Mohit Goel: How Omaxe’s Managing Director Is Steering the Founder’s Company

The July 2023 Handover at Omaxe

Mohit Goel has been managing director of Omaxe Ltd since July 2023, when his father, founder Rohtas Goel, stepped back from executive work. Rohtas Goel stayed on as non-executive chairman, and Mohit’s younger brother, Jatin Goel, became executive director. The board change was announced on July 20, 2023, and it put the day-to-day running of a listed developer founded in Delhi in 1987 in the hands of the second generation.

He took over a company with a large record and a difficult balance sheet, since Omaxe had delivered more than 132 million sq ft of real estate, including 10 integrated townships, but it was reporting losses. For the year to March 2026 it posted a consolidated net loss of Rs 696.8 crore. In the first half of FY2027 that loss narrowed to Rs 24.25 crore as income rose 63%. This profile covers the founder, the son now in charge, and what the numbers show about the company they run.

Mohit Goel’s Education and Early Roles

Mohit Goel studied commerce and later completed an executive programme at IIM Bangalore. Omaxe describes him as a second-generation entrepreneur with experience in planning, profit centre operations, marketing and project management across real estate and infrastructure.

His first visible industry role came through Youth CREDAI, the young developers’ wing of the builders’ association. He was its North Zone head between April 2013 and March 2015. In 2014 he won the Young Achiever award at the ABP Real Estate Awards and was named Young Male Entrepreneur of the Year by Infra and Realty Sutra.

In an interview with Entrepreneur India he described Omaxe as his father’s “first son” and said he grew up knowing he came second. He has also said that technology at the company should support staff and never replace them: “Our strength lies in people.” Omaxe says many of its roughly 2,000 employees have stayed for more than two decades.

How Omaxe Grew Into a Listed Developer

We built this timeline from Omaxe’s own leadership pages, its 2007 offer details, its stock exchange disclosures as reported by news agencies, and dated project announcements.

When Mohit Goel took over, Omaxe had 21 group housing projects, 10 integrated townships and 14 commercial projects completed. About 22 million sq ft was under construction across seven townships, five group housing projects and seven commercial, office, hotel and shop-cum-office projects.

The 2007 IPO and the Share Price Since

Omaxe went public at the height of the 2007 property boom. Bids opened on July 17 and closed on July 20, 2007, in a price band of Rs 265 to Rs 310. The issue was a fresh sale of 1,95,46,520 shares and raised Rs 605.94 crore. Investors bid for 62 times the shares on offer. On August 9 the stock opened at Rs 400 on BSE and Rs 410 on NSE, then closed the day near Rs 350.

Shareholders who added more shares at lower prices over the years can work out their real cost with our guide to calculating an average stock price. For how new listings open on their first day today, see our explainer on the IPO special pre-open session.

Three Years of Losses and Pledged Shares

The hardest part of Mohit Goel’s job has been returning Omaxe to profit. The consolidated net loss was Rs 402.6 crore in FY2024, on revenue of about Rs 1,635 crore. In FY2026 it was Rs 696.8 crore, on total income of Rs 1,339.74 crore. The fourth quarter of FY2026 alone produced a loss of Rs 191.42 crore on total income of Rs 376.31 crore, against a loss of Rs 148.67 crore on Rs 553.03 crore a year earlier.

Builders like Omaxe book revenue when they hand over flats or shops, while interest and overheads keep running every quarter. A slow delivery year therefore shows as a loss even when customers have already paid advances.

Promoters pledging 15.02% of their shares is another number lenders and investors watch. A pledge lets promoters borrow against their stake, but a sharp fall in the share price can force lenders to sell the pledged shares. These figures sit behind the goal Mohit Goel set when he took charge in 2023: to cut debt and grow through public-private partnerships.

The Omaxe State in Dwarka and the PPP Strategy

The largest project of his tenure is The Omaxe State in Dwarka Sector 19-B, New Delhi. It sits on about 50.4 acres and is being developed with the Delhi Development Authority under a public-private partnership. Omaxe announced it in September 2024 with planned investment of more than Rs 2,500 crore and expected lifetime revenue above Rs 4,200 crore. By our arithmetic, that is about Rs 1.68 of expected revenue for every rupee invested.

