Godrej Properties Limited (GODREJPROP)
🎯 Key Takeaways
- Godrej Properties is in a high-growth phase driven by robust booking momentum and strategic land acquisitions, transitioning from a mature real estate developer to a scaling growth platform. Management is targeting 20% volume CAGR and 20% ROE by FY28, supported by record bookings and disciplined capital allocation.
- Revenue declined 11.4% QoQ to ₹969 in Q3FY25.
- ⚠️ Margin pressure from the Bangalore JV project, where economic interest declined to 88%, may impact profitability despite imputed EBIT margin guidance
📖 The Story
Godrej Properties is in a high-growth phase driven by robust booking momentum and strategic land acquisitions, transitioning from a mature real estate developer to a scaling growth platform. Management is targeting 20% volume CAGR and 20% ROE by FY28, supported by record bookings and disciplined capital allocation. The company is leveraging strong cash flow generation to fund expansion while maintaining comfortable leverage, positioning itself for sustained top-line growth despite near-term margin volatility from JV accounting and macro risks.
📰 What's Happening
In Q4 FY26, Godrej Properties reported INR10,163 crores in bookings—a 16% YoY increase and 21% QoQ growth—driven by strong demand across segments, with 7.4 million sq ft delivered against 121% of guidance. The company added INR42,100 crores to future sales potential and achieved collections of INR7,947 crores, up 17% YoY, supporting operating cash flow of INR4,631 crores. Record FY26 bookings of INR34,171 crores and net profit of INR1,850 crores (up 32% YoY) underscore execution strength. Additionally, the company secured a 4.95-acre Noida land parcel for INR331.75 crores with over INR2,000 crores in estimated revenue potential, expanding its footprint in a high-growth market.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q4FY23 | Q1FY24 | Q2FY24 | Q3FY24 | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,646 | 936 | 343 | 330 | 1,426 | 739 | 1,093 | 969 |
| Operating Profit | 539 | 181 | 200 | 176 | 611 | 835 | 285 | 299 |
| OPM % | 21.0% | -15.9% | -18.0% | -12.6% | 8.6% | -16.9% | 2.9% | 2.8% |
| Net Profit | 454 | 134 | 73 | 63 | 478 | 519 | 334 | 158 |
| EPS | ₹14.82 | ₹4.59 | ₹2.40 | ₹2.24 | ₹16.95 | ₹18.70 | ₹12.06 | ₹5.70 |
Revenue and profitability have shown significant improvement over the past four quarters, with Q4 FY24 revenue at INR1,426 crores and OPM at 8.6%, rising to Q3 FY25 revenue of INR969 crores and OPM of 2.8%, though volatility persists due to project timing and JV impacts. Despite a dip in Q1 FY25 margins (-16.9%), the company stabilized with strong Q4 FY26 collections and cash flow, reflecting improved execution. Operating cash flow grew to INR4,631 crores in Q4 FY26, up from INR7,830 crores annually in FY26, indicating robust cash generation. Net profit rose 32% YoY to INR1,850 crores in FY26, supported by record bookings and efficient capital deployment, reinforcing confidence in sustained growth momentum.
🔮 Management Outlook & What's Next
Management projects FY27 revenue of INR24,000 crores with buffers for FY26 slippage and anticipates significant revenue recognition in FY28 to support a 20% ROE target. FY27 residential bookings are expected to exceed INR39,000 crores, with BD growth targeting INR20,000 crores GDV and 20% growth focus. Imputed EBIT margin for FY26 is set at 24.5%, though impacted by a Bangalore JV where economic interest declined to 88%. Net debt remains comfortable, with potential for FCF positivity in FY27/28 contingent on capital expenditure discipline and execution of land development plans.
Extracted from official company announcements. Not StockFin.ai's opinion.
