Oberoi Realty Ltd (OBER IN) Buy: Core portfolio shines

研报英文原文证据摘录

Oberoi Realty Ltd (OBER IN) Buy: Core portfolio shines

12 May 2026

Oberoi Realty Ltd (OBER IN) EquitiesREMD

Buy: Core portfolio shines India

◆ 4Q strength was all in the core market of Goregaon, with both

MAINTAIN BUY

residential demand and office occupancy picking up

TARGET PRICE (INR) PREVIOUS TARGET (INR)◆ We expect an acceleration of new launches and sustained

momentum for high quality residential product 2100.00 1960.00

◆ Maintain Buy with an increased target price of INR2,100 SHARE PRICE (INR) UPSIDE/DOWNSIDE

1634.70 +28.5%

4Q performance lends confidence to sustained demand momentum. Oberoi’s (as of 11 May 2026)

bookings were up c100%YoY and QoQ as new units in Goregaon and Borivali were

MARKET DATAmade available for sale. Even office demand showed strength with nearly the entire

Market cap (INRm) 594,381 Free float 28%

newly built office in Goregaon leased out. We see FY27 as set to be a strong year of Market cap (USDm) 6,294 BBG OBER IN

launches for Oberoi, with management guiding for the launch of two large projects, 3m ADTV (USDm) 10 RIC OEBO.NS

Three Sixty North (Gurugram) and Adarsh Nagar, in Q1 and Q3 respectively. FINANCIALS AND RATIOS (INR)

Year to 03/2026a 03/2027e 03/2028e 03/2029e

FY26Q4 review: What we liked. (1) The large office project Commerz III has HSBC EPS 68.96 115.45 158.63 183.11

reached 98% occupancy vs 87% at the end of previous quarter. (2) The new Sky City HSBC EPS (prev) 90.68 115.40 155.56 na

Change (%) -24.0 0.0 2.0 na

Mall (Borivali) saw strong leasing momentum and is now 72% occupied vs 56% at Consensus EPS 73.44 89.04 108.51 127.18

the end of previous quarter. (3) The Goregaon and Borivali projects witnessed strong PE (x) 23.7 14.2 10.3 8.9

Dividend yield (%) 0.5 0.5 0.5 0.5

sales with the opening of new units.