An important problem in quantum information theory is finding the best possible capacity of the optical communication channel employing suitable codewords, receiver design, and constellation optimization techniques. In this paper, we derive an alternative channel capacity, C G , of phase-shift keying coherent state with a realizable displacement receiver by maximizing mutual information over symbol priors and pre-detection displacement. We find that C G is higher than the capacity achieved by maximizing mutual information over symbol prior but with zero displacement. The overall scheme demonstrates designing an improved, yet easy-to-implement receiver for better communication performance by tuning it at different photon number regime. Further, we present a comparative analysis of C G with existing receiver designs. We extend our study to account for detector imperfections.