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.

• Total consolidated assets rose to Rs 23,91,828 lakh as of H1FY26, up from Rs 20,25,227 lakh in H1FY25, reflecting strong balance sheet growth.

• Consolidated revenue from operations for Q2 FY26 was ₹177,904 lakh, up from ₹131,989 lakh in Q2 FY25, with total income at ₹184,484 lakh for the quarter and ₹291,882 lakh for H1 FY26.

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

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

Financial highlights

• Significant CapEx outflow this quarter, with INR 125 crore invested in operations (Ritz-Carlton, Sky City, Commerz III); balance in treasury activities like mutual funds.

• 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%.

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

• Contribution from associates rose to INR 117 million, mainly from treasury income in the I-Ven Realty JV.

Outlook and guidance

• Multiple project launches planned in Gurugram, Borivali, Thane, and other redevelopment projects within the financial year, subject to market timing and approvals.

• Ritz-Carlton hotel (200+ rooms) expected to launch within the financial year.

• Alibaug project (mall, office, hotel) to break ground within the financial year.

• Thane project expected to reach INR 1,000 crore annual sustainable sales as critical mass builds.

• Management notes that revenues may not accrue evenly over project periods, and results may not be strictly comparable quarter-to-quarter or year-to-year.