Realty · NSE: OBEROIRLTY
Oberoi Realty
Q1 FY27 earnings call · Guided by management
Call held 20 Jul 2026 · Read the filing on NSEFiling
- M.Cap
- ₹66,067Cr
- P/E
- 25.1×
- 1Y return
- +4.50%
- From 52W high
- −8.5%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q1 FY27, as filed · consolidated · ₹ Cr
| Q1 FY27 | Q1 FY26 | YoY | Q4 FY26 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 1,301 | 988 | +31.7% | 1,750 | -25.7% |
| EBITDA | 734 | 520 | +41.1% | 960 | -23.5% |
| EBITDA margin | 56.4% | 52.7% | +374 bps | 54.9% | +155 bps |
| PBTProfit before tax | 708 | 500 | +41.4% | 974 | -27.4% |
| Net profit | 544 | 421 | +29.1% | 705 | -22.9% |
| EPS (₹) | 14.95 | 11.59 | +29.0% | 19.34 | -22.7% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures. In Q1 FY27 the filing tags the owners' profit as ₹0 Cr against its own period profit; the period profit less minority interest is shown.
Guidance
With NCR, management says sales may reach the analyst's assumed FY27-FY28 level or beyond
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 3
With NCR, management says sales may reach the analyst's assumed FY27-FY28 level or beyond
“And your assumption about NCR added to Mumbai, those numbers obviously will go, you know, to whatever you're presuming or maybe even beyond that.”
In short
- 01Oberoi Realty launched Three Sixty North in NCR, its first project outside MMR; the next phase will launch only next year.
- 02Adarsh Nagar launch is now expected in Q3; Pedder Road, Pokhran Road and Kolshet towers and Alibaug are all planned in FY27.
- 03A Mulund launch in the last quarter of FY27 is possible if approvals come in three or four months.
- 04Management said residential project margins range from about 43%-44% to 65%, and the quarter's margin reflects project mix, not cost.
- 05Sky City Mall occupancy was 82%, with near 100% hoped for within this year.
- 06Ritz-Carlton is expected to be ready by the end of this financial year, with 80%-90% of interior work done.
- 07Management said it is ready to build at higher volume, with about 18 towers of 60-65 floors under construction.
Capex
Company continues to invest in all upcoming projects
Vikas Oberoi · Chairman and Managing Director · p. 2
Company continues to invest in all upcoming projects
“We continue to invest in all upcoming projects just to ensure that we have smooth execution and we progress on our project pipeline.”
Segments
annuity portfolio: Commerz I, II, III and Oberoi Mall at near 100% occupancy
Vikas Oberoi · Chairman and Managing Director · p. 2
annuity portfolio: Commerz I, II, III and Oberoi Mall at near 100% occupancy
“Our annuity portfolio continues to perform well with a near 100% occupancy rate together for Commerz I, II and III as well as Oberoi Mall.”
Three Sixty North: Next phase of Three Sixty North to be launched only next year
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 3
Three Sixty North: Next phase of Three Sixty North to be launched only next year
“The next phase strategically will be launched only next year and there are multiple reasons.”
Adarsh Nagar: Adarsh Nagar launch now hoped for in Q3, earlier said Q2 or Q3
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 4
Adarsh Nagar: Adarsh Nagar launch now hoped for in Q3, earlier said Q2 or Q3
“You know, we had last time said it'll be anywhere between Q2, Q3. We're hoping for a Q3 launch.”
Three Sixty North: Three Sixty North Phase 2 will cover balance area once RERA approval comes
Saumil Daru · Director · Q&A · p. 5
Three Sixty North: Three Sixty North Phase 2 will cover balance area once RERA approval comes
“So, there is obviously going to be a Phase 2 for this and that is the balance area. So that will, come in later. In the current phase, as much as we had gotten RERA approval for, we launched. And when we get the RERA approval for the balance phase, we will bring that also.”
Three Sixty North: NCR project's 2.6 million sq ft is net area to company, excluding IREO customers
Saumil Daru · Director · Q&A · p. 6
Three Sixty North: NCR project's 2.6 million sq ft is net area to company, excluding IREO customers
“No, no. So Pritesh, the 2.6 million basically is the net effective area available to us. This does not cover the IREO customers.”
Demand
Three Sixty West: Three Sixty West flats are selling; company now only holder of inventory
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 6
Three Sixty West: Three Sixty West flats are selling; company now only holder of inventory
“So the flats are selling. It's just that, you know, like now we are the only ones left with inventory, so you'll see some momentum there also.”
NCR: Management says NCR market has both width and depth
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 8
NCR: Management says NCR market has both width and depth
“And what I like about that market and what prompted me to say that was that I feel that, that market has both width and depth, and we really want to play that market.”
