Oberoi Realty Q1 FY26: Elysian Tower D Takes Centre Stage

Every quarter, Oberoi Realty's results read a little like a ledger of Mumbai's appetite for luxury, and the June 2025 quarter was no exception. The headline numbers looked subdued at first glance: Oberoi Realty's net profit for the quarter ending June in FY26 declined by 27.93 per cent year-on-year (YoY) to ₹421.3 crore. The company's revenue from operations during Q1 FY26 stood at ₹987.6 crore, down by 29.71 per cent YoY. Yet buried within these figures was a story of remarkable consumer confidence, one that unfolded in the heart of Goregaon.

The reason the quarter did not read as a slowdown to industry watchers was a single tower launch. Oberoi Realty launched Elysian Tower D at Oberoi Garden City Goregaon and registered gross booking value of Rs 970 crore for 2.1 lakh sq-ft (RERA carpet area) and a saleable area of ~3.25 lakh sq-ft. Some reports pegged the figure even higher, noting that the developer launched Tower D at the Oberoi Elysian project in Mumbai's Goregaon, where it sold ₹1,000 crore worth of housing units at launch. Either way, the response confirmed that ultra-premium Mumbai buyers were far from retreating.

What makes this launch particularly significant is how much weight it carried within the quarter's overall sales. The strong performance was primarily driven by the Tower D launch of the Elysian project, which contributed approximately 69% of total pre-sales. In other words, roughly seven out of every ten rupees booked across Oberoi Realty's entire portfolio that quarter came from this one tower alone. Across the company's full inventory, 181 units with a carpet area of 3.53 lakh square feet were booked, with the gross booking value standing at ₹1,639 crore.

Elysian Tower D itself offers a specific kind of home. The tower features a selection of elegantly designed, spacious 3 and 4-BHK residences, ranging from 2,009 to 3,430 sq-ft carpet area. It sits within an established ecosystem rather than a standalone plot; Oberoi Garden City Goregaon is Oberoi Realty's flagship integrated development, spread across 80 acres approximately, offering a ready social and lifestyle infrastructure with excellent connectivity to the metro, transport networks and business districts. This context mattered to buyers, many of whom were already familiar with the earlier towers in the same complex.

Chairman and managing director Vikas Oberoi framed the launch as validation rather than a one-off event. He said the success reflects the enduring strength of the Oberoi Realty brand and validates the long-term vision of creating integrated urban developments, adding that the track record established by sales in Elysian Towers A, B and C, and now the exceptional response to Tower D, is a strong endorsement of the ecosystem built at Oberoi Garden City Goregaon. Separately, commenting on the broader quarter, he noted that demand for luxury homes remains strong, fuelled by rising aspirations and a growing desire for an enhanced lifestyle, and that the company had started preparations for new project launches over the rest of the year while continuing to pursue land acquisitions.

The apparent contradiction between falling profit and strong bookings comes down to accounting, not demand. Indian real estate companies typically recognise revenue as construction progresses, so a launch that generates hundreds of crores in bookings this quarter often shows up on the income statement only over the following years. Meanwhile, the board still rewarded shareholders: the company's board of directors declared an interim dividend for FY26 at ₹2 per equity share, which is 20 per cent of the face value of equity shares of ₹10 each.

Analysts largely looked past the quarterly dip. JPMorgan and Nomura maintained positive ratings with a target price of Rs 2,000. Balance sheet discipline stayed intact too, with the company maintaining a net debt to equity ratio of 0.12x. As of the quarter's close, the company had 3.57 Mn sq ft of unsold inventory across ongoing projects, giving it room to keep converting demand into bookings without an immediate need for fresh land.

For homebuyers watching Oberoi Realty's calendar, the pipeline beyond Elysian is just as telling. The company's key upcoming projects include Tower H in Mumbai's Borivali, with a gross development value of ₹2,400 crore; a project in Worli's Adarsh Nagar worth ₹6,500 crore GDV; and a project in Gurugram with an estimated GDV of ₹9,100 crore. If the Elysian Tower D response is any indication, each of these launches is likely to draw the same intensity of early booking activity, making it worth tracking registration dates closely rather than waiting for general availability.