DLF Ltd.
NSE: DLF
Real Estate · Real Estate - Development
₹675.00 last close on 16 Oct 2026 +0.67%
Research updated
Prestige Estates Projects Ltd.
NSE: PRESTIGEReal EstateReal Estate - Diversified
- Last close
- ₹1,492.00
- Day change
- +₹1.10 (+0.07%)vs
- Market cap
- ₹64,218 crIndian rupees
- Research updated
- 2 reports
About Prestige Estates Projects
Prestige Estates Projects Ltd. is a prominent real estate development company based in India, known for its extensive portfolio spanning residential, commercial, retail, leisure, and hospitality sectors. Founded in 1986, the company has established a significant presence in major cities such as Bangalore, Chennai, Hyderabad, Kochi, and Goa, among others. Prestige Estates is renowned for its comprehensive approach to development, creating integrated townships and smart cities that offer a blend of modern amenities and sustainable living. The company plays a pivotal role in India's burgeoning real estate market, addressing the rising demand for quality spaces for living, work, and leisure. Its projects often feature innovative design, quality construction, and adherence to environmentally friendly practices, which enhances their appeal among environmentally conscious consumers and investors. Prestige Estates has been influential in shaping urban landscapes by developing iconic developments like Prestige Acropolis and Prestige Shantiniketan. As a listed entity on the stock exchange, Prestige Estates Projects Ltd. contributes to the investment landscape, providing opportunities for participation in India's growing real estate sector, reflective of urbanization and dynamic economic growth.
- Sector
- Real Estate
- Industry
- Real Estate - Diversified
- Listing
- NSE: PRESTIGE
- Chief executive
- Mr. Tariq Ahmed
- Employees
- 11,092
- Headquarters
- Bengaluru, India
- ISIN
- INE811K01011
- Website
- prestigeconstructions.com
Public research · Report of
Business model & financial foundation
Prestige Estates (NSE: PRESTIGE), Diversified property developer and investment property owner: revenue of ₹12,685 crore in FY26 (+72.6% on FY25), an EBITDA margin of 33.3%, net profit of ₹1,196 crore and net debt of ₹11,296 crore.
- Revenue, FY26 (₹ crore)
- 12,685
- consolidated
- Revenue growth, FY26
- +72.6%
- on FY25
- EBITDA margin, FY26
- 33.3%
- EBITDA (Company EBITDA including other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,196
- to owners
- Return on equity, FY26
- 7.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 11,296
- Net borrowings after cash and liquidity (all debt, ex leases)
- Market capitalisation (₹ crore)
- 63,963
- at the close of 15 Oct 2026
Company profile
Prestige develops residential property across major Indian cities and owns office, retail and hospitality assets. Customer bookings and construction-linked collections precede most residential accounting revenue, which is recognised when control transfers. Investment-property development consumes capital before rentals stabilise; economic project interests differ from consolidated accounting scope.
| Item | Value |
|---|---|
| Legal name | Prestige Estates Projects Limited |
| Exchange and ticker | NSE: PRESTIGE; BSE: 533274 |
| ISIN | INE811K01011 |
| Sector | Real Estate |
| Industry | Diversified property developer and investment property owner |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. R. Batliboi & Associates LLP (since 2022) |
| Market capitalisation | ₹63,963 crore (15 Oct 2026) |
| Shares outstanding | 43.07 crore shares (FY26) |
| Price | ₹1,463 (close, 15 Oct 2026) |
| 52-week range | ₹1,090 - ₹1,805 (to 15 Oct 2026) |
| Website | https://www.prestigeconstructions.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Prestige Hospitality Ventures Limited | 100% | Hospitality platform; March 2026 ownership before conditional CPP transaction |
| Prestige Retail Ventures Limited | 100% | Retail platform |
| Prestige Exora Business Parks Limited | 100% | Commercial property platform |
| Prestige Projects Private Limited | 76% | Real estate projects |
| K2K Infrastructure India Private Limited | 100% | Contracting |
| Prestige Garden Estates Private Limited | 100% | Material property subsidiary; specific project perimeter not retrieved |
Holdings as at 31 March 2026. CPP commitment approximately 27% PHVL post-transaction is conditional; closing not verified.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 60.94% | 60.94% | 60.94% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 15.72% | 14.20% | 13.27% | |
| Domestic institutions | 20.96% | 22.60% | 23.51% | |
| of which mutual funds | 15.88% | 18.19% | 18.78% | |
| Retail | 1.82% | 1.79% | ||
| Other | 2.37% | 0.44% | 0.49% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Prestige sells residential property through project subsidiaries/JDAs and owns office, retail and hospitality assets. Bookings and construction-linked customer collections precede accounting revenue; control/possession transfer drives most residential sales recognition. Management economic-interest portfolios differ from consolidated scope; hotel/rental revenue and services broaden recurring earnings. FY26 operations revenue12685.4cr differs from headline total income13195.5cr; group PAT1305.4cr and owners PAT1195.5cr are not interchangeable.
