Shares of Phoenix Mills Ltd. gained as much as 3% on Monday, June 15, following brokerage firm Macquarie's initiation of coverage on the stock. According to reports from CNBC TV18, the brokerage initiated coverage with an 'outperform' rating and a price target of ₹2,100 per share, indicating an upside potential of 19.5% from its previous close. The stock was trading 1.8% higher at ₹1,789.3 during the session.
As reported by CNBC TV18, Macquarie highlighted that Phoenix Mills' growth runway is underpinned by three key factors: 50% of the mall gross leasable area (GLA) is under expansion, 4x growth in office spaces, and over 900 key hotel buildouts by financial year 2030. The brokerage noted that Phoenix Mills' incremental capex of ₹12,000 crore annually is funded through internal accruals. The company operates 11 million square feet of Grade A malls across eight cities and is positioned as India's largest pure-play name in premium urban consumption.
According to CNBC TV18, of the 20 analysts who have coverage on the stock, 18 have a 'buy' rating and one each have 'hold' and 'sell' ratings. The stock has been down 4% so far this year, despite a 3% surge in the last one month. Macquarie has listed several triggers on the road ahead for Phoenix Mills, including commissioning of pipeline malls through financial year 2027-2030, completion of refurbishments at Palladium Mumbai, Marketcity Bengaluru and Marketcity Pune by FY27, and office lease-up at Mall of Asia and Mall of the Millennium.
