Prestige Estates Projects Ltd Management Discussions

Macro-Economic Environment

Indias economy continued to demonstrate structural resilience through FY 26, anchored by robust domestic consumption, a disciplined fiscal trajectory, and a banking system operating from a position of strength. According to Provisional Estimates released by the Ministry of Statistics and Programme Implementation (MoSPI), real GDP grew by 7.7% in FY 26, up from 7.1% in FY 25, while nominal GDP expanded by 8.9% - reaŒrming Indias position as one of the worlds fastest-growing large economies. Growth was broad-based, with the secondary and tertiary sectors expanding by 8.8% and 9.3% respectively, and sectors including manufacturing and financial, real estate and professional services registering double-digit growth. Private consumption, contributing nearly 60% of GDP, remained the primary growth engine, supported by a young and expanding workforce with a median age of 28. Gross Fixed Capital Formation grew by over 8%, reflecting sustained investment-led momentum and continued infrastructure-led expansion across urban corridors. The financial sector entered the year in its healthiest state in two decades, with non-performing assets at multi-year lows and scheduled commercial banks posting record profitability of nearly USD 50 billion, enabling sustained credit flow into housing and allied sectors. Inflation moderated meaningfully through the year, opening the door for monetary easing that is expected to further catalyse demand across real estate segments. Structural tailwinds : rapid digital adoption, expanding infrastructure capex, rising manufacturing GDP share, and growing global investor confidence (reflected in strong PE-VC and FDI flows) continued to underpin the medium-term growth outlook. Against this macro backdrop, the operating environment for real estate through FY 26 was defined by strong economic fundamentals even as the sector itself entered a more discerning, value-oriented phase of growth.

Private consumption contributed nearly 60% of GDP Domestic demand continued to power economic growth.

Indian Real Estate Sector Performance

Indias real estate sector continued to strengthen its position as a core pillar of the economy with the broader "Financial, Real Estate, IT & Professional Services" category registering double-digit growth of 10.4% in GVA terms as per MoSPIs provisional estimates, reflecting the sectors deepening contribution to national output.

The residential real estate sector across Indias top cities transitioned in FY 26 from a phase of volume-led expansion to one of value-led maturity. While housing sales volumes across the top seven cities moderated to approximately 3.95 lakh, the overall sales value crossed record highs, surging 6% annually to cross the INR 6 lakh crore mark, underscoring a decisive shift in homebuyer preference toward larger, higher-value configurations and premium products. Capital values across key markets registered strong appreciation, with average prices rising 8% year-on-year nationally, led by the National Capital Region at 23% capital appreciation. A trend towards premiumisation in residential real estate has emerged over the past five years. This is clearly visible from the fact that for the first time, units priced > INR 1.5 Cr have commanded a 42% share of total launches in contrast to their 9% share in 2020. The overarching trend across geographies was consistent: a market rewarding scale, execution credibility, and quality, conditions that favour organised, Grade-A developers.

Commercial

Indias oŒce sector delivered a record-breaking performance in 2025, with leasing activity reaching an all-time high of approximately 82.6 mn sft, marking the third consecutive year of record space take-up. New completions similarly scaled a new peak of 58.9 mn sft, up 10% year-on-year, with supply additions led by Bengaluru, Hyderabad, and Pune, which together accounted for nearly two-thirds of the years new stock. Demand remained concentrated in Indias gateway markets, with Bengaluru, Mumbai, and Delhi-NCR collectively driving around 61% of total leasing activity for the year. Global Capability Centres (GCCs) continued to anchor the markets momentum, led decisively by Bengaluru, Hyderabad, and Delhi-NCR, underscoring Indias deepening position as the preferred hub for global enterprises innovation and delivery functions. Sustainability continued to gain ground as a market norm, with green-certified developments accounting for 93% of new supply and 75% of leasing activity during the year, reflecting the growing institutionalisation and flight-to-quality shift defining the sector. Overall, 2025 reaŒrmed the oŒce sector as one of the most resilient pillars of Indian real estate, underpinned by structural demand from global occupiers, sustained domestic consumption of Grade-A space, and a decisive pivot toward premium, ESG-compliant assets.

