Oberoi Realty stock: Elara reiterates Buy after strong Q2 bookings
Published on 10/31/2026 at 02:06 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSBookings strengthen the growth outlook
- Q2FY27 bookings were led by Oberoi Realty's Gurugram launch.
- Recurring sales, rental income and planned launches support Elara's constructive view.
- Hospitality performance was mixed despite stronger room pricing and revenue per available room.
Elara Securities reiterated its Buy rating on Oberoi Realty after the developer reported strong second-quarter bookings, according to a research note carried by EquityBulls on October 20, 2026. The report set a target price of INR 2,800 and cited stronger recurring sales across the company's residential portfolio.
Q2 bookings lead the update
Total bookings reached INR 91.5 billion in the second quarter of fiscal 2027, with the Three Sixty North project in Gurugram contributing INR 78.9 billion. Recurring sales contributed INR 12.6 billion, led by Goregaon at INR 3.5 billion, Thane at INR 2.1 billion, Mulund at INR 1.9 billion and Borivali at INR 1.8 billion.
Elara said the result could lift its full-year presales estimate of about INR 144 billion. The brokerage also pointed to planned launches in the second half of fiscal 2027, including Peddar Road, projects in Pokhran and Kolshet, Adarsh Nagar in Worli and luxury villas in Alibaug.
Rental assets add recurring income
Rental revenue rose 17 percent year over year, supported by Sky City Mall and Commerz III. Sky City Mall reached 83 percent occupancy, while commercial and retail occupancy stood at 98 percent and 88 percent, respectively.
The hospitality portfolio delivered a mixed picture. Westin Mumbai Garden City's average daily rate increased 15 percent year over year and revenue per available room rose 8 percent, but occupancy declined to 75 percent and its earnings margin moderated.
What investors should watch
Elara expects the launch pipeline and sustained demand in Mumbai and Gurugram to remain key drivers. It also identified launch delays and regulatory setbacks as downside risks. The report said Oberoi Realty traded at an estimated discount to March 2027 net asset value, while its development business was valued at less than 10 times estimated fiscal 2027-28 core free cash flow.
Oberoi Realty's business footprint
Oberoi Realty develops residential projects and owns commercial, retail and hospitality assets, with projects in Mumbai and Thane. Its completed portfolio also includes social infrastructure, according to the company's investor materials. The company is expanding beyond its Mumbai base through its Gurugram development, adding a Delhi-NCR market to its operating footprint.
Oberoi Realty stock at a glance
- Company: Oberoi Realty Limited
- ISIN: INE093I01010
- NSE ticker: OBEROIRLTY
- Listed on: Bombay Stock Exchange and National Stock Exchange
- Business: Residential, commercial, retail, hospitality and social infrastructure
- Fiscal year: April 1 to March 31
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