India Real Estate & REITs –
Weekly Snapshot: 20 February 2026
By Arindam Bose
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Indian real estate equities stabilised in the week of 20 February 2026 after last week’s sentiment-led shakeout. The tape did not signal a broad risk-on reversal — instead, flows were selective, favouring balance-sheet comfort, execution visibility and earnings-backed narratives.
Large caps showed modest resilience. High-valuation names saw rotation rather than panic. Mid and small caps were far more bifurcated — with turnaround stories holding and liquidity-driven counters wobbling again. REITs, meanwhile, reverted to behaving like rate-sensitive income instruments rather than growth proxies.
The market message is increasingly clear: valuation discipline has returned.
Indian real estate equities stabilised in the week of 20 February 2026 after last week’s sentiment-led shakeout. The tape did not signal a broad risk-on reversal — instead, flows were selective, favouring balance-sheet comfort, execution visibility and earnings-backed narratives.
Large caps showed modest resilience. High-valuation names saw rotation rather than panic. Mid and small caps were far more bifurcated — with turnaround stories holding and liquidity-driven counters wobbling again. REITs, meanwhile, reverted to behaving like rate-sensitive income instruments rather than growth proxies.
The market message is increasingly clear: valuation discipline has returned.
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Large-Cap Realty: Weekly Snapshot
Company Last Week Close (₹) This Week Close (₹) Weekly Change 52W High (₹) 52W Low (₹) Market Cap (₹) P/E (approx) DLF 626.40 629.30 ▲ +2.90 (+0.46%) 886.80 586.65 1.61 T 34.7x Lodha Developers 1,073.60 1,071.15 ▼ -2.45 (-0.23%) 1,534.25 864.00 1.07 T 32x Godrej Properties 1,806.60 1,825.70 ▲ +19.10 (+1.06%) 2,506.50 1,475.00 565.9 B 34.7x Oberoi Realty 1,547.60 1,523.20 ▼ -24.40 (-1.58%) 2,005.00 1,425.50 602.5 B 24.2x Prestige Estates 1,519.10 1,487.00 ▼ -32.10 (-2.11%) 1,814.00 1,048.05 653.7 B 66x Phoenix Mills 1,735.50 1,733.20 ▼ -2.30 (-0.13%) 1,993.00 1,402.50 677.5 B 57x Brigade Enterprises 762.95 740.65 ▼ -22.30 (-2.92%) 1,332.00 717.75 209.3 B 24.2x Sobha 1,524.90 1,514.00 ▼ -10.90 (-0.71%) 1,732.50 1,075.30 163.9 B 114x Sunteck Realty 398.20 408.90 ▲ +10.70 (+2.69%) 478.75 347.00 61.6 B 31x Signature Global 1,040.55 1,008.00 ▼ -32.55 (-3.13%) 1,309.50 775.20 133.1 B Distorted
| Company | Last Week Close (₹) | This Week Close (₹) | Weekly Change | 52W High (₹) | 52W Low (₹) | Market Cap (₹) | P/E (approx) |
|---|---|---|---|---|---|---|---|
| DLF | 626.40 | 629.30 | ▲ +2.90 (+0.46%) | 886.80 | 586.65 | 1.61 T | 34.7x |
| Lodha Developers | 1,073.60 | 1,071.15 | ▼ -2.45 (-0.23%) | 1,534.25 | 864.00 | 1.07 T | 32x |
| Godrej Properties | 1,806.60 | 1,825.70 | ▲ +19.10 (+1.06%) | 2,506.50 | 1,475.00 | 565.9 B | 34.7x |
| Oberoi Realty | 1,547.60 | 1,523.20 | ▼ -24.40 (-1.58%) | 2,005.00 | 1,425.50 | 602.5 B | 24.2x |
| Prestige Estates | 1,519.10 | 1,487.00 | ▼ -32.10 (-2.11%) | 1,814.00 | 1,048.05 | 653.7 B | 66x |
| Phoenix Mills | 1,735.50 | 1,733.20 | ▼ -2.30 (-0.13%) | 1,993.00 | 1,402.50 | 677.5 B | 57x |
| Brigade Enterprises | 762.95 | 740.65 | ▼ -22.30 (-2.92%) | 1,332.00 | 717.75 | 209.3 B | 24.2x |
| Sobha | 1,524.90 | 1,514.00 | ▼ -10.90 (-0.71%) | 1,732.50 | 1,075.30 | 163.9 B | 114x |
| Sunteck Realty | 398.20 | 408.90 | ▲ +10.70 (+2.69%) | 478.75 | 347.00 | 61.6 B | 31x |
| Signature Global | 1,040.55 | 1,008.00 | ▼ -32.55 (-3.13%) | 1,309.50 | 775.20 | 133.1 B | Distorted |
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Large-cap realty: resilience with a valuation lens
- DLF
edged higher toward about ₹629, managing a modest weekly gain even as technical commentators flagged an extended downtrend and scope for further downside toward the ₹600–580 band over the coming months. Short‑term traders remained wary given bearish RSI/MACD signals and calls for selling into strength, but long‑only investors continued to focus on its scale, balance sheet discipline and recent headlines such as topping a key housing project leaderboard and senior legal leadership moves.