Retail

Indias retail real estate sector scaled new heights in 2025, with leasing activity reaching a record high of approximately 8.9 mn sft across investment-grade malls, high streets, and standalone developments, propelled by robust consumer sentiment and a sharp influx of high-quality supply. New supply of investment-grade malls surged to approximately 4.3 mn sft for the year, a substantial 268% year-on-year increase, with Hyderabad emerging as the standout market, accounting for over half of total supply addition and nearly 29% of annual absorption. This performance was underpinned by resilient consumption fundamentals: retail sales grew approximately 10% year-on-year, and consumer spending rose 7%, aided by range-bound inflation, GST rationalisation on key categories, and strengthening consumer confidence. Overall, 2025 rea?rmed retail as a structurally strengthening asset class, marked by rising institutional investment activity, a decisive shift toward experiential and format-agile store concepts, and sustained demand for premium, well-located retail space across both malls and high streets.

Hospitality

Indias hospitality sector continued to build on its structural growth momentum during 2025, supported by robust domestic travel, improving connectivity and expanding tourism infrastructure. The industry recorded another year of healthy operating performance, with occupancy levels averaging approximately 63-65%, Average Room Rates (ARRs) increasing to around •8,500-8,700, and Revenue per Available Room (RevPAR) rising by nearly 15% year-on-year, reflecting sustained pricing power and healthy demand. Growth continued to be driven by a diversified mix of business travel, leisure tourism, MICE, destination weddings and religious tourism, while record hotel signings during the year underscored growing investor confidence in Indias long-term hospitality opportunity.

At Prestige Estates Projects Limited (Prestige), every phase of our journey has been driven by a vision to evolve alongside Indias changing urban landscape. What began as a real estate development business has, over nearly four decades, grown into one of Indias leading integrated real estate companies, with a diversified presence across residential, commercial, retail and hospitality developments, supported by complementary capabilities that span the real estate value chain.

Integrated real estate platform Residential. Commercial. Retail. Hospitality. Services.

Today, our business extends beyond developing individual assets. We create integrated urban destinations that serve the evolving needs of homeowners, businesses, retailers and travellers. This diversified platform enables us to participate across multiple demand drivers while maintaining a balanced portfolio of development and annuity-led businesses.

Residential development remains the cornerstone of our business, with a portfolio spanning apartments, villas, integrated townships and plotted developments across Indias key real estate markets. Our commercial portfolio comprises Grade A o?ce parks, corporate campuses, built-to-suit developments, business parks and warehousing assets that cater to the evolving workspace requirements of global and domestic occupiers. In retail, we have created destinations that bring together shopping, dining, entertainment and culture, while our hospitality portfolio includes luxury hotels, resorts, convention centres, serviced residences and golf resorts that cater to both business and leisure travellers.

Supporting these businesses is an integrated ecosystem of capabilities that strengthens execution across the development lifecycle. Our property management arm ensures the e?cient operation and maintenance of completed developments, while our in-house construction, contracting, interiors, custom furniture and glazing businesses enhance execution e?ciency, quality control and delivery timelines, reducing dependence on external partners while reinforcing operational excellence.

This integrated operating model gives us a distinct competitive advantage. Each business addresses a di?erent customer segment and market cycle, while together they enable us to develop large mixed-use destinations, optimise land utilisation and create value across the asset lifecycle. Today, with a presence across 13 cities, we continue to expand into markets with strong long-term fundamentals, supported by a development platform defined by scale, execution excellence and diversification.

Operating Performance

FY 26 was another year of disciplined execution across our development and annuity businesses. We recorded our highest-ever residential sales and collections, sustained healthy momentum across our commercial and retail portfolios, and continued to advance projects across multiple geographies. At the same time, our expanding development pipeline, growing annuity portfolio and successful entry into new markets strengthened the platform for long-term, sustainable growth.

