# Realty - Regional — company-by-company sector analysis

> Realty - Regional: Oberoi Realty Ltd owns the largest revenue base; Raymond Realty Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Realty - Regional has underperformed NIFTY 500 by 24.4% over 52 weeks and 5.1% over 13 weeks. 2 of 7 covered companies beat NIFTY on Mansfield relative strength, while 4 of 6 beat the sector itself. Oberoi Realty Ltd leads with revenue of ₹6,323 crore, based on 7 of 7 comparable companies through Jun 2026.

### Is the Realty - Regional sector outperforming NIFTY 500?

Realty - Regional has underperformed NIFTY 500 by 24.4% over 52 weeks and 5.1% over 13 weeks. 2 of 7 covered companies beat NIFTY on Mansfield relative strength, while 4 of 6 beat the sector itself.

### Which Realty - Regional company is largest by revenue?

Oberoi Realty Ltd leads with revenue of ₹6,323 crore, based on 7 of 7 comparable companies through Jun 2026.

### Which Realty - Regional company is growing fastest?

Raymond Realty Ltd has the fastest current revenue growth at 100%, across 7 of 7 comparable companies.

### Which Realty - Regional company has the strongest 4-Factor Sector Score?

Oberoi Realty Ltd ranks first at 72/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Realty - Regional company reports the most CAPEX?

Oberoi Realty Ltd reports the largest latest CAPEX at ₹856 crore, with 1 of 7 companies comparable.

### Which Realty - Regional company has the least gross debt?

Arkade Developers Ltd has the lowest comparable gross debt at ₹99 crore. Oberoi Realty Ltd has the highest at ₹2,825 crore.

### Which Realty - Regional company has the lowest comparable PEG?

Arkade Developers Ltd has the lowest comparable Guarded PEG at 0.35, among 3 of 7 companies that pass the metric’s comparability rules.

### How much history does this Realty - Regional comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Realty - Regional has underperformed NIFTY 500 by 24.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 5.1%. 2 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Oberoi Realty Ltd is the strongest against the sector itself at +15%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 5.1%
52-week sector return versus NIFTY 500: -24%
Stocks leading NIFTY: 2/7
Stocks leading sector: 4/6

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 7
Combined market value: ₹87.0K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Oberoi Realty Ltd (OBEROIRLTY): 72/100 — Favorable setup; evidence 100%
   - Growth & earnings 28.8/35 | Capital efficiency 16.2/25 | Valuation 13.5/20 | Relative strength 13.5/20
   - Exact sum: 28.8 + 16.2 + 13.5 + 13.5 = 72
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Raymond Realty Ltd (RAYMONDREL): 67/100 — Favorable setup; evidence 64%
   - Growth & earnings 23.7/35 | Capital efficiency 20.0/25 | Valuation 10.5/20 | Relative strength 12.5/20
   - Exact sum: 23.7 + 20 + 10.5 + 12.5 = 66.7
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Marathon Nextgen Realty Ltd (MARATHON): 51/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 10.6/35 | Capital efficiency 17.1/25 | Valuation 16.5/20 | Relative strength 7.0/20
   - Exact sum: 10.6 + 17.1 + 16.5 + 7 = 51.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
4. Arkade Developers Ltd (ARKADE): 50/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 10.3/35 | Capital efficiency 16.9/25 | Valuation 16.0/20 | Relative strength 6.9/20
   - Exact sum: 10.3 + 16.9 + 16 + 6.9 = 50.1
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. TARC Ltd (TARC): 47/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 20.1/35 | Capital efficiency 5.7/25 | Valuation 9.0/20 | Relative strength 12.5/20
   - Exact sum: 20.1 + 5.7 + 9 + 12.5 = 47.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Arihant Superstructures Ltd (ARIHANTSUP): 37/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 17.9/35 | Capital efficiency 7.0/25 | Valuation 8.3/20 | Relative strength 3.5/20
   - Exact sum: 17.9 + 7 + 8.3 + 3.5 = 36.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Max Estates Ltd (MAXESTATES): 36/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 11.9/35 | Capital efficiency 5.0/25 | Valuation 8.5/20 | Relative strength 10.6/20
   - Exact sum: 11.9 + 5 + 8.5 + 10.6 = 36
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Oberoi Realty Ltd is the scale leader at ₹6,323 crore, 111.8% ahead of Raymond Realty Ltd. Raymond Realty Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 428.3% from a ₹2,985 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Oberoi Realty Ltd is the scale benchmark; Raymond Realty Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Oberoi Realty Ltd's growth falls below Raymond Realty Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Oberoi Realty Ltd · ₹6,323 crore | 111.8% versus #2 · Raymond Realty Ltd | 6/8 recent comparable periods | 7/7 companies · 106 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Oberoi Realty Ltd (OBEROIRLTY): ₹6.3K Cr
2. Raymond Realty Ltd (RAYMONDREL): ₹3.0K Cr
3. Arkade Developers Ltd (ARKADE): ₹817 Cr
4. Arihant Superstructures Ltd (ARIHANTSUP): ₹551 Cr
5. Marathon Nextgen Realty Ltd (MARATHON): ₹497 Cr

### Revenue growth — fastest growers
1. Raymond Realty Ltd (RAYMONDREL): 100%
2. TARC Ltd (TARC): 100%
3. Oberoi Realty Ltd (OBEROIRLTY): 30%
4. Max Estates Ltd (MAXESTATES): 24%
5. Arkade Developers Ltd (ARKADE): 20%