- Lodha Developers (Macrotech)
essentially moved sideways near ₹1,071, giving back little of its prior rally despite lingering volatility in the broader realty complex. With market cap sitting just under ₹1.07 lakh crore and the stock still not far from its 52‑week high, the tape suggested that investors are comfortable paying a premium for its execution in Mumbai residential and related verticals, even as they watch leverage and demand trends more closely after the January bottom. - Godrej Properties
inched up to roughly ₹1,826, trading at around 35x P/E and staying well below its prior 52‑week peak near ₹2,500, as the market treated it as a premium compounding franchise where recent strong bookings and luxury launches continue to justify a higher multiple. Price action reflected an appetite for brand‑led, earnings‑supported growth stories over purely hope‑driven rerating candidates. - Oberoi Realty
cooled slightly to the mid‑₹1,500s around ₹1,523, digesting the earlier excitement from winning an 11‑acre Mumbai Bandra East railway land parcel in a ₹5,400 crore transaction while investors scrutinised funding structure, leverage and return metrics. The stock’s still‑healthy valuation and “Buy” consensus underscored confidence in its capital‑efficient Mumbai focus, but the sheer size of the new bet ensured that the market will keep a sharper lens on execution and balance‑sheet outcomes. - Prestige Estates
softened to about ₹1,487, easing from recent highs as the residual impact of IT‑linked worries on office and premium housing demand weighed on sentiment more than on fundamentals. With P/E still in the mid‑60s and presales robust, the key debate remained whether earnings and cash flows can grow fast enough to sustain such a rich multiple in a more disciplined market regime. - Phoenix Mills
hovered near ₹1,733, effectively flat on the week and continuing to behave like a mall‑plus‑mixed‑use annuity platform with a strong development pipeline rather than a high‑beta trading vehicle. News around its plans to raise roughly ₹1,500 crore for a Thane project and a long‑term vision to scale its retail footprint to around 40 million square feet by 2033 kept the longer‑duration growth narrative intact, even as near‑term price moves tracked shifts in rate expectations and consumption sentiment more than stock‑specific earnings surprises. - Brigade Enterprises
was subdued around ₹741 despite an intraday uptick, as volumes stayed below recent averages and the market weighed positive commentary on its long‑term potential against concerns about bookings momentum and project mix. Fresh narratives around its pivot toward relatively smaller, mid‑income homes in Bengaluru and Chennai added a new angle, with investors likely to judge the success of this strategy through the lens of margin resilience and absorption in a price‑sensitive demand environment.
- Sobha
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remained elevated near ₹1,514 with a triple‑digit P/E still north of 110x, keeping it firmly in the “valuation‑on‑hope” bucket where strong presales and collections have driven a powerful rerating but leave little room for execution missteps. In a market that is rediscovering discipline, the stock’s high multiple ensures that any wobble in earnings or commentary can trigger sharp swings, even as long‑term believers stay anchored to its land bank and execution history.
