The broker sees a “moderate growth growth” for Godrej’s assets and “weakly expected growth” of two companies selling the sector windows.
GODREJ properties: Pre-Sales Cooling, Volume Strategy under strain
The initiative of Nomura on Girraj – GPL’s properties) with the target price of Rs 1,900, which imposes a 17.7% downside from July 8 close to Rs 2,310. “Start reducing growth in growth,” Broker says, discussing a deceleration of pre-sales momentum and limited view of the future pipeline pipeline.
“Expected the arrival of shopping is more vulnerable than expectations; appreciation looks hung,” estimated 5% below the company of 325 billion. Despite the delivery of a 35% CAGR on pre-sales between FY19 and FY25, the broker looks forward to growing taper on a high basis.
“We believe that the goods of God may not exceed the new guide to launch + INR400BN in a broad BD last BD in the last two years,” Nomar said. It also expects sales from new placements up to 55% of the new value of launching a company stimulation of a company’s structured developmental structure. “Between FY10 and FY25, parts of the circulation company from 150mmmn to 301mn, which owns a 135% preaching in the NAV, which is more than macrotech and prestige. A more conservative 95% NAV premium under a sum-of-the-part hotel management, and the controversial handling of trees, and the outs of woodlands for the Vikhroli Land Parcel.
The brokerage pointed to “weak expected performance of some key project” as a cause to downningide. Potential risks included include “strong expected sales from new launches” and “more powerful new launches / new bd.”
PHOENIX Mills: Mature Mall tired, compressing margin ahead
For the mills of Phoenix, Nomora puts a target price of Rs 1,400, which imposes a 11.1% downside from Tuesday at Cartor 1,575. “Start in reducing weak growth,” as the broker said, the project of a famous jealous of growth in the consumer and coercion of margins.
Nomura expects harvest consumption to grow in a 9% CAGR above FY25-27, which comes from 40% CAGR to appear in FY222-25. It is primarily due to soften the need for adult mall, including Phoenix Palladium and market market and united mall chains, which include 65% of the total consumption.
“We expect a general consumption consumption of consumption
Margins are also expected to squeeze. “Retail EITSDA Margin refuses from 75% of FY23 to 71% of FY25,” As Tivor-2 City participants have been reported to 55-60% on FY25, versus 70-84% for tier-1 locations.
At 24x FY26 EV / EBITDA, Nomura looks at the appreciation of Phoenix’s mills in the rich. Ebitada forecasts for FY26 and FY27 are 9% and 12% below Bloomberg Consensus, indeed. Brokerage expects the united Ebitda to grow 14% CAGR by FY30, a significant slump from 43% CAGR recorded between FY22 and FY25.
Nomura Phoenix Mills’ RSE-Billion, RSE-Billion, RS-Billion Commercials of Rs 42 billion on a naval basis.
Broker quoted “1QFY26F EBITDA lost agree with 7%” as a potentially withdrawal of danger “better consumption of adult malls.”
Realism worth inflicting optimism
Nomura’s start of two stock points in a wider call for realism to evaluate the Indian real estate sector. While two developers show strong murder and brand strength, the broker believes that investment expectations are running forward to the bases.
In progress in progress from a high-base and capital of pressure, Nomura’s message is clear: Purchase premiums must show the realities of showing realities, not in the exposures.
Read again | How Dirrej Properties, DLF and other Real Estate Bantirs sold homes worth Rs 1.62 Lakh Crore on FY25
(Matan -re: Recommendations, suggestions, views and opinions given to experts themselves. This does not represent views of economic times)
