Who builds India's homes and offices
12 listed companies earned ₹60,694 crore from homes and offices in FY25. Lodha Developers Ltd earned the most, 22.7% of it. Oberoi Realty Ltd earned the most on each rupee of sales: 61.5%.
The brands, and who owns them
Xperia Mall is Lodha Developers Ltd's; Prestige Garden Trails is Prestige Estates Projects Ltd's; Godrej Properties is Godrej Industries Ltd's; Elysian, Oberoi Mall, Sky City Mall, Three Sixty West are Oberoi Realty Ltd's; Barca, Godrej MSR City are Godrej Properties Ltd's; Commerzone, CAMPLUS, The Square are Mindspace Business Parks REIT's; Palladium Ahmedabad, Phoenix MarketCity, Phoenix MarketCity Bangalore, Phoenix Palladium and others are Phoenix Mills Ltd's. Brands are read from each company's filings and checked against a public source.
Who sells the most
Lodha Developers Ltd had 22.7% of the listed companies' revenue from homes and offices here, 1.7 times as much as DLF Ltd, the next largest. The two together sold 36%; the other 10 the rest.
What it is made of
Of the sales reported by product line, offices is the largest at ₹9,363 Cr, then homes at ₹6,766 Cr.
How the sales have grown, and who sold them
The listed companies here earned ₹73,956 Cr from homes and offices in FY26. Counting only the companies with figures in both years, sales went from ₹31,467 Cr in FY19 to ₹45,998 Cr. The biggest rise was in FY26 (+27%) and the weakest year FY21 (-22%). Lodha Developers Ltd's part of the total went from 38% in FY19 to 23% in FY26. Over three years Lodha Developers Ltd grew fastest, +20.2% a year. Some companies are counted only from a later year (Godrej Industries Ltd from FY25; Larsen & Toubro Ltd from FY25; Oberoi Realty Ltd from FY25; Embassy Office Parks REIT from FY20; Bagmane Prime Office REIT from FY23; Phoenix Mills Ltd from FY25; GMR Airports Ltd from FY25).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of revenue from homes and offices. Lodha Developers Ltd earned 30.1% on its sales in FY26, against 11.8% in FY17. DLF Ltd earned 38.2% on its sales in FY26, against 10.9% in FY17; its best year was FY18 at 47.1%. Prestige Estates Projects Ltd earned 26.1% on its sales in FY26, against 11.1% in FY17; its best year was FY21 at 33.1%. Godrej Industries Ltd earned 35.2% on its sales in FY26, against 30.2% in FY25. Larsen & Toubro Ltd earned 10.6% on its sales in FY26, against 14.3% in FY25. Oberoi Realty Ltd earned 57.9% on its sales in FY26, against 61.5% in FY25.
The companies, and their brands
| Company and brands | Sales FY25 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| Lodha Developers Ltd Xperia Mall Sells in 6 states; exports 0.0% of turnover |
₹13,780 Cr | +21.0% | +20.2% | +23.6% | 29.8% | 21.3% | — | 26.4 | 14.4% | -4.4% |
| DLF Ltd Sells in 13 states; exports 0.0% of turnover |
₹7,994 Cr | +2.5% | +10.9% | +6.6% | 33.2% | 13.8% | — | 37.0 | 12.3% | -10.3% |
| Prestige Estates Projects Ltd Prestige Garden Trails Sells in 8 states; exports 0.0% of turnover |
₹7,349 Cr | +72.7% | +11.7% | +4.3% | 29.0% | 11.1% | — | 56.1 | 1.0% | -7.4% |
| Godrej Industries Ltd Godrej Properties Sells in 28 states and 70 countries; exports 24.0% of turnover |
₹6,573 Cr | +23.9% | — | — | 30.2% | 10.3% | 3.6% | 28.6 | -7.3% | -6.1% |
| Larsen & Toubro Ltd | ₹5,304 Cr | -4.6% | — | — | 14.3% | 3.9% | 3.1% | 30.5 | 14.8% | -1.9% |
