Target: ₹1,830
Current Market Price: ₹1,400.70
Prestige Estates Projects reported that its FY26 pre-sales exceeded ₹30,000 crore, reflecting a year-on-year increase of 76 percent, while collections rose by 53 percent to over ₹18,500 crore. This performance highlights healthy demand and robust operational execution.
The occupancy rates for the company’s office spaces remained strong at 92 percent, and retail assets nearly achieved full occupancy at 99 percent, providing stable recurring cash flows. Additionally, leasing activity in premium properties has improved, driven by strong rental momentum from global capability centers (GCCs) and major corporations. In the hospitality sector, FY26 revenue surpassed ₹1,050 crore, with an EBITDA of approximately ₹400 crore.
Prestige maintains a solid growth outlook, backed by an extensive project pipeline and a significant unrecognized revenue base. The company added projects amounting to over ₹50,000 crore in Gross Development Value (GDV) during FY26 and has a launch pipeline for FY27 valued at nearly ₹68,000 crore.
Management has expressed optimism regarding demand across key markets, projecting growth of 15-20 percent in both pre-sales and collections for FY27, even considering a high base effect. With a substantial upcoming launch pipeline spread across Bengaluru, Chennai, Mumbai, NCR, and Hyderabad, alongside improving annuity income from office, retail, and hospitality sectors, Prestige is well-positioned for continued growth, enhanced cash flow, and a gradual increase in profitability.
The recommendation remains a Buy, with a DCF-based valuation leading to a target price of ₹1,830 per share, indicating a potential upside of 32 percent from the current market price.
Published on May 25, 2026
