Oberoi Realty: Motilal Oswal Maintains 'Neutral' Rating, Sets Target at Rs 1723

• Oberoi Realty (OBER) reported pre-sales of INR8.4 billion in 3QFY26, a 56% YoY and 36% QoQ decline, falling 54% below Motilal Oswal's estimate.
• Approximately 63% of the pre-sales came from Elysian, Eternia, and 360 West projects.
• 9MFY26 bookings for OBER stood at INR37.7 billion, down 14% YoY, with volumes dipping 31% YoY to 0.79msf.
• Total units booked in 3QFY26 were 130, a 77% YoY and 18% QoQ decrease, while 9MFY26 saw 469 units booked, down 45% YoY.
• Motilal Oswal reiterates a 'Neutral' rating for Oberoi Realty with a target price of INR1,723 per share, based on an NAV of INR626 billion.

Why It Matters: Motilal Oswal maintains a 'Neutral' rating on Oberoi Realty despite a significant drop in 3QFY26 pre-sales.