PRESTIGE Q1 FY27 earnings call.
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Revenue
₹2,675 Cr
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Revenue YoY
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EBITDA
Pending
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Prestige Estates delivered a solid Q1 FY27 with residential pre-sales of ₹6,579 crore across 6.8 million sq ft and 337 units, though revenue recognition was muted due to lower completions and a timing mismatch. Collections stood at ₹4.82 crore, with the company maintaining its full-year collection guidance of ₹25,000 crore (residential ₹21-22 crore). Hyderabad drove 49% of sales via the Golden Grove launch (already 60% sold), while Bangalore contributed 27% and Mumbai 12%. The office portfolio posted gross leasing of 1.5 million sq ft with FY27 exit rentals at ₹865 crore, while retail delivered 18% YoY growth to ₹737 crore with 5.22 million mall footfalls. The launch pipeline for the balance year stands at ~₹45,000 crore GDV across key markets. Management guided for 15-20% pre-sales growth and targets ~₹8,500-9,000 crore free cash flow, expecting only a marginal debt increase of ₹500-1,000 crore. Key risks include approval delays constraining launches, margin pressure from construction cost inflation, and timing uncertainties around hospitality monetization and data center investments.
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Guidance to track
- Management remains very confident of achieving 15-20% retail growth for FY27, citing a big launch pipeline of ~₹45,000 crore GDV pending launch.
- Total gross collections guided at ₹25,000 crore for FY27, with residential contributing ₹21-22 crore; free cash flow expected at ₹8,500-9,000 crore.
- Full-year business development spend target of ₹4,500 crore, spread across quarters, including new acquisitions in Mumbai (Tane, Bhiwandi, Vasai) and discussions in Gurgaon.
- Planning approximately 100 MW of IT load for data center business; awaiting land acquisition completion from Maharashtra government before announcing investments.
Risks flagged
- Multiple projects (Bangalore, Chennai, NCR) face unpredictable government approval timelines, causing launch slippages from planned quarters. Q2 launches delayed to Q3 in some cases.
- Geopolitical factors caused oil and commodity price increases, raising construction costs. Reported P&L margins down ~400bps YoY due to revenue timing mismatch though project-level margins remain stable.
- Management declined to provide timeline for hospitality monetization despite IPO approval valid until September 30th. Alternative transactions being explored but nothing finalized.
- Secretarial auditor flagged non-compliance on KMP remuneration disclosure; corporate guarantees nearly doubled, creating contingent liability exposure at JV/SPV level.
Key quotes
- We don't think it will slip into FY28. We are working very hard to bring it all in this financial year. We've got three more quarters to go. Hopefully it should all fall in place.
- The only thing which may trip is if these products don't come to market, but once we hit the market I don't see us not selling. So the question of not being able to sell does not arise.
- AI is more positive than negative. AI is another business model that is coming up and more job creation happens. However, we don't feel the impact here. We believe there is demand and people are positive and they are committing themselves even at these higher prices.
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