Oberoi Realty Posts 29% Profit Growth in Q2 FY26, Expands Across Mumbai and NCR
Oberoi Realty, one of Mumbai's most closely watched listed developers, delivered another strong quarter of earnings, reinforcing its position among India's premium real estate names. Oberoi Realty reported a 29 per cent rise in its consolidated profit to Rs 760.26 crore for the second quarter of the fiscal on higher revenue, compared with Rs 589.44 crore in the year-ago period. Revenue growth was equally emphatic: the company's revenue from operations during Q2 FY26 stood at ₹1,779.04 crore, up 34.8 per cent Y-o-Y, also exceeding the estimate of ₹1,461 crore, and the profit itself comfortably beat Street expectations.
Drilling into the operating metrics, EBITDA came in at ₹855 crore, up 32% YoY, reflecting improved operational leverage from strong project sales across ready and under-construction inventory. However, net profit margin softened slightly to 41.2%, from 43.9% in Q2 FY25, primarily due to higher construction and marketing expenses — a sign that the company is investing ahead of new launches even as it books strong sales. Earnings per share moved up to ₹20.91, compared to ₹16.2 YoY, giving shareholders a tangible read on the improved profitability.
Looking at the first half of the fiscal, the picture was more measured. In the first half of FY26 (April–September 2025), the company's revenue grew 1.52 per cent Y-o-Y to ₹2,766.59 crore, while profit rose marginally by 0.64 per cent Y-o-Y to ₹1,181.51 crore, against ₹1,173.95 crore in H1 FY25. This suggests that a large share of the year's momentum was concentrated in the July–September quarter itself, likely tied to festive-season buying sentiment. The board also rewarded shareholders, with a second interim dividend for FY26 at Rs 2 per equity share, representing 20 per cent of the face value of ₹10 per share.
Commenting on the results, Vikas Oberoi, chairman and managing director, said the company delivered a robust performance driven by strong sustenance sales and consistent growth across its commercial and retail portfolios, with integrated developments continuing to demonstrate strong absorption reflecting customer confidence in product quality, design sensibility, and timely delivery. He added that as the company moves into the festive quarter, it expects sustained growth across segments, with focus remaining on strategic execution, operational excellence, and creating enduring value for stakeholders.
While no fresh launches were recorded during the quarter itself, the management laid out an ambitious pipeline. For FY26, the management outlined plans to launch one tower in Borivali, two towers at Forestville in Thane, and projects at Peddar Road and Gurugram, with potential launches at Adarsh Nagar, Worli, and Tardeo. This pipeline signalled the developer's clear intent to widen its footprint beyond its traditional Mumbai suburban strongholds.
That intent has since played out dramatically. Oberoi Realty made its long-awaited move into the National Capital Region with Three Sixty North in Gurugram's Sector 58, on Golf Course Extension Road. The company entered the Delhi-NCR market with this ultra-luxury project, committing an estimated Rs 60 billion to develop the scheme on 14.8 acres. Prices for residences started from Rs 18 crore plus applicable taxes, positioning it firmly among the country's most premium addresses. The market response validated the bet: Oberoi Realty sold luxury homes worth ₹8,109 crore in the newly-launched project, recording gross bookings of approximately ₹8,109 crore at Three Sixty North, its first luxury residential development in the NCR.
For homebuyers and investors tracking the brand, the takeaway from this earnings cycle is one of financial discipline paired with geographic ambition. A low leverage profile — a debt-equity ratio standing at a low 0.16, indicating strong financial stability — gives Oberoi Realty the balance-sheet room to fund its Mumbai pipeline and its NCR debut simultaneously, without the execution risk that often accompanies rapid geographic expansion. For anyone evaluating an Oberoi home in Mumbai, Thane, or now Gurugram, that financial cushion is a meaningful reassurance on delivery timelines and project quality.
