PRESTIGE

Targets ₹30,000 Cr Pre-Sales Amid Expansion Push

reported a 122% YoY surge in pre-sales to ₹22,327 crore in 9MFY26, regaining momentum after FY25’s dip. The company revised its FY26 pre-sales guidance to ₹30,000 crore, driven by new launches and strong demand. However, rising net debt to ₹8,700 crore and increased reliance on debt-funded capex have brought its balance sheet into sharper focus. Pre-Sales and Collections Performance - 9MFY26 pre-sales: ₹22,327 crore, up 122% YoY, highest ever for the period. - Collections: ₹13,283 crore, up 49% YoY, reflecting strong cash conversion. - FY25 pre-sales had dipped 19% to ₹17,000 crore due to delayed approvals. Launch Pipeline and Market Expansion - Q3FY26 launches: 9 residential and plotted projects, including Prestige Garden Trails (Mira Road). - Q4FY26 pipeline includes: - Bengaluru: Multiple launches - Hyderabad: Rock Cliff, Golden Grove - Chennai: Palm Court - Revised FY26 pre-sales guidance: ₹30,000 crore, up from ₹27,000 crore. Debt and Funding Strategy - Net debt rose to ₹8,700 crore in Q3FY26, up from ₹7,300 crore in Q2. - 40% of capex to be funded via debt, raising leverage concerns. - Management aims to balance growth with prudent financial discipline. Market Reaction and Sector Context - Prestige stock gained ~4%, outperforming Nifty Realty, which declined. - Analysts view strong pre-sales as a positive, but caution on rising debt levels. - Sector-wide optimism continues, with demand supported by urban expansion and premium launches.