Oberoi Realty vs JSW Infrastructure Q4 FY26

OB

Oberoi Realty

Q4 FY26 · Infrastructure

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.

Guidance read

Launch of 360 North in Q1 FY27: Planned launch of 360 North in Gurugram with 5,000+ and 8,000+ sq ft apartments; L&T appointed as contractor. Sky City Mall 100% occupancy by FY27-end: Management expects mall occupancy to reach 100% by March 2027, up from current 72%. RLDA project strata sale model: RLDA will be primarily a sale model (50-60% sale) rather than lease, with potential for faster repayment of land dues. Tardev pre-sale launch in FY27: Pre-sale portion of Tardev redevelopment to launch in Q3 or Q4 FY27.

Risk read

Key risks include Rising construction costs — Costs increased 2-3% due to West Asia crisis, impacting energy, aluminum, glass, and labor; contingencies being eroded.; Slowdown in ultra-luxury demand — 360 West sold only 10 units in FY26 vs 17 in FY25, indicating potential demand weakness at high price points.; Execution risk in new market (Gurugram) — 360 North is Oberoi's first project in Gurugram; management was vague on pricing and strategy, raising uncertainty..

Promise ledger

Scorecard data is being built as historical quarters are processed.

JSW Infrastructure delivered a resilient Q4 FY26 with consolidated revenue of ₹1,522 crore (+19% YoY) and EBITDA of ₹769 crore (+20% YoY), despite a ~₹30 crore EBITDA hit from Middle East disruptions at its Fujairah terminal. Port segment revenue grew 12% YoY to ₹1,295 crore, driven by price hikes at Goa/Mangalore and ancillary services. Logistics EBITDA surged 14x to ₹118 crore for the full year, aided by Navkar's capacity utilization rising to 60% and the acquisition of 25 rakes. Management maintained FY27 EBITDA guidance of ₹3,000 crore and FY28 target of ₹5,000 crore, underpinned by brownfield expansions and the SMPA Kolkata terminal commencing interim operations. Key risks include further escalation in Middle East tensions delaying Fujairah recovery and potential environmental compliance costs at Dharamtar.

Guidance read

FY27 Consolidated EBITDA Guidance of ₹3,000 crore: Management reaffirmed FY27 EBITDA target of ₹3,000 crore, implying 15% growth over FY26 base of ₹2,604 crore. FY28 Consolidated EBITDA Target of ₹5,000 crore: EBITDA expected to nearly double from FY26 to ₹5,000 crore by FY28, driven by port capacity additions and logistics ramp-up. Logistics EBITDA Guidance of ₹400 crore in FY27 and ₹700 crore in FY28: Logistics segment EBITDA targets maintained at ₹400 crore for FY27 and ₹700 crore for FY28, with Navkar contributing ~₹200 crore. Capex Plan of ₹16,500 crore for FY27-28: Company plans to invest ~₹16,500 crore over FY27-28, with ₹13,000 crore for ports and ₹3,500 crore for logistics.

Risk read

Key risks include Middle East Geopolitical Disruption at Fujairah — Damage to three storage tanks at the Fujairah terminal due to regional conflict; operations expected to normalize progressively but timing uncertain.; Environmental Compliance at Dharamtar Port — Analyst raised concerns about an environmental committee report on dust spillover affecting mangroves; management confirmed compliance but risk of regulatory action remains.; Insurance Claim Uncertainty for Fujairah — Company has filed insurance claim for asset damage and loss of profit, but management noted the region is seeing such events for the first time, leading to a ₹68 crore provision.; Volume Deferment Due to Vessel Availability — Lower vessel availability and higher freight costs led to cargo deferments at Indian operations, impacting Q4 volumes..

Promise ledger

Scorecard data is being built as historical quarters are processed.