Buy

With a 21% upside from the CMP, we maintain our long-term BUY rating on the stock.

Q2FY26 performance: DLF reported healthy pre-sales booking of 4332 crore for Q2FY26 (up 6.3x YoY, down 62.1% QoQ) led by its maiden project launch in Mumbai The Westpark ( 2316 crore) and healthy contribution from super-luxury project Camellias ( 1624 crore). However, collections were soft at 2672 crore (up 12.7% YoY, down 4.4% QoQ). Lower revenue booking led to 17% YoY decline in consolidated revenues at 1643 crore for Q2FY26. Further, gross margins and EBITDA margins were lower 222 bps and 816 bps YoY at 43.1% and 17.3%. Consolidated net profit of 1180 crore (down 15% YoY, up 55% QoQ) was aided by...

About the stock: Phoenix Mills (PML) is a leading retail mall developer and operator in India. It is into retail-led, mixed-use properties. PML has an operational retail area of ~11.5 msf, spread across 12...

With a diversified portfolio, presence over 73 countries, delivering world class engineering solutions to its clients with experienced team to successfully deliver complex one-of-a-kind projects. Its revenue grew 12.5% CAGR (FY22-25) whereas, EBITDA & PAT grew by 16.5% CAGR & 13.9% CAGR respectively over the same period Q2FY26 performance: Consol. revenue grew 32% to 6529 crore, EBTIDA at 562 crore up 28% YoY and PAT at 237 crore up 89% YoY. EBITDA and PAT margins at 8.6% and 3.6% which expanded -29 bps and +109 bps YoY. EBITDA...

PHNX reported revenue of INR11.2b, +22% YoY/+17% QoQ (in line with estimates), while EBITDA came in at INR6.7b, up 29% YoY/18% QoQ (6% above estimate).

In 2QFY26, Lodha Developers (LODHA)’s presales rose 7%/3% YoY/QoQ to INR45.7b (in line). In 1HFY26, its presales grew 8% YoY to INR90.2b.

In 2QFY26, DLF reported bookings of INR43b, up 6x YoY and down 62% QoQ (55% above our est.). In 1HFY26, bookings stood at INR157.6b, up 2x YoY.

Expect growth to catch-up in H2; Retain Buy developers in South India. Its offerings include Grade-A commercial property, affordable to ultra-premium housing in real estate business and operational marquee hotel assets in hospitality segment (listed entity). Given the healthy end...

We resume coverage on Brigade Enterprises Ltd. (BRGD) with a BUY rating based on a Mar’26E SoTP-based target price of INR 1,233, valuing the company at a 30% premium to NAV of INR 948/share, considering growth opportunities across segments.

Strong sustenance sales in 360 West, Elysian drive pre-sales: Despite no major launches in Q2FY26, OBEREA reported healthy pre-sales of 1299 crore (down 10% YoY, down 21% QoQ) owing to strong contributions from 360 West ( 446 crore) and Elysian ( 355 crore). Further, its Mulund and Borivali (despite price hikes) projects witnessed healthy sequential improvement post weakness over trailing three quarters. Although on the flip side, Thane project stayed weak over trailing three quarters. Collections too were strong at 1353 crore (up 12% YoY & 36% QoQ)....

SRIN reported pre-sales of INR7b in 2QFY26, up 34% YoY/7% QoQ (19% above estimate). In 1HFY26, presales were INR13.6b, up 32% YoY.

Sri Lotus Developers and Realty (LOTUS), a public limited company incorporated in February 2015 under the name AKP Holdings Private Limited, has established itself as a key player in the society redevelopment space.

During FY15-25, PHNX’s retail portfolio witnessed an 11% CAGR in consumption, supported by ~7% like-for-like growth in the existing malls and the opening of new malls in Lucknow, Indore, Ahmedabad, Pune, and Bengaluru.

We recommend a BUY on Kalpataru Projects International Ltd. with a Target Price of Rs 1,470/share, offering an upside potential of 18% from CMP.

developers in South India. Its offerings include Grade-A commercial property, affordable to ultra-premium housing in real estate business and operational marquee hotel assets in hospitality segment (listed entity). Given the healthy end...

With a 32% upside from the CMP, we maintain our long-term BUY rating on the stock.

SignatureGlobal India (Signature) delivered a 57% sales booking CAGR over FY21–25, largely in affordable/mid-income housing projects.

Signature Global achieved pre-sales of INR26.4b in 1QFY26, down 15% YoY but up 63% QoQ (12% below our estimate), aided by the launch of ‘Cloverdale SPR’, a premium residential project located on Southern Peripheral Road (SPR), Sector 71, Gurugram.