Oberoi Realty, the Mumbai-headquartered premium real estate developer, heads into its Q2 FY 2026-2027 print with residential demand in its home MMR market running at multi-year highs. The two biggest things the results will speak to are the residential margin trajectory after Q1's project-mix-driven dip to 51%-52%, and the Three Sixty North Gurugram project, where a court restriction on fresh allotments was in effect for the entire quarter even as existing bookings of about Rs. 7,891 crore remained unaffected.
| Results date | October 16, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,300.89 Cr |
| Previous quarter PAT | Rs. 543.51 Cr |
| Market cap | Rs. 61,768.75 Cr |
| CMP | Rs. 1,698.8 |
The board is scheduled to meet on October 16, 2026, to consider the Q2 FY27 unaudited results and a second interim dividend for FY26-27, including its record date.
The quarter's central question is how much of the growth story the MMR portfolio alone can sustain, with the Three Sixty North fresh-allotment restriction in effect for the entirety of Q2 FY27 while existing bookings of approximately Rs. 7,891 crore and construction were reported unaffected. The demand backdrop in Oberoi's home market was strong — Mumbai property registrations hit 14-year highs in each month of the quarter, with July at 13,617 (+8.3% YoY), August at 12,503 (+11% YoY) and September at 12,622 (+5% YoY, the highest September in 14 years). On margins, Q1 FY27 residential operating margin of 51%-52% was below the 55% level of the preceding three quarters, which management attributed to project mix rather than commodity costs, with project margins ranging from 43%-44% to "65%-odd"; steel input costs rose through the quarter, with TMT bar prices at Rs. 58,000/tonne in August (+6% YoY) and HRC at Rs. 70,448/tonne (+15% YoY). The RBI kept the policy repo rate unchanged at 5.25% on August 5, 2026, leaving home-loan affordability stable versus Q1 FY27. On the annuity side, Sky City Mall stood at 82% occupancy after its first year, with management having guided to near 100% occupancy within the current year, in a retail leasing market where vacancy rates across top cities are at their lowest since 2010. The upcoming call is also likely to cover the FY27 launch slate of Peddar Road, Thane phases, Alibaug and Tardeo, with Alibaug tracked against a potential Q3 FY27 launch.
Three Sixty North litigation and balance-phase launch plan: The Gurugram project's legal position changed during the announcement window and the balance-inventory strategy remains undecided.
FY27 launch pipeline: Peddar Road, Thane, Alibaug, Tardeo and Mulund
Residential margin bridge and construction-cost contingencies
Mall occupancy targets and hotel opening timelines
Development-property cash outflow of Rs. 786 crore
Chairman and Managing Director Vikas Oberoi said double-digit sales growth "could have been possible this year also" had Three Sixty North launched, but the Q4 FY26 summary explicitly characterises this as plausible commentary rather than formal guidance. The company provides no formal group sales-growth target.
Yes — the Director of Finance confirmed that all allotments and allocation relating to gross bookings of Rs. 80 billion-plus were done. The restriction on fresh allotments applies to new sales, not the completed bookings.
Residential operating margin was 51%-52% in Q1 FY27 versus 55% in the preceding three quarters, and management attributed the movement to the mix of projects contributing revenue. It said the decline was not due to commodity prices or unexpected cost increases, with project margins ranging from 43%-44% to "65%-odd".
Management confirmed total potential carpet area of 2.6 million square feet, with approximately 1.4 million square feet sold. RERA approval covers the launched phase, with approval for the balance phase to be sought.