Quick Note - India real estate 4QFY26 earnings review - FY27: Amid volatile backdrop, but backed by strong fundamentals and market share gains

Research evidence excerpt

Quick Note - India real estate 4QFY26 earnings review - FY27: Amid volatile backdrop, but backed by strong fundamentals and market share gains

Global Markets Research

India real estate 4QFY26 earnings review 4 June 2026

EQUITY: PROPERTY

FY27: Amid volatile backdrop, but backed by strong fundamentals and market share gains Research Analysts

India Property

Akash Gupta - NFASLQuick Note akash.gupta3@nomura.com

+ 91 22 40374043Overall,webelieveFY26wasarobustyearfortheIndiarealestatesectorandaheadof

Streetexpectationsonallfronts–pre-sales,collectionsandbusinessdevelopment.

• Therecord-highFY26pre-saleswererecordedagainstthebackdropofthenoise

aroundtradetariffwarsandAI-relatedslowdown,etc.

• This,wethink,indicatesthattailwindsrelatedtomarketsharegainsbylarger

developerscontinuetoplayout.

• Infact,despitewar-relateduncertainty,acumulationofpre-salesguidanceby

listedplayersindicatespotentialFY27Fpre-salesgrowthof18%y-y.

• Nevertheless,weexpectsharepricestoremainunderpressureinthenear-term

duetotheuncertaintiesrelatedtowarintheMiddleEast.

• Inthelong-term,wethinkfundamentalsforthesectorremainintactand

investorsshouldlookattherealestatemarketsharegainthemeasalong-term

compoundingstory.

Below are key takeaways:

1. 4QFY26 pre-sales coverage performance beat and miss:

• 4 beats: Beats for GPL (GPL IN, Neutral) and Prestige (PEPL IN, Buy) were driven by

the stronger than expected sales performance from inventory. The beat for DLF

(DLFU IN, Buy) was driven by stronger than expected performance of sales from

Dahlias. The beat for ABREL (ABREL IN, Buy) was driven by the stronger than

expected performance from new launches.

• 1 miss: Lodha’s sales were at record-high, but slightly below our expectations as

some conversions were delayed due to the Middle-East war.