India's Prestige Estates rises after Nomura starts coverage with 'buy'

Prestige Estates Projects

17/09/2025 06:42

** Shares of Prestige Estates Projects PREG.NS rise 1.7% to 1,652 rupees

** Nomura initiates coverage with 'buy' rating, 1,900 rupees PT - matching analysts' median target, per LSEG data

** Brokerage says PREG's pan-India growth strategy outpaces peers in key Mumbai, Delhi NCR markets; expects significant scale-up from mid-income township, luxury developments

** Estimates FY26 pre-sales at nearly 290 bln rupees ($3.30 bln) and beat forecast by 10% if launch targets met

** Projects annuity, hotel EBITDA to multiply 4-5x over next 4-5 years on strong execution

** 18 analysts covering PREG have a "buy" rating on avg - data compiled by LSEG

** YTD, PREG down 2.5% vs Nifty realty's .NIFTYREAL fall of 13%

($1 = 87.7587 Indian rupees)

 (Reporting by Urvi Dugar)

 ((UrviManoj.Dugar@thomsonreuters.com;))