Sector analysis · India

Realty sector earnings growth, Q3 FY26

The 20 largest Realty companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q3 FY25.

The top 20 at Q3 FY26

Q3 FY26 vs Q3 FY25: combined net profit ₹3,765 cr (+9%), median EPS +3% (11 of 19 up), market-cap-weighted price −19%. 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	24.7%	4.28 → 4.86	+14%	+3.8 pp	−17%
2	Lodha Developers LimitedLODHA	15.4%	9.47 → 9.58	+1%	+0.3 pp	−24%
3	Prestige Estates Projects LimitedPRESTIGE	10.0%	0.41 → 5.17	+1,161%	+5.3 pp	−6%
4	The Phoenix Mills LimitedPHOENIXLTD	9.6%	7.41 → 7.71	+4%	+0.3 pp	+13%
5	Oberoi Realty LimitedOBEROIRLTY	8.8%	16.99 → 17.12	+1%	+0.1 pp	−28%
6	Godrej Properties LimitedGODREJPROP	8.8%	5.40 → 6.48	+20%	+0.8 pp	−28%
7	Brigade Enterprises LimitedBRIGADE	3.1%	7.25 → 5.72	−21%	−1.3 pp	−29%
8	Anant RajANANTRAJ	2.9%	3.23 → 4.01	+24%	+0.9 pp	−36%
9	Aditya Birla Real Estate LimitedABREL	2.7%	−3.63 → −6.52	loss, bigger	−0.8 pp	−33%
10	Signatureglobal (India) LimitedSIGNATURE	2.3%	2.07 → −3.23	to loss	−1.9 pp	−17%
11	Sobha LimitedSOBHA	2.3%	2.03 → 1.44	−29%	−0.2 pp	+4%
12	Mahindra Lifespace Developers LimitedMAHLIFE	1.2%	−1.05 → 5.10	turned profitable one-off	+3.4 pp	+17%
13	Embassy Developments LimitedEMBDL	1.2%	— → −1.68	sources disagree	—	−49%
14	Sri Lotus Developers and Realty LimitedLOTUSDEV	1.1%	1.01 → 1.43	+42%	+0.7 pp	—
15	Max EstatesMAXESTATES	1.1%	1.23 → 0.00	to loss	−0.5 pp	−21%
16	Kalpataru LimitedKALPATARU	1.0%	−1.57 → −3.05	loss, bigger	−1.0 pp	—
17	GANESH HOUSING LIMITEDGANESHHOU	1.0%	19.29 → 6.44	−67%	−2.8 pp	−36%
18	Keystone Realtors LimitedRUSTOMJEE	1.0%	1.20 → 0.27	−77%	−0.3 pp	−22%
19	Valor Estate LimitedDBREALTY	0.9%	0.08 → 1.15	+1,337%	+1.5 pp	−31%
20	Sunteck Realty LimitedSUNTECK	0.8%	2.90 → 3.97	+37%	+0.4 pp	−22%
	Sector earnings growth	100%			+8.7 pp

Who joined and who left

1 joined and 1 left the top 20 since Q2 FY26, as market caps moved.

Joined the top 20 since Q2 FY26 1

now #20 Sunteck Realty Limited SUNTECK

Left the top 20 since Q2 FY26 1

was #20 Puravankara PURVA

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
— no data
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%
PRESTIGE	+505%	−9%	−70%	−27%	−79%	−86%	−83%	+17%	+124%	+1,161%	+902%	−19%
PHOENIXLTD	+36%	+58%	+29%	−3%	−14%	−5%	−18%	+3%	+39%	+4%	+50%	+23%
OBEROIRLTY	+43%	−49%	+64%	+82%	+29%	+71%	−45%	−28%	+29%	+1%	+62%	+29%
GODREJPROP	+21%	+6%	+14%	+316%	+403%	+141%	−25%	+7%	+12%	+20%	+70%	−42%
BRIGADE	+72%	+29%	+197%	+118%	−16%	+203%	+13%	+69%	+37%	−21%	−41%	+33%
ANANTRAJ	+80%	+57%	+51%	+71%	+67%	+45%	+51%	+38%	+30%	+24%	+18%	+13%
ABREL	to loss	+856%	−97%	turned profitable	turned profitable	to loss	to loss	to loss	to loss	loss, bigger	sources disagree	loss, bigger
SIGNATURE	loss, smaller	turned profitable	+380%	turned profitable	turned profitable	+1,280%	+48%	+410%	to loss	to loss	+1,786%	to loss
SOBHA	−22%	−53%	−85%	−50%	+74%	+44%	+479%	+123%	+178%	−29%	+125%	+274%
MAHLIFE	loss, bigger	+51%	+16,650%	turned profitable	loss, smaller	to loss	+19%	+300%	turned profitable	turned profitable	+5%	+67%
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
LOTUSDEV	outside	outside	outside	outside	outside	outside	outside	outside	—	+42%	+14%	+79%
MAXESTATES	outside	—	outside	—	+820%	turned profitable	turned profitable	+545%	+246%	to loss	to loss	−28%
KALPATARU	outside	outside	outside	outside	outside	outside	outside	outside	−88%	loss, bigger	+1,332%	loss, smaller
GANESHHOU	+344%	outside	+142%	−29%	outside	+60%	+46%	−18%	−32%	−67%	−63%	−55%
RUSTOMJEE	turned profitable	+464%	−60%	−50%	+1,284%	−55%	+91%	−44%	−87%	−77%	−2%	+261%
DBREALTY	+6%	turned profitable	loss, smaller	loss, smaller	to loss	−99%	loss, smaller	turned profitable	turned profitable	+1,337%	loss, bigger	to loss
SUNTECK	to loss	to loss	turned profitable	turned profitable	turned profitable	turned profitable	−50%	+46%	outside	+37%	+26%	outside