The PPP route suits a company short of capital. The land comes from a public body, so Omaxe does not have to buy it outright, and revenue comes from leasing and selling commercial space around the sports venues. Omaxe Chowk in Chandni Chowk, also in Delhi, follows a similar idea of retail built around a public location.

Townships in Smaller Cities Across Eight States

Omaxe works in 31 cities across eight states. Much of its work is in tier-two and tier-three cities such as Lucknow, Indore, New Chandigarh and Faridabad, and Mohit Goel has kept that focus since taking charge.

Anyone planning a purchase in one of these townships can test repayments with our EMI calculation guide. Professionals moving to Omaxe’s Prayagraj township can find desk space through our list of coworking spaces in Prayagraj.

Rohtas Goel’s Place as Founder Chairman

Rohtas Goel, whose name the company also spells Rohtaas, started Omaxe in 1987 as a contracting business. He took it into real estate in 2001 and onto the stock market six years later. Through the 2000s and 2010s he was the public face of the company.

Since July 2023 he has been founder chairman and a non-executive director, with no executive duties. The full board lists Mohit Goel as managing director, Vinit Goyal as whole-time director, and independent directors Nishal Jain, Satbir Singh, Aroon Kumar Aggarwal and Gurnam Singh. Jatin Goel serves as executive director in the leadership team.

Omaxe’s succession was formal: one board announcement moved both sons into executive roles. NCR peer Gaurs Group is still run by its first-generation chief, and our profile of Gaurs Group’s Manoj Gaur shows how differently a privately held builder reports its accounts.

Omaxe and Gaurs Group Compared on Published Figures

Omaxe and the Gaurs Group both grew up in the National Capital Region, both build townships and both run shopping centres next to their housing. They differ in ownership, reporting and financial health. We set their latest published figures next to each other. Omaxe numbers come from its exchange results, and Gaurs numbers come from the rating reports on Gaursons India, so the measures are close but not identical.

The comparison shows two different bets. Omaxe spread across many smaller cities early, which gave it a large delivered base but also many sites to finish at once. Gaurs Group stayed close to home and used its malls as a steady source of rent. Mohit Goel’s plan relies on PPP projects such as Dwarka, while the Gaurs Group is borrowing to buy new land near the Noida airport.

Omaxe’s Results So Far in FY2027

The first half of FY2027 brought the best numbers of Mohit Goel’s tenure. In the July to September 2026 quarter, total income rose to Rs 613.91 crore from Rs 346.36 crore a year earlier. The net loss fell to Rs 25.55 crore from Rs 166.42 crore. By our arithmetic from the half-year and second-quarter figures, the April to June quarter showed a small profit of about Rs 1.3 crore.

Higher income usually means more projects reached handover in the period. Two quarters do not undo three years of losses by themselves, but they do show Omaxe moving close to break-even for the first time in years. The next test is whether the Dwarka project opens on its 2027 schedule and starts to produce lease income.

Exchange Results, Company Pages and Coverage Used for Omaxe

• Omaxe: Mr. Mohit Goel, Managing Director
• Omaxe: Leadership team
• Business Standard: Omaxe founder to be non-executive director; sons to lead realty firm
• Entrepreneur India: A legacy built brick by brick (interview with Mohit Goel)
• Chittorgarh: Omaxe IPO details, 2007
• Omaxe: 2007 prospectus
• Free Press Journal: Omaxe Q2 loss narrows to Rs 25.55 crore (regulatory filing, October 2026)
• Kotak Neo: Omaxe Q4 FY2025-26 consolidated results
• MarketScreener: Omaxe full-year results for the year ended March 31, 2024
• Trendlyne: Omaxe shareholding pattern, March 31, 2026
• Choice India: Omaxe board of directors
• Business Standard: Omaxe Group to invest Rs 2,500 crore in 50-acre Delhi complex