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

Executive summary

• Achieved record Q1 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, especially in NCR and Mumbai.

• Highest-ever quarterly collections at INR 4,523 crores (₹45,227 mn), up 55% year-over-year, marking the best quarter ever.

• Launched first NCR project, The Prestige City Indirapuram, with sales of ₹71,626 mn in Q1; NCR led sales mix at 59%, followed by Bangalore and Mumbai.

• Delivered 5.45 million sq ft across five residential projects, including first completions in Mumbai within 3.5 years; filed DRHP for hospitality platform IPO.

• Added seven new projects across four cities with a combined GDV of over INR 20,000 crores and notable new land acquisitions in Hyderabad, Bengaluru, Chennai, and Mumbai.

Financial highlights

• Q1 FY26 revenue at ₹24,687 mn (+21.94% YoY); consolidated revenue from operations for Q1 FY26 was ₹23,073 mn.

• EBITDA at ₹10,552 mn (margin 42.74%); PAT at ₹3,120 mn (margin 12.64%).

• Residential revenue recognized in Q1 was INR 1,573 crores (₹15,733 mn); full-year residential revenue guidance is INR 8,000–10,000 crores.

• Portfolio-level EBITDA margin maintained at 35%; ROE for Q1 annualized at 31.96%.

• Net debt: ₹68,306 mn; debt-equity ratio: 0.42; average cost of debt: 10.14%.

Outlook and guidance

• Pre-sales guidance for FY 2026 maintained at INR 25,000–27,000 crores, with potential for upside review.

• Residential revenue recognition expected to increase to INR 15,000–16,000 crores by FY 2027.

• Upcoming launches with a GDV of ₹4,35,572 mn planned, with 44.1 mn sq ft in the pipeline.

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

• Board recommended a final dividend of ₹1.80 per share for FY25, subject to shareholder approval.