⚖️ Peer Comparison — Realty
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| DLF Limited | 1.40 L Cr | 35.0 | — | — | — |
| Lodha Developers Limited | 84,910 | 33.5 | — | — | — |
| The Phoenix Mills Limited | 62,175 | 46.0 | — | — | — |
| Oberoi Realty Limited | 58,802 | 22.8 | — | — | — |
| Prestige Estates Projects Limited | 57,813 | 71.4 | — | — | — |
| Godrej Properties Limited | 51,630 | 32.1 | — | — | — |
| Anant Raj Limited | 17,569 | 30.5 | 10.5% | 9.6% | 0.10 |
| Brigade Enterprises Limited | 16,836 | 25.1 | — | — | — |
| Sobha Limited | 14,942 | 227.9 | — | — | — |
| Aditya Birla Real Estate Limited | 14,430 | -62.6 | -4.3% | -2.8% | 1.52 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Margin pressure from the Bangalore JV project, where economic interest declined to 88%, may impact profitability despite imputed EBIT margin guidance of 24.5% for FY26. 2. Geopolitical and macroeconomic headwinds are explicitly flagged as execution risks, potentially affecting demand and pricing in key markets like NCR. 3. High growth expectations require flawless execution of land acquisitions and development plans, with delays or cost overruns posing downside risks. 4. The company’s reliance on bookings and collections timing introduces revenue volatility, as seen in quarterly fluctuations across FY24 and FY25.
📋 Recent Filings
-
Announcement 3 July 2026Godrej Properties disclosed a penalty of Rs. 10 lakh imposed by Chhattisgarh Real Estate Regulatory Authority for alleged misuse of its brand in unaut...
-
🔴 Corporate Action 1 July 2026Godrej Properties emerged as the highest bidder for a 4.95-acre residential land parcel in Noida, paying INR 331.75 crore. The acquisition adds a proj...
-
regulation 31 17 June 2026Godrej Industries Limited confirmed on April 8, 2026, that no promoter or promoter group members, including Persons Acting in Concert, encumbered thei...
-
Announcement 9 June 2026Godrej Properties announced the sale of over 1,000 homes worth more than INR 2,000 crore at the launch of its Godrej Vanantara project in Bengaluru, m...
-
🔴 Corporate Action 1 June 2026Godrej Properties announced the allotment of 18,221 equity shares of Rs. 5 each to employees under its 2011 Stock Grant Scheme, increasing the paid-up...
-
Announcement 1 June 2026Godrej Properties won an auction for a 23.2-acre residential land parcel in Greater Noida, with an estimated revenue potential of over INR 7,000 crore...
-
🔴 Financial Results 6 May 2026Godrej Properties reported INR10,163 crores in Q4 FY26 bookings, a 16% YoY increase driven by 21% QoQ growth, with collections reaching INR7,947 crore...
-
🟡 Board Meeting 4 May 2026Godrej Properties announced a ₹10 per share dividend (200% of ₹5 face value) for FY2026, subject to shareholder approval at the August 4, 2026 AGM, wi...
-
🟡 deviation variation 4 May 2026Godrej Properties Limited reported that its ICRA monitoring agency confirmed no deviation in the utilization of proceeds from a ₹6,000 crore Qualified...
-
🔴 Financial Results 4 May 2026Godrej Properties reported record FY26 results with net profit of **₹1,850 crores**, up 32% YoY, and Q4 net profit of **₹650 crores**, up 70% YoY. The...
🧠 Analyst's Read
Godrej Properties is executing a clear growth strategy with strong fundamentals, but investors should monitor margin trajectory, JV performance, and macro conditions as key near-term catalysts. The company’s ability to convert bookings into cash flow and deliver on FY27/FY28 revenue targets will be critical to sustaining its upward trend.
Based on filing content and financial data. Not a recommendation.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-05.
📡 Get AI alerts when GODREJPROP files new disclosures
Track GODREJPROP filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track GODREJPROP — FreeFree account · No credit card · 2 AI queries/day
© 2026 StockFin.ai — AI-powered Indian stock research