- Sunteck Realty
ticked higher to roughly ₹409 and held on to its recent gains, aided by improving ESG credentials and a visible step‑up in its sustainability profile, as reflected in a significantly higher score in a global corporate sustainability assessment. For investors, this reinforced the narrative of a mid‑cap Mumbai‑focused developer trying to reposition itself as a more institutionally palatable, governance‑conscious name, albeit still with the cyclical beta typical of its size and product mix. - Signature Global
cooled to about ₹1,008 after a strong prior run, with the stock’s optically extreme headline P/E (inflated by low trailing earnings) highlighting how much optimism is already priced into its affordable‑to‑mid segment story. Recent news around a 50:50 joint venture with RMZ to develop a mixed‑use project in Gurugram, backed by a planned ₹1,283 crore equity infusion from the partner, continued to support the medium‑term thesis on scale and product positioning even as the near‑term tape reflected profit‑taking and volatility in high‑beta realty counters.
DLF
edged higher toward about ₹629, managing a modest weekly gain even as technical commentators flagged an extended downtrend and scope for further downside toward the ₹600–580 band over the coming months. Short‑term traders remained wary given bearish RSI/MACD signals and calls for selling into strength, but long‑only investors continued to focus on its scale, balance sheet discipline and recent headlines such as topping a key housing project leaderboard and senior legal leadership moves.
edged higher toward about ₹629, managing a modest weekly gain even as technical commentators flagged an extended downtrend and scope for further downside toward the ₹600–580 band over the coming months. Short‑term traders remained wary given bearish RSI/MACD signals and calls for selling into strength, but long‑only investors continued to focus on its scale, balance sheet discipline and recent headlines such as topping a key housing project leaderboard and senior legal leadership moves.
Lodha Developers (Macrotech)
essentially moved sideways near ₹1,071, giving back little of its prior rally despite lingering volatility in the broader realty complex. With market cap sitting just under ₹1.07 lakh crore and the stock still not far from its 52‑week high, the tape suggested that investors are comfortable paying a premium for its execution in Mumbai residential and related verticals, even as they watch leverage and demand trends more closely after the January bottom.
essentially moved sideways near ₹1,071, giving back little of its prior rally despite lingering volatility in the broader realty complex. With market cap sitting just under ₹1.07 lakh crore and the stock still not far from its 52‑week high, the tape suggested that investors are comfortable paying a premium for its execution in Mumbai residential and related verticals, even as they watch leverage and demand trends more closely after the January bottom.
Godrej Properties
inched up to roughly ₹1,826, trading at around 35x P/E and staying well below its prior 52‑week peak near ₹2,500, as the market treated it as a premium compounding franchise where recent strong bookings and luxury launches continue to justify a higher multiple. Price action reflected an appetite for brand‑led, earnings‑supported growth stories over purely hope‑driven rerating candidates.
inched up to roughly ₹1,826, trading at around 35x P/E and staying well below its prior 52‑week peak near ₹2,500, as the market treated it as a premium compounding franchise where recent strong bookings and luxury launches continue to justify a higher multiple. Price action reflected an appetite for brand‑led, earnings‑supported growth stories over purely hope‑driven rerating candidates.
Oberoi Realty
cooled slightly to the mid‑₹1,500s around ₹1,523, digesting the earlier excitement from winning an 11‑acre Mumbai Bandra East railway land parcel in a ₹5,400 crore transaction while investors scrutinised funding structure, leverage and return metrics. The stock’s still‑healthy valuation and “Buy” consensus underscored confidence in its capital‑efficient Mumbai focus, but the sheer size of the new bet ensured that the market will keep a sharper lens on execution and balance‑sheet outcomes.
cooled slightly to the mid‑₹1,500s around ₹1,523, digesting the earlier excitement from winning an 11‑acre Mumbai Bandra East railway land parcel in a ₹5,400 crore transaction while investors scrutinised funding structure, leverage and return metrics. The stock’s still‑healthy valuation and “Buy” consensus underscored confidence in its capital‑efficient Mumbai focus, but the sheer size of the new bet ensured that the market will keep a sharper lens on execution and balance‑sheet outcomes.
