1. Opening Hook
Prestige Estates didn’t just report numbers this quarter—it casually rewrote its own annual target in six months and asked analysts to “pray for more.”
While the rest of the real estate sector debates cycles, Prestige seems busy selling homes faster than approvals arrive.
157% YoY presales growth, margins expanding, debt behaving, and management still refusing to upgrade guidance—classic Indian promoter superstition at play.
They’ve already beaten FY25 full-year sales, but don’t want to say it out loud. Nazar lag jaayegi, apparently.
Between NCR exploding, Bangalore refusing to cool down, and Mumbai slowly flexing its commercial muscles, Prestige looks less like a developer and more like a real-estate vending machine.
But scratch deeper, and the real story is margins, cash churn, REIT dreams, and a ₹60,000 crore revenue time-bomb waiting to hit the P&L.
Stick around. The real masala is ahead.
2. At a Glance
- Presales ₹18,143 Cr (H1) – Full-year FY25 beaten before halftime.
- Q2 Presales ₹6,017 Cr (+50%) – Momentum refuses to slow.
- Revenue ₹2,698 Cr (+11%) – Accounting lagging sales, as usual.
- EBITDA ₹1,176 Cr (+57%) – Real estate margins quietly partying.
- EBITDA Margin 43.6% – Developers everywhere taking notes.
- PAT ₹458 Cr (+95%) – Profits finally matching the hype.
- Net Debt/Equity ~0.45 – Balance sheet still sleeping peacefully.
3. Management’s Key Commentary (Decoded)
“We achieved record-breaking sales of ₹18,143 crores in H1.”
(Translation: FY guidance already dead 😏)
“NCR contributed 45% of H1 sales.”
(Prestige is no longer Bangalore-only)
“Average apartment prices rose 8% YoY.”
(Prices up, demand didn’t blink)
“We don’t want prices to rise endlessly.”
(Rare developer admitting affordability matters)
“We are not increasing guidance.”
(But math already has)
“Margins of 28–30% are sustainable.”
(Not a one-quarter fluke)
“₹60,000 crore revenue will be recognized over 4–5 years.”
(Future P&L already booked in spirit)
“Capex projects are
