Q3 Results Review and Expectation on Oberoi Realty Ltd

Oberoi Realty Ltd is a real estate development company, headquartered in Mumbai. It is the part of Oberoi Realty Group, focused on developments in the residential, office space, retail, hospitality, and social infrastructure verticals. • Oberoi Realty reported strong performance across verticals in Q3FY25. • Residential business reported pre-sales of Rs1920cr(+144% yoy) aided by Thane launch. • Commercial and hotels also saw strong performance. • At 15X implied EV/EBITDA (FY26), the CMP captures most positives. Q3FY25 Earnings update: Positives: • Oberoi reported an improvement pre-sales to Rs1440 cr (+49% yoy, +35% qoq). • Healthy presales was aided by strong sales at Pokhran Road. • Residential margin was healthy, aided by recognition at 360 West and Elysian. • Oberoi has added GDV of over Rs25000cr in the past two years. Negatives: • Lower sustenance sales from extant portfolio of Rs590cr were key disappointment. • Worli and Mulund projects have substantial unsold inventory.