Prestige Estates Projects (PRESTIGE) Q2 25/26 earnings summary

Executive summary

• Achieved record half-year sales of INR 181,437 million, a 157% year-on-year increase, surpassing the previous full-year sales in just six months, with collections of INR 87,356 million, up 55% year-on-year.

• Completed 200 million sq ft of developments across 310 projects since inception, with 18.81 million sq ft launched in H1 and a GDV of INR 17,500 crores.

• Major geographic contributors included Bangalore, NCR, and Mumbai, with NCR accounting for 45% of H1 sales.

• Renovated and reopened Marriott Executive Apartments in Bengaluru, entered new leasehold and land acquisition agreements, and acquired 11 acres in Hyderabad for office and residential development.

• Office assets saw strong pre-leasing traction, with major leases in Mumbai and Bengaluru.

Financial highlights

• Q2 FY26 revenue was INR 26,978 million, up 11.3% year-on-year; H1 FY26 revenue was INR 51,665 million, up 16.2% year-on-year.

• Q2 EBITDA grew 56.6% to INR 11,759 million, with margins at 43.6%; Q2 PAT nearly doubled to INR 4,578 million, with margins at 17%.

• H1 EBITDA was INR 22,311 million (margin 43.2%); H1 PAT was INR 7,698 million (margin 14.9%).

• Retail malls GTO up 10% to INR 6,236 million, with 99% occupancy and footfalls of 4.8 million in Q2.

• Net debt at INR 73,202 million, with a debt-equity ratio of 0.45 and average cost of debt at 9.61%.

Outlook and guidance

• Sustenance sales expected to deliver INR 6,500 crores in H2, with additional upside from new launches.

• Projected commercial annuity income to grow at 47% CAGR, reaching INR 39,043 million by FY30; retail annuity income expected to reach INR 10,920 million by FY30 (41% CAGR).

• No change in pre-sales guidance, but strong performance may lead to exceeding targets.

• Target to monetize new land acquisitions within 12 months.

• Residential margins expected to remain at 28%-30% going forward.