Prestige Estates Projects
Prestige Estates Projects
Realty F&OKey Fundamentals
MidcapResidential Commercial ProjectsRealtyTapetide Score
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Key Insights
Strengths
3- Company is expected to give good quarter
- Company has delivered good profit growth of 20.8% CAGR over last 5 years
- Company's working capital requirements have reduced from 162 days to 107 days
Weaknesses
3- Stock is trading at 3.93 times its book value
- Company has a low return on equity of 6.20% over last 3 years.
- Promoter holding has decreased over last 3 years: -4.53%
Growth Rate
AI Analysis — Bull vs Bear
Prestige Estates Projects Ltd has a market capitalisation of about ₹63,451 crore and trades at a P/E of 50.3 and a P/B of 3.91. Trailing-twelve-month sales grew 67% and profit grew 116%, and 5-year profit CAGR is 20.8%. Return on equity has stayed low, at around 6% over 3 and 5 years (8% last year), and promoter holding has fallen by 4.53 percentage points over 3 years.
- TTM sales grew 67% compared with a 3-year sales CAGR of 15%, a sharp pickup in revenue recognition, likely from project completions and handovers.
- TTM profit grew 116%, well above the 3-year profit CAGR of 18%, which points to operating leverage as revenue scales.
- Profit compounded at 20.8% (about 21%) a year over 5 years, ahead of 5-year sales CAGR of 12%, which suggests margins improved over the period.
- Working capital days fell from 162 to 107, a drop of about 34%. This means cash is being released faster from the business, which matters a lot in real estate.
- ROE rose to 8% last year from a 3-year average of 6%, an early sign that capital efficiency may be improving.
- Over longer periods the stock has compounded at 35% (3-year), 24% (5-year) and 22% (10-year), well above its 10-year profit CAGR of 9%.
- The data flags an expected good quarter. Given TTM sales growth of 67%, near-term reported numbers may stay strong.
- A P/E of 50.3 is a steep multiple for a cyclical real estate business and already prices in a lot of the recent 116% TTM profit growth.
- The stock trades at 3.91 times book value while ROE is only 6.2% over 3 years, a weak match between the valuation and the returns the business generates.
- ROE has stayed in a narrow 6-8% range over 3, 5 and 10 years (6%, 6%, 7%), likely below the company's cost of equity, and has not improved structurally over time.
- Promoter holding fell by 4.53 percentage points over 3 years, which can be read as reduced insider ownership or dilution.
- Dividend yield is only 0.14%, so shareholders get almost no income support and depend mainly on price gains.
- Over 10 years, sales grew at just 9% CAGR and profit at 9% CAGR, which shows how cyclical long-run growth has been compared with the recent surge.
- The stock returned -2% over 1 year despite 116% TTM profit growth, which may reflect concerns that the valuation is high or that the property cycle is peaking.
- Even after improving, working capital days are 107. That is still a long cash conversion cycle, which leaves the company exposed if sales slow down.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Hospitality IPO shelved Sep 25
Prestige Hospitality Ventures withdrew the DRHP it filed with SEBI on April 24, 2025, citing strategic considerations and uncertain market conditions. That delays a public-market value unlock for the hospitality arm, though a fresh filing remains possible.
- MREAT forces Mahalaxmi Tower reclassification Sep 4
MREAT ordered the Mahalaxmi Tower project to change from commercial to residential use. The intervention could change the project's economics, design and timelines.
- CPPIB invests ₹3,000 cr in hospitality Sep 29
Canada Pension Plan Investment Board will invest ₹3,000 crore for about a 27% stake in Prestige Hospitality Ventures, which implies a valuation of roughly ₹11,000 crore. This private deal replaces the withdrawn IPO as the route to raise capital and validate the arm's value.
- ₹5,600 cr Gurgaon land buy Sep 3
Acquired a 17.14-acre parcel in Sector 109, Gurgaon, for a residential project with an estimated GDV of ₹5,600 crore. This substantially deepens its NCR pipeline beyond the southern home markets.
- Prestige Parklane launch, Bengaluru Sep 25
Launched Prestige Parklane in Bengaluru, a 1,788-home residential development with a GDV of ₹1,750 crore, adding to near-term pre-sales visibility.
- Garden Breeze launch, Sarjapur Sep 17
Launched Garden Breeze, a 10-acre, 655-apartment development in Sarjapur, Bengaluru, with a GDV of ₹1,100 crore. Together with Parklane, September launches total about ₹2,850 crore of GDV.
- CRISIL ESG upgrade to Strong Sep 16
CRISIL upgraded the company's ESG score to 65 (Strong) for FY26 from 54 (Adequate) in FY25. The better sustainability profile may widen access to ESG-focused capital.