Residential

Residential development remains the primary driver of our long-term growth. Our diversified portfolio spans apartments, villas, integrated townships and plotted developments across Indias leading real estate markets, enabling us to address evolving homebuyer preferences while maintaining a geographically balanced development pipeline.

FY 26 was a landmark year for the residential business. We achieved our highest-ever pre-sales of •300,245 mn, representing a 76% year-on-year growth, while collections reached an all-time high of •185,146 mn, reflecting robust customer demand and disciplined execution. The year also marked our successful entry into the NCR residential market with the launch of The Prestige City Indirapuram, further strengthening our national footprint.

Highest-ever residential pre-sales

As at FY 26, we had completed 163 residential projects aggregating 144 mn sft, with 47 ongoing projects spanning 101 mn sft and 36 upcoming projects covering 70 mn sft. Our development pipeline extends across Bengaluru, Hyderabad, Chennai, Mumbai, NCR, Kochi, Kozhikode, Mangaluru, Ooty, Goa, Mysore and Sakleshpur, providing strong visibility for future launches and execution.

Our residential pipeline, including upcoming projects and inventory, stood at •1,016,363 mn, while unrecognised revenue amounted to •659,353 mn, providing visibility on future earnings. Estimated free cash flows from the residential portfolio stood at •597,212 mn, supported by a land bank of 991 acres.

Looking ahead, our FY 27 launch pipeline comprises 58.12 mn sft with an estimated GDV of over •570,000 mn. During FY 26, we also added 427 acres of land with a tentative GDV of •514,200 mn, reinforcing our ability to sustain long-term residential growth.

Commercial

Commercial real estate is central to our strategy of building a high-quality portfolio of recurring income-generating assets. Our focus remains on developing Grade A o?ce spaces that meet the evolving requirements of global occupiers while expanding our presence across Indias leading business districts.

As at FY 26, we had completed 128 commercial projects spanning 54 mn sft, with 10 ongoing projects aggregating 19 mn sft and 12 upcoming projects covering 15 mn sft. Our under construction projects span across Bengaluru, Mumbai and Delhi NCR, while our future pipeline also includes projects in Chennai, Kochi and Kolar, broadening both our geographic reach and asset mix.

During FY 26, we leased 4.47 mn sft, while occupancy across our operational portfolio remained above 92%. Global Capability Centres (GCCs) accounted for 56% of our occupier base, reflecting the increasing role of India as a global business hub.

As our development pipeline becomes operational, annual exit rentals are expected to increase from •6,501 mn in FY 26 to approximately •40,796 mn by FY 30, representing a CAGR of 58%.

Retail

Our retail business is built around destinations that combine shopping, dining, entertainment and community experiences. As consumer preferences continue to evolve towards experiential retail, we remain focused on developing high-quality assets that complement our mixed-use developments and strengthen our annuity portfolio.

99%+ occupancy

High-quality retail destinations continue to attract brands.

Our operating retail portfolio maintained an occupancy of over 99% during FY 26 and welcomed approximately 19.1 mn visitors during the year.

Having developed 13 retail destinations spanning 10 mn sft, we have built deep expertise in the development and management of retail destinations. We currently have 5 ongoing retail projects covering 5 mn sft and 9 upcoming projects spanning approximately 8 mn sft across Bengaluru, Hyderabad, Mumbai, Chennai, Goa and NCR. These developments will further strengthen our presence across key consumption centres while complementing our residential and commercial ecosystems.

19.10 mn annual visitors

Experiential retail continues to drive footfalls.

Hospitality

Hospitality complements our diversified real estate platform by extending our presence across business, leisure and destination-led travel. Our portfolio spans luxury hotels, resorts, convention centres, serviced residences and golf resorts, enabling us to participate in Indias growing travel and tourism ecosystem.

Multi-city development pipeline Expanding presence across Indias fastest-growing hospitality markets.

