Whalesbook
Record Sales ke baad bhi stock mein kami kyu?
Asal mein, Prestige Estates ne FY26 mein ₹30,024 Crore ki pre-sales karke kamaal kar diya, ye unki history mein pehli baar hai aur pichhle saal se 76% ka growth dikhata hai. Sirf Q4 mein hi ₹7,697 Crore ki sales hui, jo pichhle Q4 se 10% zyada hai. Yeh sabhi major cities jaise Bengaluru, NCR, Mumbai mein demand zabardast hone ki wajah se hua. Lekin market ne is performance ko koi khaas response nahi diya. Haan, ₹1,219 tak stock thoda upar gaya tha ek din, par 7 April 2026 tak yeh saal mein 24% neeche hi hai. Iska matlab investors kuch aur hi soch rahe hain.
Valuation aur Sector ki Chinta
Currently, Prestige Estates ka P/E ratio kaafi high hai, 48.54x se 61.00x ke beech. Yeh DLF ke 25.85x se 47.58x aur Godrej Properties ke 27.54x se kaafi zyada hai. Jab stock pehle se hi expensive lag raha ho, toh investors thoda savdhan ho jaate hain. Aur upar se ye AI ka bhi scene hai, jisse IT sector mein slowdown aa sakta hai, aur Bengaluru jaise tech hubs mein housing demand par impact pad sakta hai.
Debt ka Pressure aur Investors ka Sanket
Company par debt bhi kaafi hai, haalanki unhone isse kam karne ki koshish ki hai. Debt-to-Equity ratio abhi bhi 89.3% ke aas-paas hai, jo pehle se kam hai par fir bhi high hai. Interest coverage ratio bhi sirf 2.3x hai, matlab company ke paas operating earnings se debt pay karne ke liye zyada cushion nahi hai. December 2025 mein ek analyst ne toh 'Strong Sell' rating de di thi, jisme unhone valuation, technicals aur debt ko risky bataya tha. Yahi nahi, GIC Private Limited jaise bade investor ne bhi April 2026 mein apna stake thoda kam kiya hai, 0.077% yani 329,563 shares bech diye. Haalanki CRISIL ka DA1+ developer rating acha hai, par woh company ke past performance ko dikhata hai.
Analyst Abhi Bhi Optimistic Hain
Itni saari pareshaniyon ke bawajood, kaafi analysts abhi bhi Prestige Estates ko lekar positive hain. Unka consensus 'Buy' ka hai aur price target ₹1,836.5 se ₹1,986.37 ke beech mein hai. Analyst log upcoming projects jaise Hyderabad ka ₹9,500 Crore GDV wala project aur Gurugram mein ₹4,200 Crore GDV wala land deal ko dekhte hue positive hain. Nomura toh yeh bhi keh raha hai ki Prestige Estates aur Godrej Properties apne FY26 sales targets ko paar kar sakte hain. Company ki projected earnings growth 34.1% aur revenue growth 21.2% p.a. bhi future ke liye achhi lag rahi hai.