Oberoi Realty (OBEROIRLTY) Q2 25/26 earnings summary

Executive summary

• Strong start to the festive season with robust sales across all projects, especially Sky City, despite recent price hikes, indicating healthy demand for luxury real estate from quality developers.

• Consolidated revenue from operations for Q2 FY26 was ₹177,904 lakh, up from ₹131,989 lakh in Q2 FY25, with total income at ₹291,882 lakh for H1 FY26.

• Net profit for H1FY26 was ₹1,18,151 lakh, marginally higher than ₹1,17,395 lakh in H1FY25, with diluted EPS at ₹32.49.

• Uber luxury project Three Sixty West continues to attract strong inquiries and sales; office in Gurugram opened, supporting NCR expansion plans.

• The Board declared a second interim dividend of ₹2 per equity share for FY26.

Financial highlights

• Operating cash flows for H1FY26 were Rs 1,50,716 lakh, up from Rs 89,805 lakh in H1FY25.

• Operating margin for Q2 FY26 was 57.35%, and net profit margin was 41.21%.

• Adjusted operating margin for H1FY26 was 59.18%, compared to 62.60% in H1FY25.

• Gross debt to equity ratio increased to 0.18 in H1FY26 from 0.14 in H1FY25.

• Net worth as of September 30, 2025, was ₹1,673,989 lakh.

Segment performance

• Sky City project saw strong sales velocity and price hikes, supported by limited supply and high demand; resale apartments have transacted at higher prices, justifying the price increase.

• Investment properties: Office segment had 91% occupancy and 91% EBITDA margin; retail segment had 95% occupancy and 95% EBITDA margin; hospitality segment had 80% occupancy and 40% EBITDA margin in Q2FY26.

• Commerz III saw operating revenue of Rs 25,166 lakh and EBITDA margin of 91% for H1FY26, with occupancy improving to 85% from 60% year-over-year.

• Oberoi Mall maintained 99% occupancy and 97% EBITDA margin for H1FY26.

• Sky City Mall reported 51% occupancy and 91% EBITDA margin for H1FY26.