Sector analysis · India

Realty sector earnings growth, Q2 FY24

The 20 largest Realty companies by market cap at the end of Q2 FY24 (30 Sep 2023), compared with Q1 FY24.

The top 20 at Q2 FY24

Q2 FY24 vs Q1 FY24: combined net profit ₹3,496 cr (+77%), median EPS +16% (11 of 19 up), market-cap-weighted price +13%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	DLF LimitedDLF	29.6%	2.13 → 2.52	+18%	+3.4 pp	+8%
2	Lodha Developers LimitedLODHA	16.9%	1.85 → 2.09	+13%	+0.8 pp	+18%
3	Godrej Properties LimitedGODREJPROP	9.7%	4.49 → 2.40	−47%	−2.1 pp	−1%
4	Oberoi Realty LimitedOBEROIRLTY	9.5%	8.84 → 12.54	+42%	+4.8 pp	+17%
5	The Phoenix Mills LimitedPHOENIXLTD	7.3%	6.73 → 7.07	+5%	+0.4 pp	+16%
6	Prestige Estates Projects LimitedPRESTIGE	5.4%	7.93 → 21.23	+168%	+19.0 pp	+5%
7	Brigade Enterprises LimitedBRIGADE	3.0%	1.25 → 4.34	+247%	+3.4 pp	−1%
8	Aditya Birla Real Estate LimitedABREL	2.8%	−0.53 → −2.73	loss, bigger	−0.9 pp	+30%
9	Mahindra Lifespace Developers LimitedMAHLIFE	1.9%	−0.20 → −0.89	loss, bigger	−0.5 pp	+18%
10	Valor Estate LimitedDBREALTY	1.7%	−0.64 → 17.63	turned profitable	+32.3 pp	+122%
11	Anant RajANANTRAJ	1.6%	1.56 → 1.85	+19%	+0.3 pp	+24%
12	Signatureglobal (India) LimitedSIGNATURE	1.5%	−0.51 → −1.42	loss, bigger	−0.5 pp	—
13	Sobha LimitedSOBHA	1.5%	1.13 → 1.40	+24%	+0.1 pp	+31%
14	Sunteck Realty LimitedSUNTECK	1.5%	−0.46 → −0.95	loss, bigger	−0.3 pp	+60%
15	Keystone Realtors LimitedRUSTOMJEE	1.4%	4.12 → 0.38	−91%	−1.5 pp	−3%
16	Man InfraMANINFRA	1.3%	— → 1.75	sources disagree	—	+33%
17	Embassy Developments LimitedEMBDL	1.0%	−12.55 → −0.34	loss, smaller	+23.5 pp	+38%
18	GANESH HOUSING LIMITEDGANESHHOU	0.8%	19.35 → 10.31	−47%	−2.7 pp	+21%
19	Kolte - Patil Developers LimitedKOLTEPATIL	0.8%	6.05 → −3.33	to loss	−2.5 pp	+39%
20	PuravankaraPURVA	0.7%	−0.75 → −0.47	loss, smaller	+0.2 pp	+42%
	Sector earnings growth	100%			+77.4 pp

Who joined and who left

0 joined and 0 left the top 20 since the previous quarter, as market caps moved.

Joined the top 20 since the previous quarter 0

Nobody joined.

Left the top 20 since the previous quarter 0

Nobody left.

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth quarter on quarter, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
DLF	+18%	+5%	+40%	−30%	+114%	−23%	+21%	−41%	+55%	+2%	+5%	−37%
LODHA	+13%	+150%	+28%	−29%	−11%	+123%	−2%	−27%	+17%	+21%	+5%	+36%
GODREJPROP	−47%	−7%	+657%	+10%	−36%	−55%	+135%	+57%	−32%	−52%	+233%	−46%
OBEROIRLTY	+42%	−21%	+119%	−26%	+1%	+5%	−30%	−3%	+81%	−18%	+13%	−23%
PHOENIXLTD	+5%	+11%	+17%	−29%	−6%	+21%	+1%	−11%	+26%	−9%	+46%	−26%
PRESTIGE	+168%	−86%	+20%	+66%	−23%	−91%	+41%	+1,071%	+47%	−48%	+12%	−6%
BRIGADE	+247%	−45%	+180%	−59%	+34%	+99%	+5%	−39%	+8%	+15%	−22%	+38%
ABREL	loss, bigger	turned profitable	−95%	+106%	−67%	to loss	loss, bigger	loss, smaller	loss, smaller	loss, bigger	sources disagree	sources disagree
MAHLIFE	loss, bigger	turned profitable	+43%	−82%	to loss	loss, bigger	turned profitable	−40%	−6%	+127%	−18%	−4%
DBREALTY	turned profitable	−47%	to loss	loss, bigger	loss, bigger	turned profitable	to loss	turned profitable	−17%	+505%	to loss	loss, smaller
ANANTRAJ	+19%	+20%	+3%	+16%	+16%	+5%	+7%	+6%	+10%	0%	+1%	+2%
SIGNATURE	loss, bigger	turned profitable	+1,853%	−84%	−40%	+614%	+110%	−44%	to loss	loss, smaller	turned profitable	to loss
SOBHA	+24%	+1%	−53%	−14%	+328%	−17%	+88%	−67%	+434%	−79%	+497%	−45%
SUNTECK	loss, bigger	loss, smaller	turned profitable	−77%	+51%	+23%	+19%	−34%	outside	+19%	+9%	outside
RUSTOMJEE	−91%	+597%	+2%	−24%	+157%	−77%	+328%	−78%	−41%	−60%	+1,767%	−18%
MANINFRA	sources disagree	sources disagree	sources disagree	sources disagree	−47%	+87%	+16%	−41%	outside	outside	outside	outside
EMBDL	loss, smaller	loss, bigger	loss, bigger	sources disagree	sources disagree	sources disagree	sources disagree	to loss	loss, smaller	loss, bigger	loss, bigger	loss, smaller
GANESHHOU	−47%	outside	+12%	+1%	outside	+1%	+3%	−44%	+16%	−50%	+14%	−32%
KOLTEPATIL	to loss	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside
PURVA	loss, smaller	turned profitable	to loss	turned profitable	to loss	loss, bigger	loss, smaller	loss, smaller	loss, smaller	outside	outside	−74%