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Revenue
₹740 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹614 Cr
latest reported figure
Source
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Actual signal trajectory
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What the record says.
Godrej Properties delivered a robust Q2 FY26 with booking value surging 64% YoY to INR 8,505 crore, the highest ever second quarter. Net profit grew 21% YoY to INR 405 crore, while EBITDA jumped 118% to INR 614 crore. The company achieved 48% of its annual booking guidance of INR 32,500 crore and remains confident of beating it. Collections grew modestly at 2% YoY to INR 4,066 crore, with management attributing the skew to a heavy OC calendar in Q4. Key launches like Godrej Regal Pavilion in Hyderabad (INR 1,527 crore) and Godrej MSR City in Bangalore (INR 1,032 crore) drove sales. The company reiterated its FY28 ROE target of 20%, backed by a strong launch pipeline and execution ramp-up. Risk: Execution delays due to regulatory hurdles like NGT in NCR could impact delivery timelines.
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Guidance to track
- Management expects to beat the annual booking guidance, with strong H2 pipeline.
- Collections expected to be back-ended with heavy Q4 due to OC milestones.
- Company targets 20% return on equity by FY28, driven by outright project completions.
- 81% already achieved in H1; upside risk to guidance.
Risks flagged
- NGT restrictions have taken about 3 out of 12 months of construction in NCR, impacting delivery timelines.
- Analyst raised concern about weak gross margins; management attributed it to JV project OCs and expects improvement as own projects complete.
- Recent auctions in Hyderabad and Navi Mumbai saw land prices crossing INR 2,000 crore, which management noted as high.
- Tree issue continues to delay the project; management has no immediate visibility on launch timeline.
Key quotes
- We are quite confident that that visibility will change considerably, as we said, by FY 2028, by when we expect the accounting numbers to catch up to at least some extent, and we expect to be able to deliver the 20% ROE we've talked about.
- I think there is no constraint in that sense to the growth opportunity before us. As a company, if we look at residential sales on a national level, we are currently last year at about 4.3% of total sales. Clearly, we think that gives us headroom for growth.
- I think this is the most important metric for the company. Whether we look at incentives or other things, certainly this will be the key focus.
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