Oberoi Realty vs Keystone Realtors 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.

Keystone Realtors delivered a stellar Q4 FY26 with pre-sales of ₹1,346 crore, up 58% YoY, and full-year pre-sales of ₹4,022 crore (+33% YoY), meeting guidance. The company achieved its highest-ever quarterly pre-sales, driven by strong demand in premium and emerging premium segments. Collections rose 13% to ₹2,622 crore, and operational cash flow stood at ₹715 crore. Management guided for FY27 pre-sales of ₹5,000 crore and reiterated the FY30 target of ₹10,000 crore, supported by a robust pipeline of cluster redevelopments and commercial annuity assets. The transition to percentage-of-completion accounting will better reflect margins. A key risk is potential input cost inflation (8-13% on certain items) due to global commodity volatility, though the company's pricing strategy provides some insulation.

Guidance read

FY27 pre-sales target of ₹5,000 crore: Management guided for pre-sales of ₹5,000 crore in FY27, representing ~25% growth over FY26. FY30 pre-sales target of ₹10,000 crore: Long-term target to achieve ₹10,000 crore pre-sales by FY30, implying a CAGR of ~26% from FY27. FY27 project launches of ₹8,000 crore GDV: Management expects to launch projects with an estimated GDV of ₹8,000 crore in FY27. FY27 business development of ₹8,000+ crore GDV: Target to acquire projects with GDV of ₹8,000 crore or more in FY27.

Risk read

Key risks include Input cost inflation — Commodity price volatility (steel, aluminium, glass) could increase construction costs by ~5% overall, with certain items up 8-13%.; Legacy project margin drag — Legacy low-margin projects (e.g., Crown) still contribute 62% of revenue in FY26; full transition to high-margin projects expected only by FY28.; Geopolitical risk impacting demand — Middle East crisis could slow footfalls and conversions, especially in the 1-3 crore segment, though premium demand remains resilient..

Promise ledger

Scorecard data is being built as historical quarters are processed.