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Execution delays due to NGT restrictions in NCR
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Godrej Properties Limited — Q2 FY26
Godrej Properties delivered a robust Q2 FY26 with booking value surging 64% YoY to INR 8,505 crore, the highest ever second quarter.
bullish
high
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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.
गोदरेज प्रॉपर्टीज ने दूसरी तिमाही में शानदार प्रदर्शन किया। बिक्री का आंकड़ा 64% बढ़कर 8,505 करोड़ रुपये हो गया, जो अब तक की सबसे अच्छी दूसरी तिमाही है। मुनाफा 21% बढ़कर 405 करोड़ रुपये और कमाई (EBITDA) 118% बढ़कर 614 करोड़ रुपये हुई। कंपनी ने सालाना बिक्री लक्ष्य (32,500 करोड़) का 48% हासिल कर लिया है और उसे पार करने का भरोसा है। कलेक्शन सिर्फ 2% बढ़ा, क्योंकि ज्यादा पैसा चौथी तिमाही में आएगा जब कई प्रोजेक्ट तैयार होंगे। हैदराबाद और बेंगलुरु में नए प्रोजेक्ट्स ने बिक्री बढ़ाई। कंपनी 20% रिटर्न (ROE) के लक्ष्य पर कायम है। जोखिम: नियामकीय अड़चनों से प्रोजेक्ट देरी हो सकती है।
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Booking Value
INR 8,505 crore
+64% YoY
Highest ever Q2 booking value; ninth consecutive quarter above INR 5,000 crore.
Collections
INR 4,066 crore
+2% YoY
Collections grew modestly; management expects strong Q4 due to OC milestones.
Business Development GDV
INR 16,250 crore
81% of annual guidance achieved in H1
Added 9 projects in H1; guidance of INR 20,000 crore likely to be exceeded.
Labor Force
32,000
+52% vs start of FY26
All-time high labor strength; construction spend grew 82% YoY in Q2.
What Changed vs Last Quarter
NEW
20% ROE target by FY28
Company targets 20% return on equity by FY28, driven by outright project completions.
NEW
Business development GDV of INR 20,000 crore for FY26
81% already achieved in H1; upside risk to guidance.
UPDATED
FY26 booking value guidance of INR 32,500 crore
Management expects to beat the annual booking guidance, with strong H2 pipeline.
UPDATED
FY26 collection guidance of INR 21,000 crore
Collections expected to be back-ended with heavy Q4 due to OC milestones.
DROPPED
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.
DROPPED
Business development to replace sales value
Management expects business development additions to be roughly in line with sales, funded by operating cash flow.
NEW RISK
Execution delays due to NGT restrictions in NCR
NGT restrictions have taken about 3 out of 12 months of construction in NCR, impacting delivery timelines.
NEW RISK
Low gross margins due to JV project completions
Analyst raised concern about weak gross margins; management attributed it to JV project OCs and expects improvement as own projects complete.
NEW RISK
Land price inflation in key markets
Recent auctions in Hyderabad and Navi Mumbai saw land prices crossing INR 2,000 crore, which management noted as high.
NEW RISK
Ashok Vyad project timeline uncertainty
Tree issue continues to delay the project; management has no immediate visibility on launch timeline.
RISK GONE
Delays in Ashok Vihar project launch
The Delhi project (Ashok Vihar) faces approval delays due to government and court issues; launch timeline uncertain.
RISK GONE
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.
RISK GONE
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.
🤫 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, Q1 FY26
The Delhi project (Ashok Vihar) faces approval delays due to government and court issues; launch timeline uncertain.
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 expects to beat the annual booking guidance, with strong H2 pipeline.
NGT restrictions have taken about 3 out of 12 months of construction in NCR, impacting delivery timelines.
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