Motilal Oswal's research report on Oberoi Realty
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. In 1HFY26, bookings stood at INR29.4b, up 18% YoY. Volumes were down 9% YoY / 29% QoQ to 0.25msf (16% below estimates). In 1HFY26, volumes stood at 0.6msf, up 24% YoY.
Outlook
OBER's residential segment is presently valued at INR288b. This valuation accounts for recent business development activities and incorporates a future outlay of INR30b towards prospective land acquisitions. Reiterate Neutral with an NAV of INR647b or INR1,779 per share.
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