### 20-quarter Revenue history
- OBEROIRLTY: Sep 2021 ₹754 Cr | Dec 2021 ₹832 Cr | Mar 2022 ₹823 Cr | Jun 2022 ₹913 Cr | Sep 2022 ₹689 Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹961 Cr | Jun 2023 ₹910 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹988 Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.3K Cr
- MAXESTATES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹29 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹130 Cr | Sep 2024 ₹226 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹374 Cr | Sep 2025 ₹696 Cr | Dec 2025 ₹758 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- TARC: Sep 2021 ₹160 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹135 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹209 Cr | Jun 2026 —
- MARATHON: Sep 2021 ₹37 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹166 Cr | Jun 2022 ₹98 Cr | Sep 2022 ₹170 Cr | Dec 2022 ₹278 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹210 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹155 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹141 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹114 Cr | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹62 Cr | Sep 2023 ₹211 Cr | Dec 2023 ₹239 Cr | Mar 2024 ₹123 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹225 Cr | Mar 2025 ₹131 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹264 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹197 Cr | Jun 2026 —
- ARIHANTSUP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹115 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹109 Cr | Dec 2023 ₹119 Cr | Mar 2024 ₹155 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹123 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹181 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- OBEROIRLTY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -8.6% | Dec 2022 96% | Mar 2023 17% | Jun 2023 -0.3% | Sep 2023 77% | Dec 2023 -35% | Mar 2024 37% | Jun 2024 54% | Sep 2024 8.5% | Dec 2024 34% | Mar 2025 -13% | Jun 2025 -30% | Sep 2025 35% | Dec 2025 5.8% | Mar 2026 52% | Jun 2026 32%
- MAXESTATES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -17% | Mar 2024 29% | Jun 2024 122% | Sep 2024 96% | Dec 2024 66% | Mar 2025 33% | Jun 2025 27% | Sep 2025 21% | Dec 2025 24% | Mar 2026 24% | Jun 2026 —
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 188% | Sep 2025 208% | Dec 2025 724% | Mar 2026 889% | Jun 2026 —
- TARC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 162% | Sep 2022 -74% | Dec 2022 77% | Mar 2023 1,127% | Jun 2023 -7.4% | Sep 2023 -29% | Dec 2023 -90% | Mar 2024 -93% | Jun 2024 -87% | Sep 2024 -86% | Dec 2024 0.5% | Mar 2025 25% | Jun 2025 824% | Sep 2025 59% | Dec 2025 310% | Mar 2026 1,666% | Jun 2026 —
- MARATHON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 180% | Sep 2022 359% | Dec 2022 309% | Mar 2023 2.4% | Jun 2023 114% | Sep 2023 -24% | Dec 2023 -24% | Mar 2024 -8.8% | Jun 2024 -23% | Sep 2024 13% | Dec 2024 -41% | Mar 2025 -3.9% | Jun 2025 -13% | Sep 2025 -20% | Dec 2025 1.6% | Mar 2026 -23% | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 102% | Sep 2024 -4.3% | Dec 2024 -5.9% | Mar 2025 6.5% | Jun 2025 27% | Sep 2025 31% | Dec 2025 -12% | Mar 2026 50% | Jun 2026 —
- ARIHANTSUP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.7% | Mar 2024 138% | Jun 2024 -31% | Sep 2024 2.8% | Dec 2024 27% | Mar 2025 -1.3% | Jun 2025 44% | Sep 2025 9.8% | Dec 2025 -17% | Mar 2026 18% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Oberoi Realty Ltd leads opm at 56%; TARC Ltd leads margin change at +664.5 percentage points.

Investor read: Oberoi Realty Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Oberoi Realty Ltd · 56% | 154.5% versus #2 · Marathon Nextgen Realty Ltd | 3/8 recent comparable periods | 7/7 companies · 112 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Oberoi Realty Ltd (OBEROIRLTY): 56%
2. Marathon Nextgen Realty Ltd (MARATHON): 22%
3. Raymond Realty Ltd (RAYMONDREL): 20%
4. Arkade Developers Ltd (ARKADE): 19%
5. Arihant Superstructures Ltd (ARIHANTSUP): 17%

### Margin change — fastest expanders
1. TARC Ltd (TARC): +664.5 pp
2. Raymond Realty Ltd (RAYMONDREL): +8.0 pp
3. Arihant Superstructures Ltd (ARIHANTSUP): +3.0 pp
4. Oberoi Realty Ltd (OBEROIRLTY): +3.0 pp
5. Marathon Nextgen Realty Ltd (MARATHON): −6.0 pp

### 20-quarter OPM history
- OBEROIRLTY: Sep 2021 49% | Dec 2021 40% | Mar 2022 43% | Jun 2022 54% | Sep 2022 45% | Dec 2022 58% | Mar 2023 38% | Jun 2023 52% | Sep 2023 52% | Dec 2023 48% | Mar 2024 60% | Jun 2024 58% | Sep 2024 62% | Dec 2024 61% | Mar 2025 54% | Jun 2025 53% | Sep 2025 57% | Dec 2025 57% | Mar 2026 54% | Jun 2026 56%
- MAXESTATES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 30% | Dec 2022 24% | Mar 2023 33% | Jun 2023 17% | Sep 2023 2.8% | Dec 2023 26% | Mar 2024 26% | Jun 2024 38% | Sep 2024 21% | Dec 2024 29% | Mar 2025 23% | Jun 2025 27% | Sep 2025 21% | Dec 2025 5.9% | Mar 2026 -6.5% | Jun 2026 —
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 14% | Sep 2024 7.0% | Dec 2024 15% | Mar 2025 12% | Jun 2025 6.0% | Sep 2025 13% | Dec 2025 12% | Mar 2026 20% | Jun 2026 —
- TARC: Sep 2021 38% | Dec 2021 42% | Mar 2022 — | Jun 2022 80% | Sep 2022 55% | Dec 2022 15% | Mar 2023 28% | Jun 2023 65% | Sep 2023 -32% | Dec 2023 60% | Mar 2024 -43% | Jun 2024 -178% | Sep 2024 -566% | Dec 2024 -120% | Mar 2025 -708% | Jun 2025 -159% | Sep 2025 -519% | Dec 2025 -47% | Mar 2026 -43% | Jun 2026 —
- MARATHON: Sep 2021 20% | Dec 2021 18% | Mar 2022 27% | Jun 2022 37% | Sep 2022 21% | Dec 2022 45% | Mar 2023 24% | Jun 2023 29% | Sep 2023 37% | Dec 2023 36% | Mar 2024 30% | Jun 2024 33% | Sep 2024 29% | Dec 2024 30% | Mar 2025 28% | Jun 2025 22% | Sep 2025 36% | Dec 2025 20% | Mar 2026 22% | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 15% | Sep 2023 31% | Dec 2023 28% | Mar 2024 22% | Jun 2024 33% | Sep 2024 29% | Dec 2024 27% | Mar 2025 34% | Jun 2025 21% | Sep 2025 24% | Dec 2025 27% | Mar 2026 19% | Jun 2026 —
- ARIHANTSUP: Sep 2021 23% | Dec 2021 21% | Mar 2022 23% | Jun 2022 21% | Sep 2022 16% | Dec 2022 26% | Mar 2023 15% | Jun 2023 23% | Sep 2023 23% | Dec 2023 22% | Mar 2024 20% | Jun 2024 13% | Sep 2024 26% | Dec 2024 28% | Mar 2025 14% | Jun 2025 31% | Sep 2025 24% | Dec 2025 23% | Mar 2026 17% | Jun 2026 —

