Accumulate Oberoi Realty; target of Rs 333: PLilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher is bullish on Oberoi Realty and has recommended accumulate rating on the stock with a target of Rs 333 in its January 21, 2013 research report.

“Oberoi Realty’s, sales momentum, during the quarter, showed a further decline despite the festive season due to lack of new launches as well as inventory getting exhausted at its current projects. Sales in volume terms stood at 124K sq.ft, a sequential decline of 4.6% and in value terms stood at Rs2,164m, a QoQ decline of 2.5%. Though there were no price hikes, sale of flats on higher floors led to an increase in realizations. With ‘Oberoi Exquisite’ nearing completion, sales at the project witnessed an increase.”

“Revenue recognition, during the quarter, was on track, with top-line at Rs2.8bn, 53% YoY growth and 11% QoQ growth. Margins stood steady at 59.7% and PAT stood at Rs1.3bn, 32% YoY growth and 8% QoQ growth. Revenues from ‘Splendor Grande’ which is now nearing completion are likely to be replaced with revenues from ‘Oberoi Esquire’ which is likely to cross the revenue threshold in the next couple of quarters.”

“With ‘Oberoi Commerz II’, Phase I, nearing completion, although inquiries for office space have witnessed an increase, the company has not yet signed any lease there so far. On account of the large space available for lease, rentals are also witnessing pressure. The company’s NAV stands at Rs109bn which translates to Rs333/share. We are not ascribing any premium/discount to arrive at the company’s target price and hence, stand at Rs333. We maintain ‘accumulate’ on the stock with a target of Rs 333,” says Prabhudas Lilladher research report.”

Institutional holding more than 40% in Indian cos

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