Prestige Estates Projects (PRESTIGE) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 saw a strong recovery with new sales of ₹6,957 crores, up 48% YoY, led by robust launches and premium offerings, with Mumbai sales surpassing Bangalore for the first time, driven by the Prestige Nautilus launch achieving ~₹2,400 crores in one month.

• FY25 full-year sales reached ₹17,023 crores, down 19% YoY due to deferred launches, but offset by a 36% rise in average realization to ₹14,113 per sq ft for residential and commercial products.

• Consolidated revenue from operations for FY25 was ₹77,355 million, down from ₹94,253 million in FY24, with net profit attributable to owners at ₹4,675 million, down from ₹13,741 million in FY24.

• Liquidity was strengthened by raising ₹5,000 crores via QIP in August 2024, with most proceeds utilized by March 2025.

• CRISIL DA1+ developer grading was renewed, and DRHP for Prestige Hospitality Ventures was filed with SEBI in April 2025.

Financial highlights

• Q4 new sales: ₹6,957 crores (+48% YoY); units sold: 2,301; area: 4.49 million sq ft.

• FY25 sales: ₹17,023 crores (−19% YoY); average realization: ₹14,113/sq ft (+36% YoY); plotted developments up 50% YoY.

• FY25 revenue ₹77,355 mn (down 17.93% YoY), EBITDA ₹29,449 mn (down 27.23% YoY), PAT ₹6,165 mn (down 62.14% YoY).

• EBITDA margin for FY25 at 38.07%; PAT margin at 8%.

• Cash and cash equivalents at group level stood at ₹20,094 million as of March 31, 2025.

Outlook and guidance

• FY26 sales guidance set at ₹27,000 crores, with Q1 expected to contribute ₹12,000–13,000 crores.

• Launch pipeline for FY26 includes ₹42,000 crores GDV, with potential to add another ₹10,000–15,000 crores if needed.

• Planned launches for FY26 total 44.8 mn sft with a GDV of ₹421,202 mn, focusing on Bengaluru, Mumbai, NCR, Chennai, and Goa.

• Dividend of ₹1.8 per share maintained/proposed for FY25, subject to approval.

• Prestige Hospitality Ventures Limited, a subsidiary, filed for an IPO in April 2025.