| Peer | Why the dossier compares them |
|---|---|
| DLF (DLF) | Residential development and investment-property platform |
| Godrej Properties (GODREJPROP) | Pan-India residential bookings and launch execution |
| Lodha Developers (LODHA) | Residential scale and geographic diversification |
| Oberoi Realty (OBEROIRLTY) | Mumbai residential and annuity properties |
| Brigade Enterprises (BRIGADE) | Southern diversified residential, office and hospitality portfolio |
| Sobha (SOBHA) | Southern residential execution and completion accounting |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 6,291 | 8,215 | 7,877 | 7,349 | 12,685 |
| Cost of revenue (vendor classification) * | 3,353 | 4,099 | 2,742 | 1,364 | 5,168 |
| Other operating costs (vendor classification) * | 1,037 | 1,505 | 1,830 | 2,529 | 2,723 |
| EBITDA (vendor classification) * | 1,665 | 2,208 | 2,776 | 2,789 | 3,951 |
| EBIT including other income pre-associates | 2,024 | 2,156 | 3,330 | 2,133 | 3,313 |
| Finance cost expensed | 514.3 | 741.4 | 1,219 | 1,334 | 1,582 |
| PBT after associates and JVs | 1,509 | 1,414 | 2,122 | 755.8 | 1,714 |
| Current plus deferred tax | 294.5 | 347.5 | 493.6 | 138.9 | 408.2 |
| PAT including NCI | 1,215 | 1,067 | 1,629 | 616.9 | 1,305 |
| Diluted EPS (₹) | 28.69 | 23.49 | 34.28 | 11.19 | 27.76 |
| Total income | 9,425 | 7,736 | 13,196 | ||
| Development costs incl inventory change | 2,700 | 1,314 | 5,109 | ||
| Employee benefits expense | 746.7 | 821.7 | 1,003 | ||
| Other expenses | 1,933 | 2,655 | 2,864 | ||
| Company EBITDA including other income | 4,047 | 2,945 | 4,219 | ||
| Operations-only EBITDA | 2,498 | 2,559 | 3,709 | ||
| Other income | 1,548 | 386.1 | 510.1 | ||
| Depreciation and amortisation | 716.5 | 812.3 | 906.1 | ||
| Reported exceptional items | 0.00 | 0.00 | 0.00 | ||
| Share of profit or loss of associates and JVs | 11.3 | -43.0 | -17.1 | ||
| PAT attributable to parent owners | 1,374 | 467.5 | 1,196 | ||
| PAT attributable to NCI | 254.6 | 149.4 | 109.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 9,547 | 10,259 | 11,801 | 15,905 | 16,740 |
| Borrowings excluding leases | 7,250 | 9,420 | 11,462 | 10,600 | 14,986 |
| Cash and cash equivalents | 2,069 | 1,456 | 2,268 | 2,009 | 1,556 |
| Trade receivables | 1,420 | 1,329 | 1,234 | 1,358 | 2,042 |
| Inventories | 11,567 | 14,367 | 24,156 | 31,883 | 40,252 |
| Trade payables | 980.0 | 1,451 | 1,657 | 1,871 | 2,505 |
| Property plant and equipment net | 2,613 | 2,495 | 2,748 | 2,635 | 2,866 |
| Capital work in progress | 1,995 | 2,472 | 2,137 | 1,424 | 2,207 |
| Total assets | 30,444 | 36,583 | 48,519 | 58,795 | 73,368 |
| Other bank balances | 290.3 | 383.6 | 824.4 | ||
| Current investments | 841.2 | 857.0 | 991.6 | ||
| Non-current financial investments ex associates | 34.1 | 30.5 | 733.2 | ||
| Lease liabilities | 1,996 | 2,580 | 2,673 | ||
| Equity attributable to owners | 11,289 | 15,423 | 16,273 | ||
| Cash banks and financial investments held as liquidity | 3,615 | 3,442 | 3,690 | ||
| Net borrowings after cash and liquidity (all debt, ex leases) | 7,847 | 7,158 | 11,296 | ||
| Company scorecard net debt | 6,947 | 6,717 | 10,908 | ||
| Audited note56 reported net debt (ex selected debt) | 7,299 | 7,059 | 10,915 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 2,500 | 1,685 | 1,297 | 130.7 | 3,223 |
| Cash capex PPE investment property and intangibles | 1,907 | 1,583 | 2,883 | ||
| Free cash flow (vendor definition) * | -130.5 | -110.7 | -609.4 | -1,452 | 339.8 |
| Cash dividends paid (positive outflow) | -60.1 | -60.1 | 60.1 | 77.5 | 77.5 |
| Cash paid for additional subsidiary stakes from NCI | 0.00 | 1,334 | 382.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued ordinary shares | 40.09 | 40.09 | 40.09 | 43.07 | 43.07 |
| Weighted average diluted EPS shares | 40.09 | 41.78 | 43.07 | ||
