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Oberoi Realty clocks strong Q3, profits rise as homes sell fast

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MUMBAI: Oberoi Realty, the Mumbai-based developer posted a robust set of results for the quarter ended December 31, 2025, showing that even as interest rates bite and buyers turn choosy, premium real estate is still finding takers.

On a consolidated basis, Oberoi Realty reported revenue from operations of Rs 1,49,264 lakh in Q3, up from Rs 1,41,108 lakh a year ago, though lower than the bumper Rs 1,77,904 lakh clocked in the September quarter. Add other income of Rs 6,910 lakh and total income for the quarter stood at Rs 1,56,174 lakh.

The real story, however, was profitability. Net profit for the quarter came in at Rs 62,264 lakh, marginally higher than Rs 61,838 lakh last year. Even after absorbing an exceptional charge linked to India’s new labour codes, Oberoi Realty still managed a net profit margin of 39.87 percent, a level most industries can only dream of.

For the nine months ended December 31, consolidated revenue rose to Rs 4,25,923 lakh, compared with Rs 4,13,613 lakh in the same period last year. Net profit for the nine-month period stood at Rs 1,80,415 lakh, broadly flat against Rs 1,79,234 lakh last year, reflecting steady execution rather than flashy spikes.

One small speed bump came from outside the property market. With the government rolling out four new labour codes, including the Code on Wages from November 21, 2025, the group carried out an actuarial reassessment. The result was an additional obligation of Rs 2,306 lakh at the consolidated level, booked as an exceptional item. On a standalone basis, the hit was Rs 1,901 lakh. Material enough to disclose, but not enough to derail the quarter.

Margins stayed enviable. Consolidated operating margin for the quarter stood at 55.89 percent, while net profit margin hovered close to 40 percent. Even over nine months, operating margin held at 55.76 percent.

As expected, real estate remained the engine room. Of the Rs 1,49,264 lakh in quarterly revenue, Rs 1,43,693 lakh came from property development, with hospitality contributing Rs 5,571 lakh. Over nine months, real estate revenue touched Rs 4,11,626 lakh, while hospitality added Rs 14,297 lakh.

Segment profit before interest and tax from real estate alone was Rs 84,504 lakh in Q3, comfortably ahead of the hospitality segment’s Rs 2,258 lakh. Oberoi’s hotels may add sheen, but homes pay the bills.

Costs moved around but stayed under control. Land, development rights and construction costs rose to Rs 99,815 lakh in the quarter. Inventory changes worked in the company’s favour, swinging to a negative Rs 44,786 lakh, helping cushion expenses.

Oberoi Realty’s balance sheet continues to look unexcited in the best possible way. Net worth stood at Rs 17,28,966 lakh as of December 31, 2025, up from Rs 15,34,508 lakh a year earlier. The consolidated debt-equity ratio remained a modest 0.17, down from 0.23 last year.

Liquidity indicators stayed strong. The current ratio was 4.21, while interest service coverage stood at a comfortable 12.16 times. Even the debt service coverage ratio improved to 3.26 for the quarter.

On the cash side, the company has been busy tidying up. During the quarter, it redeemed Rs 12,500 lakh from Series I non-convertible debentures by reducing face value. Overall, total paid-up debt capital stood at Rs 2,88,158 lakh at the consolidated level.

Transparency around borrowing remained thorough. Of the Rs 1,50,000 lakh raised via private placement of senior, rated, listed, secured non-convertible debentures in October 2024, Rs 1,16,649 lakh had been utilised by December 31, 2025. The unutilised balance was temporarily parked in mutual funds. Importantly, there was no deviation from stated objectives, which ranged from project development to general corporate purposes.

The debentures remain well secured, backed by mortgages on unsold residential units and receivables, with a security cover of at least 1.5 times maintained.

On a standalone basis, the story looked much the same, just a shade leaner. Revenue for the quarter stood at Rs 1,18,017 lakh, while net profit came in at Rs 47,182 lakh. For nine months, standalone profit after tax was Rs 1,39,872 lakh.

Standalone net worth rose to Rs 15,59,495 lakh, while the debt-equity ratio stayed conservative at 0.18. Operating margin at the standalone level was 53.82 percent for the quarter.

The board also declared a third interim dividend of Rs 2 per equity share for FY26, keeping shareholders sweet. On the corporate restructuring front, the National Company Law Tribunal admitted the scheme of amalgamation of Nirmal Lifestyle Realty Private Limited with Oberoi Realty, clearing the way for a simpler group structure.

Taken together, the December quarter did not deliver fireworks, but it did underline something just as valuable. Oberoi Realty continues to sell well, spend carefully and borrow sparingly. In a sector known for mood swings, that kind of steady confidence may be the most attractive feature of all.

