Phoenix Mills Gets 'Buy' Upgrade From Motilal Oswal, Sees 35% Potential Upside — Check Target Price

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Motilal Oswal Report

While new malls continue to ramp up well, Pheonix Mills Ltd. is implementing measures to accelerate consumption at mature malls. These initiatives, along with a further increase in trading occupancy, will help Phoenix Mills sustain healthy traction in consumption.

The company’s acquisition of the remaining 49% stake in Island Star Mall Developers (ISMDPL) strengthens its high-quality retail asset portfolio, unlocking long-term value. The transaction is expected to be earnings-accretive from year one with significant upside as rental income stabilizes and the 2.71msf incremental FSI potential is developed over the medium term.

Staggered payments over three years will keep the net debt-to-equity ratio below 0.4x for the next two years.

We upgrade our rating to Buy with a revised target price of Rs 2,044 (earlier Rs 1,673), implying upside potential of 35%.

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