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

Executive summary

• Q4 FY25 saw a strong recovery with new sales of INR 6,957 crores, up 48% year-on-year, driven by robust launches and premium offerings.

• Mumbai sales surpassed Bangalore for the first time, led by the Prestige Nautilus launch with ~₹2,400 crores in sales in one month.

• Full-year sales reached INR 17,023 crores, 19% lower year-over-year due to deferred launches, but offset by strong pricing power and geographic diversification.

• Raised ₹5,000 crores via QIP in August 2024, strengthening liquidity and growth capacity.

• Consolidated revenue from operations for FY25 was ₹77,355 million, with net profit attributable to owners at ₹4,675 million, both down year-over-year.

Financial highlights

• FY25 revenue was INR 7,735 crores, impacted by lower handovers; consolidated EBITDA was ₹29,449 mn, PAT ₹6,165 mn, and EBITDA margin 38.07%.

• Collections for the year were INR 12,084 crores, slightly up from FY24.

• Average realization for residential and commercial products rose 36% year-on-year to ₹14,113 per sq ft.

• Net debt as of March 31, 2025: ₹67,165 mn; debt-equity ratio 0.42; average cost of debt 10.32%.

• 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 INR 27,000 crores, with Q1 already showing strong momentum.

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

• Launch pipeline for FY26 includes INR 42,000 crores GDV, with potential to add INR 10,000-15,000 crores more.

• Land spend for business development in FY26 targeted at INR 4,000-4,500 crores, translating to GDV of INR 30,000-40,000 crores.

• EBITDA margin for upcoming completions expected in the 25%-30% range.