Prestige Estates Projects (PRESTIGE) Q3 25/26 earnings summary

Executive summary

• Record pre-sales and collections in Q3 and 9M FY26, with pre-sales at INR 22,327 crore (up 122% YoY) and collections at INR 13,283 crore, surpassing previous full-year peaks.

• Sales volumes for Q3 were 2.99 million sq ft; 9M cumulative sales at 16.95 million sq ft with over 8,500 units sold.

• Completed three phases of The Prestige City Sarjapur (3,316 units, 5.2 mn sq ft) and major office developments in Bengaluru, boosting annuity income.

• Geographic diversification led by Mumbai, Bangalore, Hyderabad, and NCR, with expansion into Pune planned.

• ESG progress includes India's first Net Zero energy operational mall and multiple green certifications.

Financial highlights

• Q3 FY26 consolidated revenue: INR 38,855 million (up 128% YoY); EBITDA: INR 8,729 million; PAT: INR 2,449 million; EBITDA margin: 22.5%.

• 9M FY26 consolidated revenue: INR 90,520 million; EBITDA: INR 31,040 million; PAT: INR 10,147 million; EBITDA margin: 34.3%.

• Collections in Q3: INR 4,584 crore; 9M: INR 13,283 crore, both record highs.

• Unrecognized revenue as of Dec 31, 2025: INR 61,922 crore, ensuring strong future visibility.

• Mark-to-market loss on REIT units in Q3: INR 710 million.

Outlook and guidance

• FY26 pre-sales expected to cross INR 30,000 crore, with Q4 launches in Bangalore and Hyderabad supporting this target.

• FY27 guidance to be provided in April; management expects to sustain or exceed FY26 levels, with new launches and market expansion.

• Office annuity income projected to reach INR 4,000 crore and retail annuity income INR 1,175 crore by FY30.

• Projected annuity income from commercial assets to grow from INR 8,288 million in FY26 to INR 39,805 million in FY30 (CAGR 48%).

• Retail exit rentals expected to rise from INR 2,754 million in FY26 to INR 11,758 million in FY30 (CAGR 44%).