The developer is navigating near-term headwinds as business development moderates and the launch of Niyaara Tower C shifts to FY28. However, Anand Rathi considers this delay value-accretive because redesigning and amalgamating adjacent land plots added roughly ₹19 billion to the Worli development's gross value. Looking ahead, an expansive ₹600 billion opportunity pipeline is projected to revive pre-sales momentum and support management's ₹150 billion pre-sales target for FY29.
Key points
Pre-sales growth is expected to rebound starting in FY28 following the strategic postpone…: Pre-sales growth is expected to rebound starting in FY28 following the strategic postponement of the Niyaara Tower C launch.
A massive ₹600 billion opportunity pipeline positions the real estate firm to achieve its…: A massive ₹600 billion opportunity pipeline positions the real estate firm to achieve its ₹150 billion pre-sales target by FY29.
Strategic divestment proceeds, improved cash collections, and selective joint ventures wi…: Strategic divestment proceeds, improved cash collections, and selective joint ventures will help the developer fund inventory replenishment with controlled capital intensity.
Sources checked by our analysis pipeline: 1
Domestic brokerage firm Anand Rathi, in its latest note, has initiated coverage on Aditya Birla Real Estate with a 'Buy' rating and a target price of ₹1,345 per share, indicating an upside potential of 30% from the stock's latest closing price.
Despite the stock remaining under severe selling pressure and losing 38% of its value in 2026 so far to trade at around ₹1,036 apiece, the brokerage remains confident about its long-term growth prospects.
It believes the company is positioned for renewed growth acceleration, citing expectations of a recovery in pre-sales, supported by the enhanced gross development value (GDV) of Niyaara Tower C and a stronger launch pipeline.
Anand Rathi said that the company is transitioning from a Worli-led growth story to a diversified, capital-efficient real estate platform, with an expanding multi-city portfolio and commercial annuity assets.
It highlighted that Worli residential portfolio accounts for approximately ₹243 billion (50%) of the company's approximately ₹483 billion upcoming launch pipeline, making it the key contributor to near-term launch visibility, with the planned Tower C launch expected to drive the next phase of…
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