Overview

• Motilal Oswal’s target implies roughly 35% upside from a reported market price of about Rs 185 at the time of the note.
• The brokerage projects presales and collections to grow at a 129% CAGR over FY25–28, with collections reaching Rs 40.2 billion by FY28.
• It forecasts operating margins above 40% and net margins over 35% alongside RoE and RoCE above 26% and a net cash position.
• The valuation uses a DCF with a 13% WACC and 2% terminal growth, leading to a NAV estimate of Rs 121 billion or Rs 250 per share.
• The thesis highlights a focused society-redevelopment pipeline in Mumbai, including ongoing and upcoming projects in Juhu, Andheri and Bandra.