Buy Prestige Estates Projects: target of Rs 1864: ICICI Securities
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓ICICI Securities issued a buy rating for Prestige Estates Projects with a target price of Rs 1,864.
- ✓The firm clocked gross sales bookings worth INR 300bn in FY26.
- ✓While Q2FY27 bookings grew 20% year-on-year, the company now plans new launches worth INR 465bn in H2FY27 to boost future sales growth.
Story at a Glance
- Category
- Indian Markets
- Reported By
- MoneyControl
- Reading Speed
- 1 Minute(s)
- Market Focus
- India Economy
ICICI Securities research report on Prestige Estates Projects Prestige Estates Projects (PEPL) clocked FY26 gross sales bookings worth INR 300bn, and Q2FY27 has seen bookings worth INR 73bn (up 20% YoY). For FY27, PEPL remains confident of achieving 15-20% sales bookings growth on the back of INR 465bn of new launches in H2FY27. While robust demand supports this outlook, any approval delays remain the primary risk. We envisage INR 350/INR 380bn FY27E/FY28E of sales bookings. While key upcoming annuity projects have achieved significant pre-leasing, PEPL's ability to manage debt levels with annual land/annuity capex of INR 40-50bn/INR 40-50bn is crucial. Outlook Retain BUY with an SoTP-based revised TP of INR 1,864 (earlier INR 1,910) accounting for hotel business divestment.
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