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Oberoi realty reported muted pre-sales for Q1FY27

ICICIdirect Research 20 Jul 2026 DISCLAIMER

News: Oberoi realty reported muted pre-sales for Q1FY27 at ₹ 1050 crore (down 36% YoY, down 37% QoQ) due to high base (Elysian, Goregaon project tower launches during base quarters) and decline in Three Sixty West (₹ 110 crore, down 48% YoY, down 15% QoQ). Collections stayed healthy at ₹ 1036 crore (up 4% YoY, up 12% QoQ). Consolidated revenues for Q1FY27 were up 31.7% YoY at ₹ 1301 crore (down 25.7% QoQ) owing to lower base (residential revenue booking had declined 46% YoY and 21% QoQ to ₹ 638 crore during Q1FY26). EBITDA margins improved to 56.4% (higher 374 bps YoY and 156 bps QoQ) led by rental business (higher 264 bps YoY and 784 bps QoQ to 94.9%). Consolidated net profit was up 29% YoY at ₹ 544 crore (down 22.7% QoQ).

View: Oberoi reported soft pre-sales during Q1FY27 in the absence of new tower launches at Elysian, Goregaon project and lower traction from Three Sixty West. Its Oceanic, Bandra West project launch contributed ₹ 153 crore during the quarter. However, residential collections stayed healthy improving both YoY and QoQ. Its Sky City Mall saw improvement in occupancy levels to 82% from 72% in Q4FY26. Further, lower revenue booking in residential business during Q1FY26, led to overall consolidated growth in revenues and net profitability. 

Impact: Neutral

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