OBEROI REALTY LIMITED

Develops and sells premium residential real estate, primarily in the Mumbai Metropolitan Region, with a recent expansion into NCR (Gurugram), selling to homebuyers of luxury apartments. Earns the bulk of revenue from real estate development, with a small hospitality segment. In FY26, the real estate segment generated Rs 5,811.08 crore (96.7% of segment revenue, EBIT Rs 3,365.22 crore) and hospitality generated Rs 197.98 crore (3.3% of segment revenue, EBIT Rs 69.73 crore). The biggest input cost is materials at 50.0% of revenue, with employees at 2.2%, other opex at 4.2%, and depreciation at 2.2%. The Three Sixty North project in Gurugram marked its NCR entry, with gross bookings of approximately Rs 8,109 crore covering 13.52 lakh sq ft of RERA carpet area (23.10 lakh sq ft saleable area) on a 14.8-acre site, with Phase 1 homes ranging from about 5,500 to over 13,000 sq ft priced from Rs 18 crore onwards. The company is concurrently constructing about 18 towers of 60-65 floors. Its annuity portfolio of Commerce 1, 2, 3, Oberoi Mall, and Sky City Mall provides recurring rental income, with Sky City Mall at 82% occupancy in its first year and Commerce 1/2/3 and Oberoi Mall near 100% occupied. The FY27 launch pipeline includes projects at Pali Road, Alibaug, two Thane towers, Adarsh Nagar, and possibly Mulund.