NSE: OBEROIRLTY · BSE: 533273
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real estate (97%), Hospitality (3%). Asset-heavy luxury real estate developer with annuity rental income
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,694 | 4,193 | 4,496 | 5,286 | 6,009 |
| EBITDA (ex other income) | 1,181 | 2,112 | 2,381 | 3,103 | 3,335 |
| margin % | 43.9 | 50.4 | 53.0 | 58.7 | 55.5 |
| Owners' profit | 1,048 | 1,904 | 1,925 | 2,224 | 2,508 |
| EPS, as reported (₹) | 28.80 | 52.38 | 52.99 | 61.21 | 68.96 |
| ROE % · ROCE % | 10.1 · 9.3 | 15.6 · 14.2 | 13.9 · 15.4 | 14.2 · 16.6 | 14.0 · 16.7 |
| Debt / equity (x) | 0.27 | 0.32 | 0.18 | 0.21 | 0.16 |
| Cash from operations | 1,069 | (2,383) | 2,810 | 2,163 | 1,380 |
| Capex | (29) | (14) | 0 | 0 | (637) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,320 | 1,411 | 1,150 | 988 | 2,767 | 1,493 | 1,750 | 1,301 |
| Profit before tax | 780 | 808 | 577 | 500 | 1,482 | 803 | 974 | 708 |
| Net profit | 589 | 618 | 433 | 421 | 1,182 | 623 | 703 | 544 |
| EPS (₹) | 16.21 | 17.01 | 11.91 | 11.59 | 32.49 | 17.12 | 19.34 | 14.95 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Real estate | 6,756 | 96.6 |
| Hospitality | 241 | 3.4 |
| Total, before eliminations | 6,997 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED ◆ | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.1 | 20.5 | 27 of 57 | 54% |
| P/B | 3.3 | 1.9 | 53 of 64 | 18% |
| ROCE | 15.5 | 6.4 | 15 of 66 | 79% |
| ROE | 14.0 | 8.0 | 12 of 64 | 83% |
| Debt / Equity | 0.2 | 0.4 | 21 of 64 | 68% |
| EBITDA margin | 61.1 | 29.6 | 5 of 66 | 94% |
| Revenue growth | 31.7 | 12.8 | 26 of 67 | 62% |
| Profit growth | 29.0 | 7.5 | 24 of 66 | 65% |
| Market cap | 58212 | 1781 | 5 of 67 | 94% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Q2 FY27 conference call transcript uploaded | investor communications | medium | — | — |
| 19 Oct 2026 · Q2FY27 results conference call audio recording uploaded on website | investor communications | low | — | — |
| 16 Oct 2026 · Oberoi Realty shares Q2FY27 investor presentation with exchanges | investor communications | medium | — | — |
| 16 Oct 2026 · Oberoi Realty Q2FY27 PAT at Rs 759 cr, bookings at Rs 9,150 cr | results | high | — | — |
| 16 Oct 2026 · Appointment of B S R & Co. LLP as Statutory Auditors for 5 years | management changes | medium | — | — |
| 16 Oct 2026 · Oberoi Realty appoints B S R & Co. LLP as Statutory Auditor for five-year term | management changes | medium | — | — |
| 16 Oct 2026 · Interim dividend of Rs. 2 per share declared, record date Oct 23 | corporate actions | high | — | — |
| 16 Oct 2026 · Board approves incorporation of wholly owned subsidiary | strategic transactions | medium | — | — |
| 16 Oct 2026 · Board declares 2nd interim dividend of Rs. 2 per share for FY26-27 | corporate actions | high | — | — |
| 16 Oct 2026 · Oberoi Realty Q2 FY27: consol PAT Rs 761.65 cr, Rs 2 interim dividend declared | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.