Prestige Estates Projects Ltd continues its upward trajectory with a blockbuster performance in the first quarter of FY26, prompting Nuvama Institutional Equities to raise its target price to ₹2,009 while maintaining a ‘Buy’ rating on the stock. The brokerage cited record-breaking pre-sales and collections as key drivers behind its bullish view.
According to Nuvama, Prestige clocked its best-ever quarterly pre-sales, largely driven by the launch of four new projects, including its marquee “Prestige City” development in the National Capital Region (NCR). The Prestige City project alone contributed 59% to the company’s overall bookings for the quarter, reflecting strong demand momentum and effective launch strategy.
On the collections front, the company reported its highest-ever quarterly collections, rising 55% year-on-year, which will help fuel ongoing and future construction. Prestige also delivered approximately 5.45 million square feet (msf) of developed space during the quarter, showcasing continued operational efficiency and execution discipline.
Its annuity portfolio remains robust with office and retail occupancy at 93.7% and 98.9%, respectively. This reflects consistent performance in commercial assets and a growing contribution from rental income.
Prestige Estates’ aggressive expansion outside of its traditional stronghold in Bengaluru — especially in NCR and Mumbai — has started to pay off handsomely. The brokerage sees further upside in the stock as execution, visibility on launches, and cash flow profile continue to improve. The company’s FY26 pipeline includes several high-value launches that could keep the momentum going.
Nuvama’s optimism is underpinned by the broader trend of industry consolidation and rising market share for listed, organised real estate players. With Prestige now firmly positioned among the top-tier developers in India, analysts believe the stock is well-poised to deliver sustainable value creation in the quarters ahead.
