Key Metrics of Oberoi Realty
About Oberoi Realty
Sectors
Company details
- Website
- oberoirealty.com
- Founded
- 1980
- Registered office
- Commerz, 3rd Floor, International Business Park,, Oberoi Garden City, Off W.e. Highway, Goregaon (e), Mumbai, In-mh, 400063
- Listed
- NSE: OBEROIRLTY · ₹1,646.50
Operational Areas of Oberoi Realty
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 Oct 2026 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹2,308 Cr | View |
| 08 Oct 2025 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹2,277 Cr | View |
| 10 Oct 2024 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹2,920 Cr | View |
| 28 Mar 2024 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹2,056 Cr | View |
| 05 Sep 2023 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹1,580 Cr | View |
| 06 Sep 2022 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹300 Cr | View |
| 13 Apr 2022 | CARE | Other | — | — | — | — | View |
| 25 Feb 2022 | CARE | Assigned | AA+ | A1+ | Stable | ₹300 Cr | View |
| 06 Dec 2021 | CARE | Reaffirmed | AA+ | — | Stable | ₹1,170 Cr | View |
| 22 Nov 2021 | CARE | Withdrawn | — | — | — | ₹0 | View |
| 17 Aug 2021 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹75.0 Cr | View |
| 06 Oct 2020 | CARE | Reaffirmed | AA+ | A1+ | Negative | ₹450 Cr | View |
| 29 Sep 2020 | CARE | Assigned | AA+ | — | Negative | ₹1,400 Cr | View |
| 24 Apr 2020 | CARE | Reaffirmed | AA+ | A1+ | Negative | ₹600 Cr | View |
| 05 Jul 2019 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹525 Cr | View |
| 26 Apr 2019 | CARE | Reaffirmed | — | A1+ | — | ₹300 Cr | View |
Credit strengths (CARE, Oct 2026)
+ Improved scale of operation with healthy profitability margins
In FY26, ORL’s revenue improved to ₹6,009 crore compared to ₹5,286.28 crore in FY25. ORL has four revenue drivers: residential, rental, hospitality, and property management services (PMS). The residential segment contributed ~75% to the total revenue, followed by rental, hospitality, and PMS. In FY26, ORL witnessed steady revenue growth in the residential segment, while major growth was driven by increased occupancy of leasing segment supported by the addition of the new commercial project, COMM
+ Diversified portfolio having a mix of residential, commercial, and hospitability segments
ORL has diversified operations across residential, commercial, retail, and hospitality segments. Performance across key segments improved and remained healthy in FY26 and Q1FY27. CareEdge Ratings expects this trend to sustain in FY27. Occupancy from leased assets improved to 98% in Q1FY27 compared to 91% in FY26. Apart from this, ORL commenced operations of its retail project, SKY CITY MALL, with a total gross leasable area of 12.07 lakh sq ft, of which ~82% was leased in Q1FY27 indicating
+ Healthy cashflow from residential segment and satisfactory construction progress
On a consolidated basis, ORL sold 11.48 lsf (carpet area) in FY26 compared to 12.8 lsf (carpet area) in FY25. In Q1FY27, ORL sold 2.29 lsf compared to 3.53 lsf in Q1FY26. In FY26, ORL reported pre-sales of ₹5,447 crore (FY25: ₹5,259 crore) and collections of ₹4,250 crore (FY25: ₹4,372 crore). As on June 30, 2026, ORL sold ~72% of the total launched project, indicating strong sales momentum. Of the total area sold, ~98% is registered, indicating minimal likelihood of cancellation and supporting s
+ Experienced promoter and well-established brand in the real estate industry
ORL is promoted by Vikas Oberoi, Chairman and Managing Director, who is a first-generation entrepreneur. The company was earlier known as Kingston Properties Private Limited. The promoter has over 40 years of experience in executing real estate projects in MMR. The promoter and promoter group held a 67.70% stake in the company as on June 30, 2026. The company’s day-to-day operations are managed by a team of qualified and experienced professionals. Over the years, ORL has executed
Credit challenges
− Geographical concentration associated with presence in a single city
