Oberoi Realty's Q2 bookings reach ₹9,150 crore, led by its Gurugram project

Oberoi Realty reported a booking value of ₹9,149.69 crore for the quarter ended September 2026 (Q2 FY27), according to its figures. Elara Securities, in a note dated 20 October 2026, kept its Buy rating and a target price of ₹2,800 on the stock. The stock was trading at ₹1,703 on 16 October, which the note put at a 64% upside to the target. The rating is the broker's view, not a recommendation from this publication.

The quarter was dominated by one project. Three Sixty North in Gurugram contributed about ₹7,891 crore of Q2 bookings, roughly 86% of pre-sales, according to an ICICI Direct analysis. The booking figure is more than three times the ₹2,937.73 crore reported for the first half of FY26. The company's first project outside Mumbai, Three Sixty North was reported in June 2026.

Revenue and profit moved the other way

Bookings and reported earnings did not move together. Consolidated revenue from operations was ₹1,670.95 crore, down 6.1% year on year, and profit was ₹761.65 crore, according to Business Standard's reading of the company's results. Other reports carry slightly different figures, so the numbers here are the ones quoted above. Revenue from under-construction sales is recognised as construction progresses, which is why a strong booking quarter does not show up in revenue straight away.

The company's Chief Financial Officer, Saumil Daru, cautioned that the cash margin of about 80% on Three Sixty North should not be read as a steady-state level. After the results, one market report said the stock fell about 1.8% and that Oberoi had missed some analyst estimates for revenue and earnings per share.

Chairman and Managing Director Vikas Oberoi said the residential, commercial, retail and hospitality businesses had continued to deliver steady performance, reflecting the strength of our diversified portfolio.

Rentals, hospitality and recurring sales

Rental revenue rose 17% year on year, supported by Sky City Mall and Commerz III. Recurring sales were about ₹1,260 crore in the quarter. Goregaon contributed ₹350 crore, Thane ₹210 crore, Mulund ₹190 crore and Borivali ₹180 crore, according to the Elara note's summary.

In hospitality, The Westin Mumbai Garden City recorded a 15% rise in average daily rate and an 8% rise in revenue per available room. Occupancy fell to 75%.

Elara's case rests on valuation. The note says Oberoi trades at roughly a 20% discount to its March 2027 net asset value, and that its development business is valued at less than 10 times FY27–28 core free cash flow to the firm. It also says the quarter could lift its FY27 presales estimate of about ₹14,400 crore. The main risks it names are launch delays and regulatory setbacks.

The board has also declared a second interim dividend of ₹2 per share for FY27. The record date was 23 October 2026, and payment starts from 30 October 2026.

What investors will watch

• Cash margins on Three Sixty North, which the CFO has said should not be treated as steady.
• Whether the FY27 presales run-rate moves toward the ₹14,400 crore estimate Elara cites.
• H2 FY27 launches the note names: Peddar Road, one tower each at Pokhran and Kolshet, Adarsh Nagar in Worli, and Alibaug villas. The note gave no dates.
• Revenue and profit in the next results, to see whether bookings start converting into reported earnings.