PRL_Investor presentation-Q4 FY 2025-26.
PROZONER · price
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Prozone Realty reported strong Q4 FY26 results with EBITDA of Rs 267.5 mn (up 109% YoY) and EBITDA margin at 50.9% versus 24.2% in Q4 FY25. Full year FY26 saw EBITDA of Rs 939 mn (up 63%) and PAT turned positive at Rs 178.9 mn from a loss of Rs 543.6 mn in FY25. Revenue from operations grew 9.2% YoY to Rs 1,952.2 mn. The company completed a strategic divestment of its two operating mall assets (Ch Sambhaji Nagar and Coimbatore) for gross consideration of Rs 1,242.5 cr, using proceeds to invest in high-value projects in the premium MMR market. Both malls were operating at peak occupancy (94% and 96%), with combined footfall of 4.6 million and retailer sales of Rs 204 crore in Q4. Development projects include Coimbatore Residential (402 of 540 units sold), Nagpur Residential (254 of 336 units sold), and Indore Residential township (43.5 acres).
The strategic monetization of operating assets at peak valuation and shift toward premium MMR development signals a pivot to capital-intensive but potentially higher-return projects. The sharp margin expansion and return to profitability are positive, but investors should monitor how the deployed capital performs in the premium Mumbai market.