Accumulate Oberoi Realty; target of Rs 309: 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 309 in its April 23, 2012 research report.

“Oberoi Realty declared results above ours as well as consensus estimates driven by a combination of better-than-expected sales along with higher execution at a few of their projects. Revenues grew by 35% QoQ to Rs2,548m; however, slightly down by 4.5% YoY on account of lower contribution from the completed project ‘Splendor’ during the quarter. Boosted by higher realizations in the residential segment, reported EBITDA margins stood at 64.5%, the highest recorded in any quarter so far, an increase of 360bps QoQ and 1020bps YoY. Consequently, PAT increased by 5% YoY and 38.5% QoQ to Rs1,436m.”

“During the quarter, Oberoi delivered an impressive sales performance, clocking sales to the tune of Rs2,789m, an increase of 57% QoQ, on the back of 42% increase in volumes (@ 0.176 msf) along with 10.5% increase in blended realizations. Despite 11.3% QoQ hike in prices at ‘Esquire’, Oberoi was able to sell ~10% higher volumes at this project reaffirming the location strength of Oberoi’s land parcels. Healthy absorption at existing projects at Goregaon augurs well in terms of visibility of future pipeline of projects as the company has ~3.76 msf monetizable residential area at this location. In addition, increased construction progress at ‘Splendor Grande’ drove realizations higher by 5.4% QoQ at the project, post an already steep 10.6% hike seen in Q3FY12.”

“We retain our positive stance on the stock, given Oberoi’s high visibility premium land bank, coupled with a strong balance sheet. We see multiple triggers ahead for the stock in the form of Mulund and Worli project launches In FY13 along with possible value accretive land acquisitions ahead. Our SOTP based target price stands at Rs309. We maintain Accumulate,” says Prabhudas Lilladher research report.     

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