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Quick Pointers

* Expect 11%+ YoY pre-sales growth in Q4FY26 across our coverage

* Premium projects witness healthy traction

Q4FY26 pre-sales across our coverage indicate a strong sequential recovery driven by new launches and sustained demand in core urban markets (Bengaluru, Mumbai, NCR). However, YoY growth remains mixed due to a high base. Overall, we see 11%+ YoY growth and 65% QoQ growth in pre-sales 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 Tier 1 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.

* Brigade Enterprises (BRGD): BRGD is likely to report Q4 pre-sales of INR26–28bn, driven by healthy launches. Key launches include Belvedere (East Bengaluru), Lumina (North Bengaluru), Stellaris (Chennai), and Orchard final phase (Lauren + Maple, Bengaluru). Notably, Lumina witnessed strong demand with EOIs > 2x supply, reflecting robust end-user interest in North Bengaluru. Our channel checks indicate Bengaluru continues to outperform with strong absorption and inventory turnover, positioning BRGD well for sustained growth, supported by diversified geographic exposure and execution consistency.

* Prestige Estates Projects (PEPL): It delivered ~INR77bn of pre-sales in Q4, supported by multiple launches across Bengaluru and Hyderabad, including Evergreen @Prestige Raintree Park, Prestige Marigold Phase II, Eaton Park & Fernvale (TPC Bengaluru), and sustenance pre-sales. PEPL has recently launched Golden Grove (Hyderabad) in Apr’26 with GDV of INR95bn, indicating strong Q1FY27 start; our early channel checks indicate healthy traction. The company continues to dominate the Bengaluru market, benefiting from scale, brand strength, and rapid launch execution. PEPL’s premium and plotted development projects are witnessing strong traction, aiding overall bookings.

* Oberoi Realty (OBER): Q4 pre-sales are expected at INR10–12bn, driven by new tower launches at Sky City along with steady sustenance sales across existing projects. The company continues to benefit from strong brand recall in the Mumbai premium segment and high execution quality, which support absorption even in a relatively supply-constrained environment. While growth remains steady, rather than aggressive, OBER offers earnings visibility and margin resilience, with pre-sales linked closely to phased launches and inventory release strategy.

* Sunteck Realty (SRIN): Q4 pre-sales are expected at INR9-10bn, supported by traction in Altavia (5th Avenue) ODC projects, and steady sustenance sales. SRIN continues to benefit from premium inventory visibility in BKC and Nepean Sea Road, alongside a growing suburban pipeline (Vasai, Mira Road), which broadens its addressable market. While Q4 remains largely healthy, FY27E outlook is stronger, aided by launch acceleration, including planned Dubai project (Q2-Q3FY27). Overall, SRIN is likely to see recovery led by premium Mumbai projects and international expansion, though execution timelines remain a key monitorable.

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