Oberoi Realty's profit stood still while Gurugram cash poured in outside revenue

Oberoi Realty's profit barely moved in the September 2026 quarter. Net profit was ₹762 crore, against ₹760 crore a year earlier, while sales fell 6.1%. Read on its own, the profit line describes a quiet quarter. The bigger event sat outside it: the Mumbai developer's Gurugram project, Three Sixty North, brought in about ₹830 crore of cash, and the company has not yet recognised revenue on it.

Profit held on lower sales because the quarter kept more of each rupee. Operating profit came to 61.0% of sales, up from 57.3% a year earlier.

Three Sixty North went on sale in the first week of July. Buyers paid roughly a tenth of the price at booking, and that is the money that came in last quarter, according to Saumil Daru, the director of finance. On his account the next payments fell due about 90 days after the launch, which puts them in the current quarter. The pool they are drawn from is large: on its July call the company said bookings on the project had passed ₹8,000 crore.

Daru tied the biggest part of a balance sheet that grew by ₹3,291 crore between March and September to the same launch. Other liabilities rose by ₹2,310 crore, while borrowings fell by ₹187 crore. Daru said the largest item is an accounting step. The company owes the Gurugram landowner a share of the finished space, and in the quarter of launch it puts a fair value on that obligation, adding the same sum to inventory and to a provision. Growth of that kind is neither borrowed money nor cash received. On the call, the company did not give the size of that provision or split the rise in liabilities.

The project behind the cash is also before a court. Vikas Oberoi, the chairman and managing director, declined to discuss the case and said: "But there is no restriction on us with regards to construction." He added that the sales made before the court stepped in still stand, and that the second phase is waiting for further approvals.

Oberoi's launch dates have slipped before. In July 2025 management named Gurugram among the launches due before the end of that financial year; in January 2026 it called the following quarter the worst case, and Vikas Oberoi put the delay down to reworking the design, not to regulators. The project opened in July 2026, a quarter after that worst case. In May the company said Jardin Tower A in Thane and a new project in Mulund would launch by the end of September. This month Oberoi still listed both among coming launches and said the second half's projects would probably slip by a quarter here and there, with the Mulund approvals well advanced.

That leaves a business whose cash and reported profit are running on different clocks. Money from Three Sixty North is arriving now, and the company expects more of it in the current quarter; the revenue will appear only when the company begins to recognise it. The second phase waits on approvals and, Oberoi said, on an experience centre, and the Mulund project's approvals are "in a very advanced stage".