During FY 26, we continued to strengthen our hospitality platform by progressing developments across our pipeline while enhancing the scale and quality of our operating portfolio. We have a robust pipeline of hospitality projects across Bengaluru, NCR, Mumbai, Hyderabad, Chennai, Sakleshpur and Goa, which will significantly strengthen this vertical over the next few years and expand our portfolio of high-quality hospitality assets. As these developments become operational, we expect the hospitality business to play an increasingly meaningful role in enhancing our annuity income while complementing our integrated mixed-use developments.

Hospitality to become a larger contributor to recurring earnings.

Property Management & Other Services

As our completed portfolio continues to grow, our property management and allied businesses play an increasingly important role in enhancing customer experience and preserving long-term asset quality. Together with our in-house contracting, interiors, custom furniture and glazing capabilities, these businesses strengthen execution, improve operational eŒciency and support the lifecycle of our developments.

Backward integration improves operational e3ciencies and helps enhance capital value through the asset lifecycle

8,741 mn Revenue

Complementary businesses continue to enhance profitability.

Opportunities

• Sustained growth in Indias residential real estate driven by urbanisation, rising incomes, nuclear families and increasing homeownership aspirations.

• Industry consolidation favouring branded, well-capitalised and execution-focused developers with strong governance and delivery track records.

• Large launch pipeline across residential, commercial, retail and hospitality segments, providing strong visibility for future growth.

• Continued demand for premium and luxury housing, supported by increasing disposable incomes and evolving lifestyle preferences.

• Growing preference for integrated townships and mixed-use developments ošering live-work-play ecosystems.

• Rising demand for Grade A oŒce spaces, particularly from Global Capability Centres (GCCs), technology firms and multinational corporations.

• Increasing consumer preference for experiential retail destinations, supporting long-term growth in organised retail assets.

• Recovery and long-term growth in hospitality driven by business travel, tourism and MICE demand.

• REITs and InvITs are accelerating institutionalisation, a live opportunity to monetise stabilised commercial, retail assets and recycle capital into new development.

Strategic Priorities

• Maintain a strong balance sheet and healthy operating cash flows to support capital expenditure, fund business development and reduce reliance on external debt.

• Accelerate project execution and reduce time-to-market by shortening the period between land acquisition and project launch, enabling faster capital recycling and improved returns.

• Strengthen our residential leadership position through disciplined launches, timely execution and expansion across high-potential markets.

• Expand our presence across key growth markets, including NCR, Mumbai, Hyderabad and Chennai, while deepening our position in established markets.

• Scale our annuity portfolio by growing leased commercial, retail and hospitality assets to enhance recurring income and earnings resilience. of

• Maintain a robust business development pipeline through strategic land acquisitions, joint development agreements (JDAs) and other capital-eŒcient development models.

• Deliver integrated mixed-use destinations that combine residential, commercial, retail and hospitality assets to maximise land utilisation and create long-term value.

• Drive operational excellence by enhancing project execution, construction quality, customer experience and asset management across the development lifecycle.

• Embed sustainability into every stage of development by expanding green-certified assets and integrating climate resilience, energy eŒciency and water conservation into project design and operations.

• Leverage technology and digital innovation to improve customer engagement, sales ešectiveness, project monitoring and operational eŒciency.

• Unlock value from stabilised annuity assets through capital recycling opportunities, including REITs and other institutional capital platforms, while redeploying capital into future growth.

• Maintain prudent capital allocation and disciplined risk management to deliver sustainable, long-term value for all stakeholders.

Threats and Mitigation

Regulatory and Approval Risk

Changes in land-use regulations, environmental norms, taxation and other regulatory frameworks, as well as delays in statutory approvals, could aect project timelines, development costs and launch schedules.

Mitigation: We maintain proactive engagement with regulatory authorities, adopt robust compliance and governance frameworks, and continuously monitor evolving regulations to facilitate timely approvals and minimise execution risks.

Market and Competitive Risk

Changes in economic conditions, customer sentiment, pricing dynamics and competitive intensity could influence sales velocity, leasing activity and profitability across our portfolio.

Mitigation: Our diversified presence across asset classes, customer segments and geographies reduces concentration risk. We remain focused on disciplined market selection, dierentiated product oerings, timely launches and execution excellence to sustain our competitive position.

