Prestige Estates Q1 Profit Falls 19%, Announces Thane Project
Prestige Estates reported lower first-quarter profit despite higher revenue and simultaneously strengthened its Mumbai expansion plans through a new residential project in Thane with ₹6,000 crore revenue potential.
- Q1 consolidated net profit declined 19% to ₹235.9 crore.
- Total income increased to ₹2,835.6 crore during the quarter.
- Company partnered to develop a ₹6,000 crore residential project in Thane.
Bengaluru: Prestige Estates Projects Ltd on Wednesday reported a 19% year-on-year decline in its consolidated net profit for the first quarter of FY2026-27. The real estate developer posted a net profit of ₹235.9 crore for the June quarter, compared with ₹292.5 crore in the corresponding period last year.
Despite the drop in profit, the company recorded higher revenue and announced a major residential expansion in Thane, Maharashtra, reinforcing its long-term growth strategy in the Mumbai Metropolitan Region.
According to a regulatory filing, Prestige Estates’ total income rose to ₹2,835.6 crore during the April-June quarter from ₹2,468.7 crore a year earlier, reflecting continued business activity despite pressure on profitability.
In a separate announcement, the company revealed that it has entered into a strategic partnership to develop a 14.6-acre residential project in Thane. While the landowner’s identity was not disclosed, the development offers a potential of more than 5 million square feet and is expected to generate approximately ₹6,000 crore in revenue.
Commenting on the new project, Prestige Group Chairman and Managing Director Irfan Razack said the development represents another important milestone in the company’s expansion across the Mumbai Metropolitan Region.
He noted that Thane has become one of the region’s fastest-growing residential markets, supported by major infrastructure improvements and sustained demand from homebuyers, making it an attractive destination for large-scale housing developments.
Although quarterly profit declined, the increase in total income and the announcement of a high-value housing project indicate that Prestige Estates remains focused on expanding its development pipeline. The Thane project is expected to strengthen the company’s presence in one of India’s most active residential real estate markets while supporting future revenue growth.
Prestige Group has already completed 316 projects covering around 212 million square feet, highlighting its established position in the Indian real estate sector.
The company will move forward with planning and execution of the Thane residential development over the coming months. Prestige Estates currently has a strong future pipeline of 135 projects spanning nearly 227 million square feet, reflecting its continued focus on expanding across key Indian property markets.
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