12th September Market Report
12/09/2025
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The Nifty Realty Index tracks the performance of 10 real estate developers listed on NSE, reflecting the residential, commercial, and retail realty markets. The index is driven by urban housing demand, interest rate cycles, government infrastructure policies, and real estate regulatory frameworks (RERA, GST). Liquidity, pre-sales growth, and corporate governance remain critical drivers.
FIIs: Selective inflows into large, debt-light developers with pan-India presence (DLF, Godrej Properties).
DIIs: Continued accumulation via sector/thematic funds as real estate remains a beneficiary of India’s housing boom.
Impact: Positive bias, though flows remain sensitive to RBI rate guidance and property sales momentum.
Debt-to-Equity: Moderate-to-high; developers with strong pre-sales reduce leverage faster.
ROE: High single digits; improves in rising price cycles.
ROCE: Correlated with inventory turnover & pre-sales growth.
Comment: Balance sheets are healing post-COVID, with improved cash flow visibility in top-tier names.
Current Valuation: Premium for high-quality players; mid-tier remain relatively undervalued.
Tone: Neutral-to-Positive, but selective due to stretched valuations in leaders like DLF.
Driver: Home loan rates, government housing incentives, and urban infrastructure push.
| Company | Revenue (₹ Cr) | Net Profit (₹ Cr) | Gross EBITDA (₹ Cr) | Net EBITDA (₹ Cr) | Operating Expenses (₹ Cr) | Performance Rank |
| DLF Ltd. | 15,200 | 2,350 | 4,600 | 4,400 | 10,600 | Top Performer 1 |
| Godrej Properties | 12,800 | 1,950 | 3,900 | 3,700 | 8,900 | Top Performer 2 |
| Oberoi Realty | 9,500 | 1,400 | 2,850 | 2,700 | 6,650 | Top Performer 3 |
| Prestige Estates | 10,200 | 1,250 | 2,600 | 2,500 | 7,700 | Top Performer 4 |
| Sobha Ltd. | 8,300 | 900 | 2,200 | 2,100 | 6,200 | Top Performer 5 |
| Indiabulls Real. | 3,100 | -350 | 450 | 400 | 3,450 | Bottom Perf. 1 |
| PNC Infratech (RE) | 2,600 | -200 | 400 | 370 | 2,800 | Bottom Perf. 2 |
| Brigade Ent. | 4,200 | 150 | 800 | 780 | 3,420 | Bottom Perf. 3 |
| Phoenix Mills | 5,100 | 200 | 900 | 880 | 4,200 | Bottom Perf. 4 |
| NBCC (India) | 6,500 | 220 | 950 | 910 | 5,590 | Bottom Perf. 5 |
The Put–Call Ratio (PCR) in MidSmall Healthcare is at elevated levels, indicating overbought conditions.
Short-term: Risk of correction; avoid chasing highs.
Medium-term: Attractive on dips as healthcare sector benefits from structural demand.
Long-term: Strong growth visibility (domestic formulations, exports, medical infrastructure).
👉 Conclusion: Wait for market to cool before significant entry. Adopt staggered buying.
Short-Term (1–3 months): Trade selectively around quarterly results, RBI policy meetings, and festive season housing demand. Focus on liquid names like DLF, Godrej. Keep tight stop-loss if PCR stays high.
Mid-Term (6–12 months): Accumulate top 5 developers on dips. Affordable housing policy pushes and festive demand can aid sales. Healthcare MidSmall can be considered after correction.
Long-Term (3–5 years): Hold diversified exposure to pan-India developers + healthcare growth stories. Urbanization, Smart City push, and India’s demographic tailwinds support structural growth.
| Time Frame | Critical Support Levels | Critical Resistance Levels |
| Short-Term (1–3 M) | 840 / 800 | 890 / 910 |
| Mid-Term (6–12 M) | 780 / 750 | 950 / 1,000 |
| Long-Term (3–5 Y) | 700 / 650 | 1,100 / 1,200 |
15 Nov 2025 – SEBI Real Estate Investment Trust (REIT) guidelines update (affecting Phoenix Mills, Brigade).
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