ORL operates in MMR through its wholly owned subsidiaries and group companies. Hence, its operations remain highly exposed to the vagaries of micro-market forces in the region. To diversify its geographic presence, the company is expanding into adjacent micro-markets such as Thane and has initiated its entry into new markets including the NCR while exploring opportunities in Bengaluru. The strong response to its maiden NCR project provides comfort regarding the company's ability to establish a p
− Inherent risk associated with execution of large-scale projects amid cyclical nature of real estate industry
As on June 30, 2026, ORL had 10 projects under execution, with ~64% of the total project cost already incurred. These projects are primarily located in the MMR and Thane markets, with a healthy pipeline of upcoming developments, including extensions and subsequent phases of ongoing projects. While the company currently exhibits geographical concentration in these regions, it is actively looking to expand into new micro -markets such as Pune, Bengaluru, and NCR. The strong response received for i
Could lead to an upgrade
• Net debt-free position of the company at a consolidated level on a sustained basis
Could lead to a downgrade
• Moderating financial risk profile of the company with an overall gearing ratio above 0.30x at a consolidated level on a sustained basis. • Committed receivables coverage to balance project cost and outstanding debt in residential segment below 75% and debt to rentals of operational commercial leasing portfolio above 2x on a sustained basis.
Agency-reported financials (CARE, 07 Oct 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹5,286 Cr | ₹6,009 Cr | ₹1,362 Cr |
| PBILDT* | ₹3,103 Cr | ₹3,397 Cr | ₹795 Cr |
| Profit after tax (PAT) | ₹2,226 Cr | ₹2,507 Cr | ₹544 Cr |
| Overall gearing (x) | 0.21× | 0.16× | — |
| Interest coverage (x) | 11.70× | 12.22× | 15.16× |
| Revenue growth (YoY) | — | 13.7% | — |
| PAT margin | 42.1% | 41.7% | 39.9% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank | Working capital & bank lines | — | ₹300 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| facilities Long-term bank facilities | Working capital & bank lines | — | ₹591 Cr | — | AA+ / A1+ (Stable) | Assigned | CARE |
| Long-term bank facilities | Working capital & bank lines | — | ₹237 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹880 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| Commercial paper | Commercial paper | — | ₹300 Cr | — | A1+ | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE093I07074 | convertible Complex Oct Oct | Debentures & bonds | — | — | — | ₹280 Cr | AA+ | Not stated |
| INE093I07082 | convertible Complex Oct Oct | Debentures & bonds | — | — | — | ₹600 Cr | AA+ | Not stated |
| INE093I07033 | Debentures Non | Debentures & bonds | — | 16 Dec 2021 | 16 Dec 2023 | ₹230 Cr | AA+ | Matured |
| INE093I07066 | — | Debentures & bonds | — | — | — | — | — | Withdrawn |
| INE093I07058 | Convertible Dec Dec | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
| INE093I07041 | Debentures Non Dec Dec | Debentures & bonds | — | — | — | — | AA+ | Withdrawn |
| INE093I07025 | — | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| CC/WCDL/OD/LC/BG | ₹300 Cr | CARE AA+; Stable / CARE A1+ |
| Commercial Paper (Standalone) | ₹300 Cr | CARE A1+ |
| LT/ST | — | Withdrawn |
| Non Convertible Debentures | — | Withdrawn |
| Non Convertible Debentures | ₹880 Cr | CARE AA+; Stable |
| Term Loan | ₹828 Cr | CARE AA+; Stable |
Lenders
| Fund-based - LT | Term Loan | HSBC Ltd. |
| Fund-based - LT | Term Loan | ICICI Bank Ltd. |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | Axis Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 22 Nov 2021 · Withdrawn (reason not stated in report) |
| Next action stable or better (model) | 81% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 81% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- Interest coverage 15.16×
What happened, step by step
- Jul 2019 — ₹1,200 cr raised
- Apr 2020 — Full repayment of NCDs
“Capital structure continues to be favorable During FY19, the company raised Rs.1,200 crore through issue of shares to qualified institutional investors.”
