3,141	3,310	3,813	3,847	4,704
Repayable within a year	549	702	638	841	949	799	816	591
	1,802	1,939	2,065	2,041	2,579	2,245	2,368	2,429
Trade payables	148	110	85	130	158	205	203	212
Other financial liabilities	618	685	1,027	736	883	858	1,055	1,316
Other liabilities	430	374	242	195	423	191	156	165
Provisions	55	66	74	138	157	179	133	143
Tax owed	2	0	0	2	8	12	6	1
	3,617	3,622	3,187	3,282	3,935	4,651	5,310	6,119
Other financial liabilities	161	189	129	94	261	431	1,031	935
Other liabilities	16	13	27	24	50	52	44	54
Provisions	8	10	12	19	26	29	38	45
Deferred tax	0	3	2	5	287	325	350	380
Trade payables	0	1	–	0	0	0	0	–
Total assets	10,116	10,547	11,455	14,335	17,589	19,283	21,531	22,853
	8,305	8,811	9,438	10,517	14,123	15,896	18,835	19,729
Plant in use, after depreciation	6,149	6,080	6,900	1,240	1,809	2,213	2,280	2,283
Plant being built	896	1,534	1,274	2,049	2,295	1,503	3,143	3,879
Intangible assets	2	2	2	1	2	29	2	1
Goodwill	371	371	371	306	618	620	592	563
Intangible assets being developed	0	0	0	0	0	0	0	–
Property held to earn rent	–	–	–	5,962	8,536	10,275	11,593	11,925
Investments	472	428	475	493	302	401	479	194
Stakes in joint ventures and associates	–	–	–	0	0	0	0	287
Loans given	6	12	6	2	2	2	1	1
Other financial assets	106	123	118	116	154	231	240	237
Deferred tax	139	61	124	126	164	136	104	56
Other assets	163	200	169	224	242	485	401	303
	1,811	1,736	2,017	3,818	3,466	3,387	2,696	3,123
Inventories	899	816	768	750	1,212	782	774	776
Trade receivables	196	202	295	280	238	270	230	317
Cash and cash equivalents	40	129	133	300	265	455	223	181
Other bank balances	152	11	381	293	366	254	289	642
Current investments	273	162	99	1,824	980	1,324	985	1,010
Loans given	21	10	15	89	49	62	17	3
Other financial assets	27	106	151	115	119	127	110	113
Tax paid in advance	93	143	72	52	74	–	–	–
Other assets	111	158	103	115	164	113	69	82
Net debt	3,516	3,805	3,041	1,565	2,649	2,578	3,166	3,463

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 29 May	Mar 2022Filed 26 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 27 Apr
	437	781	1,356	2,162	2,084	2,426
	517	767	1,565	2,479	2,368	2,731
	0	0	−4	311	219	90
Receivables	0	0	0	−32	27	−83
Inventories	0	0	−444	338	8	−2
Payables	0	0	0	47	−45	8
Other working capital	0	0	439	−42	229	167
Tax paid	12	−58	−209	−317	−285	−305
Capital spending	744	39	1,826	1,674	2,617	1,397
Free cash flow	−308	742	−470	488	−534	1,029
	−955	−2,841	−1,536	−1,859	−2,162	−1,646
Plant and property sold	49	32	1	1	2	0
Companies bought	0	0	−967	0	0	0
Interest received	43	44	37	48	51	44
Dividends received	0	1	2	1	1	1
	522	2,228	137	−299	−47	−731
Borrowings raised	0	0	1,982	1,050	450	2,093
Borrowings repaid	−246	−81	−2,079	−885	−293	−1,335
Interest paid	−368	−279	−367	−381	−345	−348
Lease payments	0	0	0	0	0	−7
Dividends paid	0	17	43	90	89	89
Shares bought back	0	0	0	0	0	0
Shares issued	1,091	10	5	6	5	5
Net change in cash	3	167	−43	3	−126	50

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.The Phoenix Mills dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 1 Jul	Mar 2021Filed 29 May	Mar 2022Filed 26 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 27 Apr
	₹5.49	₹7.91	₹13.74	₹10.91	₹1.60	₹6.66	₹37.38	₹30.68	₹27.53	₹34.23
As stated that year	₹10.97	₹15.82	₹27.48	₹21.82	₹3.20	₹13.31	₹74.76	₹61.36	₹27.53	₹34.23
	₹5.49	₹7.89	₹13.70	₹10.89	₹1.60	₹6.65	₹37.36	₹30.66	₹27.52	₹34.21
As stated that year	₹10.97	₹15.77	₹27.40	₹21.77	₹3.19	₹13.30	₹74.71	₹61.31	₹27.52	₹34.21
	₹1.20	₹1.30	₹1.50	–	₹0.50	₹1.20	₹2.50	₹2.50	₹2.50	₹2.50
As declared that year	₹2.40	₹2.60	₹3.00	–	₹1.00	₹2.40	₹5.00	₹5.00	₹2.50	₹2.50
	–	–	₹113.32	₹120.82	₹142.11	₹184.36	₹234.58	₹264.63	₹292.24	₹307.26
On that year's share count	–	–	₹226.64	₹241.65	₹284.21	₹368.73	₹469.17	₹529.26	₹292.24	₹307.26
Dividend payout	21.9%	16.4%	10.9%	–	32.7%	18.1%	6.7%	8.1%	9.1%	7.3%
Shareholder yield	–	–	–	–	−8.1%	0.0%	0.2%	0.2%	0.1%	0.2%
Market cap at the year end (₹ crore)	5,793	9,055	10,083	8,748	13,410	19,630	23,233	49,719	58,748	53,865

