According to Motilal Oswal Financial Services estimates, the retail leasing segment could post an Ebitda of about ₹2,900 crore in FY26, compared with roughly ₹400 crore from the hotel business. With Phoenix’s market capitalization at around ₹60,000 crore and net debt likely near ₹5,000 crore, the enterprise value works out to about ₹65,000 crore. After subtracting an estimated ₹13,000 crore in valuation for the construction and hotel businesses, the retail leasing arm is valued at about ₹52,000 crore, implying an EV/Ebitda multiple of 18x.
