Oberoi Realty Ltd Management Discussions

ECONOMIC REVIEW Global economy

World economic outlook reports are slowing global growth and renewed inflationary pressures. Policies need to be agile, carefully manage the trade-offs involved in ramping up defense spending, and lay the foundation for a sustained recovery. Global growth is projected at 3.3% for 2026 and 3.2% for 2027, facing a slowdown driven by geopolitical instability, particularly in the Middle East, and high energy prices. While inflation is expected to gradually decline, persistent risks include conflict escalation, fragmented trade, and high debt servicing costs, with India and emerging economies providing relative growth resilience.

Technology investment, fiscal and monetary support, accommo -dative financial conditions, and private sector adaptability offset trade policy shifts. Global inflation is expected to fall, but US inflation will return to target more gradually.

Key downside risks are re-evaluation of technology expectations and escalation of geopolitical tensions. Policymakers should restore fiscal buffers, preserve price and financial stability, uncertainty, and implement structural reforms.

Indian economy

Indias economic outlook for 2026 remains strong, with projections positioning it as the worlds fastest-growing major economy, driven by robust domestic demand, infrastructure investment, and financial sector stability. GDP growth for FY 2025 - 26 is estimated between 7.4% - 7.8%, with a projected moderation to 6.4% - 7.2% for FY 2026 - 27, backed by strong rural and urban consumption.

The Gross Domestic Product (GDP) growth was underpinned by robust performance in services, manufacturing recovery, and sustained public capital expenditure. Government initiatives focusing on infrastructure development, urbanization, and digital transformation continued to create a conducive environment for long-term economic expansion. Additionally, policy measures such as Production-Linked Incentive (PLI) schemes and ease-of-doing-business reforms further strengthened investor confidence. Inflation, while moderating compared to previous highs, remained a key area of focus, with monetary authorities maintaining a calibrated stance to balance growth and price stability. The banking sector stayed well-capitalized, ensuring adequate liquidity and credit flow to productive sectors, including real estate.

INDUSTRY REVIEW

The real estate sector, in particular, benefited from favourable structural trends such as rising urbanization, increasing disposable incomes, and evolving consumer preferences. Demand for residential properties remained strong, especially in mid-income and premium segments, supported by stable interest rates and renewed buyer confidence. Commercial real estate also witnessed gradual recovery, driven by demand for high-quality office spaces and growth in sectors such as IT, BFSI, and startups. Looking ahead, the outlook for the Indian economy remains positive, supported by strong macroeconomic fundamentals, demographic advantages, and continued policy support. However, external risks such as global economic slowdown, commodity price volatility, and financial market uncertainties warrant cautious optimism.

Overall, the economic environment continues to provide a solid foundation for sustainable growth in the real estate sector, positioning it as a key contributor to Indias long-term development trajectory.

MUMBAI REAL ESTATE

Mumbais real estate market continued to demonstrate resilience and steady demand over the past year, supported by strong end-user interest, infrastructure-led development, and a relatively stable macroeconomic environment. The city remains one of Indias most dynamic property markets, driven by its position as the countrys financial capital and a key hub for employment and investment.

Residential real estate witnessed sustained traction, as homebuyers prioritized larger living spaces and improved amenities. Demand was supported by favourable financing conditions for much of the year and a continued shift from rental to ownership housing. Micro-markets such as the western suburbs, central suburbs, and select peripheral locations saw notable absorption, aided by improved connectivity and ongoing infrastructure projects

On the commercial front, office and retail leasing activity remained healthy. While global economic uncertainties led to selective caution among occupiers, Mumbais Grade A office assets continued to attract interest due to limited supply in prime locations and the citys strategic importance, and retail also showed signs of increased footfalls and leasing momentum in high-street and mall developments. Infrastructure development remained a key catalyst for real estate growth in Mumbai. Major projects, including metro rail expansions, coastal road development, and trans-harbour connectivity, are expected to unlock new growth corridors and enhance accessibility across the metropolitan region. These developments are likely to have a positive long-term impact on property values and development activity.