### 20-quarter Margin change history
- OBEROIRLTY: Sep 2021 −9.5 pp | Dec 2021 −6.3 pp | Mar 2022 −4.6 pp | Jun 2022 +10.0 pp | Sep 2022 −4.4 pp | Dec 2022 +18.2 pp | Mar 2023 −4.7 pp | Jun 2023 −1.9 pp | Sep 2023 +6.9 pp | Dec 2023 −10.0 pp | Mar 2024 +22.0 pp | Jun 2024 +6.0 pp | Sep 2024 +10.0 pp | Dec 2024 +13.0 pp | Mar 2025 −6.0 pp | Jun 2025 −5.0 pp | Sep 2025 −5.0 pp | Dec 2025 −4.0 pp | Mar 2026 0.0 pp | Jun 2026 +3.0 pp
- MAXESTATES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −14.5 pp | Sep 2023 −27.5 pp | Dec 2023 +1.8 pp | Mar 2024 −6.6 pp | Jun 2024 +20.4 pp | Sep 2024 +18.5 pp | Dec 2024 +3.0 pp | Mar 2025 −3.2 pp | Jun 2025 −10.6 pp | Sep 2025 −0.6 pp | Dec 2025 −23.0 pp | Mar 2026 −29.3 pp | Jun 2026 —
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 −8.0 pp | Sep 2025 +6.0 pp | Dec 2025 −3.0 pp | Mar 2026 +8.0 pp | Jun 2026 —
- TARC: Sep 2021 +21.5 pp | Dec 2021 +33.0 pp | Mar 2022 −2,350.9 pp | Jun 2022 +69.0 pp | Sep 2022 +16.7 pp | Dec 2022 −26.9 pp | Mar 2023 +2,394.0 pp | Jun 2023 −15.2 pp | Sep 2023 −86.4 pp | Dec 2023 +44.6 pp | Mar 2024 −71.4 pp | Jun 2024 −243.3 pp | Sep 2024 −534.5 pp | Dec 2024 −179.1 pp | Mar 2025 −664.5 pp | Jun 2025 +19.4 pp | Sep 2025 +47.4 pp | Dec 2025 +72.1 pp | Mar 2026 +664.5 pp | Jun 2026 —
- MARATHON: Sep 2021 −37.4 pp | Dec 2021 −4.0 pp | Mar 2022 +2.4 pp | Jun 2022 +6.5 pp | Sep 2022 +1.1 pp | Dec 2022 +27.2 pp | Mar 2023 −2.7 pp | Jun 2023 −7.6 pp | Sep 2023 +15.8 pp | Dec 2023 −9.0 pp | Mar 2024 +6.0 pp | Jun 2024 +4.0 pp | Sep 2024 −8.0 pp | Dec 2024 −6.0 pp | Mar 2025 −2.0 pp | Jun 2025 −11.0 pp | Sep 2025 +7.0 pp | Dec 2025 −10.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +18.0 pp | Sep 2024 −2.0 pp | Dec 2024 −1.0 pp | Mar 2025 +12.0 pp | Jun 2025 −12.0 pp | Sep 2025 −5.0 pp | Dec 2025 0.0 pp | Mar 2026 −15.0 pp | Jun 2026 —
- ARIHANTSUP: Sep 2021 +3.8 pp | Dec 2021 +0.8 pp | Mar 2022 +6.9 pp | Jun 2022 +2.9 pp | Sep 2022 −6.2 pp | Dec 2022 +5.0 pp | Mar 2023 −8.4 pp | Jun 2023 +2.2 pp | Sep 2023 +6.6 pp | Dec 2023 −3.7 pp | Mar 2024 +5.0 pp | Jun 2024 −10.0 pp | Sep 2024 +3.0 pp | Dec 2024 +6.0 pp | Mar 2025 −6.0 pp | Jun 2025 +18.0 pp | Sep 2025 −2.0 pp | Dec 2025 −5.0 pp | Mar 2026 +3.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Oberoi Realty Ltd leads with ₹2,630 crore of TTM profit, 765.1% above Raymond Realty Ltd. Raymond Realty Ltd shows ≥100% on the scoring scale (1688.2% uncapped) growth from a ₹304 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Oberoi Realty Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Oberoi Realty Ltd · ₹2,630 crore | 765.1% versus #2 · Raymond Realty Ltd | 6/8 recent comparable periods | 7/7 companies · 106 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Oberoi Realty Ltd (OBEROIRLTY): ₹2.6K Cr
2. Raymond Realty Ltd (RAYMONDREL): ₹304 Cr
3. Marathon Nextgen Realty Ltd (MARATHON): ₹208 Cr
4. Arihant Superstructures Ltd (ARIHANTSUP): ₹46 Cr
5. TARC Ltd (TARC): ₹19 Cr

### Profit growth — fastest growers
1. Raymond Realty Ltd (RAYMONDREL): 100%
2. Oberoi Realty Ltd (OBEROIRLTY): 28%
3. Marathon Nextgen Realty Ltd (MARATHON): 9.5%
4. Arihant Superstructures Ltd (ARIHANTSUP): -15%
5. Max Estates Ltd (MAXESTATES): -41%

