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Godrej Properties Limited — Q4 FY26
Godrej Properties delivered its best-ever year across all key metrics in FY26.
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Godrej Properties delivered its best-ever year across all key metrics in FY26. Q4 bookings hit a record INR 10,163 crore, up 21% QoQ, while full-year bookings grew 16% YoY to INR 34,171 crore, achieving 105% of guidance. Collections rose 17% YoY to INR 19,965 crore, and operating cash flow reached INR 7,830 crore. Revenue grew 47% YoY to INR 3,895 crore, EBITDA 51% to INR 959 crore, and PAT 70% to INR 650 crore. Growth was driven by strong launches across