PRESTIGE
Mid CapPrestige Estates Projects Limited
Real Estate
Prestige Estates Projects Limited is a diversified real estate developer with a presence across residential, commercial, retail, and hospitality verticals. The company has completed over 200 million sq ft across 300 projects since inception and is expanding its footprint across key Indian geographies.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +167% YoY · PAT +579% YoY · +5% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,074 Cr | +166.6% | +5.2% |
| EBITDA | ₹1,010 Cr | +90.9% | +17.4% |
| Operating margin | 25.0% | -1000 bps | +300 bps |
| PAT | ₹292 Cr | +579.1% | +19.2% |
| PAT margin | 7.2% | +436 bps | +84 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Prestige Estates reports highest ever annual sales of over INR30,000 crores in FY26, up 76% YoY, with collections crossing INR18,500 crores, up 53% YoY. PAT grew 113% YoY to INR1,312 crores, driven by robust launches and strong demand.
The company delivered record operational and financial performance in FY26, driven by strong presales, collections, and new launches across key markets. Management's guidance for 15-20% growth in sales and collections for FY27, coupled with a robust launch pipeline and strategic land acquisitions, supports continued momentum. Debt levels are managed with a cap of 0.75x D/E.
Successful NCR Market Entry
Launched maiden residential project in NCR, generating sales of over INR9,500 crores from a single project.
Diversified Geographic Sales
Performance well-diversified geographically with Bangalore, NCR, and Mumbai contributing meaningfully to overall sales.
Strong Project Pipeline
Added projects with a GDV of over INR50,000 crores in FY26, strengthening future pipeline across Bangalore, Mumbai, NCR, Hyderabad, Chennai.
Resilient Annuity Business
Annuity business (commercial, retail, hospitality) maintained healthy occupancy levels and delivered steady operational performance.
FY27 Project Launches (GDV)
Exciting project launches coming up with a GDV of almost INR58,000 crores in addition to INR19,000 crores inventory.
Q1 FY27 Launches
Already began FY27 with Prestige Golden Grove in Hyderabad (INR9,500 crores project) and planned INR5,000 crores GDV from Gardenia Phase 2 (Bangalore), Palm Court (Chennai), Forest Hills (Mumbai).
Delhi Hospitality Project Completion
St. Regis, Marriott Marquis, and 600k+ sq ft office in Delhi expected to be ready, with hotel trading starting after Diwali.
Noida Bougainvillea Project
Master plan approved for Noida project; building plans to be approved, ready for launch in next quarter.
Sustained Demand
Healthy demand conditions and momentum across cities, with no sign of slowdown in mid-to-high income segments.
Strong Commercial Leasing
Sustained leasing demand from GCCs, tech companies, and domestic corporates for commercial portfolio.
Favorable Regulatory Environment
New dispensation talking positive things, hopefully approvals will not take too long for new projects.
Labor Shortage (Temporary)
Labor had gone for elections; started coming back, expect full labor by first week of June.
Rising Raw Material Prices
Availability of materials is there, but pricing is definitely going to go up.
Revenue Recognition Lag
Gap between presales (INR30,000 crores) and revenue recognition (INR9,000-9,500 crores residential) impacts reported EBITDA margins.
Regulatory Approval Delays
New land acquisitions (Ramco, TVS in Chennai) will take 6-8 months for approvals before launch.
High Base for Future Growth
After a phenomenal sales jump from INR17,000 crores to INR30,000 crores, the base is very high, making further growth challenging.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Real estate is a project-based and often seasonal business. Year-on-year comparisons provide a clearer picture of underlying growth trends, project cadence, and market demand, mitigating quarterly noise from project completions and launch schedules.
Annual Sales (Presales)
Highest ever annual sales of over INR30,000 crores, reflecting a growth of over 76% year-on-year.
Annual Collections
Collections crossed INR18,500 crores, reflecting a strong 53% year-on-year growth.
Annual Launches (Area)
Launched over 31 million square feet during the year.
Annual Launches (GDV)
Launch GDV of approximately INR27,000 crores.
