Oberoi Realty Ltd

Dear Shareholders,

The Indian economy has demonstrated remarkable resilience and recorded consistent growth amidst global trade tensions and geopolitical uncertainties. Progressive government policies, RBI?s proactive stance, and continued focus on enhancing manufacturing capabilities are set to bolster India?s position in the global value chain. India continues to remain the fastest growing major economy and on track to become the fourth largest economy in the world.

The real estate sector in India is expected to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021. Resilient demand in residential real estate segment reflects sustained consumer confidence and economic stability, while the preference for larger homes continues to rise.

I am delighted to inform you that your Company has once again registered strong financial results across all verticals. In the fiscal year 2024-25, we recorded healthy profit margins across quarters and our highest ever annual consolidated revenue, driven by robust sales momentum.

The demand for luxury real estate has remained resilient, largely una‰ected by short-term economic shiŠs, as discerning buyers continue to purchase apartments that reflect their aspirations and lifestyle. The residential sector has seen exceptional strength, with the luxury segment leading the way. During the year, we launched the first phase of Oberoi Garden City (OGC) Thane in Pokhran, commenced operations at our largest o‰ice asset Commerz III and had a soŠ launch of Sky City Mall in Borivali. The launch of OGC Thane marked our second project in Thane aŠer Forestville in Kolshet and received a tremendous response. These developments reflect our vision of transforming high-potential locations into integrated lifestyle destinations.

With India positioning itself as a GCC hub, the country?s o‰ice market saw record-high leasing activity and rising net absorption from global companies. This trend underscores India?s emergence as a preferred destination for businesses and investors alike. Our Grade-A o‰ice assets at Oberoi Garden City Goregaon witnessed significant traction in occupancy levels as we welcomed new tenants and continued to see favourable leasing interests. While Commerz and Commerz II are at peak occupancy, our newest o‰ering Commerz III continues to scale up well with multiple corporates on board and strong interest from reputed companies.

The retail segment has maintained its upward trajectory with demand outpacing supply driven by strong retail consumer confidence, penchant for experiential shopping and higher foo—alls. With the launch of Sky City Mall in Borivali, we have strategically expanded our retail por—olio to complement Oberoi Mall in Goregaon, which continues to record strong operating pe˜ormance. Sky City Mall has garnered a tremendous response from tenants and shoppers. It has emerged as a vibrant destination, reinforcing our commitment to creating premium retail o‰erings and redefining shopping experiences.

In our hospitality vertical, the upcoming hotels Mumbai Marriott Hotel Sky City in Borivali, The Ritz-Carlton in Worli and JW Marriott Hotel Thane Garden City in Thane will complement our residential o•erings at these locations - just as The Westin Mumbai Garden City enhances Oberoi Garden City in Goregaon and further strengthen our overall por‚olio by setting new benchmarks in urban hospitality and delivering exceptional experiences. These hotels are strategically located within our integrated developments and construction continues to progress as per the schedule. We remain committed to exploring new opportunities to expand our presence in this segment.

Our social infrastructure vertical continues to pe…orm exceptionally well through both campuses of Oberoi International School at Goregaon and JVLR in Mumbai. Supported by world-class educational infrastructure, our students benefit from international exposure, industry-relevant skills, and cultural adaptability. Building on this success, and in response to the growing demand for high-quality education, we have initiated the development of a third campus - Oberoi International School in Thane - rea•irming our commitment to nurturing future-ready global citizens through holistic and world-class learning experiences.

On the business development front, we entered into various land deals at Alibaug and Mumbai (Worli and Bandra). We continue to actively pursue business development opportunities and follow a calibrated approach to launch new projects, ensuring quality and timely execution. Our approach remains measured and strategic - we are deeply focused on evaluating each opportunity with discipline and long-term intent.

Your Company is dedicated to sustainable development which is exemplified by our adherence to green building standards, energy-e•icient design principles, and the use of eco-friendly construction materials. We acknowledge the pivotal role we play in preservation of the environment surrounding our project sites and actively work to promote and enhance local biodiversity conservation and preservation. Our initiatives, such as the Thane City Beautification Initiative in collaboration with the Thane Municipal Corporation unveilled at ‘Vrukshavalli 2025?, rea•irm this commitment to environmental stewardship. These e•orts are further validated by ratings and recognitions received from various respected agencies, underscoring our dedication to responsible and future-forward development.

Oberoi Realty has been steadfast in abiding by Environmental, Social, and Governance (ESG) principles, which is reflected in our proactive approach in balancing business pe…ormance with environmental responsibility, social well-being, and safe working conditions. We have enhanced our focus towards ESG initiatives, and we are proud to share that our e•orts to become an enterprise that is ready for today and for the future have been recognised by di•erent bodies.

In the fiscal 2025, your Company was certified as a "Great Place to Work," highlighting our dedication to fostering an exceptional workplace culture that also reflects a high level of trust, respect and camaraderie within the organisation. We maintain a zero-tolerance policy against harassment and discrimination, ensuring a safe, inclusive and compliant work environment. Reinforcing this commitment, your Company was also recognised among India?s Top 25 Safest Workplaces at the Kelp PoSH Awards 2024.

Further, your Company was named one of Fortune India?s Top 50 Future-Ready Employers of 2025, a•irming our focus on capability building and workforce empowerment. Through a blended learning approach, we continue to invest in technical, behavioural, and leadership development across all levels.

This year, we also launched an organisation-wide ‘People-First? initiative. As part of this, we refreshed our core values through dialogue and co-creation with over 70 senior team members, embedding them through expert sessions, team-building activities, and value-driven events that continue to strengthen our culture of excellence and shared purpose.

I would like to sincerely thank our Board for their invaluable guidance, our employees for their continued commitment, and all our stakeholders for their ongoing support. A special note of appreciation goes to our shareholders for the trust and confidence they continue to place in Oberoi Realty. As we look ahead, your Company remains committed to pioneering developments that blend luxury with sustainability, innovation with tradition and ambition with responsibility. Together, we will continue to transform urban living with operational excellence, driving and delivering long-term shared value creation.