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ICICIdirect Research 23 Oct 2026 DISCLAIMER

Oberoi Realty (CMP - ₹ 1583, PT - ₹ 2200, Reco – Buy)

Oberoi Realty is a Mumbai based premium realty developer having diversified portfolio across Residential, Commercial, Retail and Hospitality segments. Its marquee assets include Three Sixty West, Oberoi Mall, Commerz and Westin Mumbai Garden City. It commands industry leading residential operating margins of 50%+ with a residential portfolio size of more than ₹ 1.2 lakh crore. Its investment portfolio is expected to grow at 17% CAGR over FY26-FY29 to ₹ 2100+ crore by FY29, led by additions of retail and hospitality assets. Its commercial and retail assets generated 91% OPM while hotel asset 42% in FY26. Its recent successful geographic diversification in NCR opens up India’s second largest realty market for itself. Oberoi’s balance sheet is sturdy with net cash position as on FY26, despite large portfolio acquisitions in residential and capital expenditures incurred in building investment properties. Overall, the company has established premium brand recognition/ positioning across realty sub-segments.

Mahindra Lifespaces (CMP - ₹ 339, PT - ₹ 450, Reco – Buy)

Mahindra Lifespace Developers is identified growth Gem of Mahindra Group having well diversified residential and industrial (leasing) segments. It has commenced FY27 on a strong footing with almost ₹ 2000 crore pre-sales (up 66% YoY) during H1FY27, on track to achieve its FY27 guidance of ₹ 4500-5000 crore. Having added ₹ 7100 crore new projects, its residential project portfolio has breached ₹ 50,000 crore mark, providing multi-year pre-sales visibility. Its IC&IC business (leasing) having 5000+ acres is expected to generate ₹ 5000-6000 crore revenues and ₹ 1500 crore PAT over the longer term, acting as a cash cow, funding residential scale-up. It is heading towards achieving its guidance of ₹ 10,000 crore pre-sales (residential - ₹ 9500 crore, IC&IC - ₹ 500 crore) for FY2030. Its unlevered balance sheet (net debt to equity – 0.28x) provide additional funding avenue along with comfort.

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