Axis Direct and ICICI Direct Raise Oberoi Realty Target to ₹2,200, Maintain 'Buy' Rating Post-Q1 FY27 Results

Upgraded Analyst Targets Reflect 360 North Momentum

On July 21, 2026, both Axis Direct and ICICI Direct raised their price target for Oberoi Realty to ₹2,200 per share, maintaining 'Buy' ratings. This upgrade followed the company's Q1 FY27 results and reflected renewed confidence in the developer's growth trajectory.

360 North Phase 1 Exceeded Expectations

The first phase of 360 North comprises 1.4 million sq.ft. out of a total 2.6 million sq.ft. and witnessed overwhelming performance with bookings exceeding management expectations. The project's strong take-up drove analyst confidence in the full-year pre-sales guidance.

FY27 Pre-Sales Revised Upward

The company's pre-sales targets were revised to approximately ₹13,000 crore for FY27, mainly driven by the 360 North project. The strong collections from the first phase are expected to be enough to fund the entire construction cost of the project. Phase 2 launch has been deferred until next year to maximise value creation.

Broader Q1 FY27 Performance

Revenue from operations increased 31.7 per cent to ₹1,300.89 crore in the first quarter of 2026-27, from ₹987.55 crore a year earlier. Net profit reached Rs 543.53 crore, up 29% from Rs 421.25 crore in the year-ago period.

Additional FY27 Catalysts in Pipeline

The company is targeting the launch of the Adarsh Nagar project in Q3FY27, with approvals progressing through final stages. The commercial portfolio continues to deliver stable annuity income, with Commerz I, II & III and Oberoi Mall maintaining near-100% occupancy, while Sky City Mall achieved 82% occupancy within its first year and is expected to approach full occupancy during FY27.

Margin Performance and Balance Sheet Strength

Management has shown confidence in supporting higher annual pre-sales numbers without compromising on margins (approximately 50%+). The company invested Rs 786 crore towards upcoming developments during the quarter (including approximately Rs 200 crore for the NCR project) while maintaining a strong net cash balance sheet and healthy liquidity.