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Realty Q4FY26 operational updates - A Mixed Bag in the wake of war-led uncertainties

ICICIdirect Research 10 Apr 2026 DISCLAIMER

Realty sector operational updated for Q4FY26 were a mixed bag as some companies met/surpassed their annual guidance (Prestige Estates, Phoenix Mills, Keystone realtors, Ashiana Housing, Raymond Realty) while some missed (Lodha developers, Sobha, Max Estates, Signature Global) on account of deferral of sales due to the Iran war and delay in project launch during Q4FY26.
However, companies such as Aditya Birla Real Estate and Max Estates were able to garner strong response in project launches done during March 2026 highlighting the appetite for quality products despite war related uncertainties.
We remain structurally positive on the realty space with our preferred picks being Brigade enterprises, Oberoi Realty, Aditya Birla Real Estate, Arvind Smartspaces and Shriram Properties.
 
Guidance achieved:
Prestige estates reported pre-sales growth of 10% YoY in Q4FY26, surpassing its pre-sales guidance of ₹27000 crore for FY26 (pre-sales of ₹30,024 crore, up 76% YoY in FY26).
The Phoenix Mills reported strong retail consumption growth of 31% YoY during Q4FY26 aiding overall 21% YoY growth for FY26 (management’s guidance of double-digit consumption growth for FY26).
Ashiana Housing recorded sales of ₹2421 crore in FY26 up 25% YoY. Senior living segment stood at ₹570 crore up 48% YoY in FY26.
Raymond Realty reported sales growth of 1.4x YoY to ₹1519 crore for Q4FY26 and up 31% YoY to ₹3023 crore for FY26 (achieving annual guidance of ₹ 3000 crore).
 
Guidance missed:
Lodha Developers reported pre-sales of ₹ 5890 crore (up 23% YoY) in Q4FY26 and ₹ 20,530 crore (up 16% YoY) for FY26 (missing its pre-sales guidance by ₹ 470 crore).
Sobha’s real estate sales were up 11% YoY ( -4% QoQ) at ₹2039 crore for Q4FY26. For FY26, sales stood at ₹ 8136 crore (+30% YoY). The company missed its sales guidance of ₹ 8500 crore.
Max estates missed its pre-sales guidance of ₹ 6000-6500 crore for FY26 on account of delay in planned project launches in Q4FY26. Presales of ₹ 3392 crore in Q4FY26 (₹ 1540 crore/ ₹ 121 crore in Q3FY26/ Q4FY25). For FY26, Presales stood at ₹ 5305 crore as against ₹ 5321 crore in FY25.  
Signature global saw pre-sales decline of 5% YoY at ₹ 1540 crore for Q4FY26 leading to miss on pre-sales guidance for FY26 (₹ 8220 crore vs guidance of ₹ 10,900 crore).
 
Strong launch response:
ABREL generated pre-sales of ₹ 1600 crore (97% units sold) from the launch of phase II of Birla Arika, Sector 31, Gurugram within one month.
Max Estates was able to evince strong interest for Estate 105, Noida launch (₹ 1783 crore pre-sales out of phase I launch of ₹ 3000 crore within 10 days).

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