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Realty - Q2FY26 bucks slowdown concerns; Launch heavy H2 to help meet annual guidance

ICICIdirect Research 31 Oct 2025 DISCLAIMER

The Q2FY26 results announced by our real estate coverage companies till date, portray resilience in sales bookings considering the absence of major project launches by most players.
The companies have shown healthy sustenance sales in their existing projects contradictory to the expectations of a meaningful slowdown in Q2 led by factors such as elongated monsoons, steep price hike undertaken over trailing two years, global headwinds affecting domestic ITES jobs, among others.
Further, sales bookings in ABREL’s Niyaara, Worli (₹ 320 crore sales), Oberoi’s Three Sixy West, Worli (₹ 446 crore) and DLF’s Camellias (₹ 1624 crore) continued to show insatiable appetite for high end super-luxury projects from Grade A developers.
The companies have set up a strong launch pipeline for H2FY26 which would enable them to meet their FY26 guidance (ABREL- ₹ 13,932 FY26 launch guidance to exceed sales bookings of FY25, Brigade - ₹8000-8300 crore launch target for H2 to achieve ₹ 9000 crore FY26 guidance, DLF – comfortably placed to achieve its ₹ 20,000-22,000 crore FY26 presales guidance). Overall, we believe the realty companies are slated to achieve their pre-sales booking guidance for FY26 led by both sustained demand momentum and strong launch pipeline.  

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