Prestige Estates
softened to about ₹1,487, easing from recent highs as the residual impact of IT‑linked worries on office and premium housing demand weighed on sentiment more than on fundamentals. With P/E still in the mid‑60s and presales robust, the key debate remained whether earnings and cash flows can grow fast enough to sustain such a rich multiple in a more disciplined market regime.
softened to about ₹1,487, easing from recent highs as the residual impact of IT‑linked worries on office and premium housing demand weighed on sentiment more than on fundamentals. With P/E still in the mid‑60s and presales robust, the key debate remained whether earnings and cash flows can grow fast enough to sustain such a rich multiple in a more disciplined market regime.
Phoenix Mills
hovered near ₹1,733, effectively flat on the week and continuing to behave like a mall‑plus‑mixed‑use annuity platform with a strong development pipeline rather than a high‑beta trading vehicle. News around its plans to raise roughly ₹1,500 crore for a Thane project and a long‑term vision to scale its retail footprint to around 40 million square feet by 2033 kept the longer‑duration growth narrative intact, even as near‑term price moves tracked shifts in rate expectations and consumption sentiment more than stock‑specific earnings surprises.
hovered near ₹1,733, effectively flat on the week and continuing to behave like a mall‑plus‑mixed‑use annuity platform with a strong development pipeline rather than a high‑beta trading vehicle. News around its plans to raise roughly ₹1,500 crore for a Thane project and a long‑term vision to scale its retail footprint to around 40 million square feet by 2033 kept the longer‑duration growth narrative intact, even as near‑term price moves tracked shifts in rate expectations and consumption sentiment more than stock‑specific earnings surprises.
Brigade Enterprises
was subdued around ₹741 despite an intraday uptick, as volumes stayed below recent averages and the market weighed positive commentary on its long‑term potential against concerns about bookings momentum and project mix. Fresh narratives around its pivot toward relatively smaller, mid‑income homes in Bengaluru and Chennai added a new angle, with investors likely to judge the success of this strategy through the lens of margin resilience and absorption in a price‑sensitive demand environment.
was subdued around ₹741 despite an intraday uptick, as volumes stayed below recent averages and the market weighed positive commentary on its long‑term potential against concerns about bookings momentum and project mix. Fresh narratives around its pivot toward relatively smaller, mid‑income homes in Bengaluru and Chennai added a new angle, with investors likely to judge the success of this strategy through the lens of margin resilience and absorption in a price‑sensitive demand environment.
Sobha
remained elevated near ₹1,514 with a triple‑digit P/E still north of 110x, keeping it firmly in the “valuation‑on‑hope” bucket where strong presales and collections have driven a powerful rerating but leave little room for execution missteps. In a market that is rediscovering discipline, the stock’s high multiple ensures that any wobble in earnings or commentary can trigger sharp swings, even as long‑term believers stay anchored to its land bank and execution history.
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remained elevated near ₹1,514 with a triple‑digit P/E still north of 110x, keeping it firmly in the “valuation‑on‑hope” bucket where strong presales and collections have driven a powerful rerating but leave little room for execution missteps. In a market that is rediscovering discipline, the stock’s high multiple ensures that any wobble in earnings or commentary can trigger sharp swings, even as long‑term believers stay anchored to its land bank and execution history.
Sunteck Realty
ticked higher to roughly ₹409 and held on to its recent gains, aided by improving ESG credentials and a visible step‑up in its sustainability profile, as reflected in a significantly higher score in a global corporate sustainability assessment. For investors, this reinforced the narrative of a mid‑cap Mumbai‑focused developer trying to reposition itself as a more institutionally palatable, governance‑conscious name, albeit still with the cyclical beta typical of its size and product mix.
ticked higher to roughly ₹409 and held on to its recent gains, aided by improving ESG credentials and a visible step‑up in its sustainability profile, as reflected in a significantly higher score in a global corporate sustainability assessment. For investors, this reinforced the narrative of a mid‑cap Mumbai‑focused developer trying to reposition itself as a more institutionally palatable, governance‑conscious name, albeit still with the cyclical beta typical of its size and product mix.
