Prestige Estate: Can Strong Pre-Sales Growth Indicate Future Share Price Upside?

Synopsis: A leading real estate developer clocks its highest-ever annual pre-sales in FY26, as a top brokerage reiterates its bullish call with a 33% upside target.

One of India’s prominent real estate developers has delivered a standout performance in FY26, posting record pre-sales driven by strong demand across key geographies. A brokerage firm has maintained its positive outlook on the stock, pointing to robust execution, healthy collections, and a resilient annuity portfolio as reasons to stay invested.

With a market cap of Rs.59,133 Crore , the shares of Prestige Estate Ltd. closed at a price of Rs.1375 i.e.0.33 percent down from its previous closing price of Rs.1386. Its current P/E ratio is 60.9.

Nuvama Bets Big on Prestige Estates Amid Record Sales Run

Prestige Estates Projects has closed FY26 on a high note, reporting its best-ever annual pre-sales of Rs. 30,024.5 Crore, a sharp 76% jump year-on-year. Sales volume for the full year stood at 22.28 million square feet, up 77% year-on-year, with 11,692 units sold during the period. The geographical mix was led by Bengaluru at 34%, followed by NCR at 33% and Mumbai at 20%. Average realizations for the year came in at Rs 14,470 per square foot, up 3% year-on-year.

On a quarterly basis, Q4 FY26 pre-sales stood at Rs 7,697.3 Crore, reflecting 11% year-on-year growth, with sales volume of 5.34 million square feet and 3,094 units sold. Bengaluru dominated the Q4 mix at 56%, followed by Mumbai at 21% and NCR at 14%. Average realizations during the quarter rose 7% year-on-year to Rs 16,569 per square foot.

Collections and Execution Stay on Track

Collections have been equally strong. FY26 collections reached a record Rs. 18,514.6 Crore, up 53% year-on-year, while Q4 collections stood at Rs 5,231.4 Crore, a robust 66% year-on-year growth. On the delivery front, the company handed over 18.22 million square feet during FY26, with 5.51 million square feet delivered in Q4 alone across projects including Prestige Lake Shore Drive Phase I and Meridian Park Phase I. During the year, the company also added new projects with an estimated GDV of over Rs 50,000 Crore across Bengaluru, Mumbai, NCR, Hyderabad, and Chennai.

Annuity Portfolio Adds Stability

Beyond residential sales, the company’s annuity portfolio continues to hold steady. Office occupancy across operational assets stood at 92%, with 0.40 million square feet of leasing activity recorded in Q4 FY26, driven by GCCs, technology firms, and co-working operators. The retail portfolio reported near-full occupancy of 99%, with footfalls of approximately 4.5 million during the quarter and gross turnover of Rs 6,520 million, up 15% year-on-year.

Nuvama Maintains Buy, Sees 33% Upside

Taking all of this into account, Nuvama Research has maintained its Buy rating on Prestige Estates with a target price of Rs 1,830, implying an upside of nearly 33% from current levels. The brokerage has acknowledged potential risks from macroeconomic headwinds and a higher cost of capital environment, but views the company’s launch pipeline, demand visibility, and execution track record as strong enough to sustain its positive outlook.

About the Company

Prestige Group is one of India’s most respected and diversified real estate developers with a legacy of nearly four decades. The company has a portfolio spanning residential, commercial, retail, hospitality, and integrated townships across major cities. As of December 2025, it has delivered 313 projects covering 206 million square feet, with a pipeline of 128 projects across 195 million square feet.

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