- Bombay HC restores Turf View de-registration Oct 1
The Bombay High Court set aside the MahaREAT order of September 2, 2022, restoring the de-registration and promoter change for the Turf View project. All disputes and claims between the parties are settled under the court order, which removes a legal overhang.
- ₹400 cr guarantee for hospitality arm Sep 28
The parent has guaranteed a ₹400 crore loan facility for Prestige Hospitality Ventures. This shows financial support for the arm but adds a contingent liability.
- Two new real estate LLPs Sep 10
Incorporated Southgrove Homes LLP and Parkgrove Realty LLP as wholly-owned subsidiaries on September 9, 2026, each with an initial capital contribution of ₹1 lakh. These are routine vehicles for future projects.
TL;DR: Prestige's operating momentum is strong. It acquired ₹5,600 crore of Gurgaon GDV, launched about ₹2,850 crore of Bengaluru projects and secured a ₹3,000 crore CPPIB investment that monetises the hospitality arm despite the IPO withdrawal. The main risks are regulatory, such as the MREAT reclassification of Mahalaxmi Tower, along with market conditions weak enough to shelve the PHVL IPO and the added ₹400 crore guarantee exposure. The Turf View settlement removes one legal overhang, so the overall trend is improving, and execution on the expanding NCR and Bengaluru pipeline will drive the next leg of pre-sales growth.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,681 | 2,236 | 1,796 | 2,164 | 1,862 | 2,304 | 1,654 | 1,528 | 2,307 | 2,432 | 3,873 | 4,074 | 2,675 |
| Expenses | 1,158 | 1,651 | 1,261 | 1,336 | 1,079 | 1,684 | 1,071 | 999 | 1,430 | 1,522 | 3,013 | 3,063 | 1,826 |
| Operating Profit | 522 | 585 | 535 | 828 | 784 | 620 | 583 | 529 | 877 | 910 | 860 | 1,010 | 849 |
| OPM % | 31% | 26% | 30% | 38% | 42% | 27% | 35% | 35% | 38% | 37% | 22% | 25% | 32% |
| Other Income | 285 | 1,020 | 175 | 108 | 162 | 119 | 43 | 61 | 161 | 278 | 36 | 70 | 160 |
| Interest | 238 | 264 | 293 | 424 | 346 | 356 | 345 | 286 | 384 | 385 | 384 | 430 | 418 |
| Depreciation | 166 | 174 | 180 | 197 | 190 | 200 | 205 | 217 | 216 | 219 | 234 | 238 | 226 |
| PBT | 404 | 1,167 | 237 | 314 | 409 | 183 | 77 | 87 | 439 | 584 | 278 | 413 | 366 |
| Tax % | 21% | 22% | 31% | 25% | 25% | -28% | 58% | 51% | 29% | 22% | 12% | 29% | 26% |
| Net Profit | 318 | 910 | 165 | 236 | 307 | 235 | 32 | 43 | 312 | 457 | 245 | 292 | 271 |
| EPS in Rs | 6.66 | 21.23 | 2.9 | 3.49 | 5.8 | 4.46 | 0.41 | 0.58 | 6.79 | 9.99 | 5.17 | 5.81 | 5.48 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,420 | 5,531 | 4,774 | 5,499 | 5,172 | 8,125 | 7,242 | 6,390 | 8,315 | 7,877 | 7,349 | 12,685 | 13,053 |
| Expenses | 2,426 | 4,464 | 3,855 | 4,222 | 3,718 | 5,769 | 5,308 | 4,872 | 6,227 | 5,379 | 4,833 | 8,992 | 9,424 |
| Operating Profit | 994 | 1,068 | 920 | 1,277 | 1,454 | 2,356 | 1,934 | 1,517 | 2,088 | 2,498 | 2,516 | 3,693 | 3,630 |
| OPM % | 29% | 19% | 19% | 23% | 28% | 29% | 27% | 24% | 25% | 32% | 34% | 29% | 28% |
| Other Income | 99 | 288 | 99 | 82 | 232 | 161 | 3,036 | 1,018 | 780 | 1,560 | 386 | 509 | 544 |
| Interest | 321 | 346 | 316 | 566 | 723 | 1,023 | 979 | 555 | 807 | 1,219 | 1,334 | 1,582 | 1,617 |
| Depreciation | 140 | 127 | 164 | 155 | 323 | 667 | 593 | 471 | 647 | 716 | 812 | 906 | 916 |
