Godrej Properties Management Guidance Tracker

40 forward-looking guidance items tracked across 10 quarters.

Revenue

Q1 FY24Annual bookings guidance of INR 14,000 croreTracked

Management reiterated confidence in achieving INR 14,000 crore in bookings for FY24 despite Q1 weakness.

Q2 FY24Exceed annual booking guidance of INR 14,000 croreActive

Management is confident of surpassing the INR 14,000 crore booking value guidance for FY24, driven by a robust H2 launch pipeline.

Q2 FY24Achieve cash collections of INR 10,000 crore in FY24Active

Cash collections guidance of INR 10,000 crore is on track, with H1 collections at INR 4,332 crore.

Q3 FY24Annual bookings guidance of ₹14,000 crore expected to be exceededActive

Management confident of surpassing the full-year bookings target of ₹14,000 crore, given the strong momentum and pipeline.

Q3 FY24Cash collections guidance of ₹10,000 crore on trackActive

Company remains on track to achieve ₹10,000 crore in cash collections for FY24, with strong collections in Q3.

Q4 FY24FY25 residential bookings target of INR 27,000 croreTracked

Management expects over 20% growth in bookings driven by new launches and strong customer sales.

Q4 FY24FY25 collections guidance of INR 15,000 croreTracked

Collections expected to grow significantly due to high-quality sales in FY24 and construction-linked payment plans.

Q1 FY25FY25 booking value guidance of INR 27,000 croreTracked

Management is confident of meeting or exceeding the annual booking guidance of INR 27,000 crore, supported by a strong Q1 start and robust launch pipeline.

Q1 FY25FY25 collections guidance of INR 15,000 croreTracked

Collections are expected to ramp up in H2, with average quarterly collections of INR 3,750 crore needed to meet the target. Q1 collections were INR 3,012 crore.

Q2 FY25Annual bookings guidance likely to be surpassedActive

Management indicated they are on track to exceed the annual bookings guidance, given strong H1 performance and a robust H2 launch pipeline.

Q3 FY25FY25 booking value guidance of ₹27,000 croreActive

Management is confident of meeting and exceeding the annual booking value guidance of ₹27,000 crore, with 71% already achieved in nine months.

Q1 FY26FY26 bookings target of INR 32,500 croreTracked

Management reiterated confidence in achieving the full-year bookings guidance of INR 32,500 crore.

Q1 FY26FY26 collections guidance of INR 21,000 croreTracked

Collections are expected to grow to INR 21,000 crore for the full year, supported by strong execution.

Q2 FY26FY26 booking value guidance of INR 32,500 croreActive

Management expects to beat the annual booking guidance, with strong H2 pipeline.

Q2 FY26FY26 collection guidance of INR 21,000 croreActive

Collections expected to be back-ended with heavy Q4 due to OC milestones.

Q3 FY26FY26 booking value guidance of INR 32,500 crore expected to be beatenActive

Achieved 74% of guidance in 9M; management confident of exceeding the target.

Q3 FY26FY26 collections guidance of INR 21,000 crore expected to be metActive

9M collections at 57% of guidance; Q4 deliveries skewed, but spillover possible.

Growth

Q1 FY24Annual delivery target of 12.5 million sq ftTracked

Company targets delivering 12.5 million sq ft in FY24, with 39% already achieved in Q1.

Q1 FY24Business development target of INR 15,000 crore GDVTracked

Company aims to add projects with INR 15,000 crore in expected booking value for FY24; 43% achieved in Q1.

Q2 FY24Business development of INR 15,000 crore estimated booking value in FY24Active

Year-to-date business development stands at INR 7,175 crore, in line with the full-year guidance of INR 15,000 crore.

Q3 FY24Medium-term pre-sales growth of ~20% annuallyTracked

Management expects sustainable growth of around 20% per annum over the medium term, though near-term may be higher.

Q4 FY24Medium-term booking growth of 20% per annumTracked

Aspiration to grow bookings at 20% CAGR over the medium term, subject to market conditions.

Q1 FY25Q2 FY25 business development to be strongActive

Management expects Q2 to be another good quarter for business development additions, with a strong pipeline across top four markets.

Q3 FY25Business development guidance of ₹20,000 crore for FY25Active

Year-to-date, 12 new projects added with estimated booking value potential of ₹23,450 crore, exceeding the annual guidance.

Q1 FY26FY26 launch pipeline of INR 40,000 croreTracked

The company plans to launch projects worth INR 40,000 crore in FY26, with INR 8,500 crore already launched in Q1.

Q1 FY26Business development to replace sales valueTracked

Management expects business development additions to be roughly in line with sales, funded by operating cash flow.

Q2 FY2620% ROE target by FY28Tracked

Company targets 20% return on equity by FY28, driven by outright project completions.

Q2 FY26Business development GDV of INR 20,000 crore for FY26Active

81% already achieved in H1; upside risk to guidance.

Q3 FY26FY26 deliveries expected to exceed 10 million sq ft guidanceActive

9M deliveries at ~5 million sq ft; Q4 expected to surpass the annual target.

Q3 FY26FY27 healthy growth expected across key metricsTracked

Management expects continued growth in booking value, collections, and cash flows.

Margins

Q1 FY24PAT margin target of 12-15%Tracked

Management aims for long-term PAT margins in the 12-15% range, translating to ~20% return on equity.

Q2 FY25Target EBITDA margin of 25-30%Tracked

Management reiterated their target of achieving 25-30% EBITDA margins on new projects, with underwriting based on current prices without assuming price inflation.

Q2 FY25Target net profit margin of ~15% through cycleTracked

Management guided for a net profit margin of around 15% through the cycle, though it may be higher in the near term due to margin expansion.

Expansion

Q2 FY24Launch of marquee projects in H2 FY24Active

Key launches include Ashok Vihar (Delhi), Carmichael Road (Mumbai), and Kandivali (Mumbai), targeted for Q3/Q4.

Q1 FY25Ashok Vihar launch expected by Q4 FY25Tracked

The Ashok Vihar project in NCR is delayed due to tree removal approvals, but management hopes to launch by Q4 FY25 if possible.

Q2 FY25Planned launches for H2 FY25 include Worli, Golf Course Road, Noida Sector 44Active

Management outlined a strong launch pipeline for the second half, including projects in Worli (Q4), Golf Course Road in Gurgaon, and Sector 44 in Noida.

Q3 FY25Q4 FY25 launch pipeline includes multiple large projectsActive

Planned launches include Hyderabad, Noida Sector 44, Gurgaon Sohna Road, Bangalore (66-acre parcel), Pune Hinjewadi, Indore, Kolkata, and Mumbai (multiple projects).

Other

Q3 FY24Gearing ratio target of 0.5x to 1xActive

Company aims to maintain net debt-to-equity between 0.5:1 and 1:1, but may temporarily exceed for opportunities.

Q4 FY24Net debt to equity ratio maintained between 0.5x and 1xActive

Company aims to keep gearing within this range, with net debt not exceeding INR 10,000 crore.

Q3 FY25Net debt upper cap of ₹10,000 croreTracked

Management intends to keep net debt below ₹10,000 crore to manage risk, with current net debt-to-equity at 0.23 providing headroom.