Axis reaffirms Buy on Oberoi Realty as Gurugram launch drives Q2 pre-sales
Axis Securities keeps Oberoi Realty at Buy
Axis Securities has retained its Buy rating on Oberoi Realty Limited with a DCF-based target price of Rs 2,200 per share, in a result update dated 21 October 2026. The brokerage pointed to the company's first National Capital Region project, Three Sixty North in Sector 58 on Golf Course Extension Road, Gurugram, and a sizeable residential launch pipeline as the main drivers of its view.
The update follows the September 2026 quarter, or Q2 FY27, for which the Mumbai-based developer's board approved unaudited results on 16 October 2026. Consolidated net profit came in at Rs 761.65 crore, edging up about 0.2 percent from Rs 760.26 crore a year earlier. Axis's own adjusted profit figure is Rs 757 crore. Revenue from operations was Rs 1,670.95 crore, while booking value for the quarter reached Rs 9,149.69 crore.
Key figures from the quarter
The most striking number in the quarter was the sales momentum. Booking value for the first half of the year stood at Rs 10,199.57 crore, compared with Rs 2,937.73 crore in the same period of FY26. Most of the second-quarter pre-sales came from the Gurugram project, which contributed roughly Rs 7,891 crore, or about 86 percent of the quarter's total. The project recorded 808 units booked across about 15.83 lakh square feet in the quarter.
Collections from Three Sixty North in the quarter were about Rs 835 crore. According to Axis, these collections are sufficient to cover the roughly Rs 1,000 crore construction cost of the project. Net profit rose about 40 percent sequentially from Rs 543.51 crore in the June quarter.
The details of Three Sixty North
The first phase of the Sector 58 development was unveiled in late June 2026 and marks Oberoi Realty's first residential development outside the Mumbai Metropolitan Region. The project spreads across 14.8 acres with seven towers, and the company has set a basic selling price of Rs 35,000 per square foot for the first phase. Unit sizes range from 5,000 to 13,000 square feet, and the offering is built around premium residences in the following formats:
- 4 BHK and 5 BHK apartments
- Duplex and penthouse homes
- Starting price of around Rs 18 crore for the entry-level units
Construction contracting for the project has been awarded to L&T's Buildings and Factories vertical, which was disclosed to the exchange in April 2026. Estimated sales value for both phases is put at about Rs 16,000 crore by ICICI Direct. The second phase, with a gross development value of about Rs 7,500 crore, is planned for FY28.
Other brokerages covering the quarter have also kept positive views. Nomura maintained a Buy rating with a Rs 2,090 target, Motilal Oswal initiated coverage at Buy with Rs 2,145, and ICICI Direct kept Buy with a Rs 2,200 target on a sum-of-the-parts basis. Nomura noted that pre-sales of about Rs 9,150 crore were above its estimate of about Rs 8,700 crore.
The location
Three Sixty North sits in Sector 58 along Golf Course Extension Road, one of Gurugram's established office and residential corridors. The stretch is well placed for buyers who work in the Cyber City business district and along Sohna Road, and it connects to the wider National Capital Region road network.
The developer
Oberoi Realty is a Mumbai-based luxury developer and the real estate arm of the Oberoi Group. Business Standard describes it as one of the leading residential developers in the country. Its commercial portfolio includes the Commerz I, II and III office buildings, which are close to full occupancy, and Sky City Mall, which is also near 100 percent occupied. Rental revenue for the quarter was about Rs 338 crore, up roughly 17 percent year on year. Consolidated net worth stood at about Rs 19,090 crore as of 30 September 2026.
Vikas Oberoi, Chairman and Managing Director, said the company is open to land purchases and joint development agreements across Delhi, Noida and Gurugram. The company's CFO, Saumil Daru, said the Gurugram launch drove the rise in current assets and liabilities during the quarter, with land consideration paid partly in cash and partly in area.
What comes next
Phase two of Three Sixty North is planned for FY28, and management has said timing and pricing will be set to maximise value. A new tower launch at Oberoi Elysian in Goregaon is also planned. The trading window for insiders reopens on 19 October 2026. For buyers, the coming quarters will show whether the strong Gurugram pre-sales convert into sustained delivery and whether the company's NCR land plans take shape.