- Apr 2019 — ₹1,200 cr raised through equity
- Apr 2020 — Full repayment of NCDs
“The company has further raised equity of Rs.1200.00 crore in June, 2018 through QIP route.”
Rated limits by facility
Timeline
From the report
Press Release CareEdge Ratings has withdrawn ratings assigned to the NCDs issued by ORL with immediate effect, as the company has repaid the NCDs (INE093I07066) in full and there is no amount outstanding under the instrument as on date.For NCDs (INE093I07074), there has been part repayment made amounting to ₹220 crore, current outstanding stands at ₹280 crore.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Net debt-free position of the company at a consolidated level on a sustained basis Negative factors • Moderating financial risk profile of the company with an overall gearing ratio above 0.30x at a consolidated level on a sustained basis. • Committed receivables coverage to balance project cost and outstanding debt in residential segment below 75% and debt to rentals of operational commercial leasing portfolio above 2x on a sustained basis.
From the report
Liquidity: Strong ORL’s strong liquidity position is characterised by availability of free cash and cash equivalents of ~₹ 2,944 crore (including Real Estate Regulatory Authority [RERA] balances and Mutual Funds ) at a consolidated level as on March 31, 2026 , which is sufficient to meet its FY27 debt obligations.
From the report
CARE Ratings Limited (CareEdge Ratings) has withdrawn ratings assigned to the non -convertible debentures (NCDs) issued by ORL with immediate effect, as the company has repaid the NCDs in full and there is no amount outstanding under the instrument as on date.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Net debt-free position of the company at a consolidated level on a sustained basis Negative factors • Moderating financial risk profile of the company with an overall gearing ratio above 0.30x at a consolidated level on a sustained basis. • Committed receivables coverage to balance project cost and outstanding debt in residential segment below 75% and debt to rentals of operational commercial leasing portfolio above 2x on sustained basis.
From the report
Liquidity: Strong ORL’s strong liquidity position is characterised by availability of free cash and cash equivalents of ~₹2,950 crore (including Real Estate Regulatory Authority [RERA] balances of ₹250 crore) at a consolidated level, which is sufficient to meet its FY26 (FY refers to April 01 to March 31) debt obligations.
From the report
This apart, ORL’s liquidity position remained strong with availability of cash and cash equivalent of ₹1,382.08 crore as on June 30, 2024, and unutilised working capital facilities.
From the report
CARE Ratings has withdrawn the outstanding rating assigned to the non-convertible debenture (NCD) (ISIN: INE093I07041), as the company has repaid the NCD in full and there is no amount outstanding under the instrument as on date. 1Complete definition of ratings assigned are available at www.careedge.in and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd.
From the report
Press Release Rating sensitivities: Factors likely to lead to rating actions Positive factors • Net debt-free position of the company at a consolidated level on a sustained basis.
From the report
The improvement in overall gearing was considering prepayment of debt and accreditation of profits to net worth.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Net debt-free position of the company at a consolidated level on a sustained basis.
From the report
Liquidity: Strong At a consolidated level, ORL had free cash and cash equivalents of around ₹900 crore as on December 31, 2023, unutilised CP limits of ₹300 crore, and overdraft (OD) limits have remained un-utilised since August 2023.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Net debt-free position of the company at a consolidated level on a sustained basis.
From the report
Liquidity: Strong ORL, at a consolidated level, had free cash and cash equivalents of around ₹660 crore as on June 30, 2023, unutilised commercial paper limits of ₹300 crore, and the un-utilised overdraft (OD) limits stood close to 67% as on July 31, 2023.
