Q1 presales solid for top realty cos, profits patchy

DLF and Prestige power sales; Godrej and Oberoi face revenue drag

- PRACHI PISAL

India's top listed real estate developers — DLF, Lodha Group, Prestige Estates, and Oberoi Realty, excluding Godrej Properties — reported strong presales growth in the first quarter (Q1) of 2025-26 (FY26), even as earnings showed a mixed trend.

According to Nomura, the top five developers — DLF, Lodha, Prestige, Oberoi, and Godrej — recorded a cumulative 59 per cent year-on-year (Y-o-Y) growth in presales.

On the earnings front, Lodha, Prestige, DLF, and Godrej posted profit growth of 42 per cent, 26 per cent, 18 per cent, and 15 per cent Y-o-Y, respectively.

"This momentum is not just about volume, it's about the quality of demand. Premium and luxury projects, particularly in Mumbai, Delhi-National Capital Region (NCR), and Bengaluru, are driving growth. This reflects both rising disposable incomes and a clear consumer preference for execution credibility and amenities that listed players uniquely offer," said Vijay Agrawal, managing director and sector lead — infrastructure, Equirus Capital.