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Axis Securities retains FY26 estimates for its coverage universe with a cautiously positive outlook.
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Prestige Estate Projects reported 26% YoY pre-sales growth and launched 3.9 mn sq ft in Q2 FY26.
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Prestige's launch pipeline GDV is Rs 43,000 crore with pre-sales guidance of Rs 27,000 crore for FY26.
The overall performance of Axis Securities' coverage universe was largely in line with expectations. For FY26, estimates are retained across the portfolio. The outlook for premium and luxury residential remains cautiously positive, with new launches accompanied by sustained sales continuing to be the key driver of growth for the sector.
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Axis Securities Report
Axis Securities' top conviction ideas in real estate
Prestige Estate Projects (Buy)
Prestige Estate Projects Ltd. reported pre-sales of Rs 6,017 crore for the quarter (PG’s share Rs 5,081 crore), registering a 26% YoY growth. Collections stood at Rs 4,213 crore, in line with expectations and management guidance.
During Q2 FY26, the company launched 3.9 mn sq. ft. across four projects, including NCR Mayflower at Prestige City.
The total gross development value of launched projects stood at approximately Rs 17,590 crore for H1 FY26, with NCR contributing 24%, Bengaluru 48%, and Mumbai 28%.
Key sales contributors included TPC Indirapuram, Prestige Nautilus, and Prestige Southern Star Phase 1. It has guided for a launch pipeline of GDV Rs 43,000 crore and pre-sales of Rs 27,000 cr for FY26; however, we expect it to surpass this guidance. Having achieved 67% of its annual target, Prestige is back on track with its growth trajectory.
Axis Securities' top conviction ideas in building material
Cera Sanitary Ware (Buy)
Cera Sanitary Ware Ltd.’s retail segment showed sluggish demand, with a flat YoY growth for Q2 FY26. The overall topline contribution for sanitaryware and faucetware was 47% and 40%, respectively.
The project business contributed to 39% of the topline and maintained a healthy momentum.
Wellness/tiles reported a 10%/(34%) growth YoY. Sales from premium products contributed 42%, 36% for mid-segment and 22% for entry-level products.
Tier 3 cities contributed the highest to the sales with 41%, while Tier 1/Tier 2 contributed 36%/23% of sales.
Capacity utilizations stand at 85% for Sanitaryware and 97% for faucetware for the quarter. Management has guided towards an optimistic H2 FY26 with a 10-12% topline growth and a 7-8% growth for the full year FY26.
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