Signature Global
cooled to about ₹1,008 after a strong prior run, with the stock’s optically extreme headline P/E (inflated by low trailing earnings) highlighting how much optimism is already priced into its affordable‑to‑mid segment story. Recent news around a 50:50 joint venture with RMZ to develop a mixed‑use project in Gurugram, backed by a planned ₹1,283 crore equity infusion from the partner, continued to support the medium‑term thesis on scale and product positioning even as the near‑term tape reflected profit‑taking and volatility in high‑beta realty counters.
cooled to about ₹1,008 after a strong prior run, with the stock’s optically extreme headline P/E (inflated by low trailing earnings) highlighting how much optimism is already priced into its affordable‑to‑mid segment story. Recent news around a 50:50 joint venture with RMZ to develop a mixed‑use project in Gurugram, backed by a planned ₹1,283 crore equity infusion from the partner, continued to support the medium‑term thesis on scale and product positioning even as the near‑term tape reflected profit‑taking and volatility in high‑beta realty counters.
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Mid & Small-Cap Real Estate: Weekly Snapshot
Company Last Week Close (₹) This Week Close (₹) Weekly Change 52W High (₹) 52W Low (₹) Market Cap P/E Atal Realtech 25.88 25.16 ▼ -0.72 (-2.78%) 29.20 11.15 321 Cr 63x Pansari Developers 310.00 295.65 ▼ -14.35 (-4.63%) 352.30 142.05 525 Cr 31x FMNL 8.10 8.56 ▲ +0.46 (+5.68%) 20.84 7.30 50 Cr NM Arihant Superstructures 271.90 260.65 ▼ -11.25 (-4.13%) 465.00 256.50 1,334 Cr 64x Kolte-Patil Developers 367.65 358.40 ▼ -9.25 (-2.52%) 497.55 239.00 3,291 Cr 63x Puravankara 256.70 229.86 ▼ -26.84 (-10.46%) 338.95 208.70 5,461 Cr NM Mahindra Lifespace 368.90 369.15 ▲ +0.25 (+0.07%) 427.05 256.06 7,841 Cr 23x Anant Raj 533.05 548.70 ▲ +15.65 (+2.94%) 743.65 376.15 20,389 Cr 35x TARC 152.38 156.94 ▲ +4.56 (+2.99%) 206.10 103.22 5,163 Cr NM Ajmera Realty 137.94 138.84 ▲ +0.90 (+0.65%) 221.23 131.05 2,737 Cr 29x
| Company | Last Week Close (₹) | This Week Close (₹) | Weekly Change | 52W High (₹) | 52W Low (₹) | Market Cap | P/E |
|---|---|---|---|---|---|---|---|
| Atal Realtech | 25.88 | 25.16 | ▼ -0.72 (-2.78%) | 29.20 | 11.15 | 321 Cr | 63x |
| Pansari Developers | 310.00 | 295.65 | ▼ -14.35 (-4.63%) | 352.30 | 142.05 | 525 Cr | 31x |
| FMNL | 8.10 | 8.56 | ▲ +0.46 (+5.68%) | 20.84 | 7.30 | 50 Cr | NM |
| Arihant Superstructures | 271.90 | 260.65 | ▼ -11.25 (-4.13%) | 465.00 | 256.50 | 1,334 Cr | 64x |
| Kolte-Patil Developers | 367.65 | 358.40 | ▼ -9.25 (-2.52%) | 497.55 | 239.00 | 3,291 Cr | 63x |
| Puravankara | 256.70 | 229.86 | ▼ -26.84 (-10.46%) | 338.95 | 208.70 | 5,461 Cr | NM |
| Mahindra Lifespace | 368.90 | 369.15 | ▲ +0.25 (+0.07%) | 427.05 | 256.06 | 7,841 Cr | 23x |
| Anant Raj | 533.05 | 548.70 | ▲ +15.65 (+2.94%) | 743.65 | 376.15 | 20,389 Cr | 35x |
| TARC | 152.38 | 156.94 | ▲ +4.56 (+2.99%) | 206.10 | 103.22 | 5,163 Cr | NM |
| Ajmera Realty | 137.94 | 138.84 | ▲ +0.90 (+0.65%) | 221.23 | 131.05 | 2,737 Cr | 29x |
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Mid-cap dispersion widened again. Turnaround narratives (Puravankara) faced profit-booking after strong runs, while theme-driven counters (Anant Raj, data centre linkage) continued attracting selective flows. Liquidity-sensitive names remain highly reactive to broader sentiment.
