Prestige Estates Projects (PRESTIGE) Q2 26/27 earnings summary

Executive summary

• H1 FY27 residential sales reached ₹138,043 mn, down 24% YoY; Q2 sales rose 20% YoY to ₹72,250 mn.

• A ₹30,000 mn strategic investment was secured for an approximately 27% stake in Prestige Hospitality Ventures, supporting its expansion.

Financial highlights

• Q2 revenue from operations was ₹22,222 mn, EBITDA ₹10,881 mn and PAT ₹2,562 mn; H1 revenue from operations was ₹50,578 mn, EBITDA ₹21,082 mn and PAT ₹5,276 mn.

• Consolidated revenue was ₹20,602 mn in Q2 versus ₹24,317 mn YoY, and ₹47,353 mn in H1 versus ₹47,390 mn; consolidated net profit was ₹2,562 mn in Q2 and ₹5,276 mn in H1.

• Operating cash flow was ₹2,679 crore in Q2 and ₹4,168 crore in H1; H1 net cash generated from operating activities was ₹13,107 mn on a consolidated basis.

• Standalone Q2 revenue was ₹6,645 mn and net profit ₹282 mn; H1 revenue was ₹14,135 mn and net profit ₹396 mn.

• Debt-equity ratio was 0.70, net debt ₹121,223 mn and average cost of debt 9.09% at September 30, 2026.

Outlook and guidance

• FY residential sales target remains ₹36,000 crore; launch timing depends on approvals and RERA.

• FY construction spend is guided at ₹10,000–11,000 crore, annual business development spend at ₹4,000–5,000 crore, and gross collections at ₹24,000–25,000 crore.

• Operating cash flow and free cash flow are each guided at ₹9,000 crore.

• Residential launch pipeline exceeds ₹45,000 crore over two years; at least ₹20,000 crore of the cited ₹46,000 crore H2 launches was expected in Q3, subject to RERA.

• Pipeline includes 36 upcoming residential projects totaling 57 mn sft and 12 commercial projects totaling 19 mn sft; timing remains subject to planning and approvals.