Oberoi Realty Q2 profit edges up as Gurugram launch drives bookings

Oberoi Realty reported consolidated net profit of ₹761.65 crore for the quarter ended 30 September 2026, up 0.2% from a year earlier, as its Gurugram launch lifted bookings. The Mumbai-based developer’s board approved the unaudited results on 16 October, and Axis Securities retained its Buy rating and ₹2,200-per-share target in an update dated 21 October.

Revenue from operations fell 6.1% year on year to ₹1,670.95 crore. Profit was up 40.1% from ₹543.51 crore in the preceding quarter. The company recorded a booking value of ₹9,149.69 crore in Q2 FY27, taking first-half bookings to ₹10,199.57 crore, compared with ₹2,937.73 crore in the first half of FY26.

Gurugram project leads bookings

The main contributor was Three Sixty North, Oberoi Realty’s first project in the National Capital Region. Located in Sector 58 on Golf Course Extension Road, the project was launched in late June. ICICI Direct and Motilal Oswal estimated that it generated about ₹7,900 crore in Q2 pre-sales, roughly 86% of the quarter’s total.

Axis’s result update cited adjusted profit after tax of ₹757 crore, distinct from the ₹761.65 crore reported consolidated net profit. The brokerage kept its FY27 and FY28 revenue, adjusted EBITDA and profit estimates unchanged. Its ₹2,200 target is based on a discounted cash flow valuation, a method that estimates value using expected future cash flows.

Other brokerages also maintained positive ratings, though their targets varied. Nomura retained a Buy rating with a ₹2,090 target, while Motilal Oswal initiated coverage with a ₹2,145 target. ICICI Direct retained a Buy rating and a ₹2,200 target using a sum-of-the-parts valuation, which assesses business segments separately.

What investors will watch

The project’s sales have also brought substantial collections: about ₹835 crore in Q2, as cited in Axis’s update. The brokerage said these collections would cover the project’s approximately ₹1,000-crore construction cost. The figures make the pace of further sales and construction spending important to watch as the company expands beyond its established Mumbai market.

Chairman and managing director Vikas Oberoi said the company is open to land purchases and joint development agreements in Delhi, Noida and Gurugram. Such deals would extend its NCR presence, but would also require capital and project execution. The company has not disclosed a specific new land deal in the notes.

The next major project milestone is the planned second phase of Three Sixty North, estimated by ICICI Direct at about ₹7,500 crore in gross development value and expected in FY28, subject to approvals and a Punjab and Haryana High Court order restraining fresh allotments. Investors will also track the planned new tower launch at Elysian in Goregaon. For Oberoi Realty, the next results will show whether the unusually large Gurugram-led booking quarter translates into sustained revenue and cash flow.