From the report
Rating sensitivities Positive factors – Factors that could lead to positive rating action/upgrade: • Net debt-free position of the company at a consolidated level on a sustained basis.
From the report
Liquidity: Strong ORL, at a consolidated level, has free cash and cash equivalent of around ₹1,300 crore as on June 30, 2022, un-availed commercial paper programme of ₹300 crore, and average utilisation of overdraft limit continues to be in the range of 45- 50%, imparting strong liquidity support towards servicing of the scheduled debt obligations for FY23.
From the report
Liquidity: Strong ORL, at a consolidated level, has free cash and cash equivalent of around ₹1,300 crore as on June 30, 2022, un-availed commercial paper programme of ₹300 crore, and average utilisation of overdraft limit continues to be in the range of 45- 50%, imparting strong liquidity support towards servicing of the scheduled debt obligations for FY23.
From the report
Liquidity: Strong ORL, at a consolidated level, has free cash and cash equivalent of around ₹1,300 crore as on June 30, 2022, un-availed commercial paper programme of ₹300 crore, and average utilisation of overdraft limit continues to be in the range of 45- 50%, imparting strong liquidity support towards servicing of the scheduled debt obligations for FY23.
From the report
Rating Sensitivities Positive factors - Factors that could lead to positive rating action/upgrade: • Net debt-free position of the company at consolidated level on a sustained manner.
From the report
Liquidity: Strong ORL, at consolidated level, has free cash and cash equivalent of around Rs.1,000 crore as on December 31, 2021, un-availed Commercial paper programme of Rs.300 crore, and average utilisation of Overdraft limit continues to be in the range of 65%- 70% imparting strong liquidity support towards servicing of the debt obligations aggregating Rs.965 crore payable in FY22.
From the report
Liquidity: Strong ORL, at consolidated level, has free cash and cash equivalent of around Rs.1,000 crore as on December 31, 2021, un-availed Commercial paper programme of Rs.300 crore, and average utilisation of Overdraft limit continues to be in the range of 65%- 70% imparting strong liquidity support towards servicing of the debt obligations aggregating Rs.965 crore payable in FY22.
From the report
Liquidity: Strong ORL, at consolidated level, has free cash and cash equivalent of around Rs.1,000 crore as on December 31, 2021, un-availed Commercial paper programme of Rs.300 crore, and average utilisation of Overdraft limit continues to be in the range of 65%- 70% imparting strong liquidity support towards servicing of the debt obligations aggregating Rs.965 crore payable in FY22.
From the report
Rating Sensitivities Positive factors - Factors that could lead to positive rating action/upgrade: • Net debt free position of the company at consolidated level on sustained manner Negative Factors- Factors that could lead to negative rating action/downgrade: • Moderation in financial risk profile of the company with overall gearing ratio above 0.30 times at consolidated level on sustained manner • Committed receivables to balance project cost and outstanding debt is less than 75% at consolidated level Detailed description of the key rating drivers Key Rating Strengths Experienced promoter pos
From the report
Liquidity: Strong ORL at consolidated level has free cash and cash equivalent of Rs.345 crore as on June 30, 2021, unavailed Commercial paper programme of Rs.300 crore and average utilisation of Overdraft limit for 12-month period ended May 31, 2021 stood at 68% imparting strong liquidity support towards servicing of the debt obligations aggregating Rs.965 crore payable in FY22.
From the report
Liquidity: Strong ORL at consolidated level has free cash and cash equivalent of Rs.345 crore as on June 30, 2021, unavailed Commercial paper programme of Rs.300 crore and average utilisation of Overdraft limit for 12-month period ended May 31, 2021 stood at 68% imparting strong liquidity support towards servicing of the debt obligations aggregating Rs.965 crore payable in FY22.
From the report
Liquidity: Strong ORL at consolidated level has free cash and cash equivalent of Rs.345 crore as on June 30, 2021, unavailed Commercial paper programme of Rs.300 crore and average utilisation of Overdraft limit for 12-month period ended May 31, 2021 stood at 68% imparting strong liquidity support towards servicing of the debt obligations aggregating Rs.965 crore payable in FY22.
