OBEROIRLTY
Mid CapOberoi Realty Limited
Real Estate
Oberoi Realty Limited is a Mumbai-based real estate developer with a diversified portfolio including residential, commercial, retail, and hospitality properties. The company focuses on development and investment properties, with a significant presence in the Mumbai metropolitan region.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +52% YoY · PAT +62% YoY · +17% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,750 Cr | +52.2% | +17.2% |
| EBITDA | ₹949 Cr | +53.6% | +10.7% |
| Operating margin | 54.0% | +0 bps | -300 bps |
| PAT | ₹703 Cr | +62.4% | +12.8% |
| PAT margin | 40.2% | +252 bps | -156 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Oberoi Realty reports strong FY26 performance with Revenue from Operations up 13.6% YoY and Net Profit up 12.7% YoY. Q4FY26 saw robust residential bookings and collections, alongside growth in investment property revenues.
Oberoi Realty delivered strong FY26 financial results, driven by robust residential collections and growth in investment property revenues. Strategic land acquisitions and redevelopment agreements signal future growth. However, a notable decline in operating cash flow warrants close monitoring.
Revenue from Operations by Segment (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
New Land Acquisitions
Emerged as highest bidder for RLDA’s land at Bandra East with a potential of 19.50 lakh square feet.
Redevelopment Projects
Entered agreements for redevelopment of Aram Nagar (17.18 lakh sqft), Peddar Road (1.40 lakh sqft), and Malabar Hill (0.51 lakh sqft).
Residential Project Launches
Commenced bookings for Sky City Tower H, expanding the residential portfolio.
Investment Property Occupancy Growth
Commerz III occupancy increased to 89% in FY26 from 69% in FY25, driving rental income.
Sky City Project Area Expansion
Sky City project's total carpet area increased to 31,41,877 sqft in FY26 from 28,54,907 sqft in FY25.
Elysian Project Area Expansion
Elysian project's total carpet area increased to 28,39,204 sqft in FY26 from 21,77,157 sqft in FY25.
Strong ESG Ratings
Ranked #1 amongst global listed residential developers (Highrise Multifamily category) with a 5-Star rating in GRESB Real Estate assessment.
High Occupancy in Core Commercial Assets
Commerz II and Oberoi Mall maintained high occupancies of 97% and 99% respectively in FY26.
Improved Hospitality Performance
The Westin Mumbai Garden City saw Average Room Rate increase to Rs. 16,142 in FY26 from Rs. 14,715 in FY25.
Decline in Operating Cash Flow
Operating Cash Flows decreased to Rs. 1,37,986 Lakh in FY26 from Rs. 2,16,255 Lakh in FY25.
Lower Occupancy in New Retail Asset
Sky City Mall occupancy was 58% in FY26, significantly lower than other established retail/commercial properties.
Project Execution and Completion Delays
Project completion for Elysian T-D is 44% and Jardin is yet to reach threshold, posing risks to timely delivery and revenue recognition.
Regulatory Environment Changes
Risks include changes in development regulations, tax laws, and other applicable laws.
Litigation and Labour Relations
Potential risks related to litigation and labour relations are noted in the disclaimer.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Real estate is a seasonal business, making YoY comparisons essential for understanding overall trends and project cadence. QoQ comparisons are crucial for tracking sequential momentum in sales, collections, and project execution.
Carpet Area Booked
Carpet Area Booked in FY26 was 11,47,557 sqft. Q4FY26 bookings were 3,57,552 sqft.
Amount Collected
Amount Collected in FY26 was Rs. 4,25,002 Lakh, up from Rs. 2,79,017 Lakh in FY25. Q4FY26 collections were Rs. 92,530 Lakh.
Revenue from Operations
Revenue from Operations for FY26 was Rs. 6,00,906 Lakh, up 13.6% from Rs. 5,28,627 Lakh in FY25. Q4FY26 revenue was Rs. 1,74,983 Lakh, up 52.1% from Q4FY25.
Net Debt to Equity
Net debt to equity for FY26 was (0.01), indicating a net cash positive position, compared to 0.01 in FY25.
Strategic Acquisitions
Received NCLT approval for resolution plan to acquire Hotel Horizon Private Limited.
Hospitality Management Partnership
Joint venture I-Ven Realty Limited entered an agreement with AMAN GROUP SARL, Switzerland for hotel management.
Focus on Redevelopment
Entered into agreements for redevelopment of three projects in Mumbai, indicating a strategic focus on urban renewal.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Residential Bookings (Carpet Area) | Q4FY26: 3,57,552 sqft | Monitor sequential and YoY growth in carpet area booked across key residential projects, especially new launches. |
| Operating Cash Flow | FY26: Rs. 1,37,986 Lakh | Watch for improvement in operating cash flow generation, which saw a significant YoY decline in FY26. |
| Investment Property Occupancy | Sky City Mall: 58% (FY26) | Track occupancy rates, particularly for newer or lower-performing investment properties like Sky City Mall. |
| Project Completion Progress | Elysian T-D: 44% completion; Jardin: yet to reach threshold | Monitor progress and timelines for ongoing development projects to ensure timely delivery and revenue recognition. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
58NeutralSMA20 +5.2% / mo
Technical chart
OBEROIRLTYdaily · 1Y-7.4%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 47.
- SMA20 falling (~2.5% over last month) — short-term momentum negative.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 9% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 28.0%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 87th percentile of the scored universe and 94th percentile within Real Estate. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 67.7%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Real Estate: 94th pctile, median 61 · Mid: 63rd pctile, median 76
71 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 67.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.6%.
- ▸5 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 24.30
- P/B
- 3.31
- EV/EBITDA
- 17.83
- Market Cap
- 59406.00Cr
Profitability
- ROE
- 14.60%
- ROCE
- 17.30%
- ROA
- 9.90%
- Dividend Y
- 0.49%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 9.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 13.94×
- Altman Z
- 6.71
- Book Value
- 493.00
Cash Flow
- FCF Yield
- 1.54%
- FCF Positive Y
- 5/5
- OCF
- 1380.00 Cr
- EPS TTM
- 68.96
Shareholding
- Promoter Hold
- 67.71%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.