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₹1,750 Cr
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What the record says.
Oberoi Realty reported strong operational momentum in Q4 FY26, driven by robust booking at Ellesian Gore and high occupancy at Sky City Mall (72%) and Commerce 3 (98%). The company announced business development of ~4 million sq ft across MMR, including a 2 million sq ft project in Bandra East and redevelopment deals in South Bombay. Management outlined an ambitious launch pipeline for FY27, including 360 North in Gurugram, Oceanic, Fair View, Forest Wheel Tower D, Jardin Tower A, and Alibag. Key risks include rising construction costs (2-3% increase) due to the West Asia crisis, which is eroding contingencies, and potential demand slowdown in ultra-luxury segments as seen in 360 West. The company expects double-digit sales growth in FY28, contingent on timely launches and approvals.
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Guidance to track
- Planned launch of 360 North in Gurugram with 5,000+ and 8,000+ sq ft apartments; L&T appointed as contractor.
- Management expects mall occupancy to reach 100% by March 2027, up from current 72%.
- RLDA will be primarily a sale model (50-60% sale) rather than lease, with potential for faster repayment of land dues.
- Pre-sale portion of Tardev redevelopment to launch in Q3 or Q4 FY27.
Risks flagged
- Costs increased 2-3% due to West Asia crisis, impacting energy, aluminum, glass, and labor; contingencies being eroded.
- 360 West sold only 10 units in FY26 vs 17 in FY25, indicating potential demand weakness at high price points.
- 360 North is Oberoi's first project in Gurugram; management was vague on pricing and strategy, raising uncertainty.
Key quotes
- We have just delivered seven I mean literally five towers we've given possession. We have three more towers which were launched last year and then a year before that there's enough inventory within the project itself which is kind of ready or under construction.
- We are very mindful of that and that's why just 20 minutes ago I said that we probably will even look at strata sale of course once we get strata sale we will ensure that we try and repay them faster.
- Costs have gone up. Energy cost has gone up, aluminum has gone up, glass has gone up, labor's become expensive. So all these are stressing us out.
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