Mid-cap dispersion widened again. Turnaround narratives (Puravankara) faced profit-booking after strong runs, while theme-driven counters (Anant Raj, data centre linkage) continued attracting selective flows. Liquidity-sensitive names remain highly reactive to broader sentiment.
Mid & small-cap realty: micro-cap stress, selective resilience
Atal Realtech
slipped to about ₹25.2, retreating further from its recent 52‑week high near ₹29 and underlining how quickly sentiment can swing in micro‑cap names that had rerated sharply on liquidity and momentum. The P/E multiple, while down from the prior 90s to the low‑60s, remained elevated versus earnings visibility, keeping the stock squarely in the speculative camp where de‑risking flows can rapidly compress price.Pansari Developers
eased to roughly ₹296 after earlier consolidation, reflecting light profit‑taking in a name that had already logged multi‑year gains and trades around a low‑30s earnings multiple. In this environment, where small‑cap risk appetite is more selective, the stock’s ability to hold its ground will likely hinge on steady EPS growth, leverage control and consistent collections from its core residential portfolio.
Future Market Networks (FMNL)
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nudged up to near ₹8.6 but stayed deeply below historical peaks and continued to trade more on speculation than fundamentals, given its negative earnings profile and low absolute market capitalisation. For now, the name functions more as a barometer of micro‑cap liquidity and risk tolerance than a core pick for cash‑flow‑focused investors.
Arihant Superstructures
hovered around ₹261 after heavy de‑rating in earlier weeks, with the stock now anchored close to its 52‑week low in the mid‑₹250s. The market still treated it as a late‑cycle higher‑beta play needing clear evidence of stabilised topline growth, improved balance sheet metrics and consistent execution before any meaningful re‑rating.
Kolte‑Patil Developers
dipped modestly to about ₹358, giving up part of its prior strength but still reflecting an improved perception of its sales traction, collections and project pipeline in Pune and other core markets. With the stock valued at over 60x earnings, investors appear willing to acknowledge execution quality, but they are likely to demand sustained cash‑flow conversion and disciplined land acquisition to justify further multiple expansion.
Puravankara
fell back toward roughly ₹230 after a sharp results‑led rally that had followed its swing back to profit in Q3, where revenue and income had both surged on the back of project deliveries and collections. Despite this pullback, the name remained positioned as a “turnaround in progress,” with recent quarters showing enough improvement for investors to stay engaged, albeit with tight risk controls in a market unforgiving of fresh missteps.
Mahindra Lifespace Developers
was roughly flat to slightly positive near ₹369, mirroring a pause after earlier gains driven by strong Q3 profit growth and healthy residential sales momentum. As a parent‑backed, relatively de‑risked platform, it continued to appeal to investors looking for exposure to real estate without the same level of balance‑sheet stress and volatility seen in more leveraged peers, but questions persisted around how quickly its industrial parks and residential launches can scale without stretching capital.Anant Raj
climbed to about ₹549, extending its recovery and staying in favour as a data centre and infrastructure adjacency play linked to AI and digital investment themes. Multi‑year returns and a mid‑30s P/E kept it sensitive to global risk appetite, funding conditions and tech‑linked sentiment, but fresh news around partnerships with specialised AI infrastructure firms reinforced confidence in its strategic direction.TARC
drifted near ₹157, underperforming more diversified mid‑caps as the market remained wary of its loss‑making profile and leveraged balance sheet. Price action reaffirmed its classification as a liquidity trade rather than a fundamentally anchored story, appropriate mainly for traders with a high tolerance for binary outcomes rather than conservative investors.
Ajmera Realty & Infra India
traded around ₹139, leaving one‑year returns modest and highlighting how mid‑cap developers without a strong rerating narrative are being treated primarily as beta proxies on sector moves and technical flows. With a sub‑30x P/E and a 52‑week range that now has the stock closer to its recent lows than its highs, the tape suggested that investors are waiting for a clearer growth or margin inflection before committing to a stronger view.
