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Informist, Saturday, Jun. 13, 2026

 

By Astha Oriel

 

NEW DELHI - The six real estate and four cement companies of the Nifty 200 index, collectively surpassed analysts' estimates for adjusted net profit and that of Nifty 200 companies. On aggregate net sales, however, these 10 companies narrowly met the Street estimates and only slightly beat the Nifty 200 companies' top-line estimate.

 

The cumulative adjusted net profit of the 10 companies grew nearly 27% on year and surpassed the analysts' estimates of nearly 7% and over 15% on-year growth of the Nifty 200 companies. The combined net sales of the 10 companies grew nearly 16% on year and met the street estimates' of nearly 16% on-year growth, and surpassed 12% on-year growth estimate for the Nifty 200 companies.  

 

REAL ESTATE SECTOR

For the March quarter, the cumulative adjusted net profit of the six real estate companies grew nearly 29% on year, higher than analysts' consensus estimate of over 24% on-year rise. It, however, surpassed the aggregate adjusted net profit growth of 15.2% of Nifty 200 companies.

 

The net sales of the six real-estate companies grew by over 29% on year and met street estimates of over 28% rise. It, however, surpassed the Nifty 200 companies' on-year increase in net sales.

 

The sectoral heavyweight, DLF India Ltd., however, reported a decline in both--adjusted net profit and net sales.

 

The 29% on-year growth in the cumulative adjusted net profit of the six real estate companies Jan-Mar was the highest in five quarters and also sharply higher than the flat growth in the year-ago quarter, and the 7.5% growth in the trailing quarter. The on-year increase of 29% in cumulative net sales was highest in six quarters and higher than 6.5% in the year-ago quarter but the same as that in the trailing quarter.

 

"Volume growth was relatively stable, given the ongoing premiumisation and rising share of higher-ticket-size products. While launches were back-ended amid approval-related delays, robust demand and healthy absorption of new launches sustained booking momentum," Equirus Securities said in a post-earnings report. 

 

The on-year increase in combined total expenses of the real estate companies was 28.1% on year and since it was lower than the 29.4% aggregate net sales growth, it was a key contributor to the combined net profit growth of 29.3%. A significant decline in inventory costs reined in the total expenses rise, although there was a sharp increase in the cost of materials consumed and expenses related to employee benefits.

 

At the individual company level, Prestige Estates Projects Ltd., Godrej Properties Ltd., and Oberoi Realty Ltd., led the adjusted net profit growth and increase in net sales for the sector. Lodha Developers Ltd., and The Phoenix Mills Ltd. beat analysts' estimates for the adjusted net profit growth. Godrej Properties, and Oberoi Realty, on other hand, met streets views for an increase in the adjusted net profit. DLF India met estimates by a comfortable margin, whereas Prestige Estates Projects missed street's estimates for the adjusted net profit growth. Excluding DLF India, all five real estate companies reported year-on-year increase in adjusted net profit for the March quarter.

 

The cumulative adjusted net profit of the large-cap realty companies--DLF and Lodha Developers--grew 2% on year, broadly surpassing the estimated over 3% on-year decline. The aggregate adjusted net profit growth of large cap companies however, missed that of Nifty 200 companies. The cumulative net sales of the two large cap real estate developers declined over 11% on year, surpassing the streets' estimates by a comfortable margin and narrowly meeting that of the Nifty 200 companies.

 

The aggregate adjusted net profit of the four midcap companies--Godrej Properties, Oberoi Realty, Prestige Estates Projects and The Phoenix Mills--grew over 81% on year, comfortably meeting the streets' estimates of nearly 79% on-year rise. The cumulative adjusted net profit growth of the midcap companies, however, surpassed that of Nifty 200 companies by a broad margin. The cumulative net sales of midcap companies grew nearly 81% on year, exceeding the average estimates of nearly 64% on-year rise and that of Nifty 200 companies.

 

CEMENT SECTOR

The four cement companies that are part of the Nifty 200 reported a significant on-year growth in their adjusted net profit, exceeding the analysts' estimates and that of Nifty 200 companies. This was despite the significant decline in the adjusted net profit of ACC Ltd. for the March quarter.

 

During Jan-Mar, the cumulative adjusted net profit of the four cement companies grew almost 26% on year, exceeding the sector's estimates of near 6% on-year decline. It, however, surpassed the adjusted net profit growth of the Nifty 200 companies.

 

The cumulative net sales of the four companies grew over 11% on year, narrowly in line the analyst's estimate of nearly 12% rise. It also narrowly met the corresponding estimate for Nifty 200 companies.

 

The 26% on-year growth in the cumulative adjusted net profit of the cement companies for the March quarter was the highest in two quarters, being sharply higher than the 42% on-year decline in the trailing quarter. It was, however, lower than nearly 40% on year rise in the year-ago quarter. The on-year increase of 11.5% in cumulative net sales was the highest in two quarters, higher than 8% on year rise in the December quarter but the same as that in the year-ago quarter.

