Real Estate – Jul-Sep’26 Earnings Preview – Healthy new launches
Published on 08 Oct 2026
Q2FY27 pre-sales across our coverage indicate mixed bag reporting relying on launch-led and sustenance sales. Strong launch momentum was witnessed in companies like OBER, PEPL and BRGD, while SRIN is likely to see no major launches, relying largely on sustenance sales. YoY growth for OBER will be substantially higher as expecting ~INR79-80bn worth of bookings at 360 North. BRGD is likely to report flat pre-sales YoY despite new launches worth of INR30bn GDV, given high base. Overall, we see steady growth in pre-sales YoY for our coverage universe. Our channel checks highlight healthy absorption in well-located projects, strong EoI conversions, and continued pricing power in premium micro-markets, though some softness is seen in luxury projects.
We maintain a constructive stance on developers with strong launch pipelines, balance sheet discipline, and execution track record. Preference remains for players with Bengaluru/Mumbai exposure, premium positioning, and near-term launch visibility, which are best placed to sustain pre-sales growth into FY27E. Our top picks are PEPL and BRGD.
