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Oberoi Realty clocks strong Q3, profits rise as homes sell fast
MUMBAI: Oberoi Realty, the Mumbai-based developer posted a robust set of results for the quarter ended December 31, 2025, showing that even as interest rates bite and buyers turn choosy, premium real estate is still finding takers.
On a consolidated basis, Oberoi Realty reported revenue from operations of Rs 1,49,264 lakh in Q3, up from Rs 1,41,108 lakh a year ago, though lower than the bumper Rs 1,77,904 lakh clocked in the September quarter. Add other income of Rs 6,910 lakh and total income for the quarter stood at Rs 1,56,174 lakh.
The real story, however, was profitability. Net profit for the quarter came in at Rs 62,264 lakh, marginally higher than Rs 61,838 lakh last year. Even after absorbing an exceptional charge linked to India’s new labour codes, Oberoi Realty still managed a net profit margin of 39.87 percent, a level most industries can only dream of.
For the nine months ended December 31, consolidated revenue rose to Rs 4,25,923 lakh, compared with Rs 4,13,613 lakh in the same period last year. Net profit for the nine-month period stood at Rs 1,80,415 lakh, broadly flat against Rs 1,79,234 lakh last year, reflecting steady execution rather than flashy spikes.
One small speed bump came from outside the property market. With the government rolling out four new labour codes, including the Code on Wages from November 21, 2025, the group carried out an actuarial reassessment. The result was an additional obligation of Rs 2,306 lakh at the consolidated level, booked as an exceptional item. On a standalone basis, the hit was Rs 1,901 lakh. Material enough to disclose, but not enough to derail the quarter.
Margins stayed enviable. Consolidated operating margin for the quarter stood at 55.89 percent, while net profit margin hovered close to 40 percent. Even over nine months, operating margin held at 55.76 percent.
As expected, real estate remained the engine room. Of the Rs 1,49,264 lakh in quarterly revenue, Rs 1,43,693 lakh came from property development, with hospitality contributing Rs 5,571 lakh. Over nine months, real estate revenue touched Rs 4,11,626 lakh, while hospitality added Rs 14,297 lakh.
Segment profit before interest and tax from real estate alone was Rs 84,504 lakh in Q3, comfortably ahead of the hospitality segment’s Rs 2,258 lakh. Oberoi’s hotels may add sheen, but homes pay the bills.
Costs moved around but stayed under control. Land, development rights and construction costs rose to Rs 99,815 lakh in the quarter. Inventory changes worked in the company’s favour, swinging to a negative Rs 44,786 lakh, helping cushion expenses.
Oberoi Realty’s balance sheet continues to look unexcited in the best possible way. Net worth stood at Rs 17,28,966 lakh as of December 31, 2025, up from Rs 15,34,508 lakh a year earlier. The consolidated debt-equity ratio remained a modest 0.17, down from 0.23 last year.
Liquidity indicators stayed strong. The current ratio was 4.21, while interest service coverage stood at a comfortable 12.16 times. Even the debt service coverage ratio improved to 3.26 for the quarter.
On the cash side, the company has been busy tidying up. During the quarter, it redeemed Rs 12,500 lakh from Series I non-convertible debentures by reducing face value. Overall, total paid-up debt capital stood at Rs 2,88,158 lakh at the consolidated level.
Transparency around borrowing remained thorough. Of the Rs 1,50,000 lakh raised via private placement of senior, rated, listed, secured non-convertible debentures in October 2024, Rs 1,16,649 lakh had been utilised by December 31, 2025. The unutilised balance was temporarily parked in mutual funds. Importantly, there was no deviation from stated objectives, which ranged from project development to general corporate purposes.
The debentures remain well secured, backed by mortgages on unsold residential units and receivables, with a security cover of at least 1.5 times maintained.
On a standalone basis, the story looked much the same, just a shade leaner. Revenue for the quarter stood at Rs 1,18,017 lakh, while net profit came in at Rs 47,182 lakh. For nine months, standalone profit after tax was Rs 1,39,872 lakh.
Standalone net worth rose to Rs 15,59,495 lakh, while the debt-equity ratio stayed conservative at 0.18. Operating margin at the standalone level was 53.82 percent for the quarter.
The board also declared a third interim dividend of Rs 2 per equity share for FY26, keeping shareholders sweet. On the corporate restructuring front, the National Company Law Tribunal admitted the scheme of amalgamation of Nirmal Lifestyle Realty Private Limited with Oberoi Realty, clearing the way for a simpler group structure.
Taken together, the December quarter did not deliver fireworks, but it did underline something just as valuable. Oberoi Realty continues to sell well, spend carefully and borrow sparingly. In a sector known for mood swings, that kind of steady confidence may be the most attractive feature of all.
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Axis Bank named Official Banking Partner of DP World PGTI
Partnership supports all tournaments this season to grow professional golf in India.
MUMBAI: Axis Bank just teed up a hole-in-one partnership because when a bank sponsors golf’s biggest swing in India, even the fairways feel more financially secure. Axis Bank has been appointed Official Banking Partner of the DP World Professional Golf Tour of India (DP World PGTI), strengthening its commitment to sporting excellence and community engagement while backing the growth of professional golf across the country.
Under the partnership, Axis Bank will support all DP World PGTI tournaments this season, contributing to talent development, enhanced tournament experiences and wider fan engagement. The collaboration aligns the bank’s values of precision, discipline and trust with the Tour’s focus on performance and opportunity.
Axis Bank executive director Munish Sharda said, “We are pleased to partner with DP World PGTI as its Official Banking Partner. Golf embodies precision, discipline, and a pursuit of excellence qualities that strongly reflect who we are at Axis Bank. This association also strengthens our engagement with India’s growing premium customer segments, where the sport has a deep and enduring connect.”
Professional Golf Tour of India president Kapil Dev said, “We are extremely pleased to welcome Axis Bank as a Tour Partner of the DP World Professional Golf Tour of India. Partnerships of this stature play a vital role in strengthening the foundation of the Tour, enhancing opportunities for our players, and expanding the sport’s reach across the country.”
Professional Golf Tour of India CEO Amandeep Johl added, “Axis Bank’s strong legacy of excellence, innovation, and nationwide reach aligns perfectly with DP World PGTI’s goal to elevate professional golf in India and provide greater opportunities for our players.”
In a sport where every stroke counts and every partnership drives distance, Axis Bank isn’t just backing golfers, it’s investing in the fairway to future, turning India’s greens into a stage where precision meets passion and every drive has the power to inspire.