Macroeconomic and Geopolitical Risk

Interest rate movements, inflation, currency volatility, geopolitical developments and broader economic uncertainties could impact customer demand, funding costs, supply chains and construction input prices.

Mitigation: We maintain a prudent capital structure, diversify our funding sources and procurement channels, and continuously monitor macroeconomic developments to strengthen business resilience.

Capital and Liquidity Risk

Real estate development is inherently capital intensive and requires sustained access to financing. Changes in liquidity conditions or financing costs could aect our financial flexibility and growth plans.

Mitigation: We maintain disciplined capital allocation, healthy operating cash flows and a diversified funding profile while focusing on timely project execution, capital recycling and prudent leverage management.

Project Execution Risk

Large-scale developments are exposed to risks arising from labour availability, contractor performance, supply chain disruptions, raw material price volatility and the complexity of executing projects across multiple locations.

Mitigation: We mitigate these risks through disciplined project planning, integrated execution capabilities, diversified procurement strategies, strong contractor relationships and continuous monitoring of project milestones, costs and timelines.

Technology and Cybersecurity Risk

Increasing digitalisation exposes the business to cybersecurity threats, technology failures and data privacy risks that could disrupt operations and impact stakeholder confidence.

Mitigation: We continue to strengthen our cybersecurity framework through technology upgrades, robust IT controls, business continuity planning, regular system monitoring and employee awareness programmes to safeguard critical systems and data.

Artificial Intelligence and Workplace Evolution Risk

The rapid adoption of artificial intelligence may reshape workplace models, space utilisation and employment patterns over the long term, potentially influencing demand for commercial o‘ce space and, indirectly, certain residential segments.

Mitigation: While AI is expected to transform the nature of work rather than eliminate the need for workplaces, we continuously monitor evolving occupier requirements and workplace trends to ensure our portfolio remains aligned with future demand. We design flexible, future-ready Grade A o‘ce spaces, maintain a diversified portfolio across asset classes and geographies, and continue to deepen relationships with Global Capability Centres (GCCs) and multinational occupiers, enhancing the long-term resilience of our commercial business.

Land Acquisition and Business Development Risk

Increasing competition for high-quality land parcels, rising acquisition costs and delays in securing development rights could impact future project pipelines and growth.

Mitigation: We follow a disciplined business development strategy centred on rigorous due diligence, selective land acquisitions, joint development agreements (JDAs) and asset-light structures, enabling us to replenish our pipeline while maintaining capital e‘ciency.

Climate and Environmental Risk

Climate change, including extreme weather events, rising temperatures, water stress and evolving environmental regulations, could aect project execution, operating costs, asset performance and long-term value.

Mitigation: We integrate sustainability into project planning through green building certifications, climate resilience assessments, energy- and water-e‘cient design, and responsible resource management to enhance the resilience of our developments.

ESG and Sustainability Reporting Risk

Evolving ESG regulations and disclosure requirements, together with increasing expectations from investors, lenders and other stakeholders, could increase compliance obligations and reporting complexity.

Mitigation: We continue to strengthen our ESG governance, sustainability reporting systems and data management processes while maintaining proactive engagement with investors, lenders, regulators and other stakeholders to ensure transparent and timely disclosures.

Outlook

Indias real estate sector is entering a phase of sustained structural growth, supported by urbanisation, rising incomes, infrastructure development and an increasing preference for organised, branded developers. Against this backdrop, we are well positioned to build on our strong development platform, diversified portfolio and expanding geographic footprint.

15-20%

targeted pre-sales growth

Supported by a strong launch pipeline.

Our near-term focus remains on disciplined execution, timely project launches and prudent capital allocation. We are targeting 15-20% growth in pre-sales, supported by a robust launch pipeline with an estimated GDV of over „570,000 mn, together with a substantial inventory pipeline. Planned launches are well distributed across Bengaluru, Mumbai, Hyderabad, Chennai and the National Capital Region, providing a balanced growth platform across Indias most attractive real estate markets.

570,000+ mn

FY 27 launch pipeline

Positioned for the next phase of growth.

