DLF Ltd.
NSE: DLF
Real Estate · Real Estate - Development
₹675.00 last close on 16 Oct 2026 +0.67%
Research updated
Oberoi Realty Ltd.
NSE: OBEROIRLTYReal EstateReal Estate - Development
- Last close
- ₹1,703.00
- Day change
- −₹5.00 (−0.29%)vs
- Market cap
- ₹61,921 crIndian rupees
- Research updated
- 4 reports
About Oberoi Realty
Oberoi Realty Ltd. is a prominent real estate development company based in India, primarily engaged in the sector of real estate and property development. The company's core function is to develop premium residential, commercial, retail, and hospitality properties. Known for its high-quality construction and innovative designs, Oberoi Realty Ltd. creates premium spaces that cater to the growing demands of urban living. The company's portfolio includes luxury residences, upscale office setups, and high-end retail environments, as well as hospitality services inspired by international standards. Operating primarily in the fast-growing urban centers of India, Oberoi Realty Ltd. has established a significant presence, positively impacting lifestyle and infrastructure development in the regions it serves. Its commitment to sustainable development and quality construction not only enhances its market reputation but also aligns with the broader objective of urban transformation. Consequently, Oberoi Realty Ltd. plays a crucial role in shaping the urban landscape and contributing to the economic growth by creating job opportunities and improving living standards through its diverse range of property developments.
- Sector
- Real Estate
- Industry
- Real Estate - Development
- Listing
- NSE: OBEROIRLTY
- Employees
- 1,536
- Headquarters
- Mumbai, India
- ISIN
- INE093I01010
- Website
- oberoirealty.com
Public research · Report of
Business model & financial foundation
Oberoi Realty (NSE: OBEROIRLTY), Residential development, commercial leasing and hospitality: revenue of ₹6,009 crore in FY26 (+13.7% on FY25), an EBITDA margin of 60.8%, net profit of ₹2,507 crore and net cash of ₹171.4 crore.
- Revenue, FY26 (₹ crore)
- 6,009
- consolidated
- Revenue growth, FY26
- +13.7%
- on FY25
- EBITDA margin, FY26
- 60.8%
- EBITDA (EBIDTA (company definition)) / revenue
- Net profit, FY26 (₹ crore)
- 2,507
- to owners
- Return on equity, FY26
- 14.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -171.4
- Net debt on presentation liquidity basis (net cash negative)
- Market capitalisation (₹ crore)
- 61,921
- at the close of 16 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Oberoi Realty Limited |
| Exchange and ticker | NSE: OBEROIRLTY; BSE: 533273 |
| ISIN | INE093I01010 |
| CIN | L45200MH1998PLC114818 |
| Sector | Real Estate |
| Industry | Residential development, commercial leasing and hospitality |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & Co LLP (since Second term 2022) |
| Market capitalisation | ₹61,921 crore (16 Oct 2026) |
| Shares outstanding | 36.36 crore shares (FY26) |
| Price | ₹1,708 (close, 16 Oct 2026) |
| 52-week range | ₹1,391 - ₹1,986 (to 16 Oct 2026) |
| Website | https://www.oberoirealty.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Incline Realty Private Limited | 100% | Real estate |
| Integrus Realty Private Limited | 100% | Real estate |
| Expressions Realty Private Limited | 100% | Real estate |
| Kingston Property Services Limited | 100% | Property management services |
| Encase Realty Private Limited | 100% | Real estate |
| Kingston Hospitality and Developers Private Limited | 100% | Real estate |
| I-Ven Realty Limited | 39.13% | Associate; real estate |
| Shri Siddhi Avenues LLP | 60% | Joint venture; real estate |
| Hotel Horizon Private Limited | 49.999% | Acquired 7 May 2026 via resolution plan; subsequent to FY26 |
Selected subsidiaries and equity-accounted interests; not all interests consolidated line by line. I-Ven ownership declined from 50% to39.13% in FY26.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 67.70% | 67.70% | 67.70% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 16.58% | 15.42% | 15.11% | |
| Domestic institutions | 13.46% | 14.58% | 14.83% | |
| of which mutual funds | 11.58% | 12.71% | 12.77% | |
| Retail | 1.40% | |||
| Other | 2.25% | 2.28% | 0.96% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Oberoi Realty develops premium residential towers in Mumbai and Thane (Elysian, Jardin, Forestville, Eternia, Enigma, Sky City, Three Sixty West, Oceanic) and recognises revenue as construction progresses or at completion (OC), so revenue lags bookings. Consolidated revenue from operations was INR6,009 cr in FY26, with EBITDA of INR3,653 cr (company definition, including other income) and PAT of INR2,507 cr. Annuity income from Oberoi Mall, Commerz I-III and Sky City Mall gave P&L rent of INR1,190 cr in FY26 and INR331 cr in Q1 FY27; the Westin Mumbai Garden City adds about INR198 cr and property management INR121 cr. Gurugram (Three Sixty North, INR8,109 cr of gross bookings announced 5 Jul 2026) is the first project outside MMR. The company controls land, design and execution. It does not control approvals (MahaRERA, municipal OCs) or the courts (the Gurugram challenge).