### 20-quarter Net profit history
- OBEROIRLTY: Sep 2021 ₹267 Cr | Dec 2021 ₹468 Cr | Mar 2022 ₹232 Cr | Jun 2022 ₹403 Cr | Sep 2022 ₹319 Cr | Dec 2022 ₹703 Cr | Mar 2023 ₹480 Cr | Jun 2023 ₹322 Cr | Sep 2023 ₹457 Cr | Dec 2023 ₹360 Cr | Mar 2024 ₹788 Cr | Jun 2024 ₹585 Cr | Sep 2024 ₹589 Cr | Dec 2024 ₹618 Cr | Mar 2025 ₹433 Cr | Jun 2025 ₹421 Cr | Sep 2025 ₹760 Cr | Dec 2025 ₹623 Cr | Mar 2026 ₹703 Cr | Jun 2026 ₹544 Cr
- MAXESTATES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹-38 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹7 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹161 Cr | Jun 2026 —
- TARC: Sep 2021 ₹5 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹-243 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹-33 Cr | Mar 2024 ₹-52 Cr | Jun 2024 ₹-31 Cr | Sep 2024 ₹-67 Cr | Dec 2024 ₹-29 Cr | Mar 2025 ₹-105 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹-21 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- MARATHON: Sep 2021 ₹4 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹46 Cr | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹7 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹-110 Cr | Jun 2026 —
- ARIHANTSUP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹20 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹12 Cr | Jun 2026 —

### 20-quarter Profit growth history
- OBEROIRLTY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 19% | Dec 2022 50% | Mar 2023 107% | Jun 2023 -20% | Sep 2023 43% | Dec 2023 -49% | Mar 2024 64% | Jun 2024 82% | Sep 2024 29% | Dec 2024 72% | Mar 2025 -45% | Jun 2025 -28% | Sep 2025 29% | Dec 2025 0.8% | Mar 2026 62% | Jun 2026 29%
- MAXESTATES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -294% | Mar 2024 -203% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -100% | Mar 2026 -129% | Jun 2026 —
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 129% | Sep 2025 1,100% | Dec 2025 2,133% | Mar 2026 7,950% | Jun 2026 —
- TARC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 60% | Dec 2022 -89% | Mar 2023 — | Jun 2023 -21% | Sep 2023 -87% | Dec 2023 -3,449% | Mar 2024 -3,481% | Jun 2024 -531% | Sep 2024 -6,395% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MARATHON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 175% | Sep 2022 275% | Dec 2022 1,043% | Mar 2023 -30% | Jun 2023 291% | Sep 2023 127% | Dec 2023 -36% | Mar 2024 150% | Jun 2024 -12% | Sep 2024 44% | Dec 2024 -3.9% | Mar 2025 35% | Jun 2025 63% | Sep 2025 37% | Dec 2025 -33% | Mar 2026 -15% | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 329% | Sep 2024 -10% | Dec 2024 2.0% | Mar 2025 65% | Jun 2025 -3.3% | Sep 2025 7.0% | Dec 2025 -20% | Mar 2026 -433% | Jun 2026 —
- ARIHANTSUP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -20% | Mar 2024 — | Jun 2024 -88% | Sep 2024 0.0% | Dec 2024 56% | Mar 2025 -35% | Jun 2025 700% | Sep 2025 -38% | Dec 2025 -68% | Mar 2026 9.1% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Oberoi Realty Ltd reports ₹856 crore of CAPEX; Oberoi Realty Ltd has the highest covered intensity at 113.5%. Coverage is only 1 of 7 companies and 1 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Oberoi Realty Ltd · ₹856 crore | Not enough peers | 1/1 recent comparable periods | 1/7 companies · 1 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Oberoi Realty Ltd (OBEROIRLTY): ₹856 Cr

### CAPEX intensity — highest reinvestment intensity
1. Oberoi Realty Ltd (OBEROIRLTY): 114%

### 20-quarter CAPEX history
- OBEROIRLTY: Sep 2021 ₹856 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- OBEROIRLTY: Sep 2021 114% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Oberoi Realty Ltd has the clearest covered balance-sheet capacity with ₹464 crore net cash and gross debt of ₹2,825 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Arkade Developers Ltd · ₹99 crore | 0% versus #2 · Marathon Nextgen Realty Ltd | 4/8 recent comparable periods | 7/7 companies · 102 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Arkade Developers Ltd (ARKADE): ₹99 Cr
2. Marathon Nextgen Realty Ltd (MARATHON): ₹99 Cr
3. Arihant Superstructures Ltd (ARIHANTSUP): ₹874 Cr
4. Raymond Realty Ltd (RAYMONDREL): ₹1.0K Cr
5. TARC Ltd (TARC): ₹1.9K Cr

### Net debt — lowest net debt
1. Oberoi Realty Ltd (OBEROIRLTY): ₹-464 Cr
2. Marathon Nextgen Realty Ltd (MARATHON): ₹-306 Cr
3. Arkade Developers Ltd (ARKADE): ₹18 Cr
4. Raymond Realty Ltd (RAYMONDREL): ₹658 Cr
5. Arihant Superstructures Ltd (ARIHANTSUP): ₹854 Cr

