# 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 2026-08-05. Not investment advice.

## Bottom line

Realty - Regional has underperformed NIFTY 500 by 23.1% over 52 weeks and 6.5% over 13 weeks. 3 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.

## Sector relative strength

Realty - Regional has underperformed NIFTY 500 by 23.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.5%. 3 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 +12.9%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 6.5%
52-week sector return versus NIFTY 500: -23%
Stocks leading NIFTY: 3/7
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: ₹87.6K 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 15.6/25 | Valuation 13.6/20 | Relative strength 13.5/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 28.8 + 15.6 + 13.6 + 13.5 = 71.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Raymond Realty Ltd (RAYMONDREL): 69/100 — Favorable setup; evidence 64%
   - Growth & earnings 23.7/35 | Capital efficiency 22.0/25 | Valuation 10.3/20 | Relative strength 12.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of 10 weeks with a reading, within the last 12
   - Exact sum: 23.7 + 22 + 10.3 + 12.5 = 68.5
   - 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): 50/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 10.6/35 | Capital efficiency 14.7/25 | Valuation 17.2/20 | Relative strength 7.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 10 weeks with a reading, within the last 12
   - Exact sum: 10.6 + 14.7 + 17.2 + 7 = 49.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
4. Arkade Developers Ltd (ARKADE): 49/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 10.3/35 | Capital efficiency 15.5/25 | Valuation 15.9/20 | Relative strength 7.3/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of 10 weeks with a reading, within the last 12
   - Exact sum: 10.3 + 15.5 + 15.9 + 7.3 = 49
   - 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 6.1/25 | Valuation 8.5/20 | Relative strength 12.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 20.1 + 6.1 + 8.5 + 12.5 = 47.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Arihant Superstructures Ltd (ARIHANTSUP): 38/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 17.9/35 | Capital efficiency 9.0/25 | Valuation 8.0/20 | Relative strength 3.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 17.9 + 9 + 8 + 3.5 = 38.4
   - 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 62%
   - Growth & earnings 11.5/35 | Capital efficiency 3.4/25 | Valuation 10.0/20 | Relative strength 10.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of 10 weeks with a reading, within the last 12
   - Exact sum: 11.5 + 3.4 + 10 + 10.6 = 35.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Oberoi Realty Ltd has the strongest one-year price move in Realty - Regional at +7.6%. Raymond Realty Ltd leads on Mansfield relative strength against NIFTY at +16.9%. 3 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Oberoi Realty Ltd (OBEROIRLTY): 7.6%
2. Raymond Realty Ltd (RAYMONDREL): -10%
3. Max Estates Ltd (MAXESTATES): -23%
4. TARC Ltd (TARC): -27%
5. Arkade Developers Ltd (ARKADE): -29%

### Strongest relative strength versus NIFTY 500
1. Raymond Realty Ltd (RAYMONDREL): 17%
2. Oberoi Realty Ltd (OBEROIRLTY): 9.1%
3. Arkade Developers Ltd (ARKADE): 0.3%
4. TARC Ltd (TARC): -6.1%
5. Max Estates Ltd (MAXESTATES): -9.4%

## 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 —

## 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): −2.0 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 PEG at 0.35×, 41.7% below Marathon Nextgen Realty Ltd. Only 3 of 7 companies have earnings and growth steady enough for the ratio to mean anything, 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### 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): 12.8
2. Arkade Developers Ltd (ARKADE): 14.2
3. Raymond Realty Ltd (RAYMONDREL): 14.6
4. Arihant Superstructures Ltd (ARIHANTSUP): 24.6
5. Oberoi Realty Ltd (OBEROIRLTY): 25.1

### 20-quarter 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 —


## 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.

## Every company
- Oberoi Realty Ltd (OBEROIRLTY) — market value ₹66.5K Cr; latest fundamentals Jun 2026
- Max Estates Ltd (MAXESTATES) — market value ₹6.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Raymond Realty Ltd (RAYMONDREL) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- TARC Ltd (TARC) — market value ₹4.1K 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 ₹2.6K 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 2026-07-31.
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

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

Realty - Regional has underperformed NIFTY 500 by 23.1% over 52 weeks and 6.5% over 13 weeks. 3 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 71.5/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Arkade Developers Ltd has the lowest comparable PEG at 0.35, among 3 of 7 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### 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 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 PEG — where a LOWER number is cheaper — Arkade Developers Ltd screens cheapest at 0.35×. Only 3 of 7 companies have earnings and growth steady enough for the ratio to mean anything, 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.

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

Realty - Regional has underperformed NIFTY 500 by 23.1% over the last 52 weeks and 6.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 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 71.5 out of 100 with 100% evidence confidence, from 28.8 points on growth and earnings, 15.6 on capital efficiency, 13.6 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, 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 ₹87,597 crore of combined market value. Oberoi Realty Ltd is the largest at ₹66,456 crore, about 76% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### 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 24.6×, measured on the 6 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 2026-08-05.

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

3 of the 7 covered Realty - Regional companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 23.1% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.