Beyond our established markets, we see significant opportunities to deepen our presence in Mumbai and NCR, while continuing to strengthen our leadership in Bengaluru and Hyderabad. Our expanding pipeline in Chennai, together with selective developments in Goa, Sakleshpur, Ooty and other emerging markets, further broadens our long-term growth opportunities.

Balanced growth across five key markets

Bengaluru Mumbai Hyderabad Chennai NCR

Alongside our development business, our dedicated focus is on expanding our annuity portfolio across commercial, retail and hospitality assets, creating a larger base of recurring income while enhancing the resilience of our business model. Continued progress across our o‘ce, retail and hospitality pipelines will strengthen our income-generating asset base over the coming years.

As always, timely regulatory approvals will remain important to the successful execution of our launch pipeline. Supported by a strong balance sheet, disciplined execution capabilities and a diversified portfolio, we remain confident in our ability to create long-term value while responding to evolving market opportunities and customer aspirations.

Financial Performance

We delivered robust financial performance in FY 26, underpinned by strong execution across our diversified real estate portfolio. Healthy momentum in project deliveries, growth in recurring income streams and continued operational discipline translated into improved revenues and profitability. At the same time, strategic investments in land and development inventory reinforced our ability to capitalise on future growth opportunities while maintaining a strong long-term outlook.

Financial Review

Particulars	Year ended 31 March 2026	Year ended 31 March 2025	Change YoY
Income
Sale of real estate developments	90,246	42,777	110.97%
Sale of Services	21,214	19,281	10.03%
Revenue from lease rental	15,394	11,436	34.61%
Revenue from Operations	126,854	73,494	72.60%
Other Income	5,101	3,861	32.12%
Total Income	131,955	77,355	70.58%
Total Expenses	114,648	69,367	65.28%
Profit before exceptional items, share of profit / (loss) from associates and jointly controlled entities, and tax expenses	17,307	7,988	116.66%
Share of loss from jointly controlled entities and associate (net of tax)	(171)	(430)	60.23%
Profit before tax	17,136	7,558	126.73%
Tax expense	4,082	1,389	193.88%
Net Profit for the year	13,054	6,169	111.61%
Other Comprehensive Income (net of tax)	65	(4)	1725.00%
Total comprehensive income for the year attributable to:	13,119	6,165	112.80%
Owners of the Company	12,020	4,671
Non-controlling interests	1,099	1,494
Basic and diluted EPS (in Ÿ)	27.76	11.19

Profit and loss analysis

Revenue from operations

Revenue from sale of real estate developments increased by 110.97% to Ÿ 90,246 mn in FY 26, compared to Ÿ 42,777 mn in FY 25 on account of completion and handover of residential projects launched in earlier years.

Revenue from sale of services has improved by 10.03% to Ÿ 21,214 mn in FY 26 against Ÿ 19,281 mn in FY 25 on account of improvement in hospitality and facility maintenance operations.

Revenue from lease rental has increased by 34.61% to Ÿ 15,394 mn in FY 26 against Ÿ 11,436 mn in FY 25 on account of leasing of space upon project completion and the impact of full year of operations for projects completed during the previous year.

Other income

Other income has increased by 32.12% to Ÿ 5,101 mn in FY 26 against Ÿ 3,861 mn in FY 25 due to net gains on financial assets designated as fair value through profit or loss (FVPL) of Ÿ 1,408 mn in FY 26 as against Ÿ 165 mn in FY 25.

Cost analysis

During the year, the total expenses increased by 65.28% to Ÿ 114,648 mn in FY 26 as against Ÿ 69,367 mn in FY 25, primarily due to a corresponding increase in revenue from operations.

Balance sheet analysis (Ÿ/mn)

Particulars	Mar-26	Mar-25	Mar-24
Gross Borrowings
Non-Current	56,311	43,130	45,545
Current	93,550	62,872	69,078
Total	149,861	106,002	114,623
Inventory	402,519	318,831	241,562

Borrowing

Gross Borrowings have increased by 41.38% to Ÿ 149,861 mn as at 31 March 2026 against Ÿ 106,002 mn as at 31 March 2025. The increase is attributable to the Companys strategy to venture into new geographies and the acquisition of land parcels to ensure future growth of the Company.

