Oberoi Realty Limited — Q4 FY26

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.