Any current/future new fundraising through debt or equity?

No specific new fundraising plans through debt or equity were mentioned for the current quarter. The company has sufficient funds available currently and is not looking to liquidate its REIT units immediately. Land acquisitions and business development will be funded either through joint ventures (JV) or outright purchases depending on opportunities. No additional stake buybacks are planned beyond what has already been executed. The management indicated a preference to focus on launching and monetizing existing investments to generate liquidity before considering further capital raises. Divide

Any current/future capex/capital investment/strategic investment?

Significant capex spent on project approvals: around INR350-400 crores, including INR150-180 crores each on Indirapuram and Nautilus projects (Page 7). Construction spend averages INR1,500-1,600 crores per quarter, focused on project completions like BKC Sarjapur, Jasdan Classic, Siesta, and Beverly Hills (Page 7). Business development investments include land purchases worth INR1,700-1,800 crores in Mumbai, Goa, and Bangalore; plans for future launches prioritizing cash flow and right pricing (Pages 16-17). New launches planned in Goa and Bangalore next quarter, with a focus on completing ann

Future growth expectations in sales/revenue/volumes?

FY '26 revenue guidance is expected to be INR10,000 to 12,000 crores from projects completing next year like Prestige Sarjapur with ~30% EBITDA margin. (Page 8) Launches in FY '26 will include spillover of INR20,000+ crores inventory from FY '25 plus new pipeline projects; clarity on FY '26 launches expected post Q4 FY '25. (Page 5, 7) Sales volumes sustained at ~2 million sq ft per quarter, expected to continue at this run rate with firm demand and price hikes not affecting liquidation. (Page 15, 16) Sales in FY '25 were INR10,065 crores with 8 million sq ft sold in 9 months, collection

Future growth expectations in earnings/operating earnings/profits/EPS?

For FY '26, expected revenue from project completions (e.g., Prestige Sarjapur, BKC Sarjapur) is estimated between INR 10,000 to 12,000 crores. EBITDA margin for these projects is anticipated around 30%. Free cash flow from the residential business is projected at approximately INR 50,000 crores over 4-5 years (~INR 10,000 crores per year). Collections expected to grow from INR 13,000 crores to INR 16,000 crores in the current year with multiple launches. Operating EBITDA for 9 months FY '25 stood at INR 2,342 crores with a 38% margin, indicating strong profitability. Management is c

Current/ Expected Orderbook/ Pending Orders?

The launch pipeline includes INR56,000 crores of projects ready and under approval. An additional INR50,000 crores of projects are in the design stage, expected to come up progressively. Around INR30,000 crores worth of projects have been applied for or received RERA approval. Segment-wise RERA filings include: - NCR: INR11,500 crores - Bangalore: INR4,300 crores - Chennai: INR3,000 crores - Hyderabad: INR3,000 crores - Mumbai: INR8,000 crores Business development investments post-QIP included land acquisitions worth about INR1,700-1,800 crores in Mumbai, Goa, and Bangalore. Further

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Prestige Estates Projects LtdQ4 FY26Realty

Prestige Estates Projects Ltd Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,538P/E: 62.8Market Cap: ₹60.9K CrSector: Realty

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→FY '26 revenue guidance is expected to be INR10,000 to 12,000 crores from projects completing next year like Prestige Sarjapur with ~30% EBITDA margin. (Page 8)
→Launches in FY '26 will include spillover of INR20,000+ crores inventory from FY '25 plus new pipeline projects; clarity on FY '26 launches expected post Q4 FY '25. (Page 5, 7)
→Sales volumes sustained at ~2 million sq ft per quarter, expected to continue at this run rate with firm demand and price hikes not affecting liquidation. (Page 15, 16)
→Sales in FY '25 were INR10,065 crores with 8 million sq ft sold in 9 months, collections of INR8,910 crores signal healthy cash flow to support growth. (Page 2)
→Business development ongoing with INR1,700-1,800 crores invested in land across Mumbai, Goa, Bangalore to fuel future growth. (Page 16)
→Strong demand seen in markets like Hyderabad, Mumbai with luxury projects like Nautilus (ticket size INR25 cr+) and mid-income Southern Star (INR1.5-3 cr) contributing to sales pipeline. (Page 10)

Margin guidance

Category 3

→For FY '26, expected revenue from project completions (e.g., Prestige Sarjapur, BKC Sarjapur) is estimated between INR 10,000 to 12,000 crores.
→EBITDA margin for these projects is anticipated around 30%.
→Free cash flow from the residential business is projected at approximately INR 50,000 crores over 4-5 years (~INR 10,000 crores per year).
→Collections expected to grow from INR 13,000 crores to INR 16,000 crores in the current year with multiple launches.
→Operating EBITDA for 9 months FY '25 stood at INR 2,342 crores with a 38% margin, indicating strong profitability.
→Management is confident of achieving launch and sales targets for FY '25 and is optimistic about sustained demand and cash flows.
→No specific EPS guidance given yet; official guidance for FY '26 launches and presales will be shared post-Q4 FY '25.

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Fundraise plans

→No specific new fundraising plans through debt or equity were mentioned for the current quarter.
→The company has sufficient funds available currently and is not looking to liquidate its REIT units immediately.
→Land acquisitions and business development will be funded either through joint ventures (JV) or outright purchases depending on opportunities.
→No additional stake buybacks are planned beyond what has already been executed.
→The management indicated a preference to focus on launching and monetizing existing investments to generate liquidity before considering further capital raises.
→Dividend policy or shareholder rewards will be reconsidered after completing the annuity portfolio and generating steady cash flows.
→Overall, fundraising will be opportunistic and based on the right opportunities rather than immediate plans for fresh equity or debt.

Order book

Yes

→The launch pipeline includes INR56,000 crores of projects ready and under approval.
→An additional INR50,000 crores of projects are in the design stage, expected to come up progressively.
→Around INR30,000 crores worth of projects have been applied for or received RERA approval.
→Segment-wise RERA filings include:
→ - NCR: INR11,500 crores
→ - Bangalore: INR4,300 crores
→ - Chennai: INR3,000 crores
→ - Hyderabad: INR3,000 crores
→ - Mumbai: INR8,000 crores
→Business development investments post-QIP included land acquisitions worth about INR1,700-1,800 crores in Mumbai, Goa, and Bangalore.
→Further progress on the NCR (Gurgaon) land bank is under discussion, with expected updates soon.

Capex plans

Yes

→Significant capex spent on project approvals: around INR350-400 crores, including INR150-180 crores each on Indirapuram and Nautilus projects (Page 7).
→Construction spend averages INR1,500-1,600 crores per quarter, focused on project completions like BKC Sarjapur, Jasdan Classic, Siesta, and Beverly Hills (Page 7).
→Business development investments include land purchases worth INR1,700-1,800 crores in Mumbai, Goa, and Bangalore; plans for future launches prioritizing cash flow and right pricing (Pages 16-17).
→New launches planned in Goa and Bangalore next quarter, with a focus on completing annuity portfolio before revisiting dividend policy (Pages 6, 9).
→No immediate plans to liquidate 4.5% holding in Nexus shares, considered a liquid asset for future capital needs (Page 6).

How does Prestige Estates Projects Ltd rank vs peers in Realty?

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