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The market expects Oberoi Realty to carry on much as it has.
At today’s share price, buyers are assuming Oberoi Realty grows about 18% a year, forever. Over the last ten years it actually grew about 16% a year. The two are close, so the share price does not need the business to improve or to stumble. It needs it to keep doing roughly what it already does.
- How it is valued: Discounted cash flow.
- What the price assumes: 18% growth, against 16% the model takes from its own record.
- Ten-year record: Between FY2019 and FY2026, Oberoi Realty's revenue went from ₹2,582 crore to ₹6,009 crore — it compounded at about 13% a year over 7 years.
- Biggest swing factor: Luxury sales. Main risk: Mumbai concentration.
01A Mumbai developer with high margins
Oberoi Realty, led by Vikas Oberoi, develops luxury and premium residential towers in Mumbai, including Goregaon, Worli and Borivali, and has expanded into Thane and Gurugram.
It also owns rental assets — Oberoi Mall, Commerz offices and the Westin Mumbai Garden City hotel — and has historically carried little debt.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the growth that price implies for Oberoi Realty, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03Oberoi Realty's record, in plain numbers
Between FY2019 and FY2026, Oberoi Realty's revenue went from ₹2,582 crore to ₹6,009 crore — it compounded at about 13% a year over 7 years. Net profit grew from ₹817 crore to ₹2,507 crore, about 17% a year — faster than revenue, so margins widened. In FY2026 it kept 41.7% of revenue as net profit — against a low of 30.8% in FY2020 and a high of 45.4% in FY2023. The latest year added 13.7% to revenue, close to its own long-run pace.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2019 | 2,582 | 817 | 31.6% |
| FY2020 | 2,238 | 689 | 30.8% |
| FY2021 | 2,053 | 739 | 36.0% |
| FY2022 | 2,694 | 1,047 | 38.9% |
| FY2023 | 4,193 | 1,905 | 45.4% |
| FY2024 | 4,496 | 1,927 | 42.9% |
| FY2025 | 5,286 | 2,226 | 42.1% |
| FY2026 | 6,009 | 2,507 | 41.7% |
04How Oberoi Realty gets valued — and why
Discounted cash flowThis business is valued on the cash it is expected to generate, discounted back at its cost of capital — with growth taken from its own ten-year record rather than from guidance.
05What decides Oberoi Realty's value
Luxury sales
High-value launches drive revenue.
Rental assets
Malls and offices give steady income.
New markets
Thane and Gurugram expand its reach.
Margins
Premium pricing supports high profitability.
06What could go wrong
- Mumbai concentration. Most value is in one city.
- Lumpy sales. Large launches make revenue uneven.
- Property cycle. Luxury demand can soften.
07What the full Oberoi Realty valuation shows
Sign in free to see the complete Oberoi Realty valuation
- ✓Fair value per share — from a ten-year discounted cash flow, every step shown
- ✓The Workbench — change revenue growth, the discount rate or terminal growth and watch Oberoi Realty's value move
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against DLF, Lodha and Godrej Properties
- ✓Downloadable report — the full write-up, yours to keep
08Questions people ask about Oberoi Realty
What does Oberoi Realty build?
Luxury homes, malls, offices and hotels, mainly in Mumbai.
Why are Oberoi Realty's margins high?
Premium pricing and owned land in prime locations.
Is Oberoi Realty linked to Oberoi Hotels?
No; it is a separate company led by Vikas Oberoi.
Is Oberoi Realty overvalued?
At ₹1,798 the market is pricing in roughly 18% sustained growth, against the ~16% its own record supports. That is more than it has delivered, so the price is justified only if the business can hold a rate it has not previously sustained.
What is the intrinsic value of Oberoi Realty?
It is computed from the filed financial statements using the method that fits this business (discounted cash flow), with every assumption shown alongside the result. The per-share figure and the full working are in the report.
How much debt does Oberoi Realty carry?
Debt to equity stands at 0.15, down from 0.24 at the start of the period — the balance sheet is a core input to the cost of capital used here.