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | revenue management, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Real Estate statutory segment | 5,811 | 96.7% | 3,365 | 98.0% | ||
| Hospitality statutory segment | 198.0 | 3.3% | 69.7 | 2.0% | 198.0 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| DLF (DLF) | Premium residential plus commercial rental JV |
| Godrej Properties (GODREJPROP) | Branded residential; contrasting asset-light model |
| Lodha Developers (LODHA) | MMR premium residential development |
| Prestige Estates Projects (PRESTIGE) | Integrated residential/commercial/hospitality |
| Phoenix Mills (PHOENIXLTD) | Retail annuity comparator, not residential peer |
| Sobha (SOBHA) | Premium residential construction integration |
| Brigade Enterprises (BRIGADE) | Mixed development/rental/hospitality |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,694 | 4,193 | 4,496 | 5,286 | 6,009 |
| Cost of revenue (vendor classification) * | 1,345 | 1,867 | 1,794 | 1,845 | 2,265 |
| Other operating costs (vendor classification) * | 103.9 | 133.2 | 164.8 | 251.4 | 243.4 |
| EBITDA (vendor classification) * | 1,463 | 2,398 | 2,524 | 3,214 | 3,560 |
| EBIT * | 1,440 | 2,393 | 2,694 | 3,203 | 3,510 |
| Finance cost | 86.0 | 169.1 | 218.4 | 265.2 | 240.6 |
| Profit before tax | 1,354 | 2,224 | 2,476 | 2,945 | 3,276 |
| Total tax expense including prior-year adjustments | 306.5 | 319.3 | 549.1 | 719.4 | 768.2 |
| Profit after tax including JV/associate share, excluding OCI | 1,047 | 1,905 | 1,927 | 2,226 | 2,507 |
| Diluted EPS (₹) | 28.80 | 52.38 | 52.99 | 61.21 | 68.96 |
| Operating costs including change in inventories | 1,794 | 1,845 | 2,265 | ||
| Employee benefits expense | 102.4 | 114.3 | 134.7 | ||
| Other expenses | 189.9 | 224.0 | 251.3 | ||
| EBIDTA (company definition) | 2,733 | 3,291 | 3,653 | ||
| Other income | 323.0 | 187.9 | 295.2 | ||
| Depreciation and amortisation | 47.5 | 88.5 | 130.8 | ||
| Exceptional items (signed P&L impact) | 0.00 | 0.00 | -23.1 | ||
| Share of profit/(loss) of JVs and associates, net | 8.85 | 7.63 | 16.8 | ||
| Non-controlling interest in profit | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners of parent | 1,927 | 2,226 | 2,507 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 10,416 | 12,210 | 13,844 | 15,705 | 17,922 |
| Current and non-current borrowings, excluding leases | 2,855 | 3,944 | 2,495 | 3,300 | 2,816 |
| Cash and cash equivalents (not total liquidity) | 123.8 | 188.2 | 297.0 | 267.7 | 175.7 |
| Trade receivables | 124.6 | 1,098 | 204.2 | 112.7 | 324.0 |
| Inventories | 5,036 | 8,543 | 9,261 | 9,447 | 10,183 |
| Trade payables * | 205.1 | 173.2 | 508.7 | 655.9 | 492.0 |
| Net property, plant and equipment * | 16.7 | 16.7 | 17.2 | 19.1 | 20.0 |
| Capital work in progress * | 3,297 | 4,031 | 2,705 | 1,642 | 2,097 |
| Total assets * | 15,691 | 18,626 | 19,633 | 22,742 | 25,328 |
| Liquid current investments (mutual funds) | 482.6 | 2,077 | 1,273 | ||
| Net debt on presentation liquidity basis (net cash negative) | n.r. | 225.5 | -171.4 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 1,525 | -1,684 | 2,816 | 2,163 | 1,380 |
| Free cash flow (vendor definition) * | -137.6 | -2,985 | 2,133 | 1,470 | 743.3 |
| Dividends paid (outflow negative) | -109.1 | -290.9 | -363.6 | -290.9 | |
