Sector analysis · India

Realty sector earnings growth, Q4 FY24

The 20 largest Realty companies by market cap at the end of Q4 FY24 (31 Mar 2024), compared with Q4 FY23.

The top 20 at Q4 FY24

Q4 FY24 vs Q4 FY23: combined net profit ₹3,598 cr (+17%), median EPS +21% (12 of 19 up), market-cap-weighted price +103%. 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	32.0%	2.30 → 3.72	+62%	+9.1 pp	+151%
2	Lodha Developers LimitedLODHA	16.3%	7.72 → 6.69	−13%	−2.0 pp	+26%
3	Godrej Properties LimitedGODREJPROP	9.2%	14.82 → 16.95	+14%	+1.5 pp	+123%
4	Oberoi Realty LimitedOBEROIRLTY	7.7%	13.21 → 21.67	+64%	+8.0 pp	+75%
5	The Phoenix Mills LimitedPHOENIXLTD	7.2%	7.11 → 9.14	+29%	+1.9 pp	+114%
6	Prestige Estates Projects LimitedPRESTIGE	6.8%	11.68 → 3.49	−70%	−8.5 pp	+190%
7	Brigade Enterprises LimitedBRIGADE	3.1%	2.25 → 6.69	+197%	+3.6 pp	+97%
8	Signatureglobal (India) LimitedSIGNATURE	2.8%	0.61 → 2.93	+380%	+0.9 pp	—
9	Aditya Birla Real Estate LimitedABREL	2.6%	13.01 → 0.34	−97%	−3.7 pp	+157%
10	Sobha LimitedSOBHA	2.0%	4.54 → 0.66	−85%	−1.1 pp	+236%
11	Anant RajANANTRAJ	1.5%	1.52 → 2.29	+51%	+0.8 pp	+155%
12	Valor Estate LimitedDBREALTY	1.5%	−1.47 → −0.12	loss, smaller	+1.2 pp	+226%
13	Mahindra Lifespace Developers LimitedMAHLIFE	1.3%	0.02 → 3.35	+16,650%	+1.8 pp	+67%
14	Man InfraMANINFRA	1.1%	— → 1.76	sources disagree	—	+200%
15	Keystone Realtors LimitedRUSTOMJEE	1.0%	6.73 → 2.69	−60%	−1.1 pp	+31%
16	Embassy Developments LimitedEMBDL	0.9%	−6.94 → −5.58	loss, smaller	+1.9 pp	+137%
17	GANESH HOUSING LIMITEDGANESHHOU	0.9%	5.58 → 13.53	+142%	+1.7 pp	+176%
18	Sunteck Realty LimitedSUNTECK	0.8%	−1.91 → 6.92	turned profitable	+3.4 pp	+37%
19	PuravankaraPURVA	0.7%	1.13 → −0.28	to loss	−0.9 pp	+221%
20	TARC LtdTARC	0.6%	0.05 → −1.75	to loss	−1.4 pp	+310%
	Sector earnings growth	100%			+17.0 pp

Who joined and who left

1 joined and 1 left the top 20 since Q3 FY24, as market caps moved.

Joined the top 20 since Q3 FY24 1

now #17 GANESH HOUSING LIMITED GANESHHOU

Left the top 20 since Q3 FY24 1

was #18 Max Estates MAXESTATES

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth year on year, 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	+31%	+26%	+62%	+23%	+121%	+62%	+39%	+18%	−15%	+14%	−1%	+4%
LODHA	turned profitable	+24%	−13%	+158%	+103%	+81%	+38%	+41%	+86%	+1%	+9%	+103%
GODREJPROP	+21%	+6%	+14%	+316%	+403%	+141%	−25%	+7%	+12%	+20%	+70%	−42%
OBEROIRLTY	+43%	−49%	+64%	+82%	+29%	+71%	−45%	−28%	+29%	+1%	+62%	+29%
PHOENIXLTD	+36%	+58%	+29%	−3%	−14%	−5%	−18%	+3%	+39%	+4%	+50%	+23%
PRESTIGE	+505%	−9%	−70%	−27%	−79%	−86%	−83%	+17%	+124%	+1,161%	+902%	−19%
BRIGADE	+72%	+29%	+197%	+118%	−16%	+203%	+13%	+69%	+37%	−21%	−41%	+33%
SIGNATURE	loss, smaller	turned profitable	+380%	turned profitable	turned profitable	+1,280%	+48%	+410%	to loss	to loss	+1,786%	to loss
ABREL	to loss	+856%	−97%	turned profitable	turned profitable	to loss	to loss	to loss	to loss	loss, bigger	sources disagree	loss, bigger
SOBHA	−22%	−53%	−85%	−50%	+74%	+44%	+479%	+123%	+178%	−29%	+125%	+274%
ANANTRAJ	+80%	+57%	+51%	+71%	+67%	+45%	+51%	+38%	+30%	+24%	+18%	+13%
DBREALTY	+6%	turned profitable	loss, smaller	loss, smaller	to loss	−99%	loss, smaller	turned profitable	turned profitable	+1,337%	loss, bigger	to loss
MAHLIFE	loss, bigger	+51%	+16,650%	turned profitable	loss, smaller	to loss	+19%	+300%	turned profitable	turned profitable	+5%	+67%
MANINFRA	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	−33%	outside	outside	outside	outside
RUSTOMJEE	turned profitable	+464%	−60%	−50%	+1,284%	−55%	+91%	−44%	−87%	−77%	−2%	+261%
EMBDL	to loss	loss, smaller	loss, smaller	sources disagree	sources disagree	sources disagree	turned profitable	sources disagree	sources disagree	sources disagree	to loss	loss, bigger
GANESHHOU	+344%	outside	+142%	−29%	outside	+60%	+46%	−18%	−32%	−67%	−63%	−55%
SUNTECK	to loss	to loss	turned profitable	turned profitable	turned profitable	turned profitable	−50%	+46%	outside	+37%	+26%	outside
PURVA	loss, smaller	+245%	to loss	turned profitable	loss, bigger	to loss	loss, bigger	to loss	loss, bigger	outside	outside	turned profitable
TARC	outside	to loss	to loss	outside	sources disagree	outside	outside	outside	outside	outside	outside	outside