Oberoi Realty Limited has uploaded the transcript of its Q1FY27 results conference call, complementing the audio recording previously made available. The call, held on July 20, 2026, covered the company’s financial performance and business updates for the first quarter of FY27. Stakeholders can now access both the audio and written records on the company’s website.

The disclosure was made in compliance with Regulations 30 and 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Bhaskar Kshirsagar, Company Secretary, signed the filing dated July 27, 2026, confirming the upload.

Accessing the Materials

Investors can access both the audio recording and the transcript via the company’s investor relations page. The materials are located under the Investors section, specifically within the Financial Results tab for FY2026-2027, under Quarter 1.

The availability of the transcript allows investors to review specific management comments and financial details discussed during the session without relying solely on the audio recording.

Oberoi Realty has attracted fresh analyst attention, with Jefferies, HSBC, and Nomura each publishing updated assessments of the company's outlook. The coverage reflects growing confidence in the company's growth trajectory, underpinned by strong demand for its Gurgaon project, an expanding launch pipeline, and a healthy balance sheet. Management has separately set its sights on sustaining robust sales above INR 100-120 billion while targeting margins of over 50%, attributing this dual objective to a deliberate product and market strategy designed to balance high-volume growth with quality delivery.

Analyst Ratings and Target Prices

The three brokerages present a broadly constructive view on Oberoi Realty, with divergence primarily on valuation. The following table summarises their current ratings and target prices:

Jefferies maintains a Hold rating with a target price of ₹1,970, noting that strong demand for the Gurgaon project has nearly doubled FY27 pre-sales estimates to ₹130bn+. The brokerage also highlights a robust launch pipeline, low gearing, and potential re-rating from faster execution of newly acquired Mumbai redevelopment projects as key factors in its assessment.

HSBC retains a Buy rating with a target price of ₹2,310. The brokerage acknowledges a softer Q1 pre-sales performance but expects this to be offset by the strong Gurugram launch in Q2. Accelerating new launches and sustained demand for premium residential projects are cited as the primary drivers supporting growth.

Nomura also maintains a Buy rating with a target price of ₹2,090. The brokerage has raised its FY27 and FY28 pre-sales estimates by 14% and 17%, respectively, and expects approximately 40% pre-sales CAGR over FY26–28. Nomura further projects 15–20% CAGR in annuity and hotel income, driven by Sky City Mall and new hotels, while flagging the Gurgaon project ruling as a key downside risk.

FY '27 Launch Pipeline

Oberoi Realty has outlined a comprehensive launch calendar for FY '27, spanning multiple geographies and product types. The pipeline reflects the company's intent to diversify its project portfolio across established and emerging micro-markets. The following table summarises the planned launches:

The inclusion of Alibaug alongside established Mumbai micro-markets signals a broadening of the company's geographic footprint within the broader Mumbai Metropolitan Region.

NCR Expansion and Strategic Positioning

Beyond its core Mumbai market, Oberoi Realty is actively pursuing growth opportunities in the National Capital Region, with a specific focus on Noida and Gurgaon. Management's confidence in entering these markets is underpinned by its stated belief that it has developed the operational capability to deliver high volumes while maintaining quality benchmarks. The NCR push represents a meaningful strategic step for the company as it looks to scale its national presence.

Near-Term Launches and Hospitality Update

On the near-term front, the company has indicated a Q3 launch for its Adarsh Nagar project, though this remains contingent on receipt of certain building approvals. Progress on the hospitality segment was also highlighted, with the Ritz-Carlton property expected to be ready by financial year-end. Interior work on the Ritz-Carlton is reported to be 80%-90% complete, placing the project in its final stages of preparation.

Three Sixty North: Next Phase Under Review

Regarding the premium Three Sixty North development, management has confirmed that the next phase is planned for launch next year. However, the specifics surrounding strategy, timing, and pricing for this phase remain under review. No further details on the launch parameters have been disclosed at this stage. Oberoi Realty's outlined strategy reflects a multi-pronged approach — sustaining high sales volumes and strong margins in its core markets, expanding into NCR, progressing near-term project launches, and advancing its hospitality assets toward completion.