Prestige Estates Projects

Research evidence excerpt

Prestige Estates Projects

Global Markets Research

Prestige Estates Projects PREG.INx PEPL IN 16 July 2026

EQUITY: PROPERTY

Rating1QFY27 pre-sales: In-line with our expectations Remains Buy

Target price INR 1,900 RemainsQuick Note

Closing pricePrestigeEstatesprovidedits1QFY27operationalupdateon16July2026.Thecompany 15 July 2026 INR 1,686

reportedquarterlypre-salesofINR65.8bn(vsourestimateof~INR62bn).Overall,we

expectitslaunchmomentumtosignificantlyimproveintotheyear(oftheINR570bnof

totalplannedlaunchesfortheyear,thecompanyhaslaunchedonlyINR120bn)and Research Analysts

maintainourFY27Fpre-salesestimateofINR350bn(+17%y-y).Below,wehighlightthe India Propertykeytakeawaysfromthequarterlyupdate:

Akash Gupta - NFASL

• Presales: Prestige achieved pre-sales of INR65.8bn in 1QFY27 (-46% y-y, -15% q-q; akash.gupta3@nomura.com

+ 91 22 40374043 vs our estimate of INR62bn). The decline was primarily due to the high base from last

year when The Prestige City – Indirapuram in Ghaziabad, NCR was launched.

Average realization in 1QFY27F was INR11,193/sf for flats and INR8,043/sf for plotted

developments.

• Collections: Collections were at ~INR48bn (+6% y-y) in 1QFY27.

• Launches: The company launched three residential projects with a total GDV of

INR120bn during the quarter:

○ Prestige Golden Grove, Hyderabad – 14.30msf

○ Prestige Gardenia Estates Ph II, Bengaluru – 0.48msf – plotted development

○ Prestige Forest Hills @ TPC Mulund Ph2, Mumbai – 2.45msf – launched on the

last day of the quarter

• Commercial: The office portfolio recorded gross leasing of 1.5msf during the quarter.

As of June 2026, exit rentals for the commercial portfolio stood at INR7.5bn (vs

INR6.5bn at the end of FY26).

• Retail: Retail GTO (gross turnover) across malls reached INR7.3bn (+18% y-y), with