Oberoi Realty Q2 Profit Flat at ₹761.7 Cr, Shares Slip 0.3%

Oberoi Realty closed at ₹1,703 on the NSE, a 0.29% slide after reporting a marginal 0.2% YoY rise in consolidated net profit to ₹761.7 cr for the quarter ended 30 Sep. The revenue slump—down 6.1% to ₹1,671 cr—has shareholders looking for a rebound.

Operating margin widened to 60.99% from 57.35%, while the net profit margin climbed to 43.86% versus 41.21% a year earlier, driven by a 13.1‑point lift in EBIT margin. EBIT itself stayed flat at ₹1,019.2 cr, a negligible 0.1% rise from ₹1,020 cr.

Real‑estate sales fell 6.9% to ₹1,625.3 cr, whereas hospitality revenue nudged up 2.2% to ₹45.6 cr. On a sequential basis, net profit jumped 40% from ₹543.5 cr in the June quarter, while revenue grew from ₹1,300.9 cr, reflecting a robust Q1‑Q2 swing.

Half‑year figures show consolidated net profit up 10.5% YoY to ₹1,305.2 cr, total revenue to ₹2,971.8 cr. On a standalone basis, profit rose 19.1% to ₹735.9 cr, but total revenue, including other income, slipped 1.3% to ₹1,588.1 cr.

The board lifted a ₹2 per share second interim dividend, a 20% payout on the ₹10 face value. It also redeemed ₹135 cr of Series‑2 NCDs, bringing the debt‑equity ratio down to 0.14 from 0.18 and net worth to ₹19,089.9 cr. The trading window is set to reopen 19 Oct.

Analysts remain cautious; building‑sector slowdown and rising construction costs are cited as headwinds. The company has not issued new guidance for FY26, but investors will watch the Q3 results on 28 Oct for clues on whether the revenue decline will persist.