OPPORTUNITIES AND CHALLENGES Opportunities

As India awaits policy reforms to pick up speed, your Company firmly believes that the demand for Real Estate in a country like India will remain strong in the medium to long term. Your Companys well accepted brand, contemporary architecture, well designed projects in strategic locations, strong balance sheet and stable financial performance even in testing times make it a preferred choice for customers and shareholders. Your Company is ideally placed to further strengthen its development potential by acquiring new land parcels.

Challenges

While the management of your Company is confident of creating and exploiting the opportunities, it also finds the following challenges:

Unanticipated delays in project approvals;

Availability of accomplished and trained labour force;

Increased cost of manpower;

Rising cost of construction lead by increase in commodity prices;

Growth in auxiliary infrastructure facilities; and

Over regulated environment.

COMPANY STRENGTHS

Your Company continues to capitalize on the market opportunities by leveraging its key strengths.

These include:

1. Brand Reputation: Enjoys higher recall and influences the buying decision of the customer. Strong customer connects further results in higher premium realizations.

2. Execution: Possesses a successful track record of quality execution of projects with contemporary architecture.

3. Strong cash flows: Has built a business model that ensures continuous cash flows from their investment and development properties ensuring a steady cash flow even during the adverse business cycles.

4. Significant leveraging opportunity: Follows conservative debt practice coupled with enough cash balance which provides a significant leveraging opportunity for further expansions.

5. Outsourcing: Operates an outsourcing model of appointing globally renowned architects/contractors that allows scalability and emphasizes contemporary design and quality construction - a key factor of success.

6. Transparency: Follows a strong culture of corporate governance and ensures transparency and high levels of business ethics.

7. Highly qualified execution team: Employs experienced, capable and highly qualified design and project management teams who oversee and execute all aspects of project development.

KEY DEVELOPMENTS IN FY 2025-26

During the year FY 2025-26, your Company has launched Elysian Tower D project at Oberoi Garden City, Goregaon East and Tower H at the Sky City project in Borivali East.

BUSINESS OVERVIEW

In FY 2025-26, your Company was able to sell nearly 11.48 lakhs sq.ft. RERA carpet area as compared to approximately 12.84 lakhs sq.ft. of RERA carpet area in FY 2024-25.

MANAGEMENT DISCUSSION AND ANALYSIS

OBEROI GARDEN CITY - Goregaon East

Oberoi Garden City is the flagship mixed-use development of your Company. It is an integrated development on approximately 83 acres of land in Goregaon (East), in the western suburbs of Mumbai, adjacent to the arterial Western Express Highway and overlooking Aarey Milk Colony. The development is approximately 5 kilometers from the international airport.

Elysian Residential

Cumulative units sold 887 units with Total Sales Value of + 7,79,015.30 lakh, of which + 5,01,123.26 lakh has been recognized as revenue till FY 2025-26

Oberoi Mall Retail

Revenue Occupancy

+ 20,589.98 lakh 99.08% (+19,761.56 lakh (98.73% in FY in FY 2024-25) 2024-25)

Commerz Office Space International Business Park	Commerz II Office Space International Business Park
Revenue	Occupancy
		Revenue	Occupancy
3 5,458.08 lakh	95.95%
		3 14,704.24 lakh	97.26 %
(34,695.52 lakh	(88.06% in FY
		(313,631.48 lakh	(94.52% in FY
in FY 2024-25)	2024-25)
		in FY 2024-25)	2024-25)
Commerz III Office Space International Business Park	The Westin Mumbai
		Garden City	Hospitality
		Revenue	Occupancy
Revenue	Occupancy
		3 19,797.94 lakh	76.79% (80.94% in
3 52,837.55 lakh	88.81 %
		(319,275.37 lakh in	FY 2024-25)
(3 39,000.63 in	(69.48% in FY
		FY 2024-25)
FY 2024-25)	2024-25)

ETERNIA AND ENIGMA - Mulund West

Your Company has developed 2 land parcels (adjacent to each other) of approximately 9 acres each situated at Mulund (West), Central suburbs, Mumbai.