| Acquisition of PPE/investment property/intangibles/CWIP (outflow) | -1,206 | -601.6 | -677.0 | -692.3 | -636.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,320 | 1,411 | 1,150 | 987.6 | 1,779 | 1,493 | 1,750 | 1,301 |
| Cost of revenue (vendor classification) * | 429.7 | 464.8 | 417.4 | 389.6 | 550.3 | 652.1 | 469.4 | |
| Other operating costs (vendor classification) * | 46.3 | 56.4 | 90.4 | 45.5 | 52.5 | 102.0 | 56.2 | |
| EBITDA (vendor classification) * | 855.0 | 908.1 | 681.4 | 613.5 | 935.7 | 1,023 | 799.1 | |
| EBIT * | 834.2 | 884.8 | 657.2 | 581.9 | 880.0 | 990.0 | 764.1 | |
| Finance cost | 51.7 | 74.5 | 80.1 | 75.0 | 71.2 | 67.4 | 27.1 | 52.4 |
| Profit before tax | 782.5 | 810.3 | 577.1 | 507.0 | 993.1 | 812.6 | 962.9 | 711.6 |
| Tax expense (current plus deferred) | 193.0 | 191.9 | 143.9 | 85.7 | 232.9 | 189.9 | 259.7 | 168.1 |
| Profit for period including JV/associate share; excludes OCI | 589.4 | 618.4 | 433.2 | 421.3 | 760.3 | 622.6 | 703.3 | 543.5 |
| Diluted EPS (₹) | 16.21 | 17.01 | 11.91 | 11.59 | 20.91 | 17.12 | 19.34 | 14.94 |
| Operating costs including change in inventories | 429.7 | 464.8 | 417.4 | 389.6 | 673.0 | 550.3 | 652.1 | 469.4 |
| Employee benefits expense | 30.1 | 33.8 | 24.3 | 32.1 | 34.5 | 32.6 | 35.5 | 41.3 |
| Other expenses | 46.3 | 56.4 | 90.4 | 45.5 | 51.3 | 52.5 | 102.0 | 56.2 |
| EBIDTA (company definition) | 852.5 | 905.3 | 681.3 | 606.8 | 1,086 | 926.4 | 1,034 | 794.9 |
| Other income | 38.7 | 49.2 | 63.2 | 86.4 | 65.8 | 69.1 | 73.9 | 60.8 |
| Depreciation and amortisation | 20.8 | 23.3 | 24.2 | 31.6 | 33.4 | 32.7 | 33.1 | 35.0 |
| Exceptional items (signed P&L impact) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -23.1 | 0.00 | 0.00 |
| Share of profit/(loss) of JVs and associates, net | 2.49 | 2.72 | 0.16 | 6.76 | 11.7 | 9.37 | -11.0 | 4.12 |
| Non-controlling interest in profit for period | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners of parent | 589.4 | 618.4 | 433.2 | 421.3 | 760.3 | 622.6 | 703.3 | 543.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 31.2% | 55.6% | 7.2% | 17.6% | 13.7% |
| EBITDA margin | 60.8% | 62.3% | 60.8% | ||
| Net margin | 42.9% | 42.1% | 41.7% | ||
| Return on equity | 14.8% | 15.1% | 14.9% | ||
| Return on capital employed | 11.9% | 16.3% | 16.6% | 18.1% | 17.7% |
| Return on assets | 10.1% | 10.5% | 10.4% | ||
| Net debt (₹ crore) | 225.5 | -171.4 | |||
| Net debt / EBITDA | 0.07x | -0.05x | |||
| Interest cover | 16.7x | 14.2x | 12.3x | 12.1x | 14.6x |
| Asset turnover | 0.19x | 0.24x | 0.24x | 0.25x | 0.25x |
| Receivable days | 17 | 96 | 17 | 8 | 20 |
| Inventory days (on revenue) | 682 | 744 | 752 | 652 | 619 |
| Payable days (on revenue) | 28 | 15 | 41 | 45 | 30 |
| Cash conversion | 1.46x | 0.97x | 0.55x | ||
| Capex intensity | 44.8% | 14.3% | 15.1% | 13.1% | 10.6% |
| Free cash flow (₹ crore) | 319.2 | -2,285 | 2,139 | 1,470 | 743.2 |
| Dividend payout | 15.1% | 16.3% | 11.6% | ||
| EPS, diluted (₹) | 28.80 | 52.38 | 52.99 | 61.21 | 68.96 |
| Book value per share (₹) | 286.5 | 335.8 | 380.8 | 431.9 | 492.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (EBIDTA (company definition)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt on presentation liquidity basis (net cash negative).
- Net debt / EBITDA: net debt / EBITDA (EBIDTA (company definition)).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Oberoi Realty includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Oberoi Realty
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