JPMorgan Reiterates 'Overweight' Rating on Phoenix Mills with ₹2,000 Target Price After Strong Q1 FY27 Update
Analyst Rating Unchanged as Phoenix Mills Reports Strong Q1 Performance
JPMorgan reiterated its Overweight rating on Phoenix Mills after the company reported stronger-than-expected retail consumption during the June quarter. The stock climbed as much as 4.08 per cent to Rs 2,105 around midday, buoyed by the operational update.
Consumption Growth Across Portfolio
Phoenix Mills reported retail consumption of Rs 4,727 crore for the quarter ended June 2026, representing a 32 per cent increase from the corresponding period last year. The company's Q1 FY27 consumption was reported at ₹4,727 crore, up 11% quarter-on-quarter, and was described as ahead of market expectations.
Retail consumption increased 32 per cent year-on-year during the quarter, with most malls reporting strong double-digit growth. The operational strength was attributed to maturing new assets and stable performance in legacy malls.
Brokerage Outlook
JPMorgan maintained its Overweight rating on Phoenix Mills and kept its target price at ₹2,000 after the Q1 FY27 consumption update. JPMorgan cited a consumption beat versus expectations, double-digit growth across most malls, and limited earnings risk from jewellery tenants.
While JPMorgan cautioned that softer gold prices could affect jewellery sales, it expects any impact on Phoenix Mills to remain limited given the company's relatively low profit-sharing exposure from jewellery tenants.
Broader Portfolio Momentum
The company's commercial office portfolio also recorded healthy leasing activity, with gross leasing of around 1.9 lakh square feet during the quarter. Its hospitality business reported robust operating performance, with The St. Regis Mumbai and Courtyard by Marriott Agra registering revenue per available room (RevPAR) growth of 15 per cent and 23 per cent, respectively.
About Phoenix Mills
Phoenix Mills Ltd was founded in 1905 as a textile manufacturing company and got listed on the BSE in 1959 before venturing into real estate. The company is a pioneer of retail-led mixed-use developments in India and has developed over 17.5 million square feet spread across retail, hospitality, commercial and residential asset classes.
The company's project portfolio includes Phoenix Palladium, Phoenix Marketcity, Phoenix United, Phoenix Palassio and Phoenix Citadel, among others. It operates commercial centers across Mumbai, Chennai, Bangalore, Agra, Pune, Raipur and Indore, India.