Oberoi Realty Financial Breakdown: Revenue, Profit, Margins & Ratios
Mumbai-based luxury developer Oberoi Realty (NSE: OBEROIRLTY) reported its Q2 FY27 results on 16 October 2026. Net profit edged up to Rs 761.65 crore even as revenue fell 6.1% — a classic example of how margin expansion can offset a soft top line in real estate, where revenue moves with project-completion timing. Here is a full breakdown of the company's financials: revenue and profit trends over five years, margins, balance-sheet strength, key ratios, shareholding, dividends and a peer comparison.
Business overview
Oberoi Realty is one of India's largest listed luxury real estate developers, focused primarily on the Mumbai market. Its business spans premium residential projects, commercial office assets, retail (malls), and hospitality. The company earns annuity income from its commercial and rental assets alongside lumpy revenue from residential project sales — which is why quarterly revenue can swing sharply while margins stay high. The stock is listed on NSE and BSE and is a constituent of the Nifty Midcap 150 index.
Q2 FY27 results: profit up, revenue down
Results announced on 16 October 2026 (consolidated, July–September 2026 quarter):
| Metric | Q2 FY27 | Q2 FY26 | Change (YoY) |
|---|---|---|---|
| Revenue from operations | Rs 1,671 cr | Rs 1,779 cr | -6.1% |
| Total income | Rs 1,736.37 cr | Rs 1,844.84 cr | -6.0% |
| EBITDA | Rs 1,019.2 cr | Rs 1,020 cr | Flat |
| EBITDA margin | 60.99% | 57.35% | +364 bps |
| Net profit (PAT) | Rs 761.65 cr | Rs 760.26 cr | +0.2% |
| Net profit margin | 43.86% | 41.21% | +265 bps |
| Other income | Rs 65.4 cr | Rs 65.8 cr | Flat |
| Finance costs | Rs 58.1 cr | Rs 71.2 cr | -18.4% |
| Basic EPS | Rs 20.95 | Rs 20.91 | Marginal |
On a sequential basis the quarter was much stronger: profit jumped nearly 40% from Rs 543.5 crore in Q1 FY27, while revenue from operations rose from Rs 1,300.9 crore. The revenue decline was driven by the real estate segment, whose revenue fell to Rs 1,625.3 crore from Rs 1,734.4 crore a year ago; the hospitality business posted modest growth, with revenue rising to Rs 45.6 crore from Rs 44.6 crore. Lower finance costs (Rs 58.1 crore versus Rs 71.2 crore) also supported the bottom line.
H1 FY27 totals (Q1 + Q2): revenue from operations of roughly Rs 2,971.9 crore and net profit of roughly Rs 1,305.2 crore.
Revenue and profit trend: FY22–FY26
Oberoi Realty's five-year record shows consistent growth, with profit compounding slightly faster than revenue:
| Year | Total revenue (Rs cr) | Net profit (Rs cr) | EPS (Rs) |
|---|---|---|---|
| FY22 | 2,752.42 | 1,047.10 | 28.80 |
| FY23 | 4,293.20 | 1,904.55 | 52.38 |
| FY24 | 4,818.77 | 1,926.60 | 52.99 |
| FY25 | 5,474.18 | 2,225.51 | 61.21 |
| FY26 | 6,304.27 | 2,507.43 | 68.96 |
Revenue grew at a 23.0% compound annual growth rate from FY22 to FY26, while net profit compounded at 24.4% — the faster profit growth reflects margin gains over the period. FY26 revenue growth of 15.2% was slower than the four-year average, and profit rose 12.7%. A quarter-by-quarter look at FY26 shows momentum building through the year: Q4 FY26 profit surged 62% YoY to Rs 703.28 crore on total income of Rs 1,823.71 crore (+50.3%).
Profitability: margins are the headline
Oberoi Realty's defining trait is industry-leading margins:
- EBITDA margin: 57.9% in FY26 (versus 60.3% in FY25); Q2 FY27 hit 60.99%
- Net profit margin: 39.8% in FY26 (versus 40.7% in FY25); Q2 FY27 hit 43.86%
- Five-year net margin range: 38.0% to 44.4%
- Q4 FY26 operating margin: 54.88%
Few listed Indian developers convert such a high share of revenue into profit. The flip side is that margins compress quickly when input or finance costs rise — worth watching as the rate cycle evolves.
Balance sheet strength
- Net worth: Rs 17,921.63 crore as of 31 March 2026, up from Rs 10,416 crore in FY22
- Debt-to-equity: 0.16 in FY26 (around 0.14–0.16 on current data) — a conservative capital structure
- Interest coverage: ~16.8x — interest payments are comfortably covered
- Current ratio: ~3.04x — strong short-term liquidity
- Operating cash flow: Rs 1,380 crore in FY26 against capital expenditure of Rs 636.61 crore, leaving free cash flow of Rs 743.25 crore
The low leverage is a key differentiator versus highly geared developers: falling finance costs (down 18.4% YoY in Q2 FY27) show debt servicing is a minor drag on earnings.
