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Informist, Tuesday, Aug. 25, 2026

 

By Ayush Jaiswal

 

MUMBAI – The three cement companies and six real estate companies in the Nifty 200 cumulatively reported high single-digit on year growth in net sales for the June quarter, with the real estate companies missing analysts' expectations. Net profit growth of real estate companies missed analysts' estimates, while the net profit of cement companies fell less than the analysts' estimate.

 

The combined net profit of the nine companies grew 7.5% in the June quarter, slightly above the analysts' estimate of 7.3%. The combined sales of these companies grew almost 9% for the quarter, missing the Street's estimate of over 13% growth. The companies' cumulative sales growth lagged that of the Nifty 200 by a wide margin. In terms of sales growth, after the fast-moving consumer goods sector, the real estate sector and the cement sector were the biggest underperformers in the Nifty 200 index in the June quarter.

 

REAL ESTATE SECTOR

The combined net profit of the six companies in the real estate sector grew 20% on year in the June quarter, missing analysts' expectations of over 26% growth. This was higher than the nearly 12% year-on-year net profit growth reported by the Nifty 200 index.

 

Combined net sales of these companies rose almost 9% on year for the quarter, significantly lower than analysts' expectations of almost 27% net sales growth. This marked the sector's slowest revenue growth in the last four quarters. The sector's revenue growth also lagged that of the Nifty 200 by a wide margin.

 

Analysts expected net sales of the sector's largest company DLF Ltd. to decline over 15% in the quarter. However, the company's net sales declined almost 53% to INR 12.80 billion. This was partly offset by a 43% jump in net sales of Lodha Developers Ltd., while analysts had estimated the company's net sales to grow over 21% on year. This aided the sector's revenue growth.

 

Except for DLF, all real estate companies posted strong net sales growth in the June quarter. Lodha Developers reported the highest net sales growth, followed by Oberoi Realty at almost 32% on year. The other three companies--Godrej Properties Ltd., Prestige Estates Projects Ltd., and Phoenix Mills Ltd.--recorded net sales growth between 13% and 16%. Analysts had estimated Godrej Properties to post the highest sales growth in the sector, at over 221% on year in the June quarter, followed by Oberoi Realty at over 67%.

 

Lodha Developers' net profit more than doubled in the June quarter, compared with analysts' expectations of over 21% on-year growth. DLF posted a 4% on-year growth in net profit. Phoenix Mills' adjusted net profit was also up over 23% on year for the quarter. However, the decline in net profit of Godrej Properties and Prestige Estates Projects, coupled with slower-than-expected growth of Phoenix Mills, led the sector to miss Street estimates for the June quarter. Godrej Properties was the biggest laggard, with net profit declining nearly 42%, followed by Prestige Estates, whose net profit declined over 24%.

 

Overall, Lodha Developers was the best performer in the real estate sector in the June quarter, as its net profit more than doubled on year to INR 13.72 billion while its revenue rose 43% on year to INR 49.97 billion. While DLF was the biggest laggard in sales growth, Godrej Properties underperformed in net profit growth.

 

CEMENT SECTOR

The three cement companies in the Nifty 200 reported a marginal on-year decline in adjusted net profit, compared with analysts' estimate of a larger decline. This was despite strong sales growth in the sector in the June quarter. The sector's revenue growth was the slowest in the last five quarters. The cement sector underperformed the Nifty 200 index in both the revenue and the net profit growth.

 

The combined adjusted net profit of cement companies fell nearly 2% in the June quarter, compared with analysts' expectations of an 8?cline. The three companies' combined net sales grew nearly 9% on year, almost in line with analysts' estimate. Revenue of the largest cement company Ultratech Cement Ltd. grew nearly 16% on year, beating analysts' expectations of over 13% growth. Analysts had estimated Ambuja Cements Ltd.'s revenue to grow marginally for the quarter; however, it fell nearly 8% on year.

 

The adjusted net profit of two companies--Ambuja Cements and Shree Cement Ltd.--declined approximately 30% in the June quarter. Analysts estimated Ambuja Cements' net profit to decline 45% on year, while Shree Cement's net profit was expected to fall over 26% on year. This decline was offset by robust growth of over 17% on year in Ultratech Cement's adjusted net profit, thereby, limiting the sector's net profit decline.

 

Overall, UltraTech Cement outperformed the cement sector. Its consolidated net profit rose 17% on year to INR 25.99 billion in the June quarter, while revenues rose 16% on year to INR 246.48 billion. The company showed good cost control, with power and fuel costs and freight costs rising only 11% and 12% on year, respectively. This helped the company post a net profit growth.

 

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

 

Company	Adjusted PAT YoY growth %	Adjusted PAT YoY growth estimate %	Adjusted PAT beat analysts' estimate	Adjusted PAT beat sector growth	Adjusted PAT beat Nifty 200 growth		Revenue YoY growth %	Revenue YoY growth estimate %	Revenue beat analysts estimate	Revenue beat sector growth	Revenue beat Nifty 200 growth
Real estate companies
DLF Ltd.	4.09	41.43	No	Yes	No		-52.87	-15.46	--	No	No
Lodha Developers Ltd.	103.36	29.81	Yes	Yes	Yes		43.10	21.51	Yes	Yes	Yes
Godrej Properties Ltd.	-41.66	-21.03	--	No	No		16.48	220.76	No	Yes	No
Oberoi Realty Ltd.	29.02	72.15	No	Yes	Yes		31.73	67.34	No	Yes	Yes
Prestige Estates Projects Ltd.	-19.35	-0.57	--	No	No		15.94	34.97	No	Yes	No
Phoenix Mills Ltd.	23.34	38.24	No	Yes	Yes		12.80	17.60	No	Yes	No
Nifty 200	11.73	-6.02	--	No	--		21.12	18.67	--	Yes	--
Real Estate sector	20.07	26.32	No	--	Yes		8.66	26.90	No	--	No
Cement companies
Ultratech Cement	17.37	10.57	Yes	Yes	Yes		15.85	13.16	Yes	Yes	No
Ambuja Cements	-30.84	-44.96	--	--	No		-7.67	0.41	No	No	No
Shree Cement	-29.19	-26.56	--	--	No		13.64	10.60	Yes	Yes	No
Nifty 200	11.73	-6.02	--	Yes	--		21.12	18.67	--	--	--
Cement sector	-1.62	-8.02	--	--	No		8.92	9.22	No	--	No

 

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

 

Company	PAT Margin for Jun-26	PAT Margin for Mar-26	PAT Margin for Jun-25
Real estate companies
DLF Ltd.	62.01%	68.39%	28.07%
Lodha Developers Ltd.	27.46%	21.38%	19.32%
Godrej Properties Ltd.	69.17%	18.85%	138.10%
Oberoi Realty Ltd.	41.78%	40.19%	42.66%
Prestige Estates Projects Ltd.	8.82%	6.14%	12.68%
Phoenix Mills Ltd.	27.62%	33.03%	25.26%
Nifty 200	11.37%	12.93%	12.32%
Real Estate sector	30.36%	25.00%	27.47%
Cement companies
Ultratech Cement	10.60%	11.60%	10.64%
Ambuja Cements	6.33%	17.71%	8.06%
Shree Cement	7.79%	9.43%	12.50%
Nifty 200	11.37%	12.93%	12.32%
Cement sector	9.18%	12.89%	10.17%

 

End

 

Edited by Akul Nishant Akhoury

 

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