diff --git a/apps/tests/phase132_return_loop_var_min.hako b/apps/tests/phase132_return_loop_var_min.hako
new file mode 100644
index 00000000..332030ea
--- /dev/null
+++ b/apps/tests/phase132_return_loop_var_min.hako
@@ -0,0 +1,19 @@
+// Phase 132: Minimal test for loop variable return value
+//
+// Tests that exit PHI correctly returns the final loop variable value
+// (not the initial value or module-level garbage).
+//
+// Expected output: RC:3
+// - loop runs 3 iterations (i=0,1,2)
+// - returns final i value (3)
+
+static box Main {
+    main() {
+        local i
+        i = 0
+        loop(i < 3) {
+            i = i + 1
+        }
+        return i
+    }
+}
diff --git a/tools/smokes/v2/profiles/integration/apps/phase132_exit_phi_parity.sh b/tools/smokes/v2/profiles/integration/apps/phase132_exit_phi_parity.sh
new file mode 100644
index 00000000..b855b1b6
--- /dev/null
+++ b/tools/smokes/v2/profiles/integration/apps/phase132_exit_phi_parity.sh
@@ -0,0 +1,96 @@
+#!/bin/bash
+# Phase 132: Exit PHI value parity smoke test
+# Tests: Loop variable return via exit PHI (VM/LLVM parity)
+
+source "$(dirname "$0")/../../../lib/test_runner.sh"
+export SMOKES_USE_PYVM=0
+require_env || exit 2
+
+# Check LLVM availability (SKIP if not found)
+if ! command -v llvm-config-18 &> /dev/null; then
+    test_skip "llvm-config-18 not found"; exit 0
+fi
+
+# Check hakorune LLVM backend availability
+if ! "$NYASH_BIN" --help 2>&1 | grep -q "llvm"; then
+    test_skip "hakorune --backend llvm not available"; exit 0
+fi
+
+# Check Python llvmlite
+if ! python3 -c "import llvmlite" 2>/dev/null; then
+    test_skip "Python llvmlite not found"; exit 0
+fi
+
+# Create tmp directory
+mkdir -p "$NYASH_ROOT/tmp"
+
+PASS_COUNT=0
+FAIL_COUNT=0
+
+# ===== Case A: Simple loop return =====
+echo "[INFO] Case A: phase132_return_loop_var_min.hako"
+
+INPUT_A="$NYASH_ROOT/apps/tests/phase132_return_loop_var_min.hako"
+OUTPUT_A="$NYASH_ROOT/tmp/phase132_return_loop_var_min"
+
+if "$NYASH_ROOT/tools/build_llvm.sh" "$INPUT_A" -o "$OUTPUT_A" > /tmp/phase132_a_build.log 2>&1; then
+    if [ -x "$OUTPUT_A" ]; then
+        set +e
+        "$OUTPUT_A" > /dev/null 2>&1
+        EXIT_CODE=$?
+        set -e
+
+        if [ "$EXIT_CODE" -eq 3 ]; then
+            echo "[PASS] Case A: exit code 3 verified"
+            ((PASS_COUNT++))
+        else
+            echo "[FAIL] Case A: Expected exit code 3, got $EXIT_CODE"
+            ((FAIL_COUNT++))
+        fi
+    else
+        echo "[FAIL] Case A: Executable not created"
+        ((FAIL_COUNT++))
+    fi
+else
+    echo "[FAIL] Case A: build_llvm.sh failed"
+    ((FAIL_COUNT++))
+fi
+
+# ===== Case B: Complex loop with early exit =====
+echo "[INFO] Case B: llvm_stage3_loop_only.hako"
+
+INPUT_B="$NYASH_ROOT/apps/tests/llvm_stage3_loop_only.hako"
+OUTPUT_B="$NYASH_ROOT/tmp/llvm_stage3_loop_only"
+
+if "$NYASH_ROOT/tools/build_llvm.sh" "$INPUT_B" -o "$OUTPUT_B" > /tmp/phase132_b_build.log 2>&1; then
+    if [ -x "$OUTPUT_B" ]; then
+        set +e
+        OUTPUT=$("$OUTPUT_B" 2>&1)
+        set -e
+
+        if echo "$OUTPUT" | grep -q "Result: 3"; then
+            echo "[PASS] Case B: stdout contains 'Result: 3'"
+            ((PASS_COUNT++))
+        else
+            echo "[FAIL] Case B: Expected stdout to contain 'Result: 3'"
+            ((FAIL_COUNT++))
+        fi
+    else
+        echo "[FAIL] Case B: Executable not created"
+        ((FAIL_COUNT++))
+    fi
+else
+    echo "[FAIL] Case B: build_llvm.sh failed"
+    ((FAIL_COUNT++))
+fi
+
+# ===== Summary =====
+echo "[INFO] PASS: $PASS_COUNT, FAIL: $FAIL_COUNT"
+
+if [ "$FAIL_COUNT" -eq 0 ]; then
+    test_pass "phase132_exit_phi_parity: All tests passed"
+    exit 0
+else
+    test_fail "phase132_exit_phi_parity: $FAIL_COUNT test(s) failed"
+    exit 1
+fi