Key financial ratios
| Ratio | Value | Period / source |
|---|---|---|
| P/E (trailing) | ~23.5x | At ~Rs 1,703 (Oct 16, 2026) |
| Forward P/E | ~16.8x | Consensus estimates |
| P/B | 3.46x | Book value ~Rs 492.89 per share |
| ROE | ~14–14.9% | FY26, consolidated |
| ROCE | ~16.74% | Recent data |
| PEG | 0.78 | Estimates-based |
| EV/EBITDA | ~17.1–17.2x | Current |
| Debt/EBITDA | ~0.74–0.79x | Current |
| Dividend yield | ~0.47–0.50% | Trailing twelve months |
With 52-week high/low of Rs 1,986.10 / Rs 1,391.20, the stock trades about 14% below its 52-week high. Market capitalisation is roughly Rs 61,922 crore (as of 16 October 2026).
Shareholding pattern
| Shareholder | Jun 2026 |
|---|---|
| Promoters | 67.70% |
| Foreign institutional investors (FII) | 15.11% |
| Domestic institutional investors (DII) | 14.83% |
| Public investors | 1.79% |
Promoter holding is high and steady at 67.70% (unchanged across recent quarters), while DIIs have been raising their stake — from 10.80% in June 2025 to 14.83% in June 2026 — as FIIs trimmed from 19.36% to 15.11%.
Dividend history
Oberoi Realty pays quarterly interim dividends. The dividend per share trend:
| Year | Dividend per share |
|---|---|
| FY22 | Rs 3.00 |
| FY23 | Rs 4.00 |
| FY24 | Rs 8.00 |
| FY25 | Rs 8.00 |
| FY26 | Rs 8.00 (4 x Rs 2) |
| FY27 (so far) | Rs 4.00 (2 x Rs 2 interim) |
Alongside the Q2 FY27 results, the board declared a second interim dividend of Rs 2 per share (20% of face value Rs 10). The record date is 23 October 2026 and payment commences 30 October 2026. The trailing-twelve-month dividend total stands at Rs 8 per share.
Peer comparison
How Oberoi Realty stacks up against other large listed Indian developers (prices and multiples as of mid-October 2026):
| Company | Market cap (Rs cr) | P/E | Latest quarterly highlight |
|---|---|---|---|
| Oberoi Realty | ~61,922 | ~23.5x | Q2 FY27 PAT Rs 761.65 cr; 61% EBITDA margin |
| DLF | ~1,66,000 | ~37.3x | Q2 FY27 PAT Rs 1,301.35 cr (+10%); sales bookings Rs 3,800 cr |
| Lodha Developers (Macrotech) | ~1,06,000 | ~25.6x | Mumbai-focused scale player |
| Godrej Properties | ~47,407 | ~29.6x | Pan-India launches pipeline |
Oberoi Realty trades at the lowest trailing P/E among these large peers — a reflection of its Mumbai concentration and midcap-index listing, offset partly by its superior margins and near-zero leverage.
Key risks
- Geographic concentration: the business is overwhelmingly Mumbai-focused; a local demand slowdown hits harder than for pan-India peers
- Lumpy revenue: project-completion timing means quarterly revenue can swing sharply (as Q2 FY27 showed), complicating near-term estimates
- Cyclicality: luxury housing demand is sensitive to interest rates (RBI repo rate now 5.50%) and economic cycles
- Execution risk: delays in project delivery or approvals can push cash flows into later periods
- Valuation vs growth: the premium valuation rests on sustaining ~40% net margins and double-digit profit growth
FAQs
What was Oberoi Realty's profit in Q2 FY27?
Consolidated net profit was Rs 761.65 crore, up 0.2% from Rs 760.26 crore in Q2 FY26 and up nearly 40% sequentially from Rs 543.5 crore in Q1 FY27.
Why did Oberoi Realty's revenue fall in Q2 FY27?
Revenue from operations fell 6.1% to Rs 1,671 crore because the real estate segment's revenue dropped to Rs 1,625.3 crore from Rs 1,734.4 crore a year ago — a timing effect of project recognition, not a demand collapse. Margins expanded despite the revenue fall.
What dividend did Oberoi Realty declare in October 2026?
A second interim dividend of Rs 2 per share for FY27, with a record date of 23 October 2026 and payment starting 30 October 2026. The company has paid Rs 8 per share over the trailing twelve months.
What is Oberoi Realty's debt-to-equity ratio?
Around 0.14–0.16 (0.16 as of March 2026) — one of the lowest leverage ratios among listed Indian developers, with interest coverage near 17x.
Who are Oberoi Realty's main competitors?
DLF, Lodha Developers (Macrotech), Godrej Properties and Prestige Estates are the closest listed peers. Oberoi Realty is smaller than DLF and Lodha but leads on margins and balance-sheet strength.
Is Oberoi Realty's stock expensive?
At roughly 23.5x trailing earnings, it trades below DLF (~37x) and Godrej Properties (~29.6x). Whether that is cheap or fair depends on whether it can sustain its industry-leading margins and keep growing bookings in Mumbai's luxury market.
Conclusion
Oberoi Realty remains the margin champion among listed Indian developers: 61% EBITDA margin and ~44% net margin in Q2 FY27, a debt-to-equity ratio of just 0.16, and five straight years of revenue and profit growth (FY22–FY26 revenue CAGR 23%). The flat profit in Q2 FY27 is a reminder of the business's lumpy revenue recognition — but lower finance costs, a growing DII base, and a steady quarterly dividend record support the investment case. The key variables from here are Mumbai luxury demand, the pace of new launches, and the interest-rate path.
Disclaimer: This article is for educational purposes only and is not investment advice. Figures are sourced from company filings, exchange announcements and financial data portals. Always do your own research or consult a registered investment adviser before investing.