Who are Phoenix Mills's main competitors?

Named competitors: DLF (DLF.NS), Prestige Estates Projects (PRESTIGE.NS), Nexus Select Trust (private or unlisted), Macrotech Developers (Lodha) (LODHA.NS). The cockpit's measured peer set (industry) also includes Wharf (Holdings) (0004.HK), Compass (COMP), PSP Swiss Property (PSPN.SW), Ctp (CTPNV.AS), Prestige Estates Projects (PRESTIGE.NS), Hulic (3003.T).

Is Phoenix Mills expensive compared with its peers?

On forward p/e it trades at 52.0× against a peer median of 15.9×, 2nd most expensive of 19 in its peer set.

How has Phoenix Mills stock performed?

Over six months to 6 Nov 2026 the shares returned +17.8% against -1.5% for the median peer; over one year +26.5%.

← CockpitCompetitor Analysis › PHOENIXLTD.NS Phoenix MillsOpen in the cockpit ↗

Phoenix MillsPHOENIXLTD.NSCompetitor analysis, valuation and peers

India · INR·Realty›Real Estate Development

Developer and operator of large shopping malls under the Phoenix Marketcity brand, plus residential, office and hotel projects in major Indian cities.

≈ India's Simon Property GroupMomentum leader 88

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$8.13B

US dollars, full cap

Free float

52%

of shares outstanding

$/day

$9.91M

20-day average traded

Fwd P/E

52.0×

forward earnings

ROIC−WACC

n/a

WACC 14.5%

Hurdle

n/a

no reverse DCF

Next earnings

96 days

10 Feb 2027

Close · INR₹2,155

1D+1.4%

1W+10.1%

1M+16.8%

3M+12.7%

6M+17.8%

YTD+16.3%

1Y+26.5%

ATR %2.8%

Beta1.19

52w lowhigh0.7% off high

What Phoenix Mills does

Developer and operator of large shopping malls under the Phoenix Marketcity brand, plus residential, office and hotel projects in major Indian cities.

Earns rent from retailers in its malls, typically a minimum fixed rent or a share of the tenant's sales, whichever is higher, so mall income moves with shoppers' spending. It has added offices and homes on the same sites. The Ruia family is the promoter.

In one line: India's Simon Property Group.

Products and services

Mall/retail leasing
Residential development
Commercial office
Hospitality (hotels)

Customers

Retail brands and tenants
Shoppers
Office tenants

Where it sits in the supply chain

Real estate
Retail real estate
Mall development & leasing

What could go right

Rising organised retail/consumption in India
Occupancy and rental growth in malls

What could go wrong

E-commerce disintermediation of malls
Real-estate execution/regulatory delays

Moat: narrow (scale, installed base, brand). First-mover premium mall portfolio in top Indian cities is hard to replicate given land scarcity.

Headquarters: Mumbai, India · Founded: 1905 · Employees: 2,073

Named competitors

DLF DLF.NS
Prestige Estates Projects PRESTIGE.NS
Nexus Select Trust private or unlisted
Macrotech Developers (Lodha) LODHA.NS

Phoenix Mills at a glance

Size Phoenix Mills (PHOENIXLTD.NS) is an India Real Estate company (Real Estate Development) with a market value of $8.13B, the 144th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,155 on 6 Nov 2026.

Performance Over six months the shares gained 17.8%, against -1.5% for the median peer and 0.0% for the India market (cap-weighted) — highest of 21 in its peer set.

Growth Revenue grew 12.9% over the last twelve months (peer median +6.2%); the operating margin is 52.2% (peer median 33.3%).

Valuation It trades at 52.0× forward earnings against a peer median of 15.9× (2nd most expensive of 19).

Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Phoenix Mills against the median of its 20 peers (local-currency closes).

Phoenix Mills financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹45.8B	₹44.2B	₹38.1B	₹39.7B	₹26.4B
Revenue growth	—	+16%	-4%	+51%	—
Gross profit	₹35.0B	₹30.3B	₹26.6B	₹26.3B	₹19.3B
EBITDA	₹27.6B	₹26.6B	₹21.8B	₹22.0B	₹15.3B
Net income	₹13.0B	₹12.2B	₹9.84B	₹11.0B	₹13.3B
Free cash flow	n/a	₹7.26B	-₹8.28B	₹1.55B	-₹7.98B
Capital expenditure	n/a	₹14.0B	₹26.2B	₹16.7B	₹18.3B
Total debt	₹61.2B	₹53.2B	₹46.9B	₹46.4B	₹42.6B

Quarterly statements and history in the cockpit →

Phoenix Mills competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Phoenix Mills is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Phoenix Mills is the large dot.