| Oberoi Realty Ltd Elysian, Oberoi Mall, Sky City Mall, Three Sixty West Sells in 2 states; exports 0.0% of turnover |
₹5,094 Cr | +14.1% | — | — | 61.5% | 16.3% | 17.5% | 23.6 | 12.9% | +9.5% |
| Godrej Properties Ltd Barca, Godrej MSR City Sells in 10 states; exports 0.0% of turnover |
₹4,923 Cr | +4.2% | +19.1% | +30.9% | 38.5% | 9.9% | — | 30.0 | 0.8% | -22.5% |
| Embassy Office Parks REIT | ₹4,297 Cr | +15.6% | +10.9% | +14.0% | 4.5% | 1.0% | — | 107.9 | 5.8% | +2.7% |
| Mindspace Business Parks REIT Commerzone, CAMPLUS, The Square |
₹2,676 Cr | +23.8% | +12.5% | +23.3% | 36.2% | 5.0% | — | 42.0 | 4.2% | +7.1% |
| Bagmane Prime Office REIT | ₹2,391 Cr | +6.9% | — | — | 56.2% | 7.0% | — | — | — | — |
| Phoenix Mills Ltd Palladium Ahmedabad, Phoenix MarketCity, Phoenix MarketCity Bangalore, Phoenix Palladium, Phoenix Palladium Mumbai, Kessaku, One Bangalore West, Phoenix Avenue of Stars, Phoenix Citadel, Phoenix Grand Victoria Kolkata, Phoenix Mall of Asia, Phoenix Mall of the Millennium Sells in 1 states; exports 0.0% of turnover |
₹193 Cr | +1816.3% | — | — | 35.8% | 0.4% | 8.4% | 53.2 | 5.0% | +17.0% |
| GMR Airports Ltd Sells in 5 states and 3 countries; exports 6.4% of turnover |
₹122 Cr estimate |
+125.8% | — | — | — | — | — | 196.4 | 0.3% | +1.7% |
See every one of these companies in Valarth
Questions people ask
Who builds India's homes and offices?
12 listed companies report their revenue from homes and offices: Lodha Developers Ltd (LODHA), DLF Ltd (DLF), Prestige Estates Projects Ltd (PRESTIGE), Godrej Industries Ltd (GODREJIND), Larsen & Toubro Ltd (LT), Oberoi Realty Ltd (OBEROIRLTY), Godrej Properties Ltd (GODREJPROP), Embassy Office Parks REIT (EMBASSY).
Which listed company earns the most from homes and offices in India?
Lodha Developers Ltd, with revenue from homes and offices of ₹13,780 crore in FY25: 22.7% of the listed companies' total here.
How much do listed companies earn from homes and offices?
The listed companies here earned ₹60,694 crore from homes and offices in FY25. Private makers are not included.
Which listed company makes the most profit from homes and offices?
Oberoi Realty Ltd: its operating profit was 61.5% of its revenue from homes and offices in FY25.
Who owns Xperia Mall?
Xperia Mall is a brand of Lodha Developers Ltd, listed on the NSE as LODHA.
Who owns Prestige Garden Trails?
Prestige Garden Trails is a brand of Prestige Estates Projects Ltd, listed on the NSE as PRESTIGE.
Who owns Godrej Properties?
Godrej Properties is a brand of Godrej Industries Ltd, listed on the NSE as GODREJIND.
Who owns Elysian?
Elysian is a brand of Oberoi Realty Ltd, listed on the NSE as OBEROIRLTY.
Who owns Oberoi Mall?
Oberoi Mall is a brand of Oberoi Realty Ltd, listed on the NSE as OBEROIRLTY.
Who owns Barca?
Barca is a brand of Godrej Properties Ltd, listed on the NSE as GODREJPROP.
Who owns Godrej MSR City?
Godrej MSR City is a brand of Godrej Properties Ltd, listed on the NSE as GODREJPROP.
Who owns Commerzone?
Commerzone is a brand of Mindspace Business Parks REIT, listed on the NSE as MINDSPACE.
Who owns CAMPLUS?
CAMPLUS is a brand of Mindspace Business Parks REIT, listed on the NSE as MINDSPACE.
Who owns Palladium Ahmedabad?
Palladium Ahmedabad is a brand of Phoenix Mills Ltd, listed on the NSE as PHOENIXLTD.