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Informist, Wednesday, Dec. 31, 2025

 

By Arundathi A R

 

MUMBAI – The six real estate companies that are a part of the Nifty 200 reported the highest year-on-year growth in three quarters in their adjusted net profit for the September quarter. This was despite a near 32% on-year fall in adjusted net profit of the sector bellwether DLF Ltd.

 

During Jul-Sept, the cumulative adjusted net profit of the top six realty companies grew nearly 16% year on year to INR 36.33 billion, compared with expectations for a near 6?cline. Sequentially, the cumulative bottom line rose by more than 21?ter falling in the preceding two quarters.

 

"Q2FY26 (Jul-Sept) pre-sales value for the top-23 listed realty players jumped 31% YoY (year-on-year)," even as launch volumes (for top-15 companies) fell 61% YoY, Nuvama Institutional Equities said in a report. The presales of the top 23 real estate players rose to INR 405 billion, mainly driven by strong sustenance sales, according to the brokerage.

 

Barring DLF, the bottom-line growth of each of the five companies in the September quarter exceeded sector estimates. These five companies also outperformed the Nifty 200 companies on net profit. DLF is the only company that did not beat Street estimates for net profit at both the company and sector levels. DLF also underperformed the Nifty 200 companies on net profit. Along with DLF, The Phoenix Mills Ltd. also failed to beat the net profit estimate at the company level, while the remaining four realty players – Lodha Developers Ltd., Godrej Properties Ltd., Oberoi Realty Ltd., and Prestige Estates Projects Ltd. – beat expectations.

 

The adjusted net profit of DLF fell nearly 32% year on year to INR 9.45 billion, well above the sector's estimated near 6?cline. It was against an over 11% net profit growth of the Nifty 200 companies in the September quarter. However, DLF fell only slightly more than the 31?ll estimated for the company.

 

On the revenue front, real estate companies showed mixed performance during Jul-Sept. Three of six companies exceeded their revenue estimates and the 13% growth expected for the sector. These three companies – Lodha Developers, Oberoi Realty, and The Phoenix Mills – also outpaced the near-8% revenue growth of the Nifty 200 companies. The remaining three companies – DLF, Godrej Properties, and Prestige Estates Projects – failed to beat individual and sector revenue estimates. They also failed to meet the revenue performance of the Nifty 200 companies.

 

LARGE CAPS

 

The cumulative adjusted net profit of the large-cap realty companies DLF and Lodha Developers fell 4%, which was better than the sector estimate of a near 16?cline. This, however, was much worse than the over 11% profit growth reported by the Nifty 200 companies. At the company level, DLF's nearly 32?cline in adjusted net profit was worse than the sector estimate and the profit growth of the Nifty 200 companies.  However, Lodha Developers reported robust growth of over 86% in adjusted net profit, outperforming sector estimates and the Nifty 200. 

 

The cumulative net sales of large-cap realty companies for the September quarter exceeded sector estimates and the revenue growth of the Nifty 200 companies. Over 18% sales growth for large-cap realty companies in the reporting quarter beat the sector estimate of 17.5% and the near-8% growth of the Nifty 200 companies. DLF also missed the sector estimate for net sales and the Nifty 200 companies' net sales for the September quarter, reporting a nearly 17?cline. Similar to its net profit performance, Lodha Developers reported nearly 45% growth in net sales, surpassing sector estimates and the Nifty 200 companies' net sales.  

 

MIDCAPS

 

The midcap companies in the real estate sector – Godrej Properties, Oberoi Realty, Prestige Estates Projects, and The Phoenix Mills – reported an over 42% cumulative adjusted net profit during Jul-Sept. Together, they had comfortably beaten the sector estimate of 8% and over 11% growth of the Nifty 200 companies. The adjusted net profit growth of all four midcap companies exceeded sector estimates and the Nifty 200 companies' net profit growth.

 

In terms of revenue, the cumulative revenue of midcap companies fell short of the sector's over 9% estimate. The 7.6% revenue growth reported by midcap companies slightly missed the near-8% sales growth of the Nifty 200 companies. The revenue growth reported by two of the four midcap companies outpaced the sector estimate and the Nifty 200 companies' revenue performance. These are Oberoi Realty and The Phoenix Mills. The remaining two companies, Prestige Estates Projects and Godrej Properties, missed the sector estimate and the revenue reported by the Nifty 200 companies in the September quarter.

 

The following table shows the performance of the six companies in the real estate sector vis-a-vis the consensus estimate for each company as well as against the consensus estimate for the real estate sector and the Nifty 200 index:

 

			Nifty 200 Q2 PAT growth 11.2%	Nifty 200 Q2 PAT growth consensus estimate 10%				Nifty 200 Q2 revenue growth 8.1%	Nifty 200 Q2 revenue growth consensus estimate 8%
Company	PAT beat analysts' estimate	Adjusted PAT growth %	Adjusted PAT growth estimate %	PAT beat sector estimate	PAT beat Nifty 200 estimate		Revenue beat analysts' estimate	Revenue growth %	Revenue growth estimate %	Revenue beat sector estimate	Revenue beat Nifty 200 estimate
DLF	No	-31.58	-31.29	No	No		No	-16.81	15.14	No	No
Godrej Properties	Yes	20.84	-5.82	Yes	Yes		No	-32.28	3.36	No	No
Lodha Developers	Yes	86.50	35.33	Yes	Yes		Yes	44.67	19.27	Yes	Yes
Oberoi Realty	Yes	28.98	1.18	Yes	Yes		Yes	34.79	9.63	Yes	Yes
Prestige Estates Projects	Yes	123.88	15.00	Yes	Yes		No	5.52	11.07	No	No
The Phoenix Mills	No	39.38	42.07	Yes	Yes		Yes	21.51	12.18	Yes	Yes
Aggregate of above 4:		15.75	-5.56					12.43	13.05

 

The following table shows the profit margins of the real estate companies that are a part of the Nifty 200:

 

	PAT Margin for Sept-25	PAT Margin for Sept-24	PAT Margin for Jun-25
Nifty 200	11.7%	11.4%	12.0%
Real Estate sector	31.6%	30.7%	27.5%
Company	PAT Margin for Sept-25	PAT Margin for Sept-24	PAT Margin for Jun-25
DLF	57.5%	69.9%	28.1%
Godrej Properties	54.7%	30.7%	138.1%
Lodha Developers	20.8%	16.1%	19.3%
Oberoi Realty	42.7%	44.7%	42.7%
Prestige Estates Projects	17.7%	8.3%	12.7%
The Phoenix Mills	27.3%	23.8%	25.3%

 

End

 

Data compiled by Vinod Bhovad

Edited by Saji George Titus

 

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