1. QIP proceeds - no deviation in utilization Delivered - At the Q2 FY25 call, management committed QIP issue proceeds to stated objects - debt repayment, land acquisition and capex. ICRA's monitoring confirmed no deviation in utilization every quarter from September 2024 through March 2026, and proceeds were fully utilized as of June 30, 2026.
2. IPO proceeds - subsidiaries/JV investments fully utilized by FY27 Delivered - The FY26 monitoring report guided full utilization of IPO proceeds earmarked for "Investment in Subsidiaries and Joint Ventures" by the end of FY27. Deployment for ongoing and one upcoming projects was fully utilized by 30th June 2026, ahead of the 31st March 2027 deadline.
3. Prestige City Indirapuram - launch in FY26 Delivered - The FY25 annual report planned the launch of The Prestige City Indirapuram in FY26. It launched in Q1 FY26 with over ₹6,500 cr sold, and clocked over ₹9,500 cr of pre-sales in its first year as the NCR debut.
4. Commercial portfolio - surpass 7.5 cr sft total area Missed - The FY23 annual report anticipated the commercial portfolio would surpass a total area of over 7.5 cr sft, including under-development projects. The Q4 FY26 PPT shows commercial TDA of 4.59 cr sft across 8 geographies - completed 5.4 cr sft, ongoing 1.9 cr sft and upcoming 1.5 cr sft.
5. FY24 launch pipeline - ₹60,000 cr spanning \~6 cr sft Partial - The FY24 annual report put launches worth ₹60,000 cr spanning approximately 6 cr sft in the pipeline for the year ahead. Actual FY24 launches were 4.02 cr sft of development area, up 52% YoY; the record holds no FY24 launch GDV figure to compare against ₹60,000 cr.
6. FY23 launch plan - over 1.5 cr sq ft Delivered - The FY23 launch plan envisaged launching over 1.5 cr sft in FY23, including The Prestige City Mulund, Prestige Ocean Towers and Prestige Bougainvillea Gardens. Q1 FY23 saw four projects spanning 0.97 cr sft and Q2 FY23 five projects spanning 0.74 cr sft - H1 alone was 1.71 cr sft.
7. Data centers - \~100 MW scale Pending - At the Q1 FY27 call, management said data centers at \~100 MW scale were being looked at "for now", with plans to invest in land and building and tie up with data center partners, strategy to be firmed up once Maharashtra land acquisition completes. No money has been spent or invested yet.
8. Unrecognized revenue - ₹70,000 cr recognized over next four years On track - At the Q1 FY27 call, management said the \~₹70,000 cr of unrecognized revenue would be recognized conservatively over the next four years, not three. Unrecognized revenue stood at ₹65,935.3 cr at Q4 FY26 and ₹65,000 cr at Q1 FY27, consistent with that trajectory.
9. Chennai launches - ₹13,000-14,000 cr GDV over next three quarters Pending - At the Q1 FY27 call, management guided \~₹13,000-14,000 cr GDV in Chennai over the next three quarters - Palm Court ₹1,200 cr, Park Street ₹1,500 cr, Falcon City Chennai ₹5,000 cr and Cloverdale ₹5,000 cr. Palm Court had not yet launched at Q1 FY27 and Q2 FY27 is not yet reported.
10. Thane JDA project - GDV of almost ₹9,000 cr Pending - At the Q1 FY27 call, management said the Thane JDA project was expected to deliver GDV of almost ₹9,000 cr, with the JDA registered the day before the call. The project is in early stages with no launch yet.
11. Q2 FY27 launch lineup - six projects Pending - At the Q1 FY27 call, management lined up six Q2 FY27 launches: Prestige Business Bay (Mumbai), Prestige Bougainvillea Gardens and Prestige Meadows (NCR), Prestige Falcon City Reserve (Bangalore), Prestige Clover Dale (Chennai) and The Prestige City (Hyderabad). Q2 FY27 is not yet reported as of the last read.
12. Q1 FY27 launches - 4 Bengaluru projects + Palm Court Chennai Missed - At the Q1 FY27 call, management planned to launch 4 Bengaluru projects - Prestige Avon, Prestige Battersea, Prestige Garden Breeze - plus Prestige Palm Court in Chennai, with approvals expected in "maximum eight or 10 days time". Q1 launches were instead Golden Grove, Gardenia Estates Ph II, Forest Hills Ph 2 and Century Landmark, with the Bengaluru projects delayed on approvals and Palm Court not launched.
