Prestige Estates Projects Ltd

- FY '26 presales reached close to INR30,000 crores, highest ever achieved by the company, indicating strong demand and operational momentum. - EBITDA margins for 9 months at 34.3%, demonstrating healthy profitability and operating leverage. - Office annuity income projected to scale to INR4,000 crores by FY '30; retail annuity income to reach approximately INR1,175 crores by FY '30. - New launches across Bangalore, Hyderabad, and Chennai to support robust sales pipeline in FY '27. - Business development spend of INR5,500 - 6,000 crores expected in FY '26; INR4,500 - 5,000 crores budgeted for FY '27 to fuel new projects growth. - Management remains conservative on pricing with expectation of steady realizations, balancing growth and profitability. - Operating cash flows to support business development and capex, with modest debt increase planned to service interest and repayments. - Strategic entry into new micro markets like Pune to broaden growth avenues beyond Delhi and Mumbai.

- Business Development (BD) spend for 9 months FY '26: INR4,700 crores (higher than guided INR4,500 crores). - Additional BD spend allocated for Q4 FY '26: INR1,000 to INR1,300 crores. - Total BD spend expected for FY '26: INR5,500 to INR6,000 crores. - Budgeted BD spend for FY '27: INR4,500 to INR5,000 crores. - Outstanding land capex for signed BD deals: Approximately INR1,800 crores. - Large upcoming BD projects include: - Jijamata project in Mumbai with GDV INR20,000 - INR25,000 crores. - Bandra office development (Business Bay). - 11-acre land in HITEC City, Hyderabad (3 million sqft development). - New market entry planned in Pune with expected BD activity in FY '27. - Total ongoing BD signed till 9 months FY '26: INR40,000 crores (approximate).

- For FY '26, Prestige Estates expects debt to remain stable around 0.5–0.55 times, with no significant increase planned (Page 13). - Debt is primarily used to service interest and loan repayments, while capex and business development are funded through operating cash flows (Page 13). - Planned capital expenditure of about INR15,000 crores will be financed approximately 40% through debt and 60% from internal accruals, including residential cash flows and annuity businesses (Page 10). - Business development spend for FY '27 is budgeted at INR4,500–5,000 crores, expected to be managed without major additional debt (Page 13). - No explicit mention of new equity fundraising in the call; focus remains on prudent debt management and internal accruals (overall call context).

- Ongoing capex commitment of about INR15,000 crores for commercial and retail business (Page 10). - Capex funding split: approximately 40% debt and 60% internal accruals from residential and annuity business cash flows (Page 10). - Business development (BD) spend in FY '26 expected around INR5,500-6,000 crores; FY '27 budgeted at INR4,500-5,000 crores (Page 13). - Recent land investments include INR1,000 crores in Hyderabad Knowledge Park and INR800 crores in Chennai (Page 4). - New markets exploration including Pune for BD in FY '27 (Page 13). - Data centers initiative in progress with land allocation pending; potential for large-scale master-planned development (~100 acres) (Page 6, Page 10). - Strategic BD pipeline valued at around INR40,000 crores with ongoing project launches to sustain growth (Page 6, Page 13).

- FY '26 presales expected to exceed INR30,000 crores, driven by strong launches in Bangalore, Hyderabad, and Chennai. - Q4 FY '26 presales guidance around INR7,000-7,500 crores, supported by new projects like Evergreen (INR5,000 crores GDV) and Golden Grove (Hyderabad). - FY '27 business development spend budgeted at INR4,500-5,000 crores. - Expect steady sales in Hyderabad (~INR7,500 crores) and Chennai (INR4,000-5,000 crores) annually at steady state. - Expansion into new micro markets like Pune planned for FY '27 with new launches. - Collections and cash flows are robust, supporting capex and debt servicing. - Residential launches and annuity portfolio expansions seen as key drivers for sustained growth. - New opportunities like data centers being evaluated for future diversification and growth.