The project comprises of 2 premium high storey residential towers namely, Eternia and Enigma. The project site is situated on LBS Marg, overlooking Yeoor Hills and Borivali National Park to the west and Eastern Express Highway to the east. The project is your Companys first development in the eastern suburbs of Mumbai and it offers configurations in various sizes of 3 BHK and 4 BHK. Occupancy certificate for both projects were successfully obtained.

Eternia3 Residential

Cumulative units sold 942 units with Total Sales Value of 2,54,566.50 lakh, of which 2,49,999.55 lakh has been recognized as revenue till FY 2025-26

Enigma Residential

Cumulative units sold 616 units with Total Sales Value of 3,06,506.54 lakh, of which 2,95,606.47 lakh has been recognized as revenue till FY 2025-26

SKY CITY - Borivali East

Your Company is developing approximately 25 acre land parcel at Borivali East with an estimated total carpet area of about 4.5 million sq.ft. The project site is situated at Borivali East, Off Western Express Highway overlooking Borivali National Park to the east. The surrounding infrastructure allows the site to be well connected to the rest of Mumbai. Your Company successfully received occupancy certificate for Tower A to E.

Sky City Residential

Cumulative units sold 2564 units with Total Sales Value of which 3 7,78,990.52 lakh, of which 3 7,08,699.96 lakh has been recognized as revenue till FY 2025-26

Sky City Mall3 Retail
Revenue	Occupancy
3 19,330.49 lakh	57.59% (Nil in
(Nil in FY 2024-25)	FY 2024-25)

FORESTVILLE - Kolshet, Thane

Your Company is developing an approximately 18 acre land parcel at Kolshet, Thane with an estimated total carpet area of about 1.8 million sq.ft. The project is inspired by the principles of Biophilia that highlight the elements of nature, air, water and sunlight offering a boost in physical, mental and cognitive health.

Forestville Residential

Cumulative units sold 344 units with Total Sales Value of _ 62,574.86 lakh, of which _ 29,961.12 lakh has been recognized as revenue till FY 2025-26

JARDIN - Oberoi Garden City Thane

Oberoi Garden City Thane is an integrated development nestled in the lap of nature offering extensive space to recreate and engage. Your Company is developing an approximately 75 acre land parcel at Pokhran Road -2 and is set to establish new standards in luxury living offering homes. It is a place where holistic living takes a new meaning - where communities interact, engage, and thrive - all in the heart of nature.

Jardin Residential

Cumulative units sold 587 units with Total Sales Value of ,Rs 1,69,976.92 lakh, of which , 20,087.35 lakh has been recognized as revenue till FY 2025-26

THREE SIXTY WEST - Worli

Three Sixty West has been developed by a joint venture entity carrying out development of a mix use project in Worli, located on the arterial Annie Besant Road, consisting of 2 high-rise towers. This development aims to be a global icon for Mumbai.

Your Company has retired as a member and constituent of Oasis Realty, an unincorporated association of persons, on March 3, 2023. Your Company currently owns apartments in the project.

Three Sixty West Residential

Cumulative units sold 38 units with Total Sales Value of which ,Rs 3,73,011.60 lakh, of which , 2,99,420.89 lakh has been recognized as revenue till FY 2025-26

FINANCIAL PERFORMANCE OVERVIEW

Analysis of consolidated financial statements for FY 2025-26 is provided below:

1. Key financial ratio analysis

A comparative table showing synopsis of FY 2025-26 versus FY 2024-25 of Key Financial Ratio is provided below:

Ratio	CALCULATION	2026	2025	REMARKS
Debtors Turnover	Net Sales	27.52	33.37	Due to increase in Trade receivables
	Average Debtors
Inventory Turnover	Sales*	0.47	0.46	Better due to increase in Sales
	Inventory/Avg. Inventory
Interest Coverage Ratio	EBIT	12.65	11.97	Better due to increase in profitability
	Interest Expense
Current Ratio	Current Assets	3.99	4.34	Due to increase in short term debt.
	Current Liabilities
Debt Equity Ratio	Total Debt	0.16	0.21	Due to decrease in long term debt.
	Total Shareholders Equity
Operating Profit Margin (%)	EBITDA	55.88%	58.70%	Change in EBITDA is due to change in sales mix
	Total Revenue
PBT Margin (%)	Profit Before Tax	52.32%	53.80%	In line with decrease in EBITDA
	Total Revenue
Net Profit Margin (%)	Profit After Tax	39.77%	40.65%	In line with decrease in PBT margin
	Total Revenue
Return on Net Worth	Net Income (PAT)	14.91%	15.06%	In Line with decrease in PAT
	Average Shareholders Equity			margin
Cash and Bank Balances / Net Worth	Cash and Bank Balance including	16.82%	19.72%	Due to decrease in operating
	Mutual Funds and Fixed Deposits			cash flow
	Total Shareholders Equity

*Includes Revenue from Projects and Hospitality

2. Balance sheet analysis

A comparative table showing synopsis of FY 2025-26 versus FY 2024-25 of Balance Sheet is provided below: ( in Lakh)

Consolidated Balance Sheet	As at	As at	INCREASE /	% INCREASE /
	March 31, 2026	March 31, 2025	(DECREASE)	(DECREASE)
ASSETS
Non-current assets	8,07,877.99	7,52,515.69	55,362.30	7.36%
Current assets	17,24,969.98	15,21,690.61	2,03,279.37	13.36%
Total	25,32,847.97	22,74,206.30	2,58,641.67	11.37%
EQUITY AND LIABILITIES
Equity	17,92,162.31	15,70,486.62	2,21,675.69	14.12%
Non-current liabilities	3,08,423.73	3,52,985.59	(44,561.86)	(12.62%)
Current liabilities	4,32,261.93	3,50,734.09	81,527.84	23.24%
Total	25,32,847.97	22,74,206.30	2,58,641.67	11.37%