| PBT | 631 | 882 | 539 | 638 | 640 | 827 | 3,398 | 1,509 | 1,414 | 2,122 | 756 | 1,714 | 1,641 |
| Tax % | 42% | 26% | 31% | 33% | 31% | 34% | 15% | 20% | 25% | 23% | 18% | 24% | — |
| Net Profit | 367 | 653 | 373 | 425 | 442 | 549 | 2,878 | 1,215 | 1,067 | 1,629 | 617 | 1,305 | 1,265 |
| EPS in Rs | 8.86 | 16.26 | 7.06 | 9.9 | 11.08 | 10.06 | 69.41 | 28.69 | 23.49 | 34.28 | 10.85 | 27.76 | 26.45 |
| Div. Payout % | 17% | 7% | 17% | 12% | 14% | 15% | 2% | 5% | 6% | 5% | 17% | 7% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 375 | 375 | 375 | 375 | 375 | 401 | 401 | 401 | 401 | 401 | 431 | 431 |
| Reserves | 3,446 | 3,825 | 4,040 | 4,358 | 3,852 | 4,959 | 7,600 | 8,694 | 9,574 | 10,888 | 14,992 | 15,842 |
| Borrowings | 4,071 | 5,374 | 5,739 | 7,416 | 8,487 | 9,272 | 4,898 | 7,412 | 9,420 | 13,458 | 13,180 | 17,659 |
| Other Liabilities | 4,463 | 6,886 | 6,676 | 6,754 | 15,720 | 14,844 | 12,201 | 13,664 | 16,876 | 23,227 | 29,634 | 38,872 |
| Total Liabilities | 12,355 | 16,460 | 16,830 | 18,902 | 28,433 | 29,476 | 25,100 | 30,171 | 36,271 | 47,974 | 58,237 | 72,805 |
| Fixed Assets | 3,010 | 932 | 3,622 | 5,135 | 6,732 | 8,986 | 3,780 | 5,858 | 6,780 | 8,669 | 10,545 | 11,965 |
| CWIP | 776 | 982 | 1,795 | 2,508 | 1,645 | 2,143 | 2,740 | 1,725 | 2,399 | 2,137 | 1,424 | 2,207 |
| Investments | 279 | 3,296 | 355 | 435 | 778 | 789 | 907 | 772 | 1,023 | 1,279 | 1,250 | 2,175 |
| Other Assets | 8,291 | 11,250 | 11,058 | 10,825 | 19,277 | 17,558 | 17,672 | 21,816 | 26,069 | 35,889 | 45,018 | 56,457 |
| Total Assets | 12,355 | 16,460 | 16,830 | 18,902 | 28,433 | 29,476 | 25,100 | 30,171 | 36,271 | 47,974 | 58,237 | 72,805 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -478 | 435 | 514 | 1,072 | 762 | 2,226 | 1,839 | 2,140 | 1,540 | 1,297 | 131 | 3,223 |
| Investing | -426 | -710 | -522 | -2,005 | -549 | -2,346 | 355 | -4,016 | -2,697 | -2,455 | -1,348 | -5,636 |
| Financing | 1,104 | 225 | -80 | 960 | 87 | 252 | -634 | 1,598 | 546 | 1,969 | 959 | 1,959 |
| Net Cash Flow | 200 | -50 | -87 | 26 | 300 | 133 | 1,560 | -278 | -612 | 812 | -258 | -453 |
| Free Cash Flow | -866 | -486 | -353 | 497 | 18 | 728 | 1,090 | -130 | -111 | -603 | -1,367 | 349 |
| CFO/OP | -22 | 71 | 91 | 106 | 68 | 107 | 106 | 157 | 89 | 69 | 21 | 106 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 94 | 75 | 77 | 64 | 117 | 66 | 69 | 81 | 58 | 57 | 67 | 59 |
| Inventory Days | — | — | — | 7,574 | — | 2,500 | 1,954 | 7,470 | — | — | — | — |
| Days Payable | — | — | — | 1,795 | — | 269 | 221 | 633 | — | — | — | — |
| Cash Conversion Cycle | 94 | 75 | 77 | 5,843 | 117 | 2,297 | 1,803 | 6,918 | 58 | 57 | 67 | 59 |
| Working Capital Days | 33 | 49 | 56 | -87 | -198 | -114 | -20 | 87 | 30 | 104 | 274 | 107 |
| ROCE % | 13% | 12% | 8% | 11% | 10% | 13% | 11% | 8% | 10% | 11% | 8% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about Prestige Estates Projects
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Company Information
Prestige Estate Projects has diversified business model across various segments, viz Residential, Office, Retail, Hospitality, Property Management and Warehouses with operations in more than 12 major locations in India.[1]
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