ICICI Direct has given Buy recommendation for Phoenix Mills with a target price of Rs. 1320 in its research report issued on May 26, 2022

ICICI Direct’s research report on Phoenix Mills

Phoenix Mills (PML) is a leading retail mall developer and operator in India. It is into retail-led, mixed-use properties and has developed 17.5+ mn sq ft of retail, commercial, hospitality and residential asset class. • PML has an operational retail area of ~7 mn sq ft spread over nine operational malls and is developing ~6 mn sq ft of retail space. It has 2 mn sq ft operation in commercial segment and plans to add ~5 mn sq ft.


We maintain our BUY rating as PML remains a quasi-play on India’s consumption story, given the quality of assets, healthy balance sheet & strategic expansion plans. We value PML at Rs 1320/share.

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