2.1 Non-current assets

												( in Lakh)
Particulars		As at				As at		INCREASE /				% INCREASE /
	March 31, 2026			March 31, 2025			(DECREASE)			(DECREASE)
Property, plant and equipment		23,883.31				24,359.84		(476.53 )				(1.96%)
Capital work in progress		1,75,173.45				1,60,438.13		14,735.32				9.18%
Investment properties	4,43,257.67			4,44,014.34			(-756.67 )			(0.17%)
Intangible assets	1,994.00			106.89			1,887.11			1765.53%
Right-of-use assets	898.27			-			898.27			0.00%
Investments accounted for using the
	37,529.07			37,392.09			136.98			0.37%
equity method
Financial assets	13,325.23			10,130.95			3,194.28			31.53%
Deferred tax assets (net)	14,526.14			13,588.20			937.94			6.90%
Other non-current assets	97,290.85			62,485.24			34,805.61			55.70%
Total	8,07,877.99			7,52,515.69			55,362.30			7.36%
2.2 Current assets
										( in Lakh)
Particulars	As at			As at			INCREASE /			% INCREASE /
	March 31, 2026			March 31, 2025			(DECREASE)			(DECREASE)
Inventories	10,18,322.26			9,44,649.77			73,672.49			7.80%
Financial assets
(i) Investments
(a) Investments in mutual fund		1,27,285.32				2,07,683.81		(80,398.49)				(38.71%)
(b) Investments - others	-			-			-			0.00%
(ii) Trade receivables		32,404.07				11,266.10		21,137.97				187.62%
(iii) Cash and bank balances		1,69,675.01				1,00,296.98		69,378.03				69.17%
(iv) Loans		59,300.60				50,515.58		8,785.02				17.39%
(v) Other financial assets		657.69				5,302.80		(4,645.11)				(87.60%)
Current tax assets		1,317.28				1,921.98		(604.70)				(31.46%)
Other current assets	3,16,007.75			2,00,053.59			1,15,954.16			57.96%
Total	17,24,969.98			15,21,690.61			2,03,279.37			13.36%
2.3 Non-current liabilities
												( in Lakh)
Particulars	As at			As at			INCREASE /			% INCREASE /
	March 31, 2026			March 31, 2025			(DECREASE)			(DECREASE)
Financial liabilities
(i) Borrowings	2,36,419.75			2,89,485.28			(53,065.53 )			(18.33%)
(ii) Lease Liabilities	705.09			-			705.09			0.00%
(iii) Trade payables	7,855.58			6,755.22			1,100.36			16.29%
(iv) Others	49,464.98			38,788.77			10,676.21			27.52%
Provisions	454.75			249.54			205.21			82.24%
Deferred tax liabilities (net)	133.89			2,677.15			(2,543.26 )			(95.00%)
Other non-current liabilities	13,389.69			15,029.63			(1,639.94)			(10.91%)
Total	3,08,423.73			3,52,985.59			(44,561.86)			(12.62%)
2.4 Current liabilities
											( in Lakh)
Particulars			As at		As at				INCREASE /		% INCREASE /
			March 31, 2026		March 31, 2025				(DECREASE)		(DECREASE)
Financial liabilities
(i) Borrowings			45,202.75		40,554.51				4,648.24		11.46%
(ii) Lease Liabilities			211.83		-				211.83		0.00%
(iii) Trade payables			49,202.33		65,589.22				(16,386.89)		(24.98%)
(iv) Others			45,982.30		50,213.63				(4,231.33 )		(8.43%)
Other current liabilities
(i) Advance from customers			9,739.30		8,251.83				1,487.47		18.03%
(ii) Others			2,75,451.91		1,82,074.01				93,377.90		51.29%
Provisions			2,493.32		527.38				1,965.94		372.77%
Current tax liabilities			3,978.19		3,523.51				454.68		12.90%
Total			4,32,261.93		3,50,734.09				81,527.84		23.24%
3. Profit and loss analysis
A comparative table showing synopsis of FY 2025-26 versus FY 2024-25 of statement of Profit and Loss is provided below:
											in Cr.
Consolidated Profit and Loss			FOR THE YEAR ENDED MARCH 31,						INCREASE /		% INCREASE /
			2026		2025				(DECREASE)		(DECREASE)
Revenue from Operations			6,00,906.13		5,28,627.45				72,278.68		13.67%
Other Income			29,520.76		18,790.24				10,730.52		57.11%
Total Revenue			6,30,426.89		5,47,417.69				83,009.20		15.16%
Expenses			2,65,090.57		2,18,322.22				46,768.35		21.42%
Depreciation and amortisation			13,083.15		8,845.68				4,237.47		47.90%
Interest and finance charges			24,063.32		26,523.45				(2,460.13 )		(9.28%)
Profit before exceptional items			3,28,189.85		2,93,726.34				34,463.51		11.73%
and share of profit of joint
ventures and associate (net)
Share of Profit of joint ventures and			1,677.23		763.34				913.89		119.72%
associate (net)
Profit before exceptional items			3,29,867.08		2,94,489.68				35,377.40		12.01%
and tax
Exceptional items			2,306.26		-				2,306.26		0.00%
Profit Before Tax			3,27,560.82		2,94,489.68				33,071.14		11.23%
Profit After Tax			2,50,742.73		2,22,551.37				28,191.36		12.67%
Basic and diluted EPS (in )			68.96		61.21				7.75		12.67%

