Motilal Oswal's research report on Oberoi Realty
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. The company has a robust launch pipeline for the next 12-24 months, positioning it to achieve a 46% CAGR in pre-sales over FY25-27E. Collections are also expected to follow a strong growth trajectory, with a projected CAGR of 30% during the same period. In addition, OBER is set to start accruing rentals from its Borivali Mall in FY26, while a strong ramp-up in Commerz III is expected to drive a 39% CAGR in lease rentals through FY27.
Outlook
However, the current valuation already factors in all the upside, and a re-rating could be possible depending on the acquisition of new projects/land. We reiterate our Neutral rating on the stock with TP of INR1,850/share.
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