Phoenix Mills (PML) is a market leader and owner of prime malls in India. It started the real estate business with its iconic High Street Phoenix mall. Sailing on its retail-led mixed-use development model, PML has an operational asset portfolio of eight operational retail assets aggregating 5.9 msf and four operational commercial assets aggregating 1.16 msf. Going ahead, PML plans to almost double its retail portfolio and triple its commercial asset portfolio. Consequently, we expect its rental income to almost double to | 1702 crore in FY18-23E. We also highlight that PML is...