Macrotech Q4 Results Review: Well-Placed To Deliver Consistent Growth; Motilal Oswal Maintains Buy, Hikes TP

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Motilal Oswal Report

Macrotech Developers Ltd. has delivered steady performance across its key parameters, and as it prepares to capitalize on strong growth and consolidation opportunities, we expect this consistency in operational performance to continue.

At Palava, the company has a development potential of 600msf. However, we assume a portion of this to be monetized through industrial land sales. We value 250 msf of residential land to be monetized at Rs 528 billion over the next three decades.

We use the discounted cash flow-based method for the ex-Palava residential segment and arrive at a value of ~Rs 529 billion, assuming a WACC of 12.5%. We roll forward our estimates and reiterate Buy with a revised target price of Rs 1,625.

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