Motilal Oswal's research report on Prestige Estates Projects
Presales: PEPL reported 50% YoY growth and 50% QoQ decline in presales to INR60.2b (52% beat) in 2QFY26, boosted by stellar launches in NCR and Bengaluru. In 1HFY26, presales jumped 157% YoY to INR181b, surpassing the total FY25 presales. Area volume: Total area sold during the quarter was 4.4msf, up 47% YoY but down 54% QoQ (42% beat). In 1H, total area volume was 14msf, up 138% YoY and higher than the total area sold in full-year FY25.
Outlook
We believe the stock is set for further re-rating. Reiterate BUY with a revised TP of INR2,295 (earlier INR2,038) indicating a 30% upside potential.
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