### 20-quarter Gross debt history
- OBEROIRLTY: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 ₹2.8K Cr
- MAXESTATES: Sep 2021 — | Dec 2021 — | Mar 2022 ₹315 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹862 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹962 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.7K Cr | Jun 2025 — | Sep 2025 ₹2.1K Cr | Dec 2025 — | Mar 2026 ₹2.4K Cr | Jun 2026 —
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹231 Cr | Jun 2024 ₹231 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹467 Cr | Jun 2025 ₹466 Cr | Sep 2025 ₹564 Cr | Dec 2025 ₹564 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- TARC: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- MARATHON: Sep 2021 ₹672 Cr | Dec 2021 ₹672 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹869 Cr | Jun 2023 ₹869 Cr | Sep 2023 ₹858 Cr | Dec 2023 ₹858 Cr | Mar 2024 ₹761 Cr | Jun 2024 ₹761 Cr | Sep 2024 ₹696 Cr | Dec 2024 ₹696 Cr | Mar 2025 ₹560 Cr | Jun 2025 ₹560 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹99 Cr | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹64 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹149 Cr | Jun 2023 ₹149 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹71 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹115 Cr | Sep 2025 ₹175 Cr | Dec 2025 ₹175 Cr | Mar 2026 ₹99 Cr | Jun 2026 —
- ARIHANTSUP: Sep 2021 ₹300 Cr | Dec 2021 ₹300 Cr | Mar 2022 ₹299 Cr | Jun 2022 ₹299 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹304 Cr | Mar 2023 ₹332 Cr | Jun 2023 ₹332 Cr | Sep 2023 ₹427 Cr | Dec 2023 ₹427 Cr | Mar 2024 ₹477 Cr | Jun 2024 ₹477 Cr | Sep 2024 ₹596 Cr | Dec 2024 ₹596 Cr | Mar 2025 ₹738 Cr | Jun 2025 ₹766 Cr | Sep 2025 ₹835 Cr | Dec 2025 ₹851 Cr | Mar 2026 ₹874 Cr | Jun 2026 —

### 20-quarter Net debt history
- OBEROIRLTY: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹275 Cr | Dec 2024 ₹275 Cr | Mar 2025 ₹-193 Cr | Jun 2025 ₹-193 Cr | Sep 2025 ₹-84 Cr | Dec 2025 ₹-84 Cr | Mar 2026 ₹-464 Cr | Jun 2026 ₹-464 Cr
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹225 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹438 Cr | Jun 2025 ₹426 Cr | Sep 2025 ₹-32 Cr | Dec 2025 ₹-32 Cr | Mar 2026 ₹658 Cr | Jun 2026 —
- TARC: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- MARATHON: Sep 2021 ₹609 Cr | Dec 2021 ₹609 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹966 Cr | Dec 2022 ₹966 Cr | Mar 2023 ₹835 Cr | Jun 2023 ₹786 Cr | Sep 2023 ₹800 Cr | Dec 2023 ₹800 Cr | Mar 2024 ₹754 Cr | Jun 2024 ₹668 Cr | Sep 2024 ₹597 Cr | Dec 2024 ₹597 Cr | Mar 2025 ₹542 Cr | Jun 2025 ₹542 Cr | Sep 2025 ₹-508 Cr | Dec 2025 ₹-508 Cr | Mar 2026 ₹-306 Cr | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹132 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹48 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹-358 Cr | Dec 2024 ₹-358 Cr | Mar 2025 ₹-27 Cr | Jun 2025 ₹-27 Cr | Sep 2025 ₹111 Cr | Dec 2025 ₹111 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- ARIHANTSUP: Sep 2021 ₹283 Cr | Dec 2021 ₹283 Cr | Mar 2022 ₹291 Cr | Jun 2022 ₹284 Cr | Sep 2022 ₹263 Cr | Dec 2022 ₹263 Cr | Mar 2023 ₹325 Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹405 Cr | Dec 2023 ₹405 Cr | Mar 2024 ₹464 Cr | Jun 2024 ₹462 Cr | Sep 2024 ₹583 Cr | Dec 2024 ₹583 Cr | Mar 2025 ₹714 Cr | Jun 2025 ₹748 Cr | Sep 2025 ₹833 Cr | Dec 2025 ₹833 Cr | Mar 2026 ₹854 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Raymond Realty Ltd leads ROCE at 29.6%, 10.3 percentage points above Arkade Developers Ltd. Oberoi Realty Ltd has the strongest latest improvement at +1.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Raymond Realty Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Raymond Realty Ltd · 29.6% | 53.4% versus #2 · Arkade Developers Ltd | 0/1 recent comparable periods | 7/7 companies · 75 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Raymond Realty Ltd (RAYMONDREL): 30%
2. Arkade Developers Ltd (ARKADE): 19%
3. Oberoi Realty Ltd (OBEROIRLTY): 17%
4. Marathon Nextgen Realty Ltd (MARATHON): 13%
5. Arihant Superstructures Ltd (ARIHANTSUP): 11%

### ROCE change — fastest improvers
1. Oberoi Realty Ltd (OBEROIRLTY): +1.8 pp
2. Arihant Superstructures Ltd (ARIHANTSUP): +0.8 pp
3. Max Estates Ltd (MAXESTATES): −1.0 pp
4. Arkade Developers Ltd (ARKADE): −2.7 pp
5. TARC Ltd (TARC): −3.3 pp

### 20-quarter ROCE history
- OBEROIRLTY: Sep 2021 11% | Dec 2021 — | Mar 2022 8.8% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 15% | Dec 2023 14% | Mar 2024 15% | Jun 2024 19% | Sep 2024 17% | Dec 2024 22% | Mar 2025 16% | Jun 2025 17% | Sep 2025 14% | Dec 2025 17% | Mar 2026 15% | Jun 2026 18%
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 25% | Jun 2025 33% | Sep 2025 4.3% | Dec 2025 7.8% | Mar 2026 18% | Jun 2026 —
- TARC: Sep 2021 2.0% | Dec 2021 — | Mar 2022 -9.2% | Jun 2022 — | Sep 2022 -4.1% | Dec 2022 — | Mar 2023 6.1% | Jun 2023 — | Sep 2023 5.3% | Dec 2023 3.2% | Mar 2024 -1.5% | Jun 2024 -0.8% | Sep 2024 -4.0% | Dec 2024 -2.4% | Mar 2025 -6.0% | Jun 2025 -1.2% | Sep 2025 -8.2% | Dec 2025 -0.5% | Mar 2026 -9.3% | Jun 2026 —
- MARATHON: Sep 2021 3.8% | Dec 2021 — | Mar 2022 4.5% | Jun 2022 — | Sep 2022 7.7% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 16% | Dec 2023 16% | Mar 2024 14% | Jun 2024 16% | Sep 2024 13% | Dec 2024 15% | Mar 2025 11% | Jun 2025 17% | Sep 2025 6.5% | Dec 2025 14% | Mar 2026 5.0% | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 47% | Jun 2024 56% | Sep 2024 22% | Dec 2024 22% | Mar 2025 21% | Jun 2025 32% | Sep 2025 18% | Dec 2025 20% | Mar 2026 18% | Jun 2026 —
- ARIHANTSUP: Sep 2021 16% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 13% | Dec 2023 15% | Mar 2024 15% | Jun 2024 14% | Sep 2024 11% | Dec 2024 15% | Mar 2025 9.4% | Jun 2025 15% | Sep 2025 11% | Dec 2025 12% | Mar 2026 10% | Jun 2026 —

