Mahindra Lifespaces (MLDL) achieved bookings of INR7.5b, rising 89% YoY and 67% QoQ (in line with estimates). In 1HFY26, presales stood at INR12b, declining 15% YoY.

Sobha has a strong inventory level of 10.26msf and ongoing projects of 27.68msf, along with launch pipeline of around 16.69msf expected to launch within the next 4 6 quarters. Sobha delivered a strong quarter, supported by robust pre-sales and record cash collections. Although margins remain under pressure, recovery is expected from Rs.18,000cr of pending revenue with an estimated 33% project-level margin. With a healthy project pipeline and strategic regional expansion, the company is on track to achieve its 30% YoY pre-sales growth...

With a 9% upside from the CMP, we maintain our HOLD rating on the stock.

In 2QFY26, Oberoi Realty (OBER) achieved pre-sales of INR13b, down 10% YoY and 21% QoQ (7% below our est.), wherein ~62% was contributed by Elysian and 360 West.

*over or under performance to benchmark index Godrej Properties Ltd (GPL) is a real estate company, with its head office in Mumbai, India. The company is a subsidiary of Godrej Industries Ltd and was established in...

*over or under performance to benchmark index DLF Ltd. is India's largest real estate developer with over 73 years of experience in the realty sector. It operates in all stages of development and generates revenue from...

Phoenix Mills (PHNX) reported 1QFY26 revenue of INR9.5b, up 5% YoY/down 6% QoQ (15% below estimate), while EBITDA came in at INR5.6b, up 6% YoY/1% QoQ (19% below estimate).

With a 2% upside from the CMP, we change our rating from BUY to HOLD on the stock.

Oberoi Realty (OBER), a leader in the luxury segment, recently launched Elysian Tower D in 1QFY26 following the launch of its highly anticipated Thane project in FY25, which received a strong response.

Sobha's broad-based expansion across cities is set to gain momentum, with ~3.1msf of launches planned in Noida and 0.2msf in Mumbai, positioning the company to capitalize on growing demand across markets....

Phoenix Mills displayed negative growth in Q4FY25, but its core segments continued to perform well. The company has an ambitious expansion and densification strategy, supported by strong cash flows and a disciplined balance sheet. A strong pipeline of upcoming retail and mixed-use developments across key urban centres is expected to drive robust growth, providing clear visibility on future revenue. This reinforces Phoenix Mills' position as a leading player poised to benefit...

Oberoi Realty demonstrated moderate financial performance but exhibits optimistic outlook, driven by its strong launch pipeline, which is expected to drive growth and revenue visibility over the next few quarters. The company's ready inventory *over or under performance to benchmark index provides strong cash flow visibility, reducing dependence on new launches and ensuring a stable financial performance. Further, the sustained performance of Three Sixty West, with consistent sales at premium prices, is a testament to the company's ability to deliver high-quality projects. With a robust development...

The company reported revenue of INR10.2b, -22%/+4% YoY/QoQ (16% below estimate), while EBITDA came in at INR5.6b, -11%/+1% YoY/QoQ (27% below estimate).

Pre-sales: MLDL achieved bookings of INR10.5b in 4QFY25, down 3% YoY and up 3x QoQ (53% above estimates). FY25 bookings stood at INR28b, up 20% YoY (15% beat).

In line with our expectations, Macrotech Developers (LODHA) has achieved strong Q4FY25 sales bookings of INR 48.1bn (up 14% YoY).

Godrej Properties (GPL) clocked strong Q3FY25 gross sales bookings of 4.1msf worth INR 54.5bn, led by over 2msf of launches across India. Buoyed by a strong 9MFY25 performance, wherein it achieved gross sales bookings of INR 193bn.