3.1. Revenue from operations

Particulars	FOR THE YEAR ENDED MARCH 31,		INCREASE /	% INCREASE /
	2026	2025	(DECREASE)	(DECREASE)
Revenue from projects	4,45,640.38	4,10,624.52	35,015.86	8.53%
Revenue from hospitality	19,712.23	19,189.36	522.87	2.72%
Other operating revenue	4,436.67	4,571.13	(134.46 )	(2.94%)
Rental and other related revenues	1,19,002.24	86,939.21	32,063.03	36.88%
Property and management revenues	12,114.61	7,303.23	4,811.38	65.88%
Total	6,00,906.13	5,28,627.45	72,278.68	13.67%

3.2. Expenses

Particulars	FOR THE YEAR ENDED MARCH 31,		INCREASE /	% INCREASE /
	2026	2025	(DECREASE)	(DECREASE)
Operating costs	2,26,498.03	1,84,497.98	42,000.05	22.76%
Employee benefits expense	13,467.53	11,428.17	2,039.36	17.85%
Other expenses	25,125.01	22,396.07	2,728.94	12.18%
Total	2,65,090.57	2,18,322.22	46,768.35	21.42%

4. Cash flow analysis

A comparative table of FY 2025-26 versus FY 2024-25 of Cash Flow is provided below:

( in Lakh)

Consolidated Cash Flow FOR THE YEAR ENDED ON MARCH 31,
	2026	2025
Opening cash and cash equivalents	26,767.02	29,695.80
Net cash inflow/(outflow) from operating activities	1,37,986.02	2,16,257.56
Net cash inflow/(outflow) from investing activities	(46,308.81)	(2,39,226.76)
Net cash inflow from financing activities	(1,00,876.41)	20,040.42
Closing cash and cash equivalents	17,567.82	26,767.02
Closing cash and cash equivalents including fixed deposits with banks, having
	1,69,675.01	1,00,296.98
remaining maturity of less than 12 months
Closing cash and cash equivalents including fixed deposits with banks, having remaining
	4,409.59	1,678.57
maturity of more than 12 months classified under non-current financial assets

HUMAN RESOURCES

GREAT PLACE TO WORK CERTIFICATION

Your Company has secured 74 th rank in Indias Top 100 Best

Companies to Work For, along with certifications as Indias

Best Workplaces in the Real Estate Industry and Indias Best Workplaces for Women announced in the month of June 2025. Furthermore, in Nov 2025 - Nov 2026 cycle, your Company once again participated in the Great Place to Workr survey and earned an exceptional Trust Index score of 95, significantly surpassing the India Top 100 benchmark of 88. This milestone is supported by an overwhelming employee participation of 89%.

These recognitions reflect our continued commitment to fostering a positive, inclusive, and supportive workplace culture where our people feel valued, empowered, and inspired to thrive.

TIME AND STATISTAS BEST COMPANIES ASIA PACIFIC AWARD LIST

Your Company has been recognized as the Best Companies Asia Pacific 2026 rankings by TIME and Statista. This is encouraging acknowledgement and one that holds special meaning for us as an organization. The Best Companies Asia Pacific list is a comprehensive assessment of leading companies across the region, evaluating organizations with revenue of at least USD 100 million in 2024. Companies were assessed across three important dimensions employee satisfaction, financial performance, and sustainability transparency, reflecting not just how business performs, but how responsibly and thoughtfully they grow.

INDIAS TOP 25 SAFEST WORKPLACES

Your Company upholds a zero-tolerance policy against harassment and discrimination, ensuring a safe environment and strict compliance with internal policies, standards, and relevant local laws and regulations. Demonstrating our dedication to fostering a safe and inclusive workplace for all employees, your Company is honored as one of the Top 25 Safest Workplaces in India at the Kelp PoSH Awards 2026, for the second year in a row. This award recognizes organizations in India that excel in building safe, respectful, and inclusive workplaces through sustained efforts in the prevention of sexual harassment (PoSH). Your Companys POSH Committee plays a pivotal role in fostering a safe, respectful, and inclusive work environment across all locations. This is enabled through regular awareness initiatives, sensitization workshops, quarterly review meetings, periodic site visits, and ongoing communication campaigns to reinforce a culture of safety and respect.