FY27 Sales & Collections Growth
Targeting 15% to 20% growth in sales and collections for FY27, aiming to exceed guidance.
Debt-to-Equity Cap
Comfortable with current debt levels; kept a cap of 0.75x debt-equity, not expecting to reach it.
Annuity Monetization Plan
Plan is to build out and lease commercial/hospitality assets, then explore REIT or IPO to unlock capital.
Stabilized EBITDA Margin
Reported EBITDA margin expected to be in the range of 25% on a stabilized business, moving to 28% when revenue recognition catches up with presales.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Presales Growth | FY26: 76% YoY growth to INR30,000 crores | Achieving management's 15-20% growth guidance for FY27, especially from new launches. |
| Net Debt to Equity Ratio | Approx. 0.65x | Staying below the 0.75x cap, especially with ongoing land acquisitions and capex. |
| Commercial/Hospitality Leasing & Monetization | BKC 70% pre-leased, Mahalaxmi deliberately slow (10% leased), Delhi hotels opening after Diwali. | Progress on leasing Mahalaxmi and Delhi hotels, and clarity on REIT/IPO timelines for capital unlocking. |
| Key Project Approvals | Chennai (Ramco, TVS) 6-8 months for approvals; Noida master plan approved, building plans pending. | Timely receipt of regulatory approvals for major projects to maintain launch cadence. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Four residential projects, including Marigold Phase 2, Prestige City Fernvale, Eaton Park, and Evergreen at Prestige Raintree Park, are expected to launch in Q3 FY26.
"I believe that 4 projects can get launched this quarter itself"
Retail annuity portfolio exit rentals are expected at around INR275 crores for FY26.
"Exit rentals for FY '26 are expected at around INR275 crores."
Outcome check: Revenue YoY averaged 150.4% across 2 later quarter(s).
Sustenance sales are expected to generate an additional INR6,500 crores in presales over the next two quarters.
"my first tenant sales will give me another INR6,500 crores for the next 2 quarters."
Outcome check: Revenue YoY averaged 150.4% across 2 later quarter(s).
Office annuity portfolio exit rent is projected at INR820 crores for FY26.
"FY '26 exit rent is projected at INR820 crores."
Outcome check: Revenue YoY averaged 150.4% across 2 later quarter(s).
Trend score and candlestick chart
42NeutralSMA20 -7.2% / mo
Technical chart
PRESTIGEweekly · 3Y-14.3%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 46.
- SMA20 falling (~7.8% over last month) — short-term momentum negative.
- RSI(14) at 46 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 25% off 52W high · 24% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 15/25 to the score.
- Balance sheet contributes 3/15 to the score.
- Cash flow contributes 2/10 to the score.
Main drags
- Altman Z is 1.3, in distress territory.
- Fair-value margin of safety is negative at -47.0%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 3 checked claims. It ranks around the 93rd percentile of the scored universe and 97th percentile within Real Estate. Main check: balance sheet trust is weak at 35/100.
High Trust: 3/4 extracted management claims have outcome checks; 100% were fully delivered and 0 were partially delivered. 3/3 matched management claims were delivered.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Real Estate: 97th pctile, median 61 · Mid: 74th pctile, median 76
3/4 claims checked. Use as directional, not final.
3/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · medium confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Altman Z is 1.32.
- ▸Debt/equity is 1.09.
- ▸ROE is low at 7.5%.
- ▸OPM spread across recent quarters is 20%.
Intrinsic value
Fundamentals
Valuation
- P/E
- 47.80
- P/B
- 3.51
- EV/EBITDA
- 16.28
- Market Cap
- 57202.00Cr
Profitability
- ROE
- 7.54%
- ROCE
- 10.40%
- ROA
- 1.78%
- Dividend Y
- 0.14%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 18.00%
Balance Sheet
- Debt/Equity
- 1.09
- Interest Coverage
- 2.33×
- Altman Z
- 1.32
- Book Value
- 378.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 3223.00 Cr
- EPS TTM
- 27.76
Shareholding
- Promoter Hold
- 60.95%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 33%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.