This article first appeared on GuruFocus .
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Presales (Q3):INR4,184 crore, 39% year-on-year growth.
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Presales (9 months):INR22,327 crore, 122% year-on-year growth.
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Sales Volume (Q3):2.99 million square feet.
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Sales Volume (9 months):16.95 million square feet.
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Average Realizations:INR14,459 per square foot, up 6% year-on-year.
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Collections (Q3):INR4,548 crore.
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Collections (9 months):INR13,283 crore.
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Launches (Q3):5.02 million square feet.
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Launches (9 months):23.83 million square feet.
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Completion (Q3):4.72 million square feet.
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Completion (9 months):12.71 million square feet.
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Leasing (Q3):0.56 million square feet.
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Office Portfolio Occupancy:Over 95%.
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Mall Footfall (Q3):5.2 million.
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Gross Turnover (Q3):INR702 crore, 14% year-on-year growth.
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Mall Occupancy:Over 99%.
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Revenue (Q3):INR3,886 crore, up 128% year-on-year.
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EBITDA (Q3):INR873 crore.
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PAT (Q3):INR245 crore.
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EBITDA Margin (Q3):22.5%.
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Revenue (9 months):INR9,052 crore.
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EBITDA (9 months):INR3,104 crore.
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PAT (9 months):INR1,015 crore.
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EBITDA Margin (9 months):34.3%.
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Unrecognized Revenue:INR61,922 crore as of December 31, 2025.
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Warning! GuruFocus has detected 4 Warning Signs with BOM:533274.
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Release Date: January 30, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Prestige Estates Projects Ltd ( BOM:533274 ) achieved record presales of INR4,184 crore in Q3, marking a 39% year-on-year growth.
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The company reported the highest ever sales within nine months, with presales reaching INR22,327 crore, a 122% increase year-on-year.
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Collections were robust, with INR4,548 crore in Q3 and INR13,283 crore over nine months, surpassing previous full-year totals.
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The commercial office portfolio maintained strong occupancy rates over 95%, with significant leasing activity and projected annuity income growth.
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Prestige Estates Projects Ltd ( BOM:533274 ) continues to make progress in ESG initiatives, including India's first net zero energy operational mall and multiple certifications.
Negative Points
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The EBITDA margin for Q3 was 22.5%, lower than the nine-month average of 34.3%, due to a less favorable product mix.
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The company experienced a high cash outflow of INR27 billion for land investments in Q3, impacting cash reserves.
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There is a concern about maintaining the presales momentum in FY27, especially with a significant contribution from NCR in FY26.
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Some markets, like Chennai, are experiencing slower sales, which could impact overall growth if not addressed.
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The company faces challenges in managing construction costs, which have increased alongside GDV, potentially affecting profit margins.
Q & A Highlights
Q: What caused the margin reduction this quarter, and why was there a high cash outflow for land investment? A: The margin reduction was due to the product mix, with some projects having lower margins, such as Prestige Siesta. The high cash outflow for land investment, approximately INR27 billion, was due to strategic acquisitions in Hyderabad and Chennai, including Knowledge Park and a land parcel in Chennai.
Q: What is the launch pipeline for the fourth quarter, and what are the expectations for presales in FY27? A: The current quarter includes launches in Bangalore and Hyderabad, with expected top-line sales of about INR8,000 crore, aiming for INR30,000 crore for the year. For FY27, the company is working on a pipeline but has not yet detailed specific projects or targets.
Q: How does Prestige plan to compensate for the potential shortfall in NCR sales in FY27? A: Prestige has a strategy in place with land acquisitions in NCR, including two large tracts in Gurgaon. These will contribute to the pipeline, with a GDV of more than INR10,000 crore expected from these projects.
Q: What is the status of the commercial assets in BKC and Mahalaxmi, and how is the leasing traction? A: Construction is progressing well, with significant pre-leasing commitments: 1.4 million square feet in BKC and 400,000 square feet in Mahalaxmi. The projects are expected to top out by the end of the year.
Q: What are the plans for the data center project in Maharashtra? A: The data center project is in progress, with land allocation expected soon. It will be a master-planned development on approximately 100 acres, with flexibility for build-to-suit options.
Q: How does Prestige view the potential for price increases in the housing market? A: Prestige believes prices have peaked and should not rise further to avoid being counterproductive. The focus is on maintaining affordability and demand rather than speculative price increases.
Q: What is the expected cash deployment strategy given the CapEx commitments and cash flow generation? A: Prestige plans to fund 60% of its INR15,000 crore CapEx from internal accruals and 40% from debt. The focus will remain on residential and annuity businesses, with potential exploration of new opportunities like data centers.
Q: What is the status of the Jijamata project and its expected GDV? A: The Jijamata project is progressing with planning and product mix decisions. The GDV is expected to be substantial, with 2.5 million square feet of residential space, alongside commercial and hospitality components.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
