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Godrej Properties Limited — Q4 FY25
Godrej Properties delivered a record Q4 FY25 with booking value of INR 10,163 crore, up 7% YoY, and full-year bookings of INR 29,444 crore, up 31% YoY.
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Godrej Properties delivered a record Q4 FY25 with booking value of INR 10,163 crore, up 7% YoY, and full-year bookings of INR 29,444 crore, up 31% YoY. Collections surged 49% to INR 17,047 crore, and operating cash flow hit INR 7,484 crore, up 73%. The company guided FY26 bookings to over INR 32,500 crore (20% growth over FY25 guidance) with launches exceeding INR 40,000 crore. Management expressed confidence in continued market share gains across NCR, Mumbai, Bangalore, and Pune, citing strong demand and a robust launch pipeline. A key risk is potential delays in high-profile projects like Ashok Vihar and Bandra, which could temper growth if approvals stall.
गोदरेज प्रॉपर्टीज ने वित्त वर्ष 2025 की चौथी तिमाही में शानदार प्रदर्शन किया। बुकिंग वैल्यू (ग्राहकों से मिले ऑर्डर) 10,163 करोड़ रुपये रही, जो पिछले साल से 7% ज्यादा है। पूरे साल की बुकिंग 29,444 करोड़ रुपये रही, जो 31% बढ़ी। कंपनी ने 17,047 करोड़ रुपये का कलेक्शन (पैसा वसूली) किया, जो 49% ज्यादा है। ऑपरेटिंग कैश फ्लो (कारोबार से मिली नकदी) 7,484 करोड़ रुपये रहा, जो 73% बढ़ा। अगले साल कंपनी 32,500 करोड़ रुपये से ज्यादा की बुकिंग का लक्ष्य रख रही है। दिल्ली, मुंबई, बेंगलुरु और पुणे में मांग मजबूत है। लेकिन अशोक विहार और बांद्रा जैसे बड़े प्रोजेक्ट्स में देरी का खतरा है, जिससे ग्रोथ धीमी हो सकती है।
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Delay in Ashok Vihar and Bandra project launches
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Booking Value (Q4 FY25)
INR 10,163 crore
+7% YoY
Highest-ever quarterly booking value, first time crossing INR 10,000 crore.
Full-Year Booking Value (FY25)
INR 29,444 crore
+31% YoY
Record annual bookings, highest among listed Indian developers.
Customer Collections (FY25)
INR 17,047 crore
+49% YoY
Record collections, 114% of annual guidance.
Operating Cash Flow (FY25)
INR 7,484 crore
+73% YoY
Highest-ever annual OCF for any Indian real estate developer.
What Changed vs Last Quarter
NEW
FY26 residential bookings target of over INR 32,500 crore
20% growth over FY25 guidance, supported by launches exceeding INR 40,000 crore and strong sustenance sales.
NEW
FY26 customer collections guidance of INR 21,000 crore
40% higher than FY25 guidance and 20% higher than FY25 actuals.
UPDATED
Business development guidance of INR 20,000 crore for FY26
Management expects to significantly surpass this, calling it a 'low-ball' number.
UPDATED
Net debt cap of INR 10,000 crore
Absolute net debt ceiling to guide capital deployment, replacing net gearing target.
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
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).
NEW RISK
Delay in Ashok Vihar and Bandra project launches
Ashok Vihar faces tree relocation court issues; Bandra slum redevelopment site clearance delayed. Both may slip beyond FY26.
NEW RISK
Macroeconomic uncertainty from global tariffs and commodity prices
Management noted potential cost inflation risks from oil prices and global trade policies, though current environment is benign.
NEW RISK
Imputed EBIT margin decline despite price appreciation
Imputed EBIT margin fell from 26.8% to 26.2% in FY25, partly due to conservative cost buffers and project mix. Analysts questioned why price gains aren't flowing through.
NEW RISK
Potential over-reliance on new launches for sales growth
About 65-70% of sales come from new launches; any launch delays could pressure booking guidance achievement.
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 FY24, Q1 FY25, Q2 FY24, Q2 FY25, Q3 FY25, Q4 FY24
Two planned Q3 launches slipped to Q4 due to approval timing; Worli launch remains uncertain (50/50 chance this year).
Mentioned in Q2 FY24, Q3 FY24
Company remains on track to achieve ₹10,000 crore in cash collections for FY24, with strong collections in Q3.
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.
Mentioned in Q2 FY25, Q4 FY24
A significant portion of bookings comes from NCR and Bengaluru; any slowdown in these markets could impact overall performance.
Mentioned in Q1 FY24, Q3 FY24
Rapid scaling of operations (50%+ sales growth) may strain project execution capabilities, though management cites decentralized model as mitigation.
Fast read
Guidance and risk preview
20% growth over FY25 guidance, supported by launches exceeding INR 40,000 crore and strong sustenance sales.
Ashok Vihar faces tree relocation court issues; Bandra slum redevelopment site clearance delayed.
View Risks →