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Delhivery chairman Deepak Kapoor, independent director Saugata Gupta quit board

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Gurugram: Delhivery’s boardroom is being reset. Deepak Kapoor, chairman and independent director, has resigned with effect from April 1 as part of a planned board reconstitution, the logistics company said in an exchange filing. Saugata Gupta, managing director and chief executive of FMCG major Marico and an independent director on Delhivery’s board, has also stepped down.

Kapoor exits after an eight-year stint that included steering the company through its 2022 stock-market debut, a period that saw Delhivery transform from a venture-backed upstart into one of India’s most visible logistics platforms. Gupta, who joined the board in 2021, departs alongside him, marking a simultaneous clearing of two senior independent seats.

“Deepak and Saugata have been instrumental in our process of recognising the need for and enabling the reconstitution of the board of directors in line with our ambitious next phase of growth,” said Sahil Barua, managing director and chief executive, Delhivery. The statement frames the exits less as departures and more as deliberate succession, a boardroom shuffle timed to the company’s evolving scale and strategy.

The resignations arrive amid broader governance recalibration. In 2025, Delhivery appointed Emcure Pharmaceuticals whole-time director Namita Thapar, PB Fintech founder and chairman Yashish Dahiya, and IIM Bangalore faculty member Padmini Srinivasan as independent directors, signalling a tilt towards consumer, fintech and academic expertise at the board level.

Kapoor’s tenure spanned Delhivery’s most defining years, rapid network expansion, public listing and the push towards profitability in a bruising logistics market. Gupta’s presence brought FMCG and brand-scale perspective during a period when ecommerce volumes and last-mile delivery economics were being rewritten.

The twin exits, effective from the new financial year, underscore a familiar corporate rhythm: founders consolidate, veterans rotate out, and fresh voices are ushered in to script the next chapter. In India’s hyper-competitive logistics race, even the boardroom does not stand still.

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Brnd.me enters Europe as haircare brands power global expansion

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Bengaluru:  Brnd.me, the global consumer brands company formerly known as Mensa Brands, has entered the European market following strong momentum across the Middle East, the United States and Canada.

The company has launched across the UK, Germany, France and Spain, with plans to expand into Italy, the Netherlands and Poland over the next year. The push is being led by its haircare and aromatherapy brands, Botanic Hearth and Majestic Pure, marking Brnd.me’s first structured expansion into Europe.

The European beauty market represents a total addressable opportunity of over $4 billion across haircare and aromatherapy, supported by high digital adoption and demand for accessible, performance-led products.

Brnd.me’s hair care and aromatherapy business currently operates at an annual run rate of around $6 million, with Botanic Hearth and Majestic Pure delivering roughly 10 per cent month-on-month growth, driven by expansion and rising repeat demand.

To support regional growth, the company has appointed a general manager based in Germany and is evaluating investments in warehousing and local team expansion.

Early traction has been strong. Within weeks of launch, Botanic Hearth’s rosemary hair oil ranked among the top five hair oils in Germany, signalling strong consumer pull in a competitive market.

Brnd.me founder and chief executive officer Ananth Narayanan, said Europe represents the next phase of the company’s international strategy. He added that the European business is expected to scale to a $10 million annual run rate by the end of 2026, with long-term ambitions to reach $60 million over the next six years.

The company’s Europe strategy centres on digital-first distribution, repeat demand and TikTok-led discovery, alongside direct-to-consumer expansion to strengthen brand equity and margins.

The move also aligns with growing EU–India trade engagement, supporting long-term sourcing and cross-border supply chains.

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TechnoSport taps quick commerce with launch on Slikk’s 60-minute platform

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NATIONAL: TechnoSport has launched on Slikk, the ultra-fast fashion app offering 60-minute delivery, as the activewear brand accelerates its push into quick commerce to capture Gen Z and young millennial shoppers.

The debut brings more than 150 high-performance styles to Slikk’s platform, with an average selling price of Rs 450, expanding TechnoSport’s reach across over 80 pin codes.

The partnership follows strong momentum for TechnoSport across Q-commerce channels, where the brand has recorded around 60 per cent volume growth over the past six months. The company expects quick commerce to contribute nearly 20 per cent of its revenue in the coming years as hyperlocal delivery gains scale.

Slikk, which recently raised $3.2 million in seed funding led by Lightspeed, has rapidly gained popularity among youth consumers seeking speed, trend relevance and impulse-led shopping experiences.

Activewear remains one of Slikk’s fastest-growing categories, driven by shoppers increasingly treating fitness-led fashion as an everyday essential. The platform has reported a 30-fold year-on-year increase in items sold, reflecting rising demand for performance wear that blends comfort with style.

TechnoSport chief executive officer Puspen Maity, said the collaboration would help the brand engage more closely with young consumers whose fashion choices are shaped by instant needs and lifestyle aspirations. He added that rapid delivery bridges the gap between intent and purchase, allowing shoppers to access activewear exactly when they want it.

 

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