Oberoi Realty Q1: consolidated PAT ₹544 Cr, +29% YoY as margins expand; QoQ dip is seasonal

Oberoi Realty opened FY27 with consolidated PAT of ₹543.51 Cr, up ~29% YoY from ₹421.25 Cr, on revenue from operations of ₹1,300.89 Cr (+31.7% YoY). Both prints are clean — there are no exceptional items on either side of the YoY comparison, so reported and adjusted growth are the same. Net profit margin held at 39.9% (vs 39.2% a year ago) while operating margin expanded to 56.4% from 52.7%, helped by a real-estate-heavy revenue mix and a sharp drop in finance cost to ₹52.4 Cr from ₹75.0 Cr YoY. Standalone PAT was ₹507.63 Cr on ₹1,038.27 Cr operating revenue; the ~7% consolidated-vs-standalone PAT gap reflects subsidiary and hospitality contribution, but both tell the same growth story. The sequential decline — revenue -25.7% and PAT -22.7% QoQ from a strong Q4 FY26 (₹1,749.83 Cr / ₹703.28 Cr) — is a seasonality/lumpiness artifact rather than deterioration: real-estate revenue is recognised on project completion/handover, so Q4 is structurally the heaviest quarter and Q1 the lightest. YoY is the fair read here, and it is firmly positive. Management gives no formal quantitative guidance; the last concall (Jan 2026) framed steady revenue recognition off the development pipeline plus growing annuity rental income on a net-cash balance sheet — this quarter is consistent with that. Booked sales momentum sits outside the P&L but matters: the company reported ₹8,109 Cr of bookings at its Gurugram project and launched the ultra-luxury 'Three Sixty North' there this quarter, which will feed future revenue recognition rather than the current line. The Board declared a ₹2/share interim dividend (20% of face value) and consolidated Hotel Horizon Pvt Ltd (49.999% stake, ₹459.5 Cr unsecured loan infused) following the NCLT-approved CIRP resolution. A ₹5.05 Cr ESOP charge (18.38 lakh options at ₹1,650) was booked in employee costs. Street did not publish a hard PAT consensus we could verify for this quarter; sector previews (Zee Business/Ambit) flagged that Oberoi, like DLF and ABREL, ran no new launches early in Q1FY27 and that pre-sales could moderate, keeping the focus on launch timing rather than the reported earnings line — which came in strong.