Oberoi Realty Ltd. share price target

We resume coverage on Oberoi Realty (OBER) with a BUY rating and a TP of INR 2,151, based on 40% premium to FY27E NAV.

We recommend a BUY rating on the stock, with a 17% upside from the CMP.

Q 1F Y2 7 performance : Oberoi realty reported muted pre-sales for Q1FY27 at 1050 crore (down 36% YoY, down 37% QoQ) due to high base (Elysian, Goregaon project tower launches during base quarters) and decline in Three Sixty West ( 110 crore, down 48% YoY, down 15% QoQ). Collections stayed healthy at 1036 crore (up 4% YoY, up 12% QoQ). Consolidated revenues for Q1FY27 were up 31.7% YoY at 1301 crore (down 25.7% QoQ) owing to lower base (residential revenue booking had declined 46% YoY and 21% QoQ to 638 crore during Q1FY26). EBITDA margins improved to 56.4% (higher 374 bps YoY and 156 bps QoQ) led by...

In 1QFY27, Oberoi Realty (OBER) reported pre-sales of INR10.5b (largely in line with our estimates of INR9.9b), down 36% YoY, supported by sustenance sales. It commenced bookings at its Carter Road project – Oceanic, which contributed INR1.5b to pre-sales (~14.5% share).

We recommend a BUY rating on the stock, with a 13% upside from the CMP

Strong launch pipeline built for FY27: The company has built a strong launch pipeline for FY27 which includes 1) 360 North, Gurugram (maiden project), 2) Oceanic, Carter road 3) Fairview, Malabar Hill 4) Tower D, Forrestville 5) Tower A, Jardine 6) Ralliwolf Mulund, 7) Enigma commercial strata sale 8) Pedder road 9) Adarsh Nagar, Worli, 10) Alibaug 11) Bandra, RLDA and 12) Borivali SRA project. The company acquired ~4 msf across MMR comprising 1) RLDA, Bandra east (19.5 lsf) 2) three redevelopment projects 1) Aram Nagar, Versova (17.18 lsf) 2) Pedder road (1.40 lsf) 3)...

Commercial & hospitality annuity income scaling up well Oberoi Realty Ltd (OBER) reported robust pre-sales growth of 96% YoY, along with 21% YoY collection growth in Q4FY26. OBER has demonstrated healthy growth momentum in pre-sales with ~9% CAGR over FY22-26, fuelled by successful new launches, rapid inventory absorption, and strong demand across the MMR market. We foresee 24% pre-sales CAGR over FY26-28E aided by new launches across Gurugram, Thane, Tardeo and Worli, and sustenance sales from their existing projects. Further, we expect annuity income to remain steady at Rs13-14bn, providing strong cash flow visibility. We retain...

Oberoi realty reported a moderate Q3 performance on a YoY basis, however QoQ momentum was softer due to delays in project launches. Looking ahead, performance is all set to improve as multiple deferred launches are likely to come through in Q4FY26 and early FY27. Leasing assets also continue to scale well, with strong footfalls at Sky City Mall and high occupancy across the office portfolio. Despite strong fundamentals, the broader shift in buyer preference to premium and luxury segment has reduced sales volume, creating a short-term sector nervousness and contributing to the recent price correction. With demand trends...

Absence of new launch & softer sustenance sales impact Q3 pre-sales & collections: OBEREA reported weak pre-sales of 836 crore (down 56% YoY, down 36% QoQ) owing to delay in new launches along with sequentially lower bookings in Elysian, Eternia, Sky City and Three Sixty West projects. Consequently, collections were lower 30% YoY (down 28% QoQ) at 975 crore. The company held on to its increased prices in Goregaon and Borivali projects while maintained stable prices at Thane projects. Consolidated revenues (up 6% YoY at 1493 crore) was led by...

In 3QFY26, Oberoi Realty (OBER) achieved pre-sales of INR8.4b, down 56% YoY and 36% QoQ (54% below our estimate). Around 63% was contributed by Elysian, Eternia, and 360 West.

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)....

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.

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.

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...

With a 15% upside from the CMP, we maintain our long-term BUY rating on the stock.

With a 38% upside from the CMP, we maintain our long-term BUY rating on the stock.