### 20-quarter ROCE change history
- OBEROIRLTY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 — | Mar 2023 +4.7 pp | Jun 2023 — | Sep 2023 +4.3 pp | Dec 2023 — | Mar 2024 +1.1 pp | Jun 2024 — | Sep 2024 +1.8 pp | Dec 2024 +7.2 pp | Mar 2025 +1.1 pp | Jun 2025 −2.6 pp | Sep 2025 −2.3 pp | Dec 2025 −4.5 pp | Mar 2026 −0.3 pp | Jun 2026 +1.8 pp
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −6.6 pp | Jun 2026 —
- TARC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.1 pp | Dec 2022 — | Mar 2023 +15.3 pp | Jun 2023 — | Sep 2023 +9.4 pp | Dec 2023 — | Mar 2024 −7.6 pp | Jun 2024 — | Sep 2024 −9.3 pp | Dec 2024 −5.6 pp | Mar 2025 −4.5 pp | Jun 2025 −0.4 pp | Sep 2025 −4.2 pp | Dec 2025 +1.9 pp | Mar 2026 −3.3 pp | Jun 2026 —
- MARATHON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.9 pp | Dec 2022 — | Mar 2023 +9.8 pp | Jun 2023 — | Sep 2023 +8.2 pp | Dec 2023 — | Mar 2024 −0.7 pp | Jun 2024 — | Sep 2024 −2.6 pp | Dec 2024 −1.1 pp | Mar 2025 −2.9 pp | Jun 2025 +1.4 pp | Sep 2025 −6.8 pp | Dec 2025 −0.4 pp | Mar 2026 −5.7 pp | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −26.0 pp | Jun 2025 −24.6 pp | Sep 2025 −4.2 pp | Dec 2025 −2.1 pp | Mar 2026 −2.7 pp | Jun 2026 —
- ARIHANTSUP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 — | Mar 2023 −6.2 pp | Jun 2023 — | Sep 2023 −2.0 pp | Dec 2023 — | Mar 2024 +1.6 pp | Jun 2024 — | Sep 2024 −1.6 pp | Dec 2024 −0.8 pp | Mar 2025 −5.6 pp | Jun 2025 +0.3 pp | Sep 2025 −0.8 pp | Dec 2025 −3.0 pp | Mar 2026 +0.8 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Arkade Developers Ltd has the lowest comparable Guarded PEG at 0.35×, 41.7% below Marathon Nextgen Realty Ltd. Only 3 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Arkade Developers Ltd · 0.35× | 41.7% versus #2 · Marathon Nextgen Realty Ltd | 0/7 recent comparable periods | 3/7 companies · 15 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Arkade Developers Ltd (ARKADE): 0.4
2. Marathon Nextgen Realty Ltd (MARATHON): 0.6
3. Oberoi Realty Ltd (OBEROIRLTY): 0.9

### P/E — lowest P/E
1. Marathon Nextgen Realty Ltd (MARATHON): 12.6
2. Arkade Developers Ltd (ARKADE): 13.7
3. Raymond Realty Ltd (RAYMONDREL): 14.9
4. Arihant Superstructures Ltd (ARIHANTSUP): 24.7
5. Oberoi Realty Ltd (OBEROIRLTY): 25.0

### 20-quarter Guarded PEG history
- OBEROIRLTY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.3 | Dec 2022 0.4 | Mar 2023 — | Jun 2023 — | Sep 2023 0.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.1 | Dec 2024 — | Mar 2025 0.4 | Jun 2025 2.6 | Sep 2025 1.0 | Dec 2025 — | Mar 2026 — | Jun 2026 0.9
- MARATHON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.4 | Jun 2024 0.6 | Sep 2024 — | Dec 2024 — | Mar 2025 1.1 | Jun 2025 2.5 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 — | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- OBEROIRLTY: Sep 2021 42.8 | Dec 2021 34.0 | Mar 2022 30.4 | Jun 2022 26.7 | Sep 2022 24.4 | Dec 2022 22.2 | Mar 2023 18.5 | Jun 2023 19.1 | Sep 2023 23.0 | Dec 2023 26.8 | Mar 2024 33.1 | Jun 2024 36.5 | Sep 2024 31.5 | Dec 2024 36.3 | Mar 2025 23.1 | Jun 2025 32.2 | Sep 2025 27.8 | Dec 2025 27.4 | Mar 2026 23.5 | Jun 2026 26.0
- MAXESTATES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 284.1 | Jun 2025 191.8 | Sep 2025 145.9 | Dec 2025 131.5 | Mar 2026 152.4 | Jun 2026 —
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 46.5 | Dec 2025 23.8 | Mar 2026 8.3 | Jun 2026 —
- TARC: Sep 2021 194.8 | Dec 2021 121.6 | Mar 2022 96.9 | Jun 2022 98.7 | Sep 2022 -5.9 | Dec 2022 -5.5 | Mar 2023 49.5 | Jun 2023 92.5 | Sep 2023 155.4 | Dec 2023 366.8 | Mar 2024 454.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -37.3 | Sep 2025 — | Dec 2025 — | Mar 2026 172.7 | Jun 2026 —
- MARATHON: Sep 2021 58.6 | Dec 2021 59.5 | Mar 2022 65.4 | Jun 2022 22.7 | Sep 2022 21.8 | Dec 2022 18.7 | Mar 2023 10.0 | Jun 2023 12.2 | Sep 2023 13.8 | Dec 2023 11.3 | Mar 2024 17.2 | Jun 2024 16.9 | Sep 2024 21.6 | Dec 2024 17.5 | Mar 2025 15.2 | Jun 2025 17.6 | Sep 2025 15.0 | Dec 2025 12.2 | Mar 2026 10.6 | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 19.2 | Dec 2024 20.0 | Mar 2025 18.2 | Jun 2025 22.1 | Sep 2025 20.3 | Dec 2025 16.1 | Mar 2026 12.5 | Jun 2026 —
- ARIHANTSUP: Sep 2021 19.1 | Dec 2021 18.5 | Mar 2022 11.0 | Jun 2022 12.3 | Sep 2022 21.2 | Dec 2022 20.9 | Mar 2023 15.6 | Jun 2023 16.7 | Sep 2023 15.5 | Dec 2023 20.9 | Mar 2024 27.5 | Jun 2024 20.9 | Sep 2024 32.6 | Dec 2024 36.6 | Mar 2025 24.6 | Jun 2025 22.6 | Sep 2025 30.1 | Dec 2025 22.0 | Mar 2026 19.1 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Marathon Nextgen Realty Ltd leads both ev/ebitda at 9.2× and p/bv at 1.14×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Marathon Nextgen Realty Ltd · 9.2× | 2.1% versus #2 · Arkade Developers Ltd | 0/8 recent comparable periods | 6/7 companies · 86 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Marathon Nextgen Realty Ltd (MARATHON): 9.2
2. Arkade Developers Ltd (ARKADE): 9.4
3. Raymond Realty Ltd (RAYMONDREL): 11.2
4. Arihant Superstructures Ltd (ARIHANTSUP): 13.6
5. Oberoi Realty Ltd (OBEROIRLTY): 18.1

