A theoretical investigation of phase conjugation via transient degener
ate four-wave mixing in saturable-gain media is presented. A set of co
upled wave equations that considers the spatial evolution of both, amp
litude and phase is formulated and numerically analysed for the on and
off-resonance case. It is shown that phase evolution is exclusively p
roduced by a phase grating and that this grating does not affect the f
our beams in the same manner. A necessary condition for phase conjugat
ion is derived. A group theory analysis is applied to identify SU(2,2)
as the underlying symmetry of the transmission grating model.