13. FY27 debt increase - maximum ₹1,000-1,500 cr On track - At the Q4 FY26 call, management said net debt would stay within 0.75x, with maybe ₹1,000-1,500 cr applied; at Q1 FY27 this became a marginal increase of maximum ₹1,000-1,500 cr for the year. Q1 FY27 consolidated net debt was ₹11,900 cr, up \~₹1,000 cr from March's ₹10,900 cr.
14. FY27 residential revenue recognition - ₹12,000-13,000 cr On track - At the Q4 FY26 call, management guided FY27 residential revenue recognition within ₹12,000 to ₹13,000 cr; at Q1 FY27 this was revised to close to ₹11,000-12,000 cr. Q1 FY27 residential top line was ₹1,600 cr, with the full-year target still ahead.
15. Prestige Meadows (Gurgaon) - launch in FY27 On track - At the Q4 FY26 call, management planned to launch Prestige Meadows (0.38 cr sq ft, Sector 92, Gurgaon) in FY27 - "The plan is to launch it this year". At Q1 FY27, the ₹4,500 cr GDV project had a November 2026 launch expected, pending approvals.
16. Noida Bougainvillea - launch next quarter from Q4 FY26 Partial - At the Q4 FY26 call, management said the Noida Bougainvillea project would be ready for launch in the next quarter, following master plan approval. The Sector 150 Sports City master plan was approved by Q1 FY27, but building plans, RERA and launch now point to Q3 FY27.
17. FY27 operating cash flow - ₹8,500-9,000 cr On track - At the Q4 FY26 call, the CFO guided FY27 operating cash flow of ₹8,500-9,000 cr, based on 15-20% growth over FY26's ₹7,000 cr. At Q1 FY27, free cash flows of ₹8,500-9,000 cr were guided as sufficient for capex and BD spends; FY26 operating cash flow was \~₹7,100 cr.
18. FY27 launch pipeline - \~₹58,000 cr GDV On track - At the Q4 FY26 call, management stated FY27 launches carry GDV of "almost ₹58,000 cr in addition to our inventory of ₹19,000 cr". Q1 FY27 launches delivered residential GDV of \~₹12,000 cr, with almost ₹45,000 cr of launches still pending and top launches of \~₹30,000-31,000 cr not expected to slip into FY28.
19. FY27 residential spends - ₹9,000-10,000 cr; capex ₹4,000-4,500 cr On track - At the Q4 FY26 call, management guided FY27 residential spends of ₹9,000-10,000 cr and capex of around ₹4,000-4,500 cr going forward. Q1 FY27 expenses ran higher on prior-quarter construction bills and approval payments ahead of the large Q2/Q3 pipeline, with a similar run-rate expected for the year.
20. FY27 collections growth - 15-20% On track - At the Q4 FY26 call, management guided FY27 collections growth of "similar 15% to 20%", saying "this is what we should and will achieve unless something drastic happens". Q1 FY27 collections were ₹4,802.2 cr against FY26 collections of ₹18,514.6 cr, implying a FY27 target of ₹21,292-22,218 cr.
21. FY27 presales growth - 15-20% over FY26 On track - At the Q4 FY26 call, management guided FY27 presales growth of 15-20% over the FY26 base of over ₹30,000 cr - "at bare minimum, meet the guidance of 15%, 20%". Q1 FY27 presales were ₹6,579.3 cr; four Bengaluru launches slipped on approvals, which would otherwise have made quarterly sales ₹8,500 cr instead of ₹6,500 cr.
22. FY26 debt-to-equity - 0.5-0.55 Missed - At the Q3 FY26 call, management said debt was not expected to go up significantly in FY26 and should remain at 0.5-0.55. Net gearing was about 0.65x at Q4 FY26 and debt/equity 0.69 at Q1 FY27.
23. FY27 BD spend - ₹4,500-5,000 cr budgeted On track - At the Q3 FY26 call, management guided an FY27 BD budget of ₹4,500-5,000 cr; this was restated at Q4 FY26 as ₹4,500 cr and reiterated at Q1 FY27 with "we are on target to achieve that spend for the year". Q1 FY27 saw entry into three new Mumbai micro markets - Thane, Borivali and Versova.
24. Hyderabad steady-state presales - ₹7,500 cr; Chennai ₹4,000-5,000 cr FY26 Missed - At the Q3 FY26 call, management guided Hyderabad steady-state presales at about ₹7,500 cr and Chennai at about ₹4,000-5,000 cr for the whole financial year. FY26 geographic sales closed at Hyderabad ₹2,382.1 cr and Chennai ₹1,192.5 cr.
25. Golden Grove (Tellapur) - launch Q3 FY26 Partial - At the Q3 FY26 call, management guided that Golden Grove (0.9 cr sq ft, Tellapur) would launch that quarter, "fingers crossed" on demand. It launched in Q1 FY27 instead, with ₹9,500 cr GDV and ₹2,300 cr of sales done in the quarter.
