Oberoi scores high on operational transparency and disclosures, a key differentiator in the sector. Also, a conservative land acquisition strategy has helped Oberoi remain less levered. With ~Rs20bn of revenue recognition (+3x FY14 development revenues) pending and a growing number of projects (Esquire and Worli) reaching revenue recognition threshold, we expect a strong 44% CAGR in earnings over FY14-17E. Though FY14-H1FY15 was subdued, H2FY15-FY16 would be stronger given likely new launches (strong response to Mulund and JVLR Prisma project), improvement in cash flow and strong earnings momentum. Reiterate Outperformer, with a target price of Rs340 (1x 1-year forward NAV).