OBEROI REALTY LIMITED

Recommendation history

• 2026-07-20HoldHold: Three Sixty North generated gross bookings above Rs. 80 billion, with about 1.4 million sq ft sold against a 2.6 million sq ft total project, and annuity occupancy remains near 100% while Sky City Mall reached 82%. The launch validates demand and funds construction, but the 51%-52% residential margin versus roughly 55% recently, slowing Three Sixty West absorption, unresolved litigation, and management's unquantified execution and future-launch claims argue against buying after the call.
• Q2 2025HoldHold: demand remains strong at Sky City and Three Sixty West, but the call offered limited hard financial detail and several targets remain uncommitted. Sky City Mall was only at 53% trading occupancy, Thane sold 16 units in Q2, and roughly 30 Three Sixty West units remain; the upside depends on price increases, launches, and execution rather than demonstrated acceleration.
• 2025-07-02HoldHold: the call supports a premium Mumbai real-estate franchise, but it provides no new earnings guidance or quantified return outlook. The key capital figures are the Rs. 1,250 crore already raised for the Worli project, a Rs. 6,000 crore approved capital-raising capacity, and a shareholder-cited Rs. 1,500 crore near-term rental-income expectation that management did not confirm and instead said could be multiples higher.
• 2024-06-28HoldHold: the call highlights record quarterly and annual profitability, Forestville sales of about Rs 248 crore by March 31, 2024, and Rs 573 crore capitalized into Commerz III, but provides no quantified earnings outlook and acknowledges execution constraints. The premium brand and Mumbai-MMR ecosystem are the bull case; outsourced execution, Gurgaon market risk, and an eventual real-estate downcycle keep this from being a clean buy.