26. Business Bay (LIG, Bandra) - launch in last quarter of FY26 Missed - At the Q2 FY26 call, management said the LIG/Bandra office development for sale would happen in the last quarter of the year, giving "fairly decent revenue". By Q3 FY26 approval was expected only in Q1 FY27, and at Q1 FY27 the launch was expected within "the next couple of months".
27. NCR deals - more tied up in next two quarters from Q2 FY26 Delivered - At the Q2 FY26 call, management expected "in the next two quarters" a lot more NCR deals to be tied up, coming in for the next financial year. By Q3 FY26 two large Gurgaon land tracts were tied up with combined NCR GDV of more than ₹10,000 cr, and by Q1 FY27 three NCR projects were in place.
28. Net debt-to-equity - below 0.5, max ₹12,000 cr net debt Partial - At the Q2 FY26 call, Amit Mor said net debt (then 0.45 debt/equity) would remain within 0.5 over the next two-three years, with net debt in maximum terms less than ₹12,000 cr; later revisions moved the cap to 0.75x for FY27. Net gearing was 0.65x at Q4 FY26 and debt/equity 0.69 with net debt ₹11,900 cr at Q1 FY27.
29. Hospitality IPO - expected in next couple of quarters from Q2 FY26 Partial - At the Q2 FY26 call, management said the Prestige Hospitality IPO was work in progress, "should happen soon", with Amit Mor expecting it in the next couple of quarters. The DRHP for Prestige Hospitality Ventures was filed with SEBI on April 24, 2025, but as of Q1 FY27 the IPO was not completed, with approvals valid till September 30, 2026.
30. FY26 retail exit rentals - ₹275 cr Delivered - At the Q2 FY26 call, Zayd Noaman guided retail exit rentals for FY26 at around ₹275 cr, reiterated at Q3 FY26. FY26 retail exit rentals came in at ₹275.4 cr, PG share.
31. FY26 office exit rent - ₹820 cr Missed - At the Q2 FY26 call, Zayd Noaman guided office FY26 exit rent at ₹820 cr, nudged to approximately ₹829 cr at Q3 FY26. FY26 commercial exit rentals closed at ₹650.1 cr, PG share.
32. FY26 residential revenue recognition - ₹11,000-12,000 cr Missed - At the Q2 FY26 call, Zayd Noaman guided FY26 residential revenue recognition of \~₹11,000 to ₹12,000 cr for the entire financial year. FY26 residential segment revenue was ₹9,205.3 cr, and management reported recognition close to ₹9,000-9,500 cr against ₹10,000 cr of FY22 sales.
33. FY26 collections - healthy pickup Delivered - At the Q4 FY25 call, management said FY26 collections would show "a healthy pickup" as Southern Star and Spring Heights launch collections flow into FY26. FY26 collections were ₹18,514.6 cr, up 53% YoY, with Q4 FY26 collections up 66% YoY.
34. Mira Road (Prestige Horizon Heights) - launch in FY26 Missed - At the Q4 FY25 call, management said the Mira Road (Prestige Horizon Heights) project would launch in FY26, pending MOEF/environment committee clearance in Maharashtra. The Q4 FY25 PPT listed Horizon Heights in the FY26 launch plan, but the Q3 FY26 PPT's 17 planned launches did not include it, and the record holds no confirmation of launch.
35. Valor Estate JV project - finish in 3 to 3.5 years Pending - At the Q4 FY25 call, management said the Valor Estate JV project (0.15 cr sq ft office) should be finished in 3 to 3.5 years on a fast track, with Prestige's ₹504 cr contribution buying 50% of the SPV. The record holds no further disclosure on the project's progress.
36. Delhi Aerocity hotel - start trading July 2026 On track - At the Q4 FY25 call, management planned the Delhi Aerocity hotel to start trading in July 2026; revisions moved the DIAL block completion to July 2026 plus 4-5 months of stabilization, with trading after Diwali. As of Q1 FY27 the office component was 100% pre-leased and general managers appointed for both hotels, but the hotel was not yet trading.
37. Rock Cliff and Imperial Park (Hyderabad) - launch in FY26 Missed - At the Q4 FY25 call, management said Prestige Rock Cliff and Prestige Imperial Park (Hyderabad) would be brought to market "in this financial year" (FY26). Rock Cliff's approval kept slipping through FY26, and at Q1 FY27 Prestige Place (renamed from Imperial Park) was expected in Q3 or Q4 FY27, with no FY26 launch confirmed for either.