### P/BV — lowest P/BV
1. Marathon Nextgen Realty Ltd (MARATHON): 1.1
2. Max Estates Ltd (MAXESTATES): 2.6
3. Raymond Realty Ltd (RAYMONDREL): 2.8
4. Arkade Developers Ltd (ARKADE): 2.9
5. Arihant Superstructures Ltd (ARIHANTSUP): 3.1

### 20-quarter EV/EBITDA history
- OBEROIRLTY: Sep 2021 31.8 | Dec 2021 25.6 | Mar 2022 23.8 | Jun 2022 20.6 | Sep 2022 19.0 | Dec 2022 17.6 | Mar 2023 14.2 | Jun 2023 16.4 | Sep 2023 19.1 | Dec 2023 21.2 | Mar 2024 26.0 | Jun 2024 26.1 | Sep 2024 22.8 | Dec 2024 25.8 | Mar 2025 16.4 | Jun 2025 22.4 | Sep 2025 19.5 | Dec 2025 18.9 | Mar 2026 16.4 | Jun 2026 18.1
- MAXESTATES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 122.1 | Mar 2024 110.5 | Jun 2024 170.0 | Sep 2024 176.9 | Dec 2024 129.3 | Mar 2025 60.8 | Jun 2025 64.0 | Sep 2025 51.9 | Dec 2025 51.8 | Mar 2026 45.0 | Jun 2026 —
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 48.1 | Dec 2025 22.2 | Mar 2026 11.2 | Jun 2026 —
- TARC: Sep 2021 81.1 | Dec 2021 31.0 | Mar 2022 20.8 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 18.3 | Sep 2023 27.1 | Dec 2023 49.8 | Mar 2024 63.8 | Jun 2024 160.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MARATHON: Sep 2021 16.2 | Dec 2021 14.4 | Mar 2022 14.0 | Jun 2022 11.4 | Sep 2022 14.2 | Dec 2022 12.0 | Mar 2023 8.1 | Jun 2023 8.9 | Sep 2023 9.4 | Dec 2023 9.2 | Mar 2024 12.8 | Jun 2024 13.5 | Sep 2024 15.8 | Dec 2024 13.6 | Mar 2025 13.1 | Jun 2025 14.7 | Sep 2025 16.1 | Dec 2025 11.1 | Mar 2026 9.2 | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 17.3 | Dec 2024 14.9 | Mar 2025 12.4 | Jun 2025 16.8 | Sep 2025 14.5 | Dec 2025 12.1 | Mar 2026 9.4 | Jun 2026 —
- ARIHANTSUP: Sep 2021 13.7 | Dec 2021 14.0 | Mar 2022 10.4 | Jun 2022 11.1 | Sep 2022 15.8 | Dec 2022 15.7 | Mar 2023 12.8 | Jun 2023 12.5 | Sep 2023 11.9 | Dec 2023 16.3 | Mar 2024 19.6 | Jun 2024 15.1 | Sep 2024 22.6 | Dec 2024 25.6 | Mar 2025 19.6 | Jun 2025 18.5 | Sep 2025 22.4 | Dec 2025 16.2 | Mar 2026 13.6 | Jun 2026 —