CONFEDERATION OF INDIAN INDUSTRY (CII) HR EXCELLENCE AWARD 2025

Your Company participated in the CII-HR Excellence Award, a comprehensive and strategic framework covering all aspects of human resource management. Following a rigorous assessment process, the organization achieved the accolade Strong Commitment towards HR Excellence.

THE GREAT PEOPLE MANAGER STUDY 2026

Your Company participated for the third consecutive year in the Great People Manager Study 2025, conducted by the

Great Manager InstituteR, which recognizes and celebrates outstanding managers. About forty-nine People Managers from your Company participated in the study, of whom twenty-four have earned the prestigious recognition of Great Manager to

Work With. This reflects the impact of our ongoing investments in manager capability and leadership practices across levels.

CULTURE TRANSFORMATION INITIATIVE

Your company continues to sustain and strengthen People First journey by reinforcing its foundation. Building on this momentum, the organization has introduced People First 2.0 program this year, a refreshed and enhanced program designed to deepen impact. The initiative is systematically cascaded across organizational levels, with a focused emphasis on strengthening critical behavioral capabilities.

VALUE RE-ENFORCEMENT DRIVE

Guided by strong values and behavior-led philosophy, your Company launched a focused Value Reinforcement Drive to consciously translate intent into everyday action. As a core element of this effort, a Common Minimum Program is implemented across the organization, under which every employee participates in value workshops and is entrusted with a specific value positioning everyone as an active brand ambassador of the organizations values. This is further strengthened through the Value Booster Program, led by the leadership team supported by cross-functional teams. Together, they collaborate to deliver high-impact, value-theme-based initiatives designed to embed core values into daily behaviors, language and ways of working. Through these sustained and integrated efforts, your Company continues to strengthen a culture that is aligned, collaborative, and firmly anchored in values.

RECOGNITION PROGRAM

Your Company has strong Recognition Platform wherein employees are recognized across diverse teams on a quarterly basis. To further strengthen and sustain a culture of recognition, your Company introduced Everyday Heroes program which is an open and inclusive platform that empowers employees to recognize peers who demonstrate the organizations values in their everyday work. By celebrating these moments in real time, the initiative brings values to life across the organization.

Each day, a nominated Hero is featured, highlighting the value demonstrated and the colleague who recognized the contribution reinforcing recognition as a shared responsibility and embedding a culture of appreciation into everyday ways of working.

HEALTH & WELL-BEING

This year, your Company introduced a comprehensive well-being program which is an ecosystem including annual health check-up with detailed report analysis to identify high and medium-risk employees. Further the Care Management Program is a personalized healthcare support service which provides tailored lifestyle interventions covering diet, nutrition, exercise, medication guidance, and more, based on individual health needs. Additionally, employees are also enrolled into structured Programs such as Diabetes Care, Heart Health, Women

Health, Holistic Health, and Weight Loss. These programs offer targeted interventions including 1:1 doctor consultations, nutritionist guidance, personalized exercise plans, vital tracking, and 24x7 care support, leading to improved health outcomes.

EMOTIONAL WELLBEING

To cultivate the right environment and emphasize employee well-being, your Company has a robust Employee Assistance Program (EAP). This program provides employees and their family members with access to 24/7 tele-counselling and confidential support throughout the year. We conduct quarterly face-to-face counselling sessions across sites, providing accessible, on-ground mental health support and safe spaces for employees.

Additionally, employees have access to fitness facilities, wellness and stress management programs.

