Presales +15.9%, but profit sank 12.9%; margin squeeze and RERA delays cloud H2 outlook

Revenue +15.9% YoY, but PAT -12.9%; NPM fell from ~10.9% to 9.6%; QoQ revenue crashed -34.3%

Reported EBITDA -4% YoY; CFO attributed to timing (low completions), but no quantified project-margin guarantee

Golden Grove ~₹3,200–3,500 Cr of ₹6,579 Cr (52%), rest weak; analyst noted presales 'muted' vs ₹12,000 Cr GDV launch

At current run rate (₹4.8K/Qtr), full year ~₹19–20K; CFO conceded 'at current run rate... only ₹20,000–21,000 crores'

Q1 achieved presales; need ~₹20,000 Cr rest of year (~₹6,700 Cr/Qtr) — dependent on Q2/Q3 launch approvals which have slipped before

4 Bangalore projects delayed from Q1 to Q2 (said would be ₹8,500 Cr instead of ₹6,500 Cr if on time); Q3 'expected to be big'; clear execution risk

Guided ₹21–22K Cr, but CFO: 'at current run rate… ₹20–21K.' Q1 ₹4.8K implies full-year shortfall if presales don't ramp Q2/Q3. Prior call expected collections 'similar margin' to 15–20% growth; miss is material.

4 Bangalore projects slipped Q1→Q2; CFO expects Q3 to be 'big quarter.' This is the second call citing RERA delays; Razack acknowledged 'our major stress' is approval timing. Pattern emerging.

EBITDA -4% YoY (reported), but CFO attributed to revenue recognition timing (no completions), not cost pressure. Claim unverified; need to see Q2 margin recovery if completions ramp.

Prior guidance: 15–20% growth. Q1 on track (~₹26–27K FY26 implies ₹30–32K target, Q1 ₹6.6K is 20% of that). But QoQ -34% revenue shows lumpiness; depends entirely on Q2/Q3 launches coming on time.

Prior (Mar 2026): ₹10,900 Cr net debt. Now: ₹11,900 Cr. CFO blamed BD spend + land cash, but if collections miss (₹20–21K vs ₹21–22K), debt reduction will be slower than expected.

60% sold, ₹9,500 Cr GDV (ex-landowner). Sold very well, demand strong. Analyst didn't push further.

Target ₹4,500 Cr BD spend FY27. Aram Nagar JV structure. 4 Bangalore launches pending approvals, should get in 8–10 days. ₹45K Cr pipeline pending.

JRC, tech zone pushed. JRC committed to tenant for June handover. No significant delays. FY29 onwards estimates 'pretty much' on track.

Q1 higher due to contractor billing lag + launch-prep payments. Similar run rate expected Q2/Q3. Collections ₹20K track. Free cash ₹8.5–9K Cr guidance on track.

3 projects tied up. Meadows Sector 92: ₹4,500 Cr GDV, agreements signed, November launch expected. Sector 150 imminent. Sector 190 (Falcon City) in final paperwork. Very bullish.

Free cash ₹8,500–9,000 Cr sufficient for capex + BD. Marginal debt increase max ₹1,000–1,500 Cr. No significant drawdown expected. JV debt (Prestige share): ₹2,200 Cr.

Reported ₹1,600 Cr residential top-line (low due to no major completions). Fixed costs same. Heavy Q2/Q3 launches = mismatch. Project-level margins intact. No pressure.

Approvals at various stages. Q3 expected big. Recent acquisitions (Chennai) being pushed hard. No specific city problem, just government processing time.

No impact on demand. Costs up (oil, commodities, labor from elections). Labor shortages 2-month impact on handovers. AI positive (new jobs). Demand strong across all cities.

Very, very confident. Big pipeline. Only risk is RERA delays. Once in market, can sell. Targets moving quarterly. Major stress is approvals.

Very confident. Palm Court ₹1,200 Cr (Q2 sure). Park Street ₹1,500 Cr luxury (Q2/Q3, recent acquisition). Falcon City ₹5,000 Cr (Q3). Clover Dale ₹5,000 Cr (Q4). Total ₹13–14K Cr launches confident.

