Prestige Estates shares gain 2% as brokerages remain bullish after record Q1 performance- Grow Mudra

Prestige Estates shares gain 2% as brokerages remain bullish after record Q1 performance

10 Jul , 2025 By : Debdeep Gupta

Shares of Prestige Estates Projects rose 2 percent to Rs 1,678 in morning trade on July 10 after global and domestic brokerages issued upbeat views on the real estate developer, citing its strongest-ever quarterly performance and robust outlook. Morgan Stanley maintained an Overweight rating with a target price of Rs 1,700, while Nuvama raised its target to Rs 2,009 and reiterated a Buy call.

The bullish commentary followed the company’s April–June quarter update, where pre-sales jumped 300 percent year-on-year to an all-time high of Rs 12,126.4 crore, led by the sale of 4,718 units across markets. Sales volumes surged 234 percent to 9.55 million square feet, and collections rose 55 percent to a record Rs 4,522.7 crore, the company said.

Morgan Stanley noted that Q1 presales came in ahead of expectations and were in line with the company’s guidance, supported by strong inventory sales and a healthy launch pipeline. The firm also said the upcoming listing of Prestige’s hotel business could help ease leverage concerns.

Nuvama, meanwhile, highlighted that the company had delivered its best-ever quarterly performance, underpinned by the new launches and steady execution. It also pointed to healthy occupancy in the office and retail portfolio, at 93.7 percent and 98.9 percent, respectively.

A large part of the momentum came from the NCR market, which accounted for 59 percent of overall sales, driven by the launch of the Prestige City project—the company’s first foray into the region. Bengaluru contributed 21 percent, followed by Mumbai at 12 percent, Hyderabad at 5 percent, and other cities at 3 percent.

During the quarter, Prestige launched four residential projects spanning 13.94 million square feet and completed five projects covering 5.45 million square feet, including its first-ever completions in Mumbai. Average realisations stood at Rs 13,339 per square foot for apartments and Rs 7,343 for plotted developments.

At about 9:30 am, shares of the company were trading at Rs 1,670, higher by 1.2 percent from the last close on the NSE. Prestige Estates shares have risen nearly 11 percent in the last six months.