Equity Snap: Prestige Estates Projects (PEPL IN): Q1FY27 operational update: Business as usual

Research evidence excerpt

Equity Snap: Prestige Estates Projects (PEPL IN): Q1FY27 operational update: Business as usual

16 July 2026

Equity Snap: Prestige Estates Equities REMD

Projects (PEPL IN)

Q1FY27 operational update: Business as usual India

:

◆ Q1FY27 pre-sales came in at cINR66bn, collections stood at Puneet Gulati*, CFA

cINR48bn, both largely in line with our expectations SeniorHSBC SecuritiesAnalyst, Indiaand CapitalEnergy,MarketsProperty(India)& InfraPrivate

Limited

◆ Company launched projects of INR120bn GDV, retail puneetgulati@hsbc.co.in

+91 82 9189 7591

portfolio saw gross turnover increasing 18% y-o-y

Sambhav Kela*

Analyst, India Real Estate & Power

HSBC Securities and Capital Markets (India) Private

Prestige Estates Projects (PEPL IN, INR1686.00, Buy, TP INR2000.00) Limited

(Priced as of 15 Jul 2026) sambhav.kela@hsbc.co.in

+91 22 40891464

No surprise on pre-sales and collections: Prestige reported Q1FY27 pre-sales of

INR65.8bn, down 46% y-o-y (over a high base as the company launched the large * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

NCR project in Q1 of the previous year) but in line with our estimate of INR65bn.

Area sold stood at c6msf implying an average realisation of cINR10,900, anchored by

the launch on Prestige Golden Grove in Hyderabad. Geographically, Hyderabad

contributed to 49% of the total sales, followed by Bangalore at 27% and Mumbai at

12%. Collections were up 6% y-o-y at INR48bn, marginally ahead of our estimate of

INR46bn.

Four projects launches with GDV of INR120bn: The company launched a total

developable area of 20.16msf in the quarter, of which 14.3msf was accounted for by

Prestige Golden Grove (Hyderabad) alone. Other key launches included phase 2 of