āØAt a Glance
In a world where malls were supposed to die post-COVID, Phoenix Mills went full phoenix-mode. Revenue 2.6x in 5 years. PAT 5x. Stock up 4.3x. All this while leasing shops, not selling plots. If āboring is profitableā needed a mascot in Indian real estate, it would be wearing a Zara tee and chilling at High Street Phoenix.
š¦ Part 1: Malls, Hotels, Officesā¦ Oh My!
Phoenix Mills Ltd isnāt your average builder-bro stock.
- Core biz = Malls. 9 iconic shopping centres across top Indian cities
- 0.64 million sqm of retail space, built for rent, not for flipping
- Commercial office + hospitality biz adding slow, sticky cash
Revenue split
(FY25):
- Retail & Property:79%
- Hospitality (St Regis etc.):12%
- Commercial/Office Leasing:9%
They basically rent space to Starbucks and let your girlfriend do the rest of the work.
š Part 2: The Boringly Profitable Financials
š FY20 to FY25 Snapshot
| Year | Revenue (ā¹ Cr) | Net Profit (ā¹ Cr) | EPS (ā¹) | OPM % | ROCE % |
|---|---|---|---|---|---|
| FY20 | 1,936 | 388 | 10.91 | 50% | 9% |
| FY21 | 1,040 | 48 | 1.68 | 48% | 4% |
| FY22 | 1,460 | 268 | 6.65 | 50% | 5% |
| FY23 | 2,616 | 1,478 | 37.37 | 58% | 10% |
| FY24 | 3,972 | 1,333 | 30.76 | 55% | 12% |
| FY25 | 3,814 | 1,307 | 27.53 | 57% | 11% |
- 5-Year Revenue CAGR:14.5%
- 5-Year PAT CAGR:25%š„
- OPM: Never dipped below47%, peaked at61%. Insane.
This is not a real estate stock. Itās a cash cow wearing a Louis
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