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Godrej Properties Limited — Q3 FY26
Godrej Properties delivered a strong Q3 FY26 with booking value surging 55% YoY to INR 8,421 crore and net profit rising 20% to INR 195 crore.
bullish
high
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Godrej Properties delivered a strong Q3 FY26 with booking value surging 55% YoY to INR 8,421 crore and net profit rising 20% to INR 195 crore. EBITDA grew 21% to INR 338 crore, while collections rose 40% to INR 4,282 crore. The company achieved 74% of its full-year booking guidance and remains confident of beating it. Operating cash flow grew 73% YoY to INR 1,062 crore, though nine-month OCF dipped 7% due to higher construction spend. Management highlighted a robust launch pipeline for Q4 and FY27, with strong demand across segments and geographies. Key risks include potential slowdown in NCR/Gurgaon markets and uncertainty around AI's impact on IT-driven demand in Bangalore and Hyderabad.
गोदरेज प्रॉपर्टीज ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। बुकिंग वैल्यू (ग्राहकों से मिले ऑर्डर) 55% बढ़कर 8,421 करोड़ रुपये हो गई। शुद्ध लाभ (कंपनी की कमाई) 20% बढ़कर 195 करोड़ रुपये रहा। EBITDA (कमाई में से खर्च घटाने के बाद बचा पैसा) 21% बढ़कर 338 करोड़ रुपये हुआ। कंपनी ने पूरे साल के बुकिंग लक्ष्य का 74% हासिल कर लिया है और उसे पार करने का भरोसा है। हालांकि, नौ महीने का ऑपरेटिंग कैश फ्लो (कामकाज से मिली नकदी) 7% घटा, क्योंकि निर्माण पर ज्यादा खर्च हुआ। प्रबंधन ने अगली तिमाही और अगले वित्त वर्ष के लिए मजबूत योजनाएं बताईं। मुख्य जोखिम: NCR/गुड़गांव बाजार में सुस्ती और बेंगलुरु/हैदराबाद में आईटी मांग पर AI का असर।
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NCR/Gurgaon market slowdown
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Booking Value (Q3)
INR 8,421 crore
+55% YoY
Highest-ever Q3 booking value, driven by sale of nearly 4,000 homes.
Collections (Q3)
INR 4,282 crore
+40% YoY
Strong collections growth, with Q4 expected to be even stronger due to delivery skew.
Market Share (CY25)
4.8%
+2.4pp vs CY21
Doubled market share in four years from 2.4% in CY21 to 4.8% in CY25.
Inventory Sales Potential
INR 135,000 crore
N/A
Cumulative inventory provides strong visibility for sustained growth across geographies.
What Changed vs Last Quarter
NEW
FY26 deliveries expected to exceed 10 million sq ft guidance
9M deliveries at ~5 million sq ft; Q4 expected to surpass the annual target.
NEW
FY27 healthy growth expected across key metrics
Management expects continued growth in booking value, collections, and cash flows.
UPDATED
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.
UPDATED
FY26 collections guidance of INR 21,000 crore expected to be met
9M collections at 57% of guidance; Q4 deliveries skewed, but spillover possible.
DROPPED
20% ROE target by FY28
Company targets 20% return on equity by FY28, driven by outright project completions.
DROPPED
Business development GDV of INR 20,000 crore for FY26
81% already achieved in H1; upside risk to guidance.
NEW RISK
NCR/Gurgaon market slowdown
Management noted speculative froth fading in Gurgaon and indicated a tactical pause in land acquisitions there.
NEW RISK
AI impact on IT-driven demand
Analyst raised concern about weakness in IT/ITES affecting Bangalore/Hyderabad demand; management acknowledged uncertainty.
NEW RISK
Operating cash flow pressure from construction spend
Nine-month OCF declined 7% despite 19% collections growth due to 66% rise in construction spend.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
RISK GONE
Ashok Vyad project timeline uncertainty
Tree issue continues to delay the project; management has no immediate visibility on launch timeline.
🤫 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
Achieved 74% of guidance in 9M; management confident of exceeding the target.
Management noted speculative froth fading in Gurgaon and indicated a tactical pause in land acquisitions there.
View Risks →