Atal Realtech
slipped to about ₹25.2, retreating further from its recent 52‑week high near ₹29 and underlining how quickly sentiment can swing in micro‑cap names that had rerated sharply on liquidity and momentum. The P/E multiple, while down from the prior 90s to the low‑60s, remained elevated versus earnings visibility, keeping the stock squarely in the speculative camp where de‑risking flows can rapidly compress price.Pansari Developers
eased to roughly ₹296 after earlier consolidation, reflecting light profit‑taking in a name that had already logged multi‑year gains and trades around a low‑30s earnings multiple. In this environment, where small‑cap risk appetite is more selective, the stock’s ability to hold its ground will likely hinge on steady EPS growth, leverage control and consistent collections from its core residential portfolio.
Future Market Networks (FMNL)
nudged up to near ₹8.6 but stayed deeply below historical peaks and continued to trade more on speculation than fundamentals, given its negative earnings profile and low absolute market capitalisation. For now, the name functions more as a barometer of micro‑cap liquidity and risk tolerance than a core pick for cash‑flow‑focused investors.Arihant Superstructures
hovered around ₹261 after heavy de‑rating in earlier weeks, with the stock now anchored close to its 52‑week low in the mid‑₹250s. The market still treated it as a late‑cycle higher‑beta play needing clear evidence of stabilised topline growth, improved balance sheet metrics and consistent execution before any meaningful re‑rating.Kolte‑Patil Developers
dipped modestly to about ₹358, giving up part of its prior strength but still reflecting an improved perception of its sales traction, collections and project pipeline in Pune and other core markets. With the stock valued at over 60x earnings, investors appear willing to acknowledge execution quality, but they are likely to demand sustained cash‑flow conversion and disciplined land acquisition to justify further multiple expansion.Puravankara
fell back toward roughly ₹230 after a sharp results‑led rally that had followed its swing back to profit in Q3, where revenue and income had both surged on the back of project deliveries and collections. Despite this pullback, the name remained positioned as a “turnaround in progress,” with recent quarters showing enough improvement for investors to stay engaged, albeit with tight risk controls in a market unforgiving of fresh missteps.Mahindra Lifespace Developers
was roughly flat to slightly positive near ₹369, mirroring a pause after earlier gains driven by strong Q3 profit growth and healthy residential sales momentum. As a parent‑backed, relatively de‑risked platform, it continued to appeal to investors looking for exposure to real estate without the same level of balance‑sheet stress and volatility seen in more leveraged peers, but questions persisted around how quickly its industrial parks and residential launches can scale without stretching capital.Anant Raj
climbed to about ₹549, extending its recovery and staying in favour as a data centre and infrastructure adjacency play linked to AI and digital investment themes. Multi‑year returns and a mid‑30s P/E kept it sensitive to global risk appetite, funding conditions and tech‑linked sentiment, but fresh news around partnerships with specialised AI infrastructure firms reinforced confidence in its strategic direction.TARC
drifted near ₹157, underperforming more diversified mid‑caps as the market remained wary of its loss‑making profile and leveraged balance sheet. Price action reaffirmed its classification as a liquidity trade rather than a fundamentally anchored story, appropriate mainly for traders with a high tolerance for binary outcomes rather than conservative investors.Ajmera Realty & Infra India
traded around ₹139, leaving one‑year returns modest and highlighting how mid‑cap developers without a strong rerating narrative are being treated primarily as beta proxies on sector moves and technical flows. With a sub‑30x P/E and a 52‑week range that now has the stock closer to its recent lows than its highs, the tape suggested that investors are waiting for a clearer growth or margin inflection before committing to a stronger view.
