Prestige Estates shares fell as much as 3.4% on Thursday, hitting a day’s low of Rs 1,630.30 on the NSE, despite healthy Q1 numbers.

Here’s the full picture. Prestige reported pre-sales of Rs 6,579.3 crore for the first quarter of FY27, down around 15% from the year-ago period. The company sold 3,337 homes covering 6.04 million square feet during the quarter.

Hyderabad was the star performer, contributing nearly half of all sales, helped by the launch of its Golden Grove project there.

Bengaluru and Mumbai followed behind. What likely worried investors more than the sales dip is the base effect.

Last year’s numbers were unusually strong, driven by big bookings in the NCR region, so this quarter’s comparison always looked tough on paper.

On a brighter note, customer collections actually rose to Rs 4,802.2 crore, showing that cash is still flowing in steadily even as new bookings cooled off a bit. The company hasn’t slowed down on the ground.

It launched four new residential projects during the quarter spanning over 20 million square feet, with a combined value of around Rs 12,000 crore. It also completed three projects in Bengaluru and Kochi.

Earlier this month, Prestige agreed to buy a 50% stake in a hotel and convention business for up to Rs 504 crore, as part of a plan to develop a large commercial project in Mumbai.

Its rental businesses stayed steady too. Commercial leasing touched 1.5 million square feet, and mall revenues rose 18% from a year earlier on the back of over 5 million shopper visits during the quarter.

At 14:03 pm, Prestige Estates shares were trading at Rs 1,653.20 on the NSE, down 1.95% for the day. The stock is still up about 3% since the start of the year, even after Thursday’s fall.

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