Prestige Estates and Projects Ltd is set to close FY26 on an impressive note, helped by new launches and continued sales traction in existing projects.
Pre-sales or bookings rose a whopping 122% year-on-year to ₹22,327 crore in the nine-month period ended December (9MFY26) when it unveiled nine projects (residential and plotted), including Prestige Garden Trails in Mira Road in Q3FY26.
Three launches are planned during Q4FY26 in Bengaluru, out of which Evergreen at Prestige Raintree Park has already been launched. The Q4 launch pipeline also includes plotted developments; two projects in Hyderabad—Rock Cliff (Banjara hills) and Golden Grove in Tellapur, Palm Court in Chennai.
So, the management revised FY26 pre-sales guidance to ₹30,000 crore from ₹27,000 crore. Antique Stock Broking expects Prestige to surpass this revised guidance but cautions that, given a high base of FY26, pre-sales growth momentum would taper ahead.
As per the management, the robust launch pipeline should support pre-sales trajectory. Prestige said new launches for FY27 could be at 29msf, which could include landmark projects such as Jijamata Nagar in Worli.
Collections stayed on a firm footing. Q3FY26 was the third consecutive quarter with collections of over ₹4,000 crore. Thus, 9MFY26 collections rose 49% year-on-year to ₹13,283 crore, which was the highest ever for the period.
Prestige is pursuing growth opportunities in various markets, focusing on diversification. Apart from boosting its presence in three key markets of Bengaluru, Mumbai Metropolitan Region, and Hyderabad, it is looking at newer geographies of the National Capital Region, Chennai, and Pune.
It had added projects with gross development value or revenue potential of ₹39,900 crore in 9MFY26, which is 80% of its full-year business development guidance. The management said 40% of capital expenditure will be funded through debt, and the rest via internal accruals. Thus, trends in cash flows and debt need closer tracking.
Net debt rose sequentially to ₹8,700 crore in Q3FY26 from ₹7,300 crore due to investments in annuity assets and strong business development activity. With ₹15,000 crore capex pending for office and retail portfolios, Antique expects debt to continue rising in the medium term.
In the last one year, the Prestige stock has gained 2% as against the Nifty Realty index’s steep drop. Prestige’s FY25 pre-sales slipped 19% year-on-year to ₹17,000 crore, missing its guidance, hurt by delayed project approvals. So, its comeback on pre-sales in FY26 is a positive, but balancing growth and leverage is crucial. Also, HDFC Securities cautions that pricing appears to have peaked, with only inflation-led hikes likely ahead.
