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Informist, Thursday, Jul. 16, 2026

 

By Shreya Shetty

 

MUMBAI - Oberoi Realty Ltd. is likely to post robust year-on-year earnings growth in the June quarter, aided by healthy sustenance sales and resilient demand in the luxury segment. However, both consolidated net profit and sales are expected to decline sequentially due to a high base, according to analysts.

 

The Mumbai-headquartered real estate company's consolidated net profit is expected to rise nearly 66% on year to INR 6.98 billion for the June quarter, according to the average of estimates from seven brokerages. This is likely to be the company's sharpest year-on-year rise in net profit over the past six quarters. The highest estimate for the company's bottom line is INR 10.25 billion from Nuvama Wealth Management Ltd. and the lowest is INR 5.09 billion from Kotak Securities Ltd.

 

Oberoi Realty's consolidated revenues are estimated to rise more than 56% on year to INR 15.43 billion for the reporting quarter. The highest estimate for the company's net sales is INR 19.05 billion from Elara Securities (India) Pvt Ltd. and the lowest is INR 12.40 billion from Kotak Securities.

 

Sequentially, the company's net profit is expected to fall nearly 1%, while revenues are seen down nearly 12%. Oberoi relied primarily on quieter sustenance sales within Mumbai during the reporting quarter. As such, the immediate volume of billable construction milestones was lower than in the previous quarter. Oberoi Realty reported consolidated net profit of INR 7.03 billion for the March quarter on revenues of INR 17.50 billion. For the year-ago quarter, the company reported consolidated net profit of INR 4.21 billion on revenues of INR 9.88 billion.

 

Demand for Grade-A listed developers such as Oberoi Realty remained resilient during the June quarter, even as broader cumulative real estate sales may have slowed down, with mid-income and mid-premium housing witnessing elongated sales cycles, according to HDFC Securities Ltd. Mid-income and luxury segments continued to lead growth, offsetting the ongoing drag from the affordable segment, according to Elara Securities.

 

"A low-risk compounder, backed by prudent underwriting through cycles – land cost at a fraction of GDV (gross development value) – deep micro-market presence across Goregaon, Borivali, and Mulund, and now converging into a multi-regional play with its entry into Gurugram," Elara Securities said. "Strong execution and superior presales-FCFF (Free Cash Flow to Firm) conversion continue to support visibility on sustained, high-quality returns".

 

Oberoi Realty's presales during the June quarter are expected to be steady to weak, as it was primarily driven by sustenance sales, according to analysts. "Sales in the base year quarter were high due to the launch of new inventory at the Elysian project. It has launched a new NCR (National Capital Region) project towards the fag end of the quarter, whose bookings are likely to start in 2Q (September quarter). Further, the Adhik-Maas period would have hit the sales velocity in 1Q (June quarter)," Motilal Oswal Financial Services Ltd. said.

 

Oberoi Realty's launch of its residential project 'Three Sixty North' in Gurugram marks its foray into multi-regional play. The project, launched on Jun. 29, recorded gross bookings of INR 81.09 billion in its first few days. The project has recorded bookings of approximately 1.35 million square feet.

 

The company's investment properties, which include commercial and hotel, are likely to yield a revenue of INR 3.7 billion during Apr-Jun, aided by the improving rentals at Commerz II/Borivali mall, as well as the high earnings from the Westin Hotel, off a low base, according to Kotak Securities.

 

Oberoi Realty is expected to post consolidated earnings before interest, tax, depreciation, and amortisation of INR 9.38 billion for the June quarter, up nearly 55% on year, according to the average of estimates. The highest estimate for EBITDA is INR 13.58 billion from Nuvama Wealth and the lowest is INR 6.70 billion from Kotak Securities.

 

Motilal Oswal expects the company to post an EBITDA of INR 8 billion and an EBITDA margin of 52.9% for the June quarter. Kotak Securities estimates the company's EBITDA at INR 6.7 billion and EBITDA margin at 54.1%.

 

Oberoi Realty will announce its earnings for the June quarter Friday. Management commentary on the new projects in Gurugram, Pedder Road, Malabar Hill, Thane, and Mulund is awaited. Timely approvals and successful launches will be key catalysts for pre-sales in 2026-27 (Apr-Mar), according to Prabhudas Lilladhar Pvt. Ltd.

 

Thursday, Oberoi Realty's shares closed 1.4% lower at INR 1,861.20 on the National Stock Exchange. The stock is up 9% from May 8, when the company had reported its earnings for the March quarter.

 

Of the 10 research reports on the stock available with Informist, eight have a 'buy' recommendation and two have a hold recommendation. The average target price for the 'buy' recommendation is INR 2,041 , up nearly 10% from the current market price, while the average of the 'hold recommendation is INR 1,696.

 

Oberoi Realty focuses on real estate development and hospitality, with a strong presence across the Mumbai region. The company develops a diverse portfolio including residential towers, Grade-A office assets, retail malls, hotels, and social infrastructure such as international schools.

 

The following are the Apr-Jun earnings estimates for Oberoi Realty from seven brokerages, in descending order of the estimate of net profit, in INR billion:

 

Brokerages	Net Sales	Net Profit	EBITDA
Nuvama Wealth Management Ltd.	15.25	10.25	13.58
Elara Securities (India) Pvt. Ltd.	19.05	8.54	11.42
JM Financial Institutional Securities Pvt. Ltd.	17.12	7.65	10.45
HDFC Securities Ltd.	15.80	6.35	8.61
Motilal Oswal Financial Services Ltd.	15.06	5.88	7.97
Prabhudas Lilladher Pvt. Ltd.	13.33	5.14	6.93
Kotak Securities Ltd.	12.40	5.09	6.70
Average	15.43	6.98	9.38

 

End

 

Edited by Shubhayan Bhattacharya

 

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