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Robust operational and financial performance driven by successful launches

Operational performance

• Pre-sales: PEPL reported a 300%/74% YoY/QoQ increase in pre-sales to INR121.3b (in line with our estimates) due to stellar launches in NCR, Bengaluru, and Chennai.
• Geographical contribution: In FY25, 59% of the sales were contributed by NCR, followed by 21% from Bengaluru, 12% from Mumbai, 5% from Hyderabad, and 3% from other markets.
• Launches: Prestige launched four residential projects, totaling 14.94msf (GDV INR136b) during the quarter, featuring a mix of plotted developments and integrated townships that cater to diverse homebuyer segments.
• Mulberry and Oakwood (Indirapuram) – NCR – 9.64msf
• Gardenia Estates (Plotted) – Bengaluru – 1.06msf
• Pallavaram Gardens – Chennai – 4.24msf ? Business development: The company acquired 102 acres of land with a GDV of INR204b in 1QFY26 across Hyderabad, Bengaluru, Chennai, and Mumbai.
• Completions: The company successfully completed five residential projects spanning a total of 5.45msf, marking its first-ever project completions in Mumbai and further strengthening its footprint in key urban centers. Additionally, the company completed and handed over the Prestige Turf Tower in Mahalaxmi, Mumbai, comprising a total developable area of 0.64 msf. This tower serves as the rehabilitation component for the marquee development, The Prestige, Mumbai.
• Post 1QFY26, PEPL has an ongoing inventory of INR207b across Hyderabad, Bengaluru, and Mumbai.
• Total units sold stood at 4,718 just during the first quarter, which is ~80% of units sold during the full year in 2025.
• Office: Total area leased in 1QFY26 was 1.21msf. Occupancy levels remained robust at 93.7%. Exit rentals for the quarter amounted to INR5.2b.
• Retail: Gross Turnover (GTO) across malls stood at INR5.9b. Occupancy levels remained strong at 98.9%. Exit rentals for the period stood at INR2.2b.

Ongoing and future pipeline

• GDV of upcoming launches planned for the rest of FY26 stands at INR299b.
• For under-construction and upcoming office projects, pending capex amounts to INR107b, while retail projects have INR43b in pending capex.

Cash flow

• PEPL's collections rose 57% YoY to INR42.3b (8% above our estimates) for 1QFY26.
• In 1QFY26, the company had net debt of INR68b, with a net debt/equity ratio of 0.42x (vs INR67b with a net debt/equity ratio of 0.42x as of Mar’25). The average borrowing cost stands at 10.14%.

Financial performance

• PEPL reported a 24% YoY/51% QoQ increase in revenue to INR23.1b (in line with estimates) for 1QFY26.
• EBITDA came in at INR8.9b, up 12% YoY/65% QoQ (60% above our estimates), with an EBITDA margin of 39%.
• PEPL reported an adjusted PAT of INR2.9b, up 26% YoY, with a margin of 13% (50% above estimates).

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