Elara Capital reiterates Buy call on Oberoi Realty, target at Rs 2,350

Elara Capital has reiterated its “Buy” rating on Oberoi Realty, setting a target price of ₹2,350. The brokerage is optimistic about the company’s growth prospects, driven by its entry into the ultra-luxury segment in Alibaug, a high-demand market within the Mumbai Metropolitan Region (MMR). Oberoi Realty’s Gross Development Value (GDV) is estimated at ₹4,000-4,500 crore, underscoring its robust project pipeline. The brokerage also highlights large deal closures as key near-term catalysts for stock performance.

Oberoi Realty is expected to deliver industry-leading pre-sales growth, with a CAGR of 59% forecasted between FY24-FY26. The company’s profitability metrics are also noteworthy, with residential EBITDA margins at 48% in FY24 and 56% in H1FY25. These margins reflect Oberoi Realty’s strong operational efficiency and premium positioning in the residential real estate market. Elara Capital believes the company’s ability to sustain high profitability while scaling its project portfolio positions it as a standout player in the Indian real estate sector.