The Phoenix Mills Limited (PHOENIXLTD.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-97.8%

₹44.24

vs ₹2,050.10 price

Levered DCF

₹421.02

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.92

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	44.01×	58.16×	46.32×	17.4×	82.58×	223.05×	26.14×	23.99×
P/B	4.9×	5.48×	5.38×	2.77×	2.98×	2.63×	2.36×	2.91×
P/S	12.18×	15.04×	12.82×	8.81×	13.22×	12.3×	4.51×	5.1×
EV / EBITDA	21×	26.47×	23.8×	12.12×	28.11×	32.88×	13.26×	14.24×
Gross margin	71.7%	69.8%	66.1%	73.3%	66.1%	57.0%	63.7%	63.4%
Operating margin	51.5%	48.7%	48.6%	49.4%	37.6%	28.8%	39.7%	40.4%
Net margin	27.7%	25.9%	27.7%	50.6%	16.0%	5.5%	17.2%	21.2%
Current ratio	1.29×	1.14×	1.51×	1.34×	1.87×	1×	0.9×	1.04×
Debt / equity	0.48×	0.45×	0.49×	0.51×	0.6×	0.83×	1.17×	1.22×
Interest coverage	5.89×	4.6×	4.87×	3.81×	1.89×	0.86×	2.22×	2.28×
Dividend yield	0.2%	0.2%	0.2%	0.2%	0.1%	0.0%	0.6%	0.5%
Payout ratio	7.3%	9.1%	8.2%	3.2%	7.3%	0.4%	16.6%	11.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.1%	9.4%	11.6%	15.9%	3.6%	1.2%	9.0%	12.1%
Return on invested capital	8.3%	7.6%	8.7%	7.2%	3.3%	2.9%	6.2%	7.2%
Return on assets	5.4%	4.6%	5.7%	7.6%	1.7%	0.5%	3.2%	4.2%
Free cash flow yield	1.3%	-0.9%	1.0%	-2.0%	3.8%	-2.4%	-0.0%	-12.4%
Earnings yield	2.3%	1.7%	2.2%	5.7%	1.2%	0.4%	3.8%	4.2%
Enterprise value	₹583.5B	₹617B	₹551.1B	₹272.3B	₹233B	₹167.8B	₹129.8B	₹143.1B
Net debt / EBITDA	1.62×	1.92×	1.81×	1.78×	4.44×	7.7×	4.32×	4.19×
Cash conversion cycle (days)	192	205	197	601	561	690	391	423