Target: ₹1,830CMP: ₹1,400.70Prestige Estates Projects’ FY26 pre-sales crossed ₹30,000 crore, up 76 per cent year on year, while collections rose 53 per cent to over ₹18,500 crore, reflecting healthy demand and strong execution. Office occupancy remained healthy at 92 per cent, while retail assets operated at nearly full occupancy of 99 per cent, supporting stable recurring cash flows. Leasing momentum in premium assets continues to improve with strong rental traction from GCCs and large corporates. In hospitality, FY26 revenue crossed ₹1,050 crore with EBITDA of around ₹400 crore. Prestige maintains strong growth visibility supported by an extensive project pipeline and a significant unrecognised revenue base. The company added projects worth over ₹50,000-crore GDV during FY26 and has an FY27 launch pipeline of nearly ₹68,000 crore. The management remains optimistic on demand conditions across key markets and guided for 15-20 per cent growth in both pre-sales and collections in FY27 despite a high base. With a large upcoming launch pipeline across Bengaluru, Chennai, Mumbai, NCR and Hyderabad, alongside improving annuity income from office, retail, and hospitality assets, Prestige appears well-positioned for sustained growth, stronger cash flows and gradual improvement in profitability.We maintain our Buy recommendation on the stock and continue to value the company using a DCF-based valuation to arrive at a TP of ₹1,830/share, implying a 32 per cent upside from the CMP.Published on May 25, 2026