From the report
Rating Sensitivities Positive factors - Factors that could lead to positive rating action/upgrade: Net debt free position of the company at consolidated level on sustained manner Negative Factors- Factors that could lead to negative rating action/downgrade: Moderation in financial risk profile of the company with overall gearing ratio above 0.30 times at consolidated level on sustained manner Committed receivables to balance project cost and outstanding debt is less than 75% at consolidated level Outlook: Stable The revision in outlook from ‘Negative’ to ‘Stable’ is on account of robust
From the report
Liquidity analysis: Liquidity: Strong ORL at consolidated level has free cash and cash equivalent of Rs. 345 crore as on June 30, 2021, unavailed Commercial paper programme of Rs. 300 crore and average utilisation of Overdraft limit for 12- month period ended May 31, 2021 stood at 68% imparting strong liquidity support towards servicing of the debt obligations aggregating Rs. 965 crore payable in FY22.
From the report
Liquidity analysis: Liquidity: Strong ORL at consolidated level has free cash and cash equivalent of Rs. 345 crore as on June 30, 2021, unavailed Commercial paper programme of Rs. 300 crore and average utilisation of Overdraft limit for 12- month period ended May 31, 2021 stood at 68% imparting strong liquidity support towards servicing of the debt obligations aggregating Rs. 965 crore payable in FY22.
From the report
Liquidity analysis: Liquidity: Strong ORL at consolidated level has free cash and cash equivalent of Rs. 345 crore as on June 30, 2021, unavailed Commercial paper programme of Rs. 300 crore and average utilisation of Overdraft limit for 12- month period ended May 31, 2021 stood at 68% imparting strong liquidity support towards servicing of the debt obligations aggregating Rs. 965 crore payable in FY22.
From the report
On the other hand as the group has already prepaid its NCDs maturing in April 23, 2020 and line of credit to be repaid on August 31, 2020, the group’s debt obligations confine to the interest to be serviced on its debt obligations .
From the report
Rating Sensitivities Negative Factors If tied-up receivables to pending project cost and outstanding debt deteriorates to less than 50% Achievement of lower than anticipated collections amidst slowdown in the real estate market 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release Detailed description of the key rating drivers Key Rating Strengths Vast experience of the promoters in the real estate business coupled with strong management team Mr.
From the report
Liquidity: Strong The group’s liquidity position continues to be strong with unencumbered cash and cash equivalents (including liquid investments) of Rs.90.60 crore as on June 30, 2020.
From the report
On the other hand as the group has already prepaid its NCDs maturing in April 23, 2020 and line of credit to be repaid on August 31, 2020, the group’s debt obligations confine to the interest to be serviced on its debt obligations. .
From the report
Liquidity: Strong The group’s liquidity position continues to be strong with unencumbered cash and cash equivalents (including liquid investments) of Rs.90 crore as on March 31, 2020.
From the report
On the other hand as the group has already prepaid its NCDs maturing in April 23, 2020 and line of credit to be repaid on Septembe r 2020, the group’s debt obligations confine to the interest to be serviced on its debt obligations which is approximately Rs.10 cro re per month.
From the report
Capital structure continues to be favorable During FY19, the company raised Rs.1,200 crore through issue of shares to qualified institutional investors.
From the report
Healthy liquidity profile The company’s liquidity position continues to be healthy with cash and cash equivalents (including liquid investments) of Rs.740.33 crore.
From the report
The company has further raised equity of Rs.1200.00 crore in June, 2018 through QIP route.
From the report
Liquidity Analysis: ORL has strong liquidity as characterized by cash and bank balance (including liquid investment) of Rs. 973.79 crore as on December 31, 2018.
From the report
The company has repayment obligation of Rs. 250 crore in FY20.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Oberoi Realty
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.