Nomura has retained a Buy rating on Aditya Birla Real Estate, but has trimmed its target price to ₹2,550, still implying a 25.5% upside from the current market price of ₹2,032.
The brokerage said the company has guided for ₹9,500 crore in presales for FY26, which will be driven by a robust launch pipeline worth ₹14,000 crore. Key upcoming launches include Niyaara, Thane, Birla Arika Phase 2, and Birla Punya, which are expected to anchor sales momentum through the year.
Nomura noted that the Sector 150 Noida project has been excluded from current valuation estimates owing to lack of near-term visibility, and also highlighted that progress on the Mathura Road project remains slow.
However, the brokerage remains positive on the overall outlook, citing an attractive valuation at just a 20% premium to NAV, and a strong business development pipeline with over ₹15,000 crore worth of potential in FY26.
Disclaimer: The views and recommendations expressed in this article are those of Nomura and do not represent the views of this publication. Investors are advised to consult their financial advisor before making any investment decisions.
