Benchmarking the Financial Performance of Listed Real Estate Companies in India: A Multidimensional Comparative Assessment

Abstract

The present study gives a comparison of the financial performance of 10 real estate listed companies in India from profitability, liquidity, solvency, operating efficiency, growth and cash-flow perspective. The analysis is for FY2019-20 to FY2025-26 and focused on selected companies based on the average performance of the 10 companies. This is benchmarked against financial indicators which are also used to create a composite financial-performance score. The results show substantial differences among companies. Overall, Oberoi Realty has outperformed due to its higher profitability, liquidity, solvency and asset utilisation. Phoenix Mills is second on the back of its profitability, growth and cash-flow performance and DLF is third as they are not leveraged aggressively, are profitable and have a favourable operating cash generation. Sobha, Godrej Properties and Mahindra Lifespace are the best performers in terms of asset turnover, profitability and liquidity and solvency respectively. The results show that an evaluation of financial performance must be multidimensional and not rely exclusively on revenue or profitability.