Prestige Estates Projects Ltd, one of India's largest residential and commercial developers across Bangalore, Mumbai, NCR, Hyderabad and Chennai, reports Q2 FY27 results with pre-sales momentum already disclosed at Rs. 7,225 Cr (+20% YoY). The print will be tested against the FY27 pre-sales growth guidance of 15%-20%, the revised Rs. 11,000-12,000 Cr residential revenue recognition range, and the ~25% EBITDA margin stabilisation narrative.
| Results date | November 05, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,675.1 Cr (consolidated revenue from operations, Q1 FY27) |
| Previous quarter PAT | Rs. 271.4 Cr (consolidated, Q1 FY27) |
| Previous quarter EBITDA margin | 36.97% (company presentation EBITDA% for Q1 FY27) |
| Net debt (latest quarter) | Rs. 11,900 Cr (Jun 30, 2026; debt-equity 0.69) |
| Market cap | Rs. 66,203.24 Cr |
| CMP | Rs. 1,537.0 |
The Board of Directors will meet on November 5, 2026 to approve the un-audited standalone and consolidated financial results for the quarter and half year ended September 30, 2026 (Q2/H1 FY27). The trading window remained closed from October 1 to November 7, 2026.
An investor call is scheduled for November 6, 2026, following the board's approval of Q2/H1 FY27 results on November 5, 2026.
The quarter's funnel is already fixed by the company's October 13 business update: Q2 FY27 pre-sales of Rs. 7,225 Cr (+20% YoY; 5.84 mn sq ft; 3,910 units) and collections of Rs. 5,294.1 Cr, though H1 FY27 pre-sales of Rs. 13,804.3 Cr still sit 23.91% below the exceptionally high H1 FY26 base.
The single biggest question for the call is whether the FY27 pre-sales growth guidance of 15%-20% survives, since hitting Rs. 34,528.2-36,029.4 Cr requires an implied H2 of Rs. 20,723.9-22,225.1 Cr — roughly 1.74x H2 FY26 — against an H2 launch pipeline of over Rs. 40,000 Cr GDV.
On margins, the dominant variable is internal rather than commodity-driven: reported EBITDA margins of 21-22% reflect low-margin legacy Mumbai projects, with management guiding stabilisation at ~25% and ~28% once revenue recognition aligns with presales, while the ~Rs. 70,000 Cr unrecognized revenue is now expected to be recognized over the next 4 years given 45-48 month completion timelines.
On the corporate side, CPPIB's first tranche of Rs. 1,500 Cr into Prestige Hospitality Ventures completed on October 15, 2026 (10% secondary for Rs. 950 Cr plus 5.79% via Series A CCPS for Rs. 550 Cr), with the remaining Rs. 1,500 Cr of tranches yet to close after the PHVL DRHP was withdrawn on September 25, 2026.
Net debt stood at Rs. 11,900 Cr (D/E 0.69) at Jun 30, 2026, inside the 0.75x cap management has committed to, with H1 collections of Rs. 10,096.3 Cr (+15.57%) tracking supportively against the Rs. 8,500-9,000 Cr FY27 operating cash flow target.
Presales vs the 15-20% FY27 growth guidance: H1 FY27 pre-sales of Rs. 13,804.3 Cr are 23.91% below the H1 FY26 record base.
Residential revenue recognition and EBITDA margin path
CPPIB-PHVL transaction and leverage
Launch execution and annuity ramp
Open risk items
Management has said reported EBITDA margin will be "in the range of 25% only" because the catch-up in revenue recognition will take time. Margins of ~28% are achievable once presales and revenue recognition align, and margin on the unrecognized revenue is guided at 28%-30%.
The company disclosed ~Rs. 70,000 Cr of unrecognized revenue at the Q1 FY27 call, expected to be recognized over the next 4 years. The timeline was extended from the initially anticipated 3 years because recently launched projects carry 45-48 month completion timelines.
Net debt stood at Rs. 11,900 Cr with debt-equity at 0.69 as of Jun 30, 2026, inside the 0.75x cap management has committed to. The increase in Q1 FY27 was driven by gross borrowings of Rs. 650-700 Cr and Rs. 400-500 Cr of cash deployed into land acquisitions.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.