“Earnings for major real estate developers are expected to remain stable and improve gradually, supported by increased construction activity across key markets, which should drive higher revenue recognition. This is likely to translate into stronger collections, improved operating cash flows, and a reduction in leverage levels over time,” said Vijay Agrawal, managing director and sector lead – infrastructure at Equirus Capital.
While overall housing sales have moderated across top cities, listed developers are expected to outperform the broader market due to brand strength, execution capabilities, geographic diversification, and a focus on mid-income and premium segments. In Q3FY26, housing sales in India’s top nine cities stood at 98,019 units, declining 16 per cent year-on-year (Y-o-Y), according to PropEquity, a real estate data analytics firm.
Motilal Oswal Financial Services is expecting its coverage universe (including the top five listed developers) to report presales of ₹40,700 crore in Q3FY26, up 13 per cent Y-o-Y and 20 per cent quarter-on-quarter (Q-o-Q), due to increased launches during the quarter. Volumes sold are expected to stand at 30 million square feet (msf), up 58 per cent Y-o-Y and 28 per cent Q-o-Q.
Further, collections are likely to increase 54 per cent Y-o-Y to ₹32,600 crore. Revenue recognition is expected to stand at ₹21,300 crore (up 36 per cent Y-o-Y), with earnings before interest, taxes, depreciation, and amortisation (Ebitda) of ₹6,600 crore (up 49 per cent Y-o-Y) and a margin of 31 per cent. Adjusted profit after tax (PAT) is expected to rise 64 per cent Y-o-Y to ₹5,800 crore, with an adjusted PAT margin of 27 per cent.
Anarock Group Chairperson Anuj Puri noted that launch activity by top developers is projected to have risen by 8-10 per cent Y-o-Y for the quarter. The launch pipeline is increasingly skewed toward premium projects, with over 50 per cent of launch value in the luxury and upper mid-income segments.
Several planned launches of developers for Q3FY26 have been postponed to Q4FY26, with delays in regulatory approvals being one of the key challenges.
DLF, the country’s top listed developer, did not launch any new project during the quarter. As a result, presales of the company might have declined Y-o-Y, and would be primarily driven by sustenance sales. The company was expected to launch its Goa project in Q3FY26 — a seasonally strong period for the sector — but the launch has been pushed over to Q4FY26.
Mumbai-based Lodha Developers has reported presales of ₹5,620 crore, up 25 per cent Y-o-Y, aided by sustenance sales and a new launch in Jogeshwari. Lodha’s presales are relatively less dependent on launches compared to other developers, analysts at Antique Stock Broking noted.
For Godrej Properties, analysts at Kotak Institutional Equities are expecting strong presales aided by sustenance sales and contribution from new launches — Godrej Trilogy in Mumbai (with ₹4,500-5,000 crore of gross development value, or GDV), Godrej Woods in Bengaluru (₹1,200-1,400 crore), Godrej Elaris in Pune (₹600-700 crore), and Godrej Azure in Chennai (₹300 crore).
GDV is the total estimated market value of a completed property project, representing the total revenue if all units (apartments, commercial spaces, etc.) are sold at current market rates.
Bengaluru-based Prestige Estates Projects had four projects slated to be launched, but only one was unveiled — Prestige Garden Trails in Mira Road — with a GDV of ₹2,000 crore. Meanwhile, Oberoi Realty’s Q3FY26 presales are estimated to decline Y-o-Y amid the absence of new launches.
Additionally, with a significant launch pipeline lined up for Q4FY26, most major developers are on track to meet or surpass their FY26 presales guidance. With strong demand drivers, stable inventory levels, firm pricing power, and continued consolidation in favour of leading developers, analysts at Motilal Oswal are expecting a steady growth momentum to sustain over the next two years.
 "Top listed real estate developers")