Broker Views
Elara Keeps Buy on Oberoi Realty With INR 2,800 Target After Q2 Bookings
Elara Securities reiterated its Buy rating and INR 2,800 target on Oberoi Realty in a Q2 FY27 update note dated 20 October 2026. The note points to strong Q2 bookings, with Oberoi Three Sixty North in Sector 58, Gurugram, contributing most of the quarter's pre-sales.
| Rating and target | Buy, INR 2,800 (March 2027E sum-of-the-parts basis), reiterated by Elara Securities analyst Rahul Jain |
|---|---|
| Note date | 20 October 2026; secondary coverage followed on 31 October 2026 |
| Reference price | INR 1,703 (CMP as on 16 October 2026); stated upside 64% |
| Q2 FY27 booking value | Rs 9,149.69 crore (about INR 91.5 billion), against Rs 2,937.73 crore in H1 FY26 |
| Three Sixty North share of Q2 bookings | About Rs 7,891 crore, roughly 86% of Q2 pre-sales per ICICI Direct analysis |
| Recurring sales, Q2 FY27 | INR 12.6 billion |
| Q2 FY27 revenue from operations | Rs 1,670.95 crore, down 6.1% year on year (Business Standard) |
| Q2 FY27 profit | Rs 761.65 crore (Business Standard) |
| Project location | Sector 58, Golf Course Extension Road (GCER), Village Ghata, Gurugram, Haryana |
What happened
On 20 October 2026, Elara Securities kept its Buy rating and INR 2,800 target on Oberoi Realty Ltd in a note on the company's second-quarter FY27 update. Analyst Rahul Jain wrote the note. At the reference price of INR 1,703 on 16 October 2026, the target implied an upside of 64%. Coverage of the note was published on 31 October 2026.
The note is an analyst view. It is not a company announcement and does not describe a new project launch.
The numbers behind the note
Oberoi reported Q2 FY27 booking value of Rs 9,149.69 crore, compared with Rs 2,937.73 crore in the first half of FY26. Elara's figure of about INR 91.5 billion matches that reported total.
Three Sixty North in Gurugram accounted for about Rs 7,891 crore of the quarter's bookings. Recurring sales for the quarter were INR 12.6 billion. The note names Goregaon (INR 3.5 billion), Thane (INR 2.1 billion), Mulund (INR 1.9 billion) and Borivali (INR 1.8 billion) as the main recurring-sales centres.
Rental revenue rose 17% year on year, supported by Sky City Mall and Commerz III. Sky City Mall occupancy was 83%, commercial occupancy 98% and retail occupancy 88%. At The Westin Mumbai Garden City, the average daily rate rose 15% and RevPAR rose 8%, while occupancy fell to 75%.
Valuation and risks in the note
Elara says Oberoi trades at roughly a 20% discount to its March 2027E net asset value. It values the development business at below 10 times FY27-28E core FCFF. The note describes Oberoi as a low-risk compounder, citing prudent underwriting through cycles and land cost below 5% of gross development value.
The key downside risks Elara names are delays in project launches and regulatory setbacks. The note also lists H2 FY27 launches at Peddar Road, one tower each at Pokhran and Kolshet, Adarsh Nagar in Worli, and luxury villas in Alibaug. It gives no dates for these launches.
Elara says the quarter could lift its full-year FY27 presales estimate of about INR 144 billion.
Reported results and market reaction
Reported Q2 revenue and profit were flat to lower, even as bookings rose. Revenue from construction is recognised as work progresses, so bookings do not show up in reported revenue at the same time. Business Standard reported revenue from operations of Rs 1,670.95 crore and profit of Rs 761.65 crore. Other reports of the same quarter give revenue of Rs 1,736.37 crore and profit of Rs 759.01 crore.
Market reports said the stock fell about 1.8% after the results and that Oberoi missed some analyst estimates for revenue and earnings per share. Chairman and Managing Director Vikas Oberoi said the residential, commercial, retail and hospitality businesses continued to deliver steady performance. CFO Saumil Daru said the Three Sixty North cash margin of about 80% should not be treated as a steady-state level.
The company declared a second interim dividend of Rs 2 per share for FY27, with a record date of 23 October 2026 and payment from 30 October 2026.
Three Sixty North: what the project is
Oberoi Three Sixty North, also called 360 North, is on Sector 58, Golf Course Extension Road, in Village Ghata, Gurugram. Listings report a land area of 14.81 acres across seven towers, labelled A to G. Listings describe 4 BHK and 5 BHK units with servant rooms, and some list penthouses and duplexes. Listing sizes and prices differ widely, so buyers should rely on the developer's project page and official documents for specifics.
The company's project page lists the development. Oberoi reported in June 2026 that the project is its first outside Mumbai. Market reports said Phase 1 sold strongly in Q2 FY27.
One third-party listing page reports that the Punjab and Haryana High Court restrained fresh allotments at the project on a challenge by a rival developer, and that a DTCP hearing was set for 20 July 2026. That date has passed. Buyers should check the current status of any court order or regulatory matter directly with the court or the regulator before committing money.
Road context in Gurugram
The Gurugram Metropolitan Development Authority plans to upgrade Golf Course Extension Road into an eight-lane highway. Officials said in May 2026 that the tender process was complete and work was set to start. The company's Q2 bookings are in a corridor where road works are still at an early stage, so the timeline for the upgrade is not yet set.
What comes next
The H2 FY27 launches named in the note have no dates. The FY27 presales estimate of about INR 144 billion is still to be tested against reported quarterly figures. Oberoi's next quarterly results will show how far bookings convert into reported revenue.
For buyers, the note is a broker recommendation for investors, not guidance on which project to buy or when. For investors, the case rests on the valuation discount, bookings growth and launch timing, with delays and regulatory matters named as the main risks.
Frequently asked questions
Did Oberoi Realty launch a new project in this update?
No. Elara's note is an analyst view on the company's Q2 FY27 results and bookings. It does not describe a new launch. It lists H2 FY27 launches without dates.
What does the INR 2,800 target mean?
It is Elara Securities' target price for Oberoi Realty on a March 2027E sum-of-the-parts basis. Against the INR 1,703 reference price on 16 October 2026, the note implies an upside of 64%.
How much of Q2 bookings came from Three Sixty North?
Oberoi reported Q2 FY27 booking value of Rs 9,149.69 crore. Three Sixty North accounted for about Rs 7,891 crore, roughly 86% of Q2 pre-sales according to ICICI Direct analysis.
Why did reported profit look flat if bookings were strong?
Revenue from construction is recognised as work progresses, so bookings do not translate into reported revenue immediately. Reported Q2 revenue was Rs 1,670.95 crore, down 6.1% year on year, and profit was Rs 761.65 crore.
What should a home buyer take from this note?
The note is written for investors and does not assess the project for buyers. Buyers should check the project's approvals, possession timeline and any court or regulatory matters directly with the developer, the Haryana RERA and the relevant authorities before committing money.