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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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Google nears Nvidia in race for world’s most valuable company
Market cap gap narrows as Google hits $4.65 trillion, Nvidia at $4.86 trillion.
MUMBAI: In the AI gold rush, even the giants are sprinting and Google is suddenly gaining ground. Google is rapidly closing in on Nvidia in the race to become the world’s most valuable publicly listed company, with the gap between the two narrowing sharply amid diverging stock momentum. The tech giant’s market capitalisation has surged to around $4.65 trillion, following a more than 140 per cent rise in its share price over the past year.
That rally has added over $2.6 trillion in value in just 12 months, including nearly $900 billion since January alone. Its stock recently hovered at $381.80, slipping marginally by 0.04 per cent, but still reflecting strong upward momentum.
Nvidia, meanwhile, continues to hold the top spot with a valuation of approximately $4.86 trillion. The chipmaker crossed the $5 trillion milestone in October last year and peaked at $5.27 trillion on 27 April. However, its shares have largely plateaued over the past six months, rising just 0.2 per cent recently to $199.99.
The contrast in trajectories is striking. While Nvidia has seen relatively flat movement, Google has gained over 36 per cent in the same six-month period. Barron’s estimates suggest that if current trends hold, the valuation gap could shrink to as little as $190 million by the time Nvidia reports its first-quarter earnings on 20 May.
Daily momentum paints a similar picture. Nvidia recorded average daily gains of about 0.66 per cent last month, compared to Google’s stronger 1.42 per cent, an edge that could prove decisive in the short term.
Driving Google’s resurgence is its aggressive push into artificial intelligence across its ecosystem, from search and YouTube to cloud computing. The company has already invested $144 billion in capital expenditure over the past two years and plans to deploy a further $490 billion over the next two.
Its cloud division is also gathering pace. Google Cloud reported an order backlog of nearly $220 billion in the latest quarter, with total backlog touching a record $462 billion, around half of which is expected to be realised within two years. The company’s entry into chip sales is also beginning to factor into its growth narrative.
The last time Google briefly topped the S&P 500 by market value was in February 2016, when it edged past Apple for just two days. This time, the stakes and the numbers are far higher.
At the heart of the contest lies a single force: artificial intelligence. As both companies pour billions into infrastructure, chips and platforms, the leaderboard is no longer just about size, it is about who can scale the future faster.
