Godrej Properties FY26 Annual Earnings Summary
3 quarters covered · ₹1,673 Cr revenue · ₹1,200 Cr PAT · 0.0% average EBITDA margin.
Quarter-by-quarter progression
Management promises made during the year
Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q1 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q1 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q1 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q3 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q3 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q3 FY26Risks flagged during the year
NGT restrictions have taken about 3 out of 12 months of construction in NCR, impacting delivery timelines.
Q1 FY26 · mediumThe Delhi project (Ashok Vihar) faces approval delays due to government and court issues; launch timeline uncertain.
Q1 FY26 · mediumMultiple regulatory issues (e.g., NGT, ground rent in Bengaluru) could delay launches; management has built buffers but risks remain.
Q2 FY26 · mediumAnalyst raised concern about weak gross margins; management attributed it to JV project OCs and expects improvement as own projects complete.
Q2 FY26 · mediumRecent auctions in Hyderabad and Navi Mumbai saw land prices crossing INR 2,000 crore, which management noted as high.
Q2 FY26 · mediumTree issue continues to delay the project; management has no immediate visibility on launch timeline.
Q3 FY26 · mediumManagement noted speculative froth fading in Gurgaon and indicated a tactical pause in land acquisitions there.
Q3 FY26 · mediumAnalyst raised concern about weakness in IT/ITES affecting Bangalore/Hyderabad demand; management acknowledged uncertainty.
Q3 FY26 · mediumNine-month OCF declined 7% despite 19% collections growth due to 66% rise in construction spend.
Q1 FY26 · lowWhile demand remains strong, any macroeconomic slowdown or IT sector weakness could impact sales, especially in Bengaluru.
What changed through the year
Q1 FY26 · FY26 bookings target of INR 32,500 crore
Management reiterated confidence in achieving the full-year bookings guidance of INR 32,500 crore.
Q1 FY26 · FY26 collections guidance of INR 21,000 crore
Collections are expected to grow to INR 21,000 crore for the full year, supported by strong execution.
Q1 FY26 · FY26 launch pipeline of INR 40,000 crore
The company plans to launch projects worth INR 40,000 crore in FY26, with INR 8,500 crore already launched in Q1.
Q1 FY26 · Business development to replace sales value
Management expects business development additions to be roughly in line with sales, funded by operating cash flow.
Q2 FY26 · FY26 booking value guidance of INR 32,500 crore
Management expects to beat the annual booking guidance, with strong H2 pipeline.
Q2 FY26 · FY26 collection guidance of INR 21,000 crore
Collections expected to be back-ended with heavy Q4 due to OC milestones.
Q2 FY26 · 20% ROE target by FY28
Company targets 20% return on equity by FY28, driven by outright project completions.
Q2 FY26 · Business development GDV of INR 20,000 crore for FY26
81% already achieved in H1; upside risk to guidance.
Q3 FY26 · FY26 booking value guidance of INR 32,500 crore expected to be beaten
Achieved 74% of guidance in 9M; management confident of exceeding the target.
Q3 FY26 · FY26 collections guidance of INR 21,000 crore expected to be met
9M collections at 57% of guidance; Q4 deliveries skewed, but spillover possible.
Q3 FY26 · FY26 deliveries expected to exceed 10 million sq ft guidance
9M deliveries at ~5 million sq ft; Q4 expected to surpass the annual target.
Q3 FY26 · FY27 healthy growth expected across key metrics
Management expects continued growth in booking value, collections, and cash flows.