### 20-quarter P/BV history
- OBEROIRLTY: Sep 2021 3.6 | Dec 2021 3.2 | Mar 2022 3.5 | Jun 2022 2.6 | Sep 2022 3.0 | Dec 2022 2.9 | Mar 2023 2.9 | Jun 2023 2.9 | Sep 2023 3.4 | Dec 2023 4.1 | Mar 2024 4.2 | Jun 2024 4.6 | Sep 2024 5.0 | Dec 2024 5.7 | Mar 2025 4.0 | Jun 2025 4.4 | Sep 2025 3.6 | Dec 2025 3.6 | Mar 2026 3.2 | Jun 2026 3.5
- MAXESTATES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.5 | Jun 2024 5.8 | Sep 2024 7.6 | Dec 2024 4.2 | Mar 2025 2.8 | Jun 2025 6.0 | Sep 2025 3.2 | Dec 2025 3.2 | Mar 2026 2.3 | Jun 2026 —
- RAYMONDREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.8 | Dec 2025 2.6 | Mar 2026 1.9 | Jun 2026 —
- TARC: Sep 2021 0.9 | Dec 2021 0.9 | Mar 2022 0.7 | Jun 2022 0.7 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 1.4 | Sep 2023 2.1 | Dec 2023 2.9 | Mar 2024 3.0 | Jun 2024 4.2 | Sep 2024 5.8 | Dec 2024 4.5 | Mar 2025 3.1 | Jun 2025 4.4 | Sep 2025 4.6 | Dec 2025 4.4 | Mar 2026 3.2 | Jun 2026 —
- MARATHON: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 1.4 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 2.0 | Jun 2023 2.2 | Sep 2023 2.7 | Dec 2023 2.3 | Mar 2024 3.0 | Jun 2024 3.4 | Sep 2024 3.5 | Dec 2024 2.8 | Mar 2025 2.4 | Jun 2025 3.3 | Sep 2025 2.6 | Dec 2025 1.6 | Mar 2026 1.2 | Jun 2026 —
- ARKADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.4 | Dec 2024 4.0 | Mar 2025 3.4 | Jun 2025 4.1 | Sep 2025 3.6 | Dec 2025 2.7 | Mar 2026 1.9 | Jun 2026 —
- ARIHANTSUP: Sep 2021 4.3 | Dec 2021 4.5 | Mar 2022 3.1 | Jun 2022 3.7 | Sep 2022 4.7 | Dec 2022 4.7 | Mar 2023 4.6 | Jun 2023 4.0 | Sep 2023 4.3 | Dec 2023 4.8 | Mar 2024 5.8 | Jun 2024 7.8 | Sep 2024 6.2 | Dec 2024 6.6 | Mar 2025 6.0 | Jun 2025 5.9 | Sep 2025 5.3 | Dec 2025 4.0 | Mar 2026 2.5 | Jun 2026 —

## Market action

Oberoi Realty Ltd has the strongest one-year price move in Realty - Regional at -0.8%. Raymond Realty Ltd leads on Mansfield relative strength against NIFTY at +21.6%. 2 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Oberoi Realty Ltd (OBEROIRLTY): -0.8%
2. Raymond Realty Ltd (RAYMONDREL): -20%
3. Max Estates Ltd (MAXESTATES): -30%
4. TARC Ltd (TARC): -33%
5. Arkade Developers Ltd (ARKADE): -34%

### Strongest relative strength versus NIFTY 500
1. Raymond Realty Ltd (RAYMONDREL): 22%
2. Oberoi Realty Ltd (OBEROIRLTY): 11%
3. Arkade Developers Ltd (ARKADE): -2.1%
4. TARC Ltd (TARC): -8.6%
5. Max Estates Ltd (MAXESTATES): -9.0%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Oberoi Realty Ltd (OBEROIRLTY) — market value ₹66.2K Cr; latest fundamentals Jun 2026
- Max Estates Ltd (MAXESTATES) — market value ₹6.3K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Raymond Realty Ltd (RAYMONDREL) — market value ₹4.4K Cr; latest fundamentals Mar 2026
- TARC Ltd (TARC) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- Marathon Nextgen Realty Ltd (MARATHON) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Arkade Developers Ltd (ARKADE) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Arihant Superstructures Ltd (ARIHANTSUP) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 5. Unverified: 1. Withheld: 1. Graded companies: 7.

1 of 7 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 7 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Max Estates Ltd (MAXESTATES) — its two data sources disagree by up to 220% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | MAXESTATES | Max Estates Ltd | diff_gt_2pct | disagreement up to 219.64% over 14 comparable periods

- UNVERIFIED | ARIHANTSUP | Arihant Superstructures Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Realty - Regional index?

The Nifty Realty - Regional index tracks India's listed Realty - Regional companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Realty - Regional sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Realty - Regional stocks in India?

Ranked by this page's four-factor score, Oberoi Realty Ltd places first among 7 listed Realty - Regional companies, followed by Raymond Realty Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Realty - Regional stocks are listed in India?

This comparison covers 7 listed Realty - Regional companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Realty - Regional company is the biggest?

Oberoi Realty Ltd is the largest, with trailing-twelve-month revenue of ₹6,323 crore, ahead of Raymond Realty Ltd at ₹2,985 crore. That covers 7 of 7 companies with comparable reporting through Jun 2026.

### Which Realty - Regional company is growing fastest?

Raymond Realty Ltd has the fastest revenue growth at 100% year on year, across 7 of 7 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Realty - Regional company has the best profit margins?

Oberoi Realty Ltd has the highest operating margin at 56%, from 7 of 7 comparable companies. TARC Ltd shows the biggest recent improvement, at +664.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Realty - Regional company makes the most profit?

Oberoi Realty Ltd earns the most, at ₹2,630 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. Raymond Realty Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Realty - Regional company earns the highest return on capital?

Raymond Realty Ltd leads on return on capital employed at 29.6%, across 7 of 7 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Realty - Regional stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Arkade Developers Ltd screens cheapest at 0.35×. Only 3 of 7 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Realty - Regional company has the strongest balance sheet?

Arkade Developers Ltd carries the lowest comparable gross debt at ₹99 crore, from 7 of 7 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Realty - Regional sector beating the market?

Realty - Regional has underperformed NIFTY 500 by 24.4% over the last 52 weeks and 5.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Realty - Regional stock has the strongest price momentum?

Raymond Realty Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Realty - Regional company scores highest for research priority?

Oberoi Realty Ltd scores 72 out of 100 with 100% evidence confidence, from 28.8 points on growth and earnings, 16.2 on capital efficiency, 13.5 on valuation and 13.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Realty - Regional companies does this comparison cover, and over what period?

It compares 7 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Realty - Regional sector?

The 7 Realty - Regional companies on this page carry ₹87,021 crore of combined market value. Oberoi Realty Ltd is the largest at ₹66,219 crore, about 76% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Realty - Regional sector's P/E ratio?

The median price-to-earnings ratio across the 7 Realty - Regional companies on this page is 24.7×, measured on the 7 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Realty - Regional sector performing?

2 of the 7 covered Realty - Regional companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 24.4% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/realty-regional