| Borrowing costs capitalised to PPE/IP/CWIP | 117.2 | 224.3 | 95.9 | ||
| Finance cost inventorised to inventory WIP | 703.4 | 594.8 | 1,044 | ||
| Group capital commitments net advances incl proportionate JV/associate | 1,362 | 1,374 | 1,173 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,304 | 1,655 | 1,528 | 2,307 | 2,432 | 3,873 | 4,074 | 2,675 |
| Cost of revenue (vendor classification) * | 861.8 | 234.5 | -51.2 | 713.4 | 515.7 | 2,082 | 1,798 | 917.7 |
| Other operating costs (vendor classification) * | 607.1 | 643.6 | 112.9 | 503.2 | 784.6 | 673.8 | 902.6 | 642.1 |
| EBITDA (vendor classification) * | 739.6 | 626.5 | 477.3 | 1,039 | 1,188 | 895.6 | 1,080 | 1,010 |
| Company-basis EBIT including other income excluding JV | 550.3 | 428.8 | 385.3 | 839.0 | 957.3 | 639.4 | 877.4 | 794.4 |
| Finance costs | 356.5 | 345.1 | 286.1 | 383.9 | 385.1 | 383.8 | 429.6 | 418.4 |
| PBT including JV and associate share | 182.7 | 76.7 | 87.1 | 438.6 | 584.0 | 278.3 | 412.7 | 365.7 |
| Current plus deferred tax expense (signed) | -51.9 | 44.5 | 44.0 | 127.1 | 126.6 | 33.6 | 120.9 | 94.3 |
| Group profit after tax including NCI | 234.6 | 32.2 | 43.1 | 311.5 | 457.4 | 244.7 | 291.8 | 271.4 |
| Diluted EPS, not annualised (₹) | 4.70 | 0.41 | 0.58 | 6.79 | 9.99 | 5.17 | 5.81 | 5.48 |
| Development costs including inventory movement | 879.3 | 234.5 | -102.0 | 713.4 | 515.7 | 2,082 | 1,798 | 917.7 |
| Employee benefits expense | 204.2 | 186.3 | 222.2 | 196.9 | 221.6 | 256.6 | 327.6 | 255.7 |
| Other expenses | 589.6 | 643.6 | 867.1 | 503.2 | 784.6 | 673.8 | 902.6 | 642.1 |
| Company-basis EBITDA including other income excluding JV | 750.7 | 633.5 | 602.0 | 1,055 | 1,176 | 872.9 | 1,115 | 1,020 |
| Other income | 119.4 | 43.4 | 60.9 | 161.4 | 266.1 | 12.9 | 69.7 | 160.5 |
| Depreciation and amortisation | 200.4 | 204.7 | 216.7 | 216.2 | 218.6 | 233.5 | 237.8 | 225.7 |
| Exceptional items (positive gain) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 42.4 | 14.5 | 18.1 | 19.0 | 27.1 | 22.1 | 41.7 | 35.5 |
| Share of JV and associate profit or loss (signed) | -11.1 | -7.00 | -12.1 | -16.5 | 11.8 | 22.7 | -35.1 | -10.3 |
| Profit attributable to owners of parent | 192.2 | 17.7 | 25.0 | 292.5 | 430.3 | 222.6 | 250.1 | 235.9 |
| Operating EBITDA excluding other income and JV share | 631.3 | 590.1 | 541.1 | 893.8 | 909.8 | 860.0 | 1,046 | 859.6 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -11.6% | 30.6% | -4.1% | -6.7% | 72.6% |
| EBITDA margin | 51.4% | 40.1% | 33.3% | ||
| Net margin | 17.4% | 6.4% | 9.4% | ||
| Return on equity | 12.5% | 3.4% | 7.3% | ||
| Return on capital employed | 13.5% | 11.8% | 15.5% | 8.6% | 11.4% |
| Return on assets | 3.2% | 0.9% | 1.8% | ||
| Net debt (₹ crore) | 7,847 | 7,158 | 11,296 | ||
| Net debt / EBITDA | 1.94x | 2.43x | 2.68x | ||
| Interest cover | 3.93x | 2.91x | 2.73x | 1.60x | 2.09x |
| Asset turnover | 0.23x | 0.25x | 0.19x | 0.14x | 0.19x |
| Receivable days | 82 | 59 | 57 | 67 | 59 |
| Inventory days (on revenue) | 671 | 638 | 1,119 | 1,583 | 1,158 |
| Payable days (on revenue) | 57 | 64 | 77 | 93 | 72 |
| Cash conversion | 0.94x | 0.28x | 2.70x | ||
| Capex intensity | 24.2% | 21.5% | 22.7% | ||
| Free cash flow (₹ crore) | -609.4 | -1,452 | 339.8 | ||
| Dividend payout | 4.4% | 16.6% | 6.5% | ||
| EPS, diluted (₹) | 28.69 | 23.49 | 34.28 | 11.19 | 27.76 |
| Book value per share (₹) | 238.2 | 255.9 | 294.4 | 369.2 | 388.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company EBITDA including other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net borrowings after cash and liquidity (all debt, ex leases); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company EBITDA including other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Prestige Estates Projects
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 17 Oct 2026.
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