Inventory

Inventory increased by 26.25% to Ÿ 402,519 mn as at 31 March 2026 against Ÿ 318,831 mn as at 31 March 2025. The increase is attributable to an increase in construction activities along with the acquisition of land parcels to ensure future growth of the group and the acquisition of subsidiaries.

Key Performance Ratios

Our key performance ratios reflected the strong operational momentum achieved during FY 26. Improved project execution and higher revenue recognition supported an expansion in net profitability, while operating margins remained healthy despite changes in the project mix recognised during the year. The increase in the debt-equity ratio reflected continued investments in land acquisition and the development pipeline, consistent with our long-term growth strategy. The remaining ratios are presented above and further explain our liquidity, leverage and operational e?ciency during the year.

Ratio	FY 26	FY 25
Debtors Turnover Ratio (times)	7.46	5.67
Inventory Turnover Ratio (times)	0.35	0.26
Interest Coverage Ratio (times)	1.97	1.37
Current Ratio (times)	1.15	1.25
Debt-Equity Ratio (times)	0.92	0.69
Operating Profit Margin (%)	29.24%	34.82%
Net Profit Margin (%)	9.89%	7.97%

*The reasons for significant change in key financial ratios is stated in the financial statements.

Human Resources

Behind every milestone we have achieved is a team that has grown alongside our business. As we enter new markets, expand our portfolio and explore new horizons, we continue to invest in the capabilities, leadership and culture needed to support our next phase of growth.

11,652 strong workforce

Building the capabilities to support the next phase of growth.

We have built the organisational capabilities required to support a larger and more complex operating platform. This remains an important priority. We are having a total workforce of 11,652 as at 31^st March, 2026 and added 4,065 new hires during the year, reflecting the talent requirements associated with its growing scale.

Our human resource strategy focuses on attracting talent, strengthening role-specific and leadership capabilities, and preparing employees for evolving business and technology requirements. During FY 26, 100% of employees were covered through training and received Career Development Reviews. A total of 490 training and awareness programmes covering 290 topics were conducted, including 3,320 hours of wellness webinars, fostering continuous learning, professional development, and employee well-being. Capability-building initiatives covered leadership and management development, customer and communication skills, digital and AI readiness, and cybersecurity awareness.

100% employees covered

by training

Investing continuously in people and leadership.

Employee engagement and well-being continued to form part of the our people practices. The Pulse of Prestige 2025 employee survey covered the entire workforce and recorded a 96% response rate and 74% employee satisfaction score, providing structured feedback to support leadership discussions and focused actions. We also continued to strengthen workplace safety through our Occupational Health, Safety and Well-being Management System, aligned with ISO 45001, and reported zero lost-time injuries among employees and workers during the year.

Internal control systems and their adequacy

We have established a comprehensive internal control framework aligned with the scale, diversity and complexity of its operations. The framework provides oversight across business processes and systems, supporting operational reliability, quality assurance and compliance with applicable laws and regulations. Internal controls are periodically reviewed and assessed to ensure their continued adequacy and e•ectiveness, while safeguarding our assets and reinforcing accountability across the organisation.

The Audit Committee oversees the internal control framework, including the appointment of internal auditors. M/s Grant Thornton India LLP serves as our Internal Auditor and undertakes independent evaluations of the control environment. The findings and recommendations arising from these reviews contribute to the continuous strengthening of internal controls and our broader governance practices.

Cautionary Statement

This discussion may include forward-looking statements, which involve inherent risks and uncertainties. Terms such as anticipate, believe, estimate, intend, will, expect, and similar expressions are used to identify these statements. Such statements reflect current expectations and assumptions, which may not materialise. The Company bears no obligation to update or revise these statements in response to future events or new information. Actual outcomes, performance, or results may di•er significantly from those expressed or implied in these forward-looking statements.