India's Phoenix Mills drops as Nomura starts coverage with 'reduce'

The Phoenix Mills

09/07/2025 05:38

** India's Phoenix Mills PHOE.NS sheds 4% to 1,510.20 rupees, set to snap four-session gaining streak

** Nomura starts coverage on realtor with "reduce" and PT of 1,400 rupees

** Brokerage's PT is lowest among 17 analysts tracking the stock; avg rating at "buy"; median PT at 1,803 rupees

- data compiled by LSEG

** Nomura says consumption growth in malls has been "slow" with ramp up expected only FY28 onwards

** PHOE's EBITDA margins could come under pressure as its malls in tier-II cities would have relatively lower margins

** Replacing old brand stores with new ones could also hit margins, brokerage adds

** Stock climbed ~2% on Tuesday after it reported a climb in its Q1 residential sales

** Stock extends YTD losses to 7%

 (Reporting by Kashish Tandon in Bengaluru)

 ((Kashish.tandon@thomsonreuters.com))