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Godrej Properties Limited — Q1 FY26
Godrej Properties delivered a solid Q1 FY26 with PAT of INR 600 crore (up 50% YoY) and EBITDA of INR 915 crore (up 18% YoY).
bullish
high
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Godrej Properties delivered a solid Q1 FY26 with PAT of INR 600 crore (up 50% YoY) and EBITDA of INR 915 crore (up 18% YoY). Booking value was INR 7,082 crore, down 18% YoY but reflecting a 2-year CAGR of 77%. Collections grew 22% to INR 3,000 crore, while operating cash flow was INR 947 crore. Business development was strong, adding projects worth INR 11,400 crore in booking value, achieving 67% of the full-year guidance in Q1. Management remains confident of achieving the FY26 bookings target of INR 32,500 crore and a launch pipeline of INR 40,000 crore. Key risks include potential delays in approvals (e.g., Ashok Vihar project in Delhi) and any slowdown in demand due to macroeconomic factors.
गोदरेज प्रॉपर्टीज ने पहली तिमाही (अप्रैल-जून 2025) में अच्छा प्रदर्शन किया। कंपनी का शुद्ध लाभ (PAT) 600 करोड़ रुपये रहा, जो पिछले साल से 50% ज्यादा है। कमाई (EBITDA) 915 करोड़ रुपये रही, जो 18% बढ़ी है। बिक्री मूल्य (बुकिंग वैल्यू) 7,082 करोड़ रुपये रहा, जो पिछले साल से 18% कम है, लेकिन पिछले दो सालों में इसमें 77% की सालाना बढ़त दिखी है। कंपनी ने 3,000 करोड़ रुपये का कलेक्शन किया और परिचालन नकदी प्रवाह (ऑपरेटिंग कैश फ्लो) 947 करोड़ रुपये रहा। नए प्रोजेक्ट जोड़े गए, जिनकी बुकिंग वैल्यू 11,400 करोड़ रुपये है। इसने पूरे साल के लक्ष्य का 67% सिर्फ एक तिमाही में पूरा कर लिया। कंपनी को FY26 में 32,500 करोड़ रुपये की बुकिंग और 40,000 करोड़ रुपये के लॉन्च का भरोसा है। जोखिम: प्रोजेक्ट में देरी (जैसे दिल्ली का अशोक विहार) और मंदी का असर।
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Delays in Ashok Vihar project launch
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Booking Value
INR 7,082 crore
-18% YoY
Eighth consecutive quarter above INR 5,000 crore; 2-year CAGR of 77%.
Business Development Additions
INR 11,400 crore
+67% of annual guidance achieved in Q1
Five new projects added; 67% of FY26 guidance achieved in Q1.
Collections
INR 3,000 crore
+22% YoY
Strong cash flow from operations; full-year guidance of INR 21,000 crore.
Launch Pipeline
INR 8,500 crore
Q1 launches; full-year target INR 40,000 crore
Six new projects/ phases launched in Q1; strong pipeline for rest of year.
What Changed vs Last Quarter
NEW
FY26 bookings target of INR 32,500 crore
Management reiterated confidence in achieving the full-year bookings guidance of INR 32,500 crore.
NEW
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.
NEW
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.
NEW
Business development to replace sales value
Management expects business development additions to be roughly in line with sales, funded by operating cash flow.
DROPPED
FY25 booking value guidance of ₹27,000 crore
Management is confident of meeting and exceeding the annual booking value guidance of ₹27,000 crore, with 71% already achieved in nine months.
DROPPED
Business development guidance of ₹20,000 crore for FY25
Year-to-date, 12 new projects added with estimated booking value potential of ₹23,450 crore, exceeding the annual guidance.
DROPPED
Q4 FY25 launch pipeline includes multiple large projects
Planned launches include Hyderabad, Noida Sector 44, Gurgaon Sohna Road, Bangalore (66-acre parcel), Pune Hinjewadi, Indore, Kolkata, and Mumbai (multiple projects).
DROPPED
Net debt upper cap of ₹10,000 crore
Management intends to keep net debt below ₹10,000 crore to manage risk, with current net debt-to-equity at 0.23 providing headroom.
NEW RISK
Delays in Ashok Vihar project launch
The Delhi project (Ashok Vihar) faces approval delays due to government and court issues; launch timeline uncertain.
NEW RISK
Regulatory and approval risks across markets
Multiple regulatory issues (e.g., NGT, ground rent in Bengaluru) could delay launches; management has built buffers but risks remain.
NEW RISK
Potential slowdown in demand due to macro factors
While demand remains strong, any macroeconomic slowdown or IT sector weakness could impact sales, especially in Bengaluru.
RISK GONE
NCR market slowdown and high base
NCR sales were flattish in nine months due to a high base from last year; management expects growth but at a lower percentage compared to other markets.
RISK GONE
Regulatory approval delays impacting launches
Two planned Q3 launches slipped to Q4 due to approval timing; Worli launch remains uncertain (50/50 chance this year).
RISK GONE
Potential oversupply in premium segment (Gurgaon Golf Course Road)
Multiple developers planning large premium projects could lead to oversupply; management believes different customer segments mitigate risk.
RISK GONE
Economic slowdown and global uncertainty
Management noted overall economic slowdown in India and global uncertainty, but expects interest rate cuts and government measures to support sentiment.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25
Delays in obtaining approvals could push back launches and impact sales guidance. Management noted that approvals are generally on track but remain a constraint.
Mentioned in Q1 FY25, Q3 FY25
Year-to-date, 12 new projects added with estimated booking value potential of ₹23,450 crore, exceeding the annual guidance.
Fast read
Guidance and risk preview
Management reiterated confidence in achieving the full-year bookings guidance of INR 32,500 crore.
The Delhi project (Ashok Vihar) faces approval delays due to government and court issues; launch timeline uncertain.
View Risks →