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Given the company's strong growth potential backed by robust deal wins and superior execution capabilities, we recommend a BUY rating on the stock.

Oberoi Realty’s (OBER) pre-sales grew 49% YoY to INR14.4b (80% above estimate) in 2QFY25, driven by strong bookings at ‘360-West’ project in Worli, which contributed INR6.6b to pre-sales across bookings of six units.

Indus Towers’ (Indus) Q2FY25 performance was good on two counts: 1) stable net tenancy addition at 4,308 with some benefit already showing from VIL/BSNL rollout; and 2) strong cash collection, including INR 10.8bn collected towards past overdue.

Weak Q2 on destocking of pipe inventories in the channel in a falling resin price environment, and MTM inventory loss

We expect it is likely to deliver 18%/22%/25% revenue/EBITDA/PAT CAGRs over FY25-27 due to swelling demand, capacity expansion and mounting exports.