PRESTIGE · Realty
Prestige Estates Projects Ltd. reported revenue of ₹3,873 cr for October to December 2025, +134.2% on the year and +59.3% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹10,140 cr, +27.0% on the four before.
Operating profit (EBITDA) was ₹860 cr, a margin of 22.2%, −1,304 bps on the year and −1,521 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 22.2% to 42.1%). Operating costs grew +181.3%, faster than revenue at +134.2%, so operating profit grew less than sales.
Net profit was ₹245 cr, +665.6% on the year and −46.4% on the quarter, with earnings per share of ₹5.17. Profit before other income, one-offs and tax grew 611.8%, so 54 points of the headline growth came from outside the core business. The tax rate was 12% against an average of 34% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,057 cr, +30.5% on the four before.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹22.53 over the last four quarters, the stock at ₹1,597.50 trades at 70.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,796 cr | ₹2,164 cr | ₹1,862 cr | ₹2,304 cr | ₹1,654 cr | ₹1,528 cr | ₹2,307 cr | ₹2,432 cr | ₹3,873 cr | ₹4,074 cr | ₹2,675 cr | ₹2,060 cr |
| YoY | — | — | +11% | +3% | −8% | −29% | +24% | +6% | +134% | +167% | +16% | −15% |
| EBITDA margin | 29.8% | 38.3% | 42.1% | 26.9% | 35.2% | 34.6% | 38.0% | 37.4% | 22.2% | 24.8% | 31.7% | 45.0% |
| Other income, % of PBT | 74% | 34% | 40% | 65% | 56% | 70% | 37% | 48% | 13% | 17% | 44% | 45% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 31% | 25% | 25% | −28% | 58% | 51% | 29% | 22% | 12% | 29% | 26% | 30% |
| Net profit | ₹165 cr | ₹236 cr | ₹307 cr | ₹235 cr | ₹32.0 cr | ₹43.0 cr | ₹312 cr | ₹457 cr | ₹245 cr | ₹292 cr | ₹271 cr | ₹256 cr |
| YoY | — | — | −3% | −74% | −81% | −82% | +2% | +94% | +666% | +579% | −13% | −44% |
| Core profit YoY | — | — | +108% | −56% | −45% | −87% | +13% | +378% | +612% | +1,219% | −26% | −35% |
| EPS | ₹2.90 | ₹3.49 | ₹5.80 | ₹4.46 | ₹0.41 | ₹0.58 | ₹6.79 | ₹9.99 | ₹5.17 | ₹5.81 | ₹5.48 | ₹5.20 |
| Flags | 1 | 1 | 1 | 2 | 1 | 2 | 2 | 1 | 3 | 2 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Prestige Estates Projects Ltd. reported revenue of ₹3,873 cr (+134.2% on the year) and net profit of ₹245 cr (+665.6% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +611.8% on the year, against +665.6% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.