LEARNING & DEVELOPMENT

Your Company continues to prioritize capability building and empowering employees, ensuring alignment with the organizations vision. Through a blended learning approach, your Company fosters the development of technical, behavioral and leadership skills. Your Companies learning philosophy is anchored in diverse and continuous learning journeys that support employees at every stage of their career. All compliance related courses are mandatory followed by structured refresher training. This approach is further strengthened through focused capability-building initiatives such as the Women Leadership Development Program titled Flying Lessons, which has been conducted consistently for four consecutive years, building leadership capability and strengthening our internal talent pipeline. Complementing this is the curated First Time Managers Program, a four-month learning journey designed to equip People Managers with the skills, mindset, and behavioral competencies required for effective leadership.

INTERNAL MOBILITY

Your Company has a well-defined Internal Mobility Policy which enables enrichment of its talent pool and significantly contributes to the companys overall success by leveraging diverse skills and experiences within the organization. The policy is designed to empower all employees to explore new opportunities, contribute to various aspects of our business, and elevate their professional journey within the Company. It highlights the companys commitment to fostering growth, nurturing talent, and cultivating a dynamic work environment at Oberoi Realty.

EMPLOYEE RESOURCE GROUPS (ERGS)

To ensure diverse voices are meaningfully represented across locations, departments, and age groups, your Company has establishedcross-functionalEmployeeResourceGroups(ERGs)such as the Fun at Work Committee which actively drives year-round employee engagement initiatives, aimed at strengthening culture across the organization. In parallel, the Canteen Committee plays a critical role in employee well-being by ensuring access to healthy, nutritious, and hygienic food options that cater to diverse preferences and needs.

RISKS AND CONCERNS

MARKET PRICE FLUCTUATION

The performance of your Company may be affected by the sales and rental realizations of its projects. These prices are driven by prevailing market conditions, the nature and location of the projects and other factors such as brand and reputation and the design of the projects. Your Company follows a prudent business model and tries to ensure steady cash flow even during adverse pricing scenario.

SALES VOLUME

The volume of bookings depends on the ability to design projects that will meet customer preferences, getting various approvals in time, general market factors, project launch and customer trust in entering into sale agreements well in advance of receiving possession of the projects. Your Company sells its projects in phases from the time it launches the project, based on the type and scale of the project and depending on market conditions.

EXECUTION

Execution depends on several factors which include labour availability, raw material prices, receipt of approvals and regulatory clearances, access to utilities such as electricity and water, weather conditions and the absence of contingencies such as litigation. Your Company manages the adversities with cautious approach, meticulous planning and by engaging established and reputed contractors. As your Company imports various materials, at times execution is also dependent upon timely shipment and clearance of the material.

RENTAL REALIZATIONS

The rental realizations on the space leased depends upon the project location, design, tenant mix (this is relevant in the case of shopping malls), prevailing economic conditions and competition.

Your Company has set up its retail property in prime location and maintains a fresh ambience resulting in crowd pull and attracting first time kind of retailers. As far as the office space rentals are concerned, the same depends on demand and supply, general economic conditions, business confidence and competition.

LAND / DEVELOPMENT RIGHTS - COSTS AND AVAILABILITY

The cost of land forms a substantial part of the project cost, particularly in Mumbai. It includes amounts paid for freehold rights, leasehold rights, fungible FSI, construction cost of area given to landlords in consideration for development rights, registration and stamp duty. Your Company acquires land/land development rights from the government and private parties. It ensures that the consideration paid for the land is as per the prevailing market conditions, reasonable and market timed. Your Company also enters into MOUs and makes advances for the land/land development rights prior to entering into definitive agreements. The ensuing negotiations may result in either a transaction for the acquisition of the land/land development rights or the Company getting a refund of the moneys advanced.

FINANCING COSTS

The acquisition of land and development rights needs substantial capital outflow. Inadequate funding resources and high interest costs may impact regular business and operations. Your Company has always tried to build sufficient reserves resulting out of operating cash flows to take advantage of any land acquisition or development opportunity.

CAUTIONARY STATEMENT

This management discussion and analysis contain forward looking statements that reflects your Companys current views with respect to future events and financial performance. The actual results may differ materially from those anticipated in the forward-looking statements as a result of many factors.