Macquarie adds Lenskart, Phoenix Mills to India portfolio; drops Reliance, M&M
Macquarie reshuffled its India model portfolios, adding Lenskart and Phoenix Mills to its Rising Stars basket (replacing MakeMyTrip and Amber) while retaining Titan. Reliance Industries and M&M were removed from tactical and large-cap baskets. Axis Bank flagged at 24% YoY FY27 earnings growth.
What happened
Macquarie reshuffled its India model portfolios, adding Lenskart and Phoenix Mills to Rising Stars (replacing MakeMyTrip, Amber), retaining Titan, and removing
Key facts
- 24% YoY earnings growth FY27 (Axis Bank)
Why this matters
Lenskart's inclusion alongside Phoenix Mills validates retail-format and premium-consumption assets as brokerage-favored, sharpening the case for M&A or partnership positioning in eyewear and mall-anchored retail.
What to watch
- Lenskart quarterly SSSG and store-expansion guidance
- Phoenix Mills consumption/tenant sales YoY growth
- Additional broker portfolio reshuffles referencing same names
- Axis Bank FY27 earnings trajectory validating the 24% YoY flag
- RIL/M&M relative performance vs Nifty over 4-8 weeks
- Monitor Lenskart post-IPO trading volumes and lock-up dynamics for flow confirmation
- Track whether peer brokerages (Jefferies, Morgan Stanley, CLSA) echo the consumption-retail tilt
- Watch Phoenix Mills leasing/occupancy prints and retail-consumption REIT read-across
- Assess RIL retail-arm and M&M auto delivery data to test the downgrade thesis
- Position Titan as the anchor of the premium-consumption basket