Oberoi Realty Q3 FY26 Net Profit Rises 0.7% YoY to ₹622.6 Crore; Board Declares ₹2/Share Third Interim Dividend

Marginal Growth in December Quarter Amid Volume Slowdown

Oberoi Realty reported a consolidated net profit of ₹622.64 crores for Q3 FY26, marking a marginal 0.69% year-on-year growth but an 18.10% sequential decline from the previous quarter's ₹760.26 crores. The company's revenue from operations during Q3FY26 stood at ₹1,492.64 crore, up 5.77 per cent year-on-year.

The quarter revealed a sequential revenue contraction of 16.10% to ₹1,492.64 crores from ₹1,779.04 crores in Q2 FY26, suggesting a slowdown in project completions and bookings. During the quarter, the company did not launch any new projects.

Profitability Squeezed by Operating Margin Compression

Operating profit (PBDIT) excluding other income declined to ₹857.26 crores in Q3 FY26 from ₹1,020.29 crores in the previous quarter, reflecting the direct impact of lower sales volumes. Operating margin (excluding other income) stood at 57.43%, marginally improving 8 basis points sequentially from 57.35% but contracting sharply by 324 basis points year-on-year from 60.67% in Q3 FY25.

Other income during the quarter surged 40.47 per cent year-on-year to ₹69.1 crore.

Nine-Month Performance Shows Deceleration

For the nine-month period ended December 2025, the company reported consolidated net profit of ₹1,804.15 crores on revenues of ₹4,259.23 crores, representing year-on-year growth of 0.54% and 2.78% respectively—a clear deceleration from FY25's robust 17.60% revenue growth.

Dividend Declaration and Capital Management

The board of directors declared its third interim dividend for FY26 at the rate of ₹2 per equity share, i.e., 20% of the face value of equity shares of ₹10 each. It fixed January 23, 2026, as the record date for payment of the interim dividend and said that the interim dividend shall be paid starting on or before February 5.

Oberoi Realty's balance sheet remains a significant competitive advantage. As of March 2025, shareholder funds stood at ₹15,704.87 crores, up from ₹13,844.41 crores a year earlier, driven by retained earnings accumulation. The company's net debt-to-equity ratio averaged a negligible -0.01 over the past five years, effectively making it a net cash company—a rarity in the capital-intensive real estate sector.

Market Context and Analyst Outlook

The results reflect a challenging quarter characterised by volume moderation and margin compression, raising concerns about near-term momentum for this ₹60,062-crore market capitalisation company.

Analysts at Antique Stock Broking are expecting the firm to launch one new tower in Sky City Borivali, a project on Peddar Road and another in Gurugram in Q4FY26. If these launches materialise, then Oberoi may surpass pre-sales of ₹6,500–7,000 crore in FY26.

Residential demand held steady during the quarter, with the luxury segment continuing to draw interest from buyers seeking larger homes in established locations, along with a growing number of high-net-worth individuals (HNIs).

About Oberoi Realty

Oberoi Realty was incorporated in 1998 under the Companies Act, 1956. The company's head office is located within Oberoi Garden City, Commerz, Goregaon East, Mumbai. The company develops and sells residential, commercial, retail, hospitality, and social infrastructure projects.