Raise TP to INR2,090 and reiterate Buy: 360 North Ph1 garners strong response; Oberoi unlocks a new market; expect FY27F presales to grow 123% y-y

研报英文原文证据摘录

Raise TP to INR2,090 and reiterate Buy: 360 North Ph1 garners strong response; Oberoi unlocks a new market; expect FY27F presales to grow 123% y-y

Global Markets Research

Oberoi Realty OEBO.NS OBER IN 5 July 2026

EQUITY: PROPERTY

RatingRaise TP to INR2,090 and reiterate Buy Remains Buy

Target price360 North Ph1 garners strong response; Oberoi unlocks Increased from INR 2,090a new market; expect FY27F presales to grow 123% y-y INR 1,850

Raise SOTP-based TP to INR2,090; maintain Buy Closing3 July 2026price INR 1,934

The share price of Oberoi Realty has rallied 28% over the past three months (vs NIFTY 50 up 7%)

on: 1) anticipation of “360 North” project launch in Gurgaon; and 2) strength in India Real Estate Implied upside +8.1%

stocks as Middle East war-related volatility subsides. We raise our TP by 13% to INR2,090 (Fig.3)

as: 1) we raise 360 North Project GDV value to INR120bn (vs INR70bn previously) on stronger than Market Cap (USD mn) 7,385.8

expected pricing; and 2) raise the premium to NAV for Oberoi from 55% to 70% (vs 54% currently ADT (USD mn) 10.1

and GPL [GPL IN, Neutral] at 70% and PEPL [PEPL IN, Buy] at 37% premium to NAV) on lower

WACC of 11% (vs 12% previously) as war-related volatility subsides and Oberoi's strong Relative performance chart

performance in a new market.

Pre-sales from 360 North at INR60bn (with upside risk); raise FY27F pre-sales estimate by

56% to INR122bn

Ultra Luxury project 360 North in Gurgaon has 418 units in 6 towers (1 additional tower to be

launched later) priced at INR200-300mn/ unit. Our channel checks indicate a minimum of 250 (as

much as 350 units) were launched in phase 1 and the inventory garnered strong response. Hence,

we estimate pre-sales from 360 North at INR60bn (with upside risk; vs previous estimate of