Oberoi Realty Reports Weak 3QFY26 Pre-Sales, Launch Pipeline Remains Healthy

New Delhi, January 22, 2026: Oberoi Realty reported weak 3QFY26 pre-sales of INR 8.4bn, with volumes limited to sustenance sales. The near-to-mid-term launch pipeline remains healthy, comprising one tower each in Borivali and Goregaon, the NCR and Peddar Road projects, and two towers in Thane. The leasing portfolio remains robust, with mature assets operating at 95 per cent+ occupancy and Commerz III at ~90 per cent; the recently launched Borivali Mall is expected to cross 90 per cent occupancy in the near term. OBER maintains healthy debt levels (leverage of 0.17x). Steady annuity and hospitality cash flows should support overall profitability.

Stable operating performance: Consolidated revenues rose 6 per cent YoY to INR 14.9bn, below EE of INR 19.3bn, while consolidated EBITDA remained flat yoy at ~INR 8.6bn (EE: INR 11.5bn). EBITDA margins stood at 57.4 per cent (EE: 59.6 per cent), vs 60.7 per cent in 3QFY25 and 57.4 per cent in 2QFY26. Interest costs declined 10 per cent YoY to ~INR 674mn, whereas depreciation increased 41 per cent YoY to ~INR 327mn. Other income rose 40 per cent YoY to ~INR 691mn, and JV profit contribution improved to ~INR 94mn vs ~INR 27mn in 3QFY25 and ~INR 117mn in 2QFY26. An exceptional loss of INR 231mn was reported in 3QFY26; consolidated reported PAT stood at INR 6.2bn, up 1 per cent YoY.

Pre-sales down 56 per cent yoy; launch pipeline intact: OBER reported pre-sales of ~INR 8.4bn in 3QFY26, down 56 per cent YoY/36 per cent QoQ, due to the absence of new launches during the quarter. Sales were led by TSW (~INR 2.7bn), followed by Eternia (~INR 1.4bn), Elysian (~INR 1.2bn), Sky City (~INR 0.91bn), Enigma (~INR 0.9bn), Jardin (~INR 0.8bn) and Forestville (~INR 0.5bn). Looking ahead, OBER has a healthy near-to-medium-term launch pipeline, including one tower each in Borivali and Goregaon, the NCR and Peddar Road projects, and two towers in the Thane project, providing visibility on growth over the coming quarters.

Annuity Engine Strengthens; Debt Declines QoQ

Oberoi Realty’s leasing portfolio delivered strong revenue/EBITDA growth of 33 per cent/36 per cent YoY to ~INR 3bn/~INR 2.8bn, driven by the addition of Sky City Mall and Commerz III, alongside improving occupancies. Hospitality revenues remained stable at ~INR 557mn, with RevPAR rising to ~INR 13,764 from INR 12,910 in 3QFY25. Gross debt declined by ~INR 1.3bn QoQ to ~INR 28.8bn, translating into a leverage of ~0.17x. Steady cash flows from the annuity portfolio and residential inventory are expected to keep leverage under control.

Oberoi Realty is well positioned, supported by a visible residential launch pipeline, steady annuity and hospitality cash flows, and a stable balance sheet.