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.The Phoenix Mills PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 1 Jul	Mar 2021Filed 29 May	Mar 2022Filed 26 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 27 Apr
Revenue growth	2.6%	−11.2%	22.3%	−2.0%	−44.7%	38.2%	77.8%	50.8%	−4.1%	16.0%
Operating profit growth	7.2%	−8.2%	27.8%	−2.6%	−48.9%	48.5%	107.0%	43.3%	−0.7%	22.0%
Net profit growth	134.2%	33.8%	94.5%	−21.8%	−87.7%	461.8%	450.9%	−9.8%	−1.9%	19.1%
Earnings per share growth	102.4%	44.2%	73.7%	−20.6%	−85.3%	315.9%	461.7%	−17.9%	−10.3%	24.3%
	–	–	12.1%	9.3%	1.2%	4.1%	17.8%	12.3%	9.9%	11.4%
	–	–	–	−2.8 pts	−8.1 pts	2.9 pts	13.7 pts	−5.5 pts	−2.4 pts	1.5 pts
From the net margin	–	–	–	−2.3 pts	−6.7 pts	2.8 pts	9.0 pts	−8.1 pts	−0.8 pts	0.7 pts
From asset turnover	–	–	–	−0.4 pts	−1.3 pts	0.7 pts	5.7 pts	3.0 pts	−1.5 pts	0.7 pts
From borrowing	–	–	–	−0.1 pts	−0.2 pts	−0.6 pts	−1.0 pts	−0.4 pts	−0.1 pts	0.1 pts
Return on capital employed	–	–	9.1%	8.4%	2.9%	4.2%	8.4%	11.2%	9.9%	11.6%
Cash conversion	–	–	–	–	914.5%	291.0%	91.8%	162.2%	159.4%	155.8%
Interest cover	1.5	1.7	2.3	2.2	0.8	1.9	3.8	4.8	4.6	5.9
Debt to equity	–	–	0.85	0.82	0.59	0.44	0.38	0.37	0.34	0.37
Receivable days	–	–	36	38	100	69	33	25	22	26
Inventory days	–	–	1,498	1,521	3,646	2,657	2,971	547	1,294	973
Payable days	–	–	246	206	402	460	389	144	340	265
Cash conversion cycle, days	–	–	1,288	1,353	3,344	2,266	2,615	429	976	734
Working capital days	–	–	17	37	−8	49	31	−8	−34	−45
Asset turnover	–	–	0.20	0.19	0.10	0.12	0.17	0.22	0.19	0.20
Assets per rupee of net worth	–	–	2.91	2.88	2.56	2.25	2.13	2.07	2.05	2.07
Sales per rupee of plant	–	–	0.32	0.32	0.16	1.20	1.46	1.80	1.67	1.94
Capital spending to depreciation	–	–	–	–	3.55	0.21	8.01	6.19	8.02	3.88
Plant being built, % of plant in use	–	–	14.6%	25.2%	18.5%	165.3%	126.8%	67.9%	137.9%	169.9%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.5%
Cash from operations against operating profit: 92.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.5%	32.7%	18.8%
Profit growth, yearly rate	31.1%	87.6%	−2.9%
Return on equity, average	–	11.1%	11.2%
Return on capital employed, average	–	9.1%	10.9%
Operating margin, average	51.8%	55.6%	57.0%
Net margin, average	25.3%	35.4%	34.3%
Asset turnover, average	–	0.18	0.20
Cash conversion cycle, days, average	–	1,404	713
Interest cover, average	2.9	4.2	5.1
Debt to equity, average	–	0.38	0.36

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	8,808	6,671	2,426
Cash from investing	−10,044	−5,667	−1,646
Cash from financing	1,287	−1,077	−731
Capital spending	7,552	5,688	1,397
Dividends paid	329	268	89
Shares bought back	0	0	0
Shares issued for cash	31	16	5
Borrowings raised	5,574	3,592	2,093
Borrowings repaid	4,672	2,513	1,335

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	8	6	5	5	6
Altman Z-scorePublished threshold 1.1	–	–	2.64	2.48	2.81	4.37	4.43	4.58	4.19	4.23
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.59	−1.66	−2.13	−2.36	−2.81	−2.34
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	5.15	18.06	10.38	5.59	6.79	3.50
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.43	1.40	1.36	1.59
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	5.20	90.97	−43.32	−92.74	−37.42	−10.63	21.64
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	1.34	54.86	−36.30	17.06	−285.61	57.12	−33.09
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	9.06	−7.50	−2.93	2.81	−2.94	−1.60	0.36
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	11.09	1.24	–	2.88	2.23	7.99	10.67
Effective tax ratePublished threshold 17.16 per cent	31.10	26.40	19.22	25.54	−16.01	24.41	11.90	19.27	18.40	23.38
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	6.82	−0.60	−0.01	0.55	8.36

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
31 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		100
31 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+; IND A1+Review, Other	Stable	750
13 Feb 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Other	Stable	275

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.