Q1 presales solid for India's top listed real estate firms, profits patchy

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

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 42, Prestige 26, DLF 18, and Godrej 15 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. 

Godrej, however, saw a revenue decline due to the timing of project completions and fewer deliveries, despite higher profits. Oberoi’s profit and revenue also fell, attributed to slower revenue recognition from limited launches and restricted availability, said Anuj Puri, chairperson, Anarock.

 

DLF and Prestige led the quarter in presales. Prestige’s sales surged 303 per cent Y-o-Y, driven by launches in Bengaluru, Chennai, and NCR. The company had missed its 2024-25 launch targets due to approval delays, with some projects carried forward into Q1FY26.

 

DLF’s performance was driven by its luxury project, DLF Privana North in Gurugram, which clocked sales of ₹11,000 crore. Lodha’s presales rose 10 per cent Y-o-Y, partly hit by two weeks of geopolitical tensions between India and Pakistan.

 

Oberoi’s presales jumped 56 per cent, supported by the launch of Tower D at its Oberoi Elysian project in Mumbai’s Goregaon. Lodha launched 3.9 million square feet of projects with a gross development potential (GDV) of ₹8,300 crore. Its presales growth was driven by sustained demand as consumers increasingly preferred branded, quality housing, the company said.

 

Aniket Dani, director of research, Crisil Intelligence, added: “Focus on operational efficiency enabled major developers to optimise realisation from ongoing projects, underscoring the industry’s resilience and growth momentum. Most developers maintained healthy balance sheets by using realisation to fund construction expenditure.”

 

Nomura noted that collection momentum in Q1FY26 was uneven. Godrej and Prestige saw the strongest growth, while DLF and Lodha were relatively muted. DLF expects collections to improve through the year, while Lodha typically records stronger inflows in the second half.

 

Business development (BD) was also robust, led by Lodha and Godrej, which added projects worth ₹22,700 crore and ₹11,400 crore in GDV, respectively. Godrej achieved 57 per cent of its FY26 BD guidance, while Lodha crossed 90 per cent in just the first quarter.

 

Experts said sales momentum stayed resilient despite a volatile global backdrop, aided by easing interest rates and moderating inflation. While US–China trade frictions and the Russia–Ukraine conflict had little direct impact on domestic sales, higher commodity prices pushed up construction costs, Puri observed.

 

Despite uncertainty around tariffs and information technology sector job cuts, all major developers —except Oberoi, which does not provide guidance — maintained their FY26 presales targets, Nomura said. Lodha added that branded developers remain “supply-constrained, not demand-constrained”.