Reiterate Buy with TP of INR2,090

研报英文原文证据摘录

Reiterate Buy with TP of INR2,090

Global Markets Research

Oberoi Realty OEBO.NS OBER IN 20 July 2026

EQUITY: PROPERTY

RatingReiterate Buy with TP of INR2,090 Remains Buy

price INR 2,090 RemainsRaise FY27F/28F pre-sales estimates by 14%/17% Target

Closing price INR 1,883 20 July 2026Action: Reiterate Buy with TP of INR2,090

Oberoi’s share price is up +11% YTD (vs NIFTY50’s -7%). We maintain our Buy rating as: Implied upside +11.0%1) we expect its pre-sales to clock a ~40% CAGR over FY26-28F, 2) the company’s

robust cash generation and strong balance sheet should continue to permit strong Market Cap (USD mn) 7,097.7

business development (BD), and 3) we expect annuity and hotel income to record a ~15- ADT (USD mn) 10.7

20% CAGR during FY26-29F on Sky City Mall ramp-up and two new hotels coming online

starting FY27F. The stock currently trades at a ~46% premium to NAV (vs our target of a

~70% premium). An adverse ruling from DTCP, Haryana (link) with respect to the Relative performance chart

Gurgaon project (360 North) remains a key downside risk.

Raise FY27F/28F pre-sales estimates by 14%/17% to INR139/111bn

We raise FY27F pre-sales by 14% to INR139bn largely as we bake in a stronger-than-

expected response to 360 North (INR81bn vs our estimate of INR60bn). For the rest of

FY27F, we bake in three launches – a tower launch each in Jardin (Thane, MMR) and

Forestville (Thane, MMR) and a new ultra-luxury project in Peddar Road (GDV of INR30-

40bn). Despite strong management guidance of launching Adarshnagar, Alibaug in

FY27E, we expect these projects in FY28F only. In addition, as per management, the

company remains confident of launching the next phase of 360 North in FY28E (vs our

previous expectation of no launch). As such, we expect FY28F pre-sales of INR111bn.