Prestige Estates Projects (PRESTIGE) Q1 25/26 earnings summary

Executive summary

• Achieved record quarterly pre-sales of INR 12,126 crores (₹1,21,264 mn), up nearly 300% year-over-year, with 4,718 units sold across 9.55 million sq ft, reflecting strong demand and successful launches, including the first NCR project.

• Highest-ever quarterly collections at INR 4,523 crores (₹45,227 mn), up 55% year-over-year, indicating robust cash flow and disciplined execution.

• Completed maiden projects in Mumbai and delivered 5.45 million sq ft across five residential projects, including first completions in Mumbai within 3.5 years.

• Geographical sales mix shifted, with NCR contributing 59%, Bangalore 21%, Mumbai 12%, and Hyderabad 5%, marking a milestone in pan-India expansion.

• Launched seven new projects across Bangalore, Mumbai, Chennai, and Hyderabad with combined GDV over INR 20,000 crores.

Financial highlights

• Q1 FY26 consolidated revenue at ₹24,687 mn (+21.94% YoY); EBITDA at ₹10,552 mn (margin 42.74%); PAT at ₹3,120 mn (margin 12.64%).

• Office segment leased 1.21 million sq ft with 94% occupancy and Q1 exit rentals of INR 523 crores; on track for FY26 exit rentals of INR 819 crores.

• Retail malls recorded gross turnover of INR 590 crores (₹5,900 mn), 99% occupancy, and exit rentals of INR 271 crores, with mall footfalls ~4.6 mn.

• Portfolio-level EBITDA margin maintained at 35%.

• Area sold: 9.55 mn sft (+234% YoY); average realisation for apartments/villas ₹13,339/sft (+12% YoY).

Outlook and guidance

• Pre-sales guidance for FY26 maintained at INR 25,000–27,000 crores despite strong Q1 performance.

• Residential revenue recognition expected to rise to INR 15,000–16,000 crores by FY27, with further annual increases anticipated.

• Robust launch pipeline with upcoming launches having a GDV of ₹4,35,572 mn planned, and 44.1 mn sft in the pipeline.

• Free cash flows from operating activity projected at INR 7,500–8,000 crores for FY26.

• Planned commercial and retail capex of ₹1,06,693 mn and ₹43,111 mn respectively.