38. Pallavaram (Chennai) launch - Q1 FY26 Delivered - At the Q4 FY25 call, management said the Pallavaram, Chennai launch would happen that quarter, Q1 FY26. The project has since done more than ₹1,000 cr of sales, with excavation and foundations underway.
39. Evergreen at Raintree Park and Falcon City Luxe - launch in next 2-3 quarters Partial - At the Q4 FY25 call, management said Evergreen at Prestige Raintree Park and Falcon City Luxe launches should happen in the next 2 or 3 quarters - "very confident". Evergreen launched in Q3 FY26 (December 2025) with ₹5,000 cr GDV and almost ₹1,500-2,000 cr of sales in the first two weeks, while Falcon City Luxe (₹50,686 mn GDV) remains planned without launch confirmation.
40. Remaining capex - ₹7,000-8,000 cr across BKC, Mahalaxmi, Delhi Aerocity Pending - At the Q4 FY25 call, management guided total remaining capex of ₹7,000-8,000 cr across BKC, Mahalaxmi and Delhi Aerocity; by Q3 FY26 the commercial and retail capex envelope was about ₹15,000 cr, funded \~40% debt and \~60% internal accruals. Q4 FY26 PPT shows commercial capex balance of ₹10,299.2 cr and retail ₹4,831.3 cr, PG share.
41. FY26 EBITDA margin - 25-30% for completing projects Partial - At the Q4 FY25 call, management guided FY26 EBITDA margin of 25-30% for projects completing in FY26; residential segment margins were revised to 28-30% at Q2 FY26, and Q4 FY26 commentary pointed to reported margins "in the range of 25%". FY26 reported EBITDA margin was 32%, while the residential segment margin was 21-22%.
42. FY26 completions - 70-80% of \~₹17,000 cr GDV handed over Partial - At the Q4 FY25 call, management said of the \~₹17,000 cr GDV of projects completing in FY26, \~70-80% should be handed over, depending on completion timing. FY26 saw 18.22 mn sq ft completed and revenue of ₹13,196 cr, up 71% YoY, but no GDV-of-completions figure is disclosed, so the handover share cannot be verified after the FY26 window closed.
43. FY26 land/business development spend - ₹4,000-4,500 cr Delivered - At the Q4 FY25 call, management guided FY26 land/business development spend of ₹4,000-4,500 cr, translating into GDV of ₹30,000-40,000 cr; by Q3 FY26 the full-year estimate was close to ₹5,500-6,000 cr. FY26 BD spend ended at \~₹7,300 cr (9M ₹4,700 cr plus Q4 ₹2,600 cr) with additions carrying GDV of over ₹50,000 cr.
44. FY26 launch pipeline - ₹42,000 cr GDV with "absolute certainty" Missed - At the Q4 FY25 call, management stated ₹42,000 cr of launch pipeline GDV would come in FY26 "with absolute certainty", plus another ₹10,000-15,000 cr possible by year-end. FY26 launches totalled 3.18 cr sq ft with GDV of ₹27,350.4 cr, 35% below the committed ₹42,000 cr floor.
45. Q1 FY26 presales - ₹12,000-13,000 cr guided Delivered - At the Q4 FY25 call, management guided Q1 FY26 presales of ₹12,000-13,000 cr. Q1 FY26 presales came in at ₹12,126 cr (H1 FY26 ₹18,143 cr minus Q2 FY26 ₹6,017 cr), aided by The Prestige City Indirapuram's over ₹6,500 cr launch.
46. FY26 presales - ₹27,000 cr guided Delivered - At the Q4 FY25 call, management guided FY26 presales - "should cross ₹25,000 cr, maybe ₹27,000 cr... let's take ₹27,000 cr and go along for the year" - later raised at Q3 FY26 to ₹30,000 cr "if not more". FY26 presales closed at ₹30,024.5 cr, up 76% YoY, the highest ever.
47. Jijamata Nagar project - ₹20,000+ cr GDV, launch timing On track - At the Q2 FY25 call, Amit Mor guided realization close to ₹60,000 per sq ft and close to ₹20,000+ cr GDV from the Jijamata project; revisions moved planning closure to Q2 FY26 and the launch to FY27, with clarity deferred at Q4 FY26. As of Q1 FY27 the project had not launched; land is clean, planning nearly finalized and approvals expected "in the next one or two quarters".
48. BKC leasing - start ahead of FY28 rentals On track - At the Q2 FY25 call, Irfan Razack said BKC rentals were targeted toward FY '28-'29 but that leasing should start "sooner rather than later than FY '28". Progress ran ahead: substantial confidential pre-commitments by Q3 FY25, over 0.16 cr sft pre-leased by Q2 FY26 with fit-outs targeted for calendar '27, and the asset 70% pre-leased by Q4 FY26.