Phoenix Mills competitors and peer comparison

Head to head with its named competitors (PHOENIXLTD.NS vs DLF.NS vs PRESTIGE.NS vs LODHA.NS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Phoenix Mills PHOENIXLTD.NS	$8.13B	+18%	+13%	52%	52.0×	n/a
DLF DLF.NS	$19.7B	+22%	-29%	13%	38.3×	n/a
Prestige Estates Projects PRESTIGE.NS	$7.42B	+10%	+66%	24%	38.5×	n/a
Lodha Developers LODHA.NS	$12.5B	+22%	+21%	31%	27.0×	n/a

How Phoenix Mills compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Phoenix Mills against its 20 peers (data as of 6 Nov 2026)
Measure	PHOENIXLTD.NS	Peer median	Rank in peer set
1-month return	+16.8%	+7.7%	4th highest of 21
6-month return	+17.8%	-1.5%	highest of 21
Distance from 52-week high	-0.7%	-17.9%	highest of 21
Revenue growth (TTM)	+12.9%	+6.2%	9th highest of 21
Operating margin	52.2%	33.3%	8th highest of 21
Forward P/E	52.0×	15.9×	2nd most expensive of 19

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Phoenix Mills PHOENIXLTD.NS	India	$8.13B	+18%	+13%	52%	52.0×	n/a	n/a
Wharf (Holdings) 0004.HK	Hong Kong	$7.92B	-32%	-1%	41%	15.7×	n/a	n/a
Compass COMP	United States	$7.84B	+17%	+68%	0%	n/a	n/a	n/a
PSP Swiss Property PSPN.SW	Switzerland	$8.73B	+5%	+44%	68%	27.9×	n/a	n/a
Ctp CTPNV.AS	Netherlands	$7.43B	-18%	+12%	67%	13.0×	n/a	n/a
Prestige Estates Projects PRESTIGE.NS	India	$7.42B	+10%	+66%	24%	38.5×	n/a	n/a
Hulic 3003.T	Japan	$9.16B	+7%	+25%	23%	11.5×	n/a	n/a
Daito Trust Construction 1878.T	Japan	$7.10B	-7%	+6%	7%	9.7×	n/a	n/a
Deutsche Wohnen DWNI.DE	Germany	$7.05B	-20%	0%	48%	11.0×	n/a	n/a
AB Sagax SAGA-A.ST	Sweden	$6.96B	+5%	+5%	78%	15.7×	n/a	n/a
Cpi Property O5G.DE	Germany	$6.85B	-1%	-8%	41%	n/a	n/a	n/a
Oberoi Realty OBEROIRLTY.NS	India	$6.66B	+4%	+16%	57%	20.0×	n/a	n/a
Poly Developments & 600048.SS	China	$10.1B	-9%	-4%	4%	48.6×	n/a	n/a
FirstService FSV.TO	Canada	$6.46B	+18%	+3%	6%	23.6×	n/a	n/a
Fastighets AB Balder BALD-B.ST	Sweden	$6.43B	-2%	+4%	66%	12.2×	n/a	n/a
NEPI Rockcastle NRP.AS	Netherlands	$6.34B	+9%	+20%	62%	12.1×	n/a	n/a
China Merchants Shekou Industrial Zone 001979.SZ	China	$10.4B	-10%	-22%	1%	69.7×	n/a	n/a
Castellum CAST.ST	Sweden	$5.94B	+10%	-3%	67%	16.1×	n/a	n/a
Godrej Properties GODREJPROP.NS	India	$5.77B	-4%	+17%	21%	24.5×	n/a	n/a
Shanghai Zhangjiang Hi-Tech Park Development 600895.SS	China	$5.71B	-33%	+89%	26%	36.4×	n/a	n/a
Tokyu Fudosan Holdings Corporat 3289.T	Japan	$5.69B	-7%	+6%	14%	8.6×	n/a	n/a

Questions

Who are Phoenix Mills's main competitors?: Named competitors: DLF (DLF.NS), Prestige Estates Projects (PRESTIGE.NS), Nexus Select Trust (private or unlisted), Macrotech Developers (Lodha) (LODHA.NS). The cockpit's measured peer set (industry) also includes Wharf (Holdings) (0004.HK), Compass (COMP), PSP Swiss Property (PSPN.SW), Ctp (CTPNV.AS), Prestige Estates Projects (PRESTIGE.NS), Hulic (3003.T).
Is Phoenix Mills expensive compared with its peers?: On forward p/e it trades at 52.0× against a peer median of 15.9×, 2nd most expensive of 19 in its peer set.
How has Phoenix Mills stock performed?: Over six months to 6 Nov 2026 the shares returned +17.8% against -1.5% for the median peer; over one year +26.5%.