diff --git a/src/racket/src/module.c b/src/racket/src/module.c
index 2b5445459d..d600718535 100644
--- a/src/racket/src/module.c
+++ b/src/racket/src/module.c
@@ -941,7 +941,6 @@ static Scheme_Object *_dynamic_require(int argc, Scheme_Object *argv[],
     modidx = scheme_make_modidx(modname, scheme_false, scheme_false);
 
   modname = scheme_module_resolve(modidx, 1);
-  base_phase = env->phase;
 
   if (phase == 1) {
     scheme_prepare_exp_env(env);
@@ -951,6 +950,8 @@ static Scheme_Object *_dynamic_require(int argc, Scheme_Object *argv[],
       env = env->exp_env;
   }
 
+  base_phase = env->phase;
+
   scheme_prepare_compile_env(env);
 
   m = module_load(modname, env, errname);