Real Estate – Apr-Jun’26 Earnings Preview – Muted new launches
Published on 08 Jul 2026
Q1FY27 pre-sales across our coverage indicate a mixed bag. Strong launch momentum was witnessed in companies like PEPL and SRIN, while BRGD and OBER are likely to see a muted quarter with no major launches, relying largely on sustenance sales. YoY growth for PEPL will decline due to a higher base. Overall, we see de-growth in pre-sales (YoY and QoQ) 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.
