India's Phoenix Mills climbs after Nomura upgrades to 'neutral'

The Phoenix Mills

25/03/2026 05:27

** Shares of Indian commercial and retail space developer Phoenix Mills' PHOE.NS rise about 4.88% to 1,576.80 rupees

** Nomura upgrades stock to "neutral" from "reduce", maintains price target of 1,550 rupees

** PHOE has corrected 20% year-to-date (as of last close) on weaker-than-expected earnings growth and market volatility due to the Iran war, says Nomura

** Says after correction, current valuation looks reasonable

** FY2027 earnings growth to be supported by Phoenix Market City portfolio in Bangalore and Mumbai in the June quarter, along with higher rentals from commercial portfolios in Pune, Bangalore and Chennai - Nomura

** The average rating of 18 analysts tracking PHOE is "buy"; median price target is at 2,000 rupees, data compiled by LSEG shows

** PHOE shares are down 15% in 2026 so far, mirroring the 20.6% drop in the realty index .NIFTYREAL, exchange data shows

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))