Elara Capital maintains 'buy' on Oberoi Realty amid industry-leading profitability, optimistic growth outlook

the firm is geared to deliver superior pre-sales growth, with Elara Capital expecting a FY24-FY26E CAGR of 59 percent.

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26 Aug, 2025 12:21

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Elara Capital reiterated its 'buy' recommendation on Oberoi Realty, as the real estate player ventures into the Alibaug market. The brokerage noted that Oberoi Realty into the Alibaug market props the uber-luxury spends in the Mumbai Metropolitan Region.

The brokering house issued a target price of Rs 2,350 per share.

On December 23, Oberoi Realty announced it will develop a 81 acre land parcel in Alibaug. "We write to inform you that the company has executed a Development Agreement for the development of land admeasuring approximately 81.05 Acres equivalent to 3,28,010 square meters, situated at village Tekali, Taluka Alibaug, District Raigad, Maharashtra," Oberoi Realty said in a regulatory filing.

The agreement includes a plan to construct a luxury five-star hotel or resort on 8.6 acres, utilising 30,000 square meters of floor space index (FSI).

Additionally, Oberoi Realty intends to develop approximately 150 branded, fully serviced residential villas on the remaining 72.45 acres, with an FSI of about 120,000 square meters. Elara Capital noted that the gross development value for the project will amount to Rs 4,000-5,000 crore.

At 9.17 am, shares of Oberoi Realty were trading flat on the bourses, up 0.2 percent at Rs 2,290.5 per share.

The near-term catalysts for the stock are large deal closures from hereon, noted the brokerage. Further, the firm is geared to deliver superior pre-sales growth, with Elara Capital expecting a FY24-FY26E CAGR of 59 percent.

Oberoi Realty delivers industry-leading profitability, with FY24 and H1FY25 EBITDA margins coming in at 48 percent and 56 percent, respectively.