 

"Demand was strong in Jan–Feb 2026 but slowed down in Mar-26, primarily due to global cues. Realisation rose 2% quarter-on-quarter," Nuvama Institutional Equities said in a report. The growth in adjusted net profit, however, was weighed down by total expenses growing faster than the net sales. The total expenses of the four cement companies grew over 13% on year, led by an increase in the expenses for the purchases of stock-in-trade and the cost of changes in inventories or work-in-progress or finished goods or stock-in-trade, and was higher than that of Nifty 200 companies.

 

At the individual company level, UltraTech Cement met the average estimates and the Nifty 200 companies for the adjusted net profit growth. Ambuja Cements exceeded the average estimates of adjusted net profit and that of Nifty 200 companies. Shree Cement Ltd. met the average adjusted net profit estimate, while ACC missed. UltraTech Cement and Shree Cement met street estimates of adjusted net profit. Among the two Adani Group companies, Ambuja Cements exceeded whereas ACC missed street estimates for the adjusted net profit. Excluding Shree Cement and ACC, UltraTech Cement and Ambuja Cements reported an on-year increase in the adjusted net profit.

 

Notably, the cumulative adjusted net profit of the large-cap companies--UltraTech Cement, Ambuja Cements and Shree Cement--grew almost 39% on year, beating the analysts' estimates of nearly 3% on year decline, and that of Nifty 200 companies by a comfortable margin. UltraTech Cement met the adjusted net profit growth of Nifty 200 companies. Ambuja Cements exceeded the cumulative adjusted net profit growth of the Nifty 200 companies. The net sales of the three large cap cement players grew nearly 11%, meeting the analysts' estimates and that of Nifty 200 companies.

 

The only midcap cement company ACC reported an on-year decline in its adjusted net profit and was below the analysts' estimates and that of Nifty 200 companies. ACC's net sales growth met the analysts' estimates and that of Nifty 200 companies.

 

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:

 

Company	PAT beat analysts' estimate	Adjusted PAT YoY growth %	Adjusted PAT YoY growth estimate %	Adjusted PAT beat/met sector estimate	Adjusted PAT beat/met Nifty 200 estimate		Revenue beat analysts' estimate	Revenue YoY growth %	Revenue YoY growth estimate %	Revenue beat/met sector estimate	Revenue beat/met Nifty 200 estimate
DLF	No	-3.24	-2.37	No	No		No	-42.00	-13.08	No	No
Lodha Developers	Yes	9.35	-4.25	No	Met		Yes	11.58	9.85	Yes	Met
Godrej Properties	Yes	70.66	61.44	Yes	Yes		Yes	62.99	55.43	Yes	Yes
Oberoi Realty	Met	62.36	62.24	Yes	Yes		Yes	52.14	44.14	Yes	Yes
Phoenix Mills	Yes	50.01	26.00	Yes	Yes		Yes	21.34	15.45	Met	Met
Prestige Estates Projects	No	900.40	1,209.13	Yes	Yes		Yes	166.54	121.29	Yes	Yes
Real Estate sector agregate of above 6	Yes	28.52	24.36	-	Yes		Met	29.42	28.11	-	Yes
Nifty 200	-	15.90	4.68	-	-		-	12.16	13.70	-	-

 

 

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

 

 

Company	PAT Margin for Mar-26	PAT Margin for Mar-25	PAT Margin for Dec-25
DLF	68.39%	41.00%	62.54%
Lodha Developers	21.38%	21.82%	20.48%
Godrej Properties	18.85%	18.00%	43.39%
Oberoi Realty	40.19%	37.66%	43.26%
Phoenix Mills	33.03%	26.72%	26.83%
Prestige Estates Projects	6.14%	1.64%	5.75%
Nifty 200	12.84%	12.50%	12.40%
Real Estate sector	25.00%	25.18%	26.36%

 

The following table shows the performance of the four companies in the cement 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:

 

Company	PAT beat analysts' estimate	Adjusted PAT YoY growth %	Adjusted PAT YoY growth estimate %	Adjusted PAT beat sector estimate	Adjusted PAT beat Nifty 200 estimate		Revenue beat analysts' estimate	Revenue YoY growth %	Revenue YoY growth estimate %	Revenue beat sector estimate	Revenue beat Nifty 200 estimate
Ultratech Cement	Yes	20.16	12.03	Met	Met		No	11.86	12.81	Met	Met
Ambuja Cements	Yes	116.97	-42.58	Yes	Yes		No	9.37	11.36	Met	Met
Shree Cement	Yes	-4.31	-4.75	No	No		Yes	7.69	4.96	Met	Met
ACC	No	-57.86	-25.59	No	No		Yes	16.83	14.26	Met	Met
Cement sector aggregate of 4 companies	Yes	25.84	-5.72	-	No		No	11.49	11.75	-	Met
Nifty 200		15.90	4.68	-	-			12.16	13.70	-	-

 

 

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

 

Company	PAT Margin for Mar-26	PAT Margin for Mar-25	PAT Margin for Dec-25
Ultratech Cement	11.60%	10.80%	8.31%
Ambuja Cements	17.71%	8.92%	2.48%
Shree Cement	9.43%	10.61%	7.58%
ACC	3.58%	9.92%	5.95%
Nifty 200	12.84%	12.50%	12.40%
Cement sector	11.55%	10.24%	6.49%

 

End

 

Edited by Akul Nishant Akhoury

 

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