Golden Grove just launched, 60% sold. Next 1–2 quarters should see inventory reduce. Rock Cliff & Prestige Place (renamed Imperial Park) Q3/Q4 launches.

Now mixed-use luxury: hotel, office, premium retail, Marriott/St. Regis residences. Designed by Benoy. Started CEC construction (4–5 months). Approvals next 1–2 quarters. Never push launch without product ready.

Don't think it'll slip. Working hard. Yes there could be, but should all happen FY27. 3 more quarters to go. Hopefully all fall in place.

Waiting for completion. Already have big tie-up with good companies. Focus on finishing. Better to wait for completion than leak preleasing details.

Hopeful for great demand. Product good, location good. Priming market, understanding pricing. ~50–60% occupants moved. 'Couple of months' to ready. Work in progress.

IPO option till Sep 30. Also PE interest. Exploring options. Work in progress. See what works out.

Govt acquiring land for us. Not yet spent money. Work in progress. ~100 megawatts target for now. Closer to land acquisition, will firm up plans.

Increase due to BD spend (₹650–700 Cr borrowings) + land cash deployment (₹400–500 Cr). Expect debt reduction Q2/Q3 as projects launch and presales convert.

Double-counting issue: SPV debt guaranteed by parent (SPV credit history weak). Already in consolidated financials. JV debt (Prestige share) ₹2,100–2,200 Cr. Going forward, moving projects to parent entity instead of SPVs to reduce guarantees.

Focused on 4 cities for now. Pune always in radar, should acquire launch project soon. Very serious on Pune.

4 years (3 years difficult). Projects launched last year: 45–48 month completion. FY27 recognition: ₹11–12K Cr residential.

Q1 revenue ₹300 Cr (hospitality), EBITDA 41%, net contribution ₹41.9 Cr. IPO deadline Sep 30. Exploring alternatives too. Definitive timeline unclear.

Q1 ₹6,579 Cr (on track for ~₹26–27K full year if 15–20% of base). Requires Q2/Q3 launches to land on time; ₹45K Cr pipeline pending approvals. RERA delays are structural risk.

Q1 ₹4,802 Cr collections. At run rate, full year ~₹19–20K Cr. CFO conceded 'at current run rate… ₹20–21K.' Clear downside risk. Shortfall would pressure cash flow and debt paydown.

Q1 only ₹1.6K Cr residential (no major completions). Heavy dependence on Q2/Q3 project handovers. Timing risk if completions slip.

Reported EBITDA -4% YoY. CFO blamed timing (low revenue recognition). No forward commitment on reported margin recovery. Cost headwinds (geopolitics, labor) acknowledged but deemed temporary.

Collections at risk of miss implies lower free cash. CFO: 'even on cash flow… a little lower compared to full-year guidance.' Watch for revised guidance.

₹45K Cr launch pipeline pending approvals. Q1: 4 Bangalore projects delayed. CFO: 'major stress.' If Q2/Q3 approvals slip, launches move to Q4/FY28, threatening presales & cash flow.

₹2,675 Cr reported Q1 revenue vs ₹6,579 Cr presales = massive gap. Projects take 45–48 months to complete. FY27 revenue target ₹11–12K Cr (only 16–18% of presales backlog annually) implies multi-year cash conversion lag.

Guided ₹21–22K Cr residential collections FY27. Q1 ₹4,802 Cr. At run rate (~₹4.8K/Qtr), full year ~₹19–20K Cr. CFO: 'at current run rate… ₹20–21K.' Shortfall of ₹1–2K Cr would reduce cash flow and debt paydown.

PAT -12.9% YoY despite revenue +15.9%. NPM fell to 9.6% from ~10.9%. Cost inflation from geopolitics (oil, commodities), labor disruptions (elections in Assam, West Bengal). CFO: project-level margins intact, but 'reported margin a little lower' due to timing.

Net debt up ₹1,000 Cr QoQ (Mar ₹10,900 Cr → Jun ₹11,900 Cr) despite FY27 guidance of 'marginal' increase (₹1–1.5K Cr). If collections miss and launches slip, debt reduction will lag and leverage could persist.