During the quarter, Macrotech Developers launched seven projects, covering a saleable area of 3.4msf with a gross development value of Rs 33 billion. For the full year, it launched 9.8msf of projects with a GDV of Rs 137 billion across micro-markets. For FY26, the company has guided launches of 13.1 msf with a GDV of Rs 188 billion across 17 projects. Two new projects were added in Pune with a combined GDV of Rs 43 billion, bringing the total number of projects in the city to nine.
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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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