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REITs: Weekly Performance Snapshot
REIT Last Week Close (₹) This Week Close (₹) Weekly Change 52W High (₹) 52W Low (₹) Mindspace REIT 494.99 491.89 ▼ -3.10 (-0.63%) 511.68 355.25 Brookfield India REIT 352.80 352.20 ▼ -0.60 (-0.17%) 372.90 280.00 Embassy REIT 440.00 433.49 ▼ -6.51 (-1.48%) 461.99 342.55
| REIT | Last Week Close (₹) | This Week Close (₹) | Weekly Change | 52W High (₹) | 52W Low (₹) |
|---|---|---|---|---|---|
| Mindspace REIT | 494.99 | 491.89 | ▼ -3.10 (-0.63%) | 511.68 | 355.25 |
| Brookfield India REIT | 352.80 | 352.20 | ▼ -0.60 (-0.17%) | 372.90 | 280.00 |
| Embassy REIT | 440.00 | 433.49 | ▼ -6.51 (-1.48%) | 461.99 | 342.55 |
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REITs: steady yield anchors in a choppy tape
Mindspace Business Parks REIT
eased slightly to just under ₹492 after recently testing one‑year highs, continuing to behave like a quasi‑bond proxy whose unit price tracks shifts in interest‑rate expectations and risk premia more than day‑to‑day headlines. In a week when equity risk appetite was mixed but the structural case for Grade‑A offices and stable distributions remained intact, Mindspace stayed a core, lower‑beta vehicle for income‑seeking investors.Brookfield India REIT
slipped to around ₹352, consolidating after a staircase‑like uptrend and giving back some gains as concerns around global tech office demand briefly weighed on sentiment. Even at this level, attractive yields, strong sponsorship and potential tailwinds from policy moves to ease REIT financing kept it positioned as a relative haven within the broader real‑estate complex.
Embassy Office Parks REIT
moved down to roughly ₹433 but remained close to the upper end of its one‑year range, with typically low daily volatility underscoring its status as the benchmark institutional play on Indian Grade‑A offices. Investors continued to focus on occupancy, rental growth and yield spreads versus government bonds, treating Embassy as a steadier alternative to the more leverage‑sensitive, earnings‑volatile listed developers.
Mindspace Business Parks REIT
eased slightly to just under ₹492 after recently testing one‑year highs, continuing to behave like a quasi‑bond proxy whose unit price tracks shifts in interest‑rate expectations and risk premia more than day‑to‑day headlines. In a week when equity risk appetite was mixed but the structural case for Grade‑A offices and stable distributions remained intact, Mindspace stayed a core, lower‑beta vehicle for income‑seeking investors.Brookfield India REIT
slipped to around ₹352, consolidating after a staircase‑like uptrend and giving back some gains as concerns around global tech office demand briefly weighed on sentiment. Even at this level, attractive yields, strong sponsorship and potential tailwinds from policy moves to ease REIT financing kept it positioned as a relative haven within the broader real‑estate complex.Embassy Office Parks REIT
moved down to roughly ₹433 but remained close to the upper end of its one‑year range, with typically low daily volatility underscoring its status as the benchmark institutional play on Indian Grade‑A offices. Investors continued to focus on occupancy, rental growth and yield spreads versus government bonds, treating Embassy as a steadier alternative to the more leverage‑sensitive, earnings‑volatile listed developers.
Closing view
The week of 20 February 2026 extended the shift from policy‑driven rallies to a more valuation‑ and balance‑sheet‑sensitive environment for Indian real estate and REITs, with global tech and rate narratives acting as the primary external filters rather than fresh domestic shocks. Micro‑caps and speculative names once again traded mostly on liquidity and sentiment, while grounded mid‑caps and large caps were increasingly priced on collections, leverage and the credibility of their growth narratives, and REITs continued to serve as the relatively calm, yield‑led anchor for investors seeking exposure to India’s property cycle without fully embracing the volatility embedded in developer equities.
India Real Estate & REITs – Weekly Snapshot- 13 February 2026 : India Real Estate & REITs – Weekly Snapshot- 13 February 2026
The week of 20 February 2026 extended the shift from policy‑driven rallies to a more valuation‑ and balance‑sheet‑sensitive environment for Indian real estate and REITs, with global tech and rate narratives acting as the primary external filters rather than fresh domestic shocks. Micro‑caps and speculative names once again traded mostly on liquidity and sentiment, while grounded mid‑caps and large caps were increasingly priced on collections, leverage and the credibility of their growth narratives, and REITs continued to serve as the relatively calm, yield‑led anchor for investors seeking exposure to India’s property cycle without fully embracing the volatility embedded in developer equities.
India Real Estate & REITs – Weekly Snapshot- 13 February 2026 : India Real Estate & REITs – Weekly Snapshot- 13 February 2026
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