Three Sixty North: Three Sixty North response was more than management expected
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 3
Three Sixty North: Three Sixty North response was more than management expected
“obviously we ourselves were overwhelmed with the kind of response we got. We were frankly not expecting”
Margins and costs
Management expects margins to continue going forward
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 3
Management expects margins to continue going forward
“So, we are very confident that our margins will continue going forward.”
residential: Project margins range from about 43%-44% to about 65%
Saumil Daru · Director · Q&A · p. 5
residential: Project margins range from about 43%-44% to about 65%
“So we have -- we have project margins ranging from about 43%-44% to 65%-odd.”
residential: Quarter's residential margin reflects project mix, not cost impact
Saumil Daru · Director · Q&A · p. 5
residential: Quarter's residential margin reflects project mix, not cost impact
“So depending on the mix, which comes in, that's where that number goes up or down. Nothing extra in terms of cost or on account of cost impact or anything, because those budgets are always there.”
Company follows planned, constant price hikes rather than reacting to external factors
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 8
Company follows planned, constant price hikes rather than reacting to external factors
“So it's all planned. We always have contingency also planned. We have price increase plans and we exactly know when to increase the price, all of that.”
Goregaon and Borivali: Prices were increased in Goregaon and Borivali; resales there at higher prices
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 8
Goregaon and Borivali: Prices were increased in Goregaon and Borivali; resales there at higher prices
“if you see what we've done in both Goregaon and Borivali, we increased our price -- and in fact, I must say that the markets have helped us. All the apartments that are being resold in Borivali and Goregaon continue to sell at higher prices”
Debt and working capital
Three Sixty North: Three Sixty North sales value covers entire construction; financial closure complete
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 3
Three Sixty North: Three Sixty North sales value covers entire construction; financial closure complete
“If you see the value that we've sold is good enough to take care of our entire construction, in fact, much more than that. And so, this project as far as financial closure goes is complete.”
NCR: About Rs 200 crore of Rs 786 crore paid for upcoming development related to NCR
Saumil Daru · Director · Q&A · p. 4
NCR: About Rs 200 crore of Rs 786 crore paid for upcoming development related to NCR
“Hi Gaurav, so as far as NCR is concerned, out of the 786 only, it was only about close to 200 that related to NCR, the balance didn't.”
Acquisitions and new business
NCR: Company entered NCR, its first market outside MMR, with Three Sixty North launch
Vikas Oberoi · Chairman and Managing Director · p. 2
NCR: Company entered NCR, its first market outside MMR, with Three Sixty North launch
“We've started our journey outside MMR with our project in NCR by launching Three Sixty North. This marks an important milestone in our growth journey.”
NCR: Business development now includes Noida and Gurgaon in NCR
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 7
NCR: Business development now includes Noida and Gurgaon in NCR
“Now our focus has increased, and we have now started including NCR, both Noida and Gurgaon for that.”
Business development is an everyday job; similar action expected in other projects
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 6
Business development is an everyday job; similar action expected in other projects
“For us, like I said, business development on everyday job, and you'll see similar action in many other projects of ours.”
One-offs
Sky City Mall: Sky City Mall Q4 revenue had one-time retailer true-up
Saumil Daru · Director · Q&A · p. 9
Sky City Mall: Sky City Mall Q4 revenue had one-time retailer true-up
“what had happened was in Q4 of last year, there was a lot of true-up which we did for all the retailers who had come in since launch.”
Risks
Three Sixty North: Management declined to discuss NCR litigation; says customers refuse EOI deposit refunds
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 4
Three Sixty North: Management declined to discuss NCR litigation; says customers refuse EOI deposit refunds
“I don't want to talk about the litigation because it's prejudice, but there is absolutely no, you know, we have customers who refuse to take refund of the deposit that they've given, EOI deposit that they've given us.”
Adarsh Nagar: Adarsh Nagar still awaits approvals such as as-built approvals and IOD
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 4
Adarsh Nagar: Adarsh Nagar still awaits approvals such as as-built approvals and IOD
“Some, like, you know, like how we want to build as-built approvals, the typical IOD and all of that.”
Three Sixty North: All Three Sixty North booking allocations are done
Saumil Daru · Director · Q&A · p. 7
Three Sixty North: All Three Sixty North booking allocations are done
“In the sense of allotment or, I mean -- allocation, all -- Yes, all done.”
Other
Management says it can build more volume at good quality
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 3
Management says it can build more volume at good quality
“So, you know, as a company, we feel we can build more and we can build better than what we did.”
residential: Lower Q1 residential revenue due to timing of revenue recognition
Saumil Daru · Director · Q&A · p. 7
residential: Lower Q1 residential revenue due to timing of revenue recognition
“So it's only a question of how that, basically the order book is there, the only thing is how it flows through the P&L.”
Management says it can now go into next phase of expansion
Vikas Oberoi · Chairman and Managing Director · Q&A · p. 9
Management says it can now go into next phase of expansion
“So, we are at that stage today, I would say we've hit some sort of a tipping point where we can now really go into our next phase of expansion.”
Sources
- Earnings call transcript, Q1 FY27 Filed 23 Oct 2026 · 10 pages
- Investor presentation, not read The filing is a cover letter; the transcript is on the company's website
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.