Bank of America Securities, in its September 17 coverage memo, flagged Phoenix Mills as a high‑quality compounder with a resilient balance sheet. The brokerage’s fresh ‘Buy’ call comes amid a 19‑of‑22 analyst consensus, while 3 analysts still see a sell.
BoFA projects a 20% compound annual growth rate in EBITDA through FY26‑29E, driven by rising occupancy, mark‑to‑market rental hikes, and a slate of new malls and office projects. The firm expects each year to see a sharper lift.
Retail capacity addition remains a long runway for Phoenix, with the firm poised to keep snapping up prime land parcels across India. In a market where store‑footprint growth slows, that strategy could be a critical advantage.
Shares finished 1.44% higher at ₹1,860, giving investors a 24% upside to the ₹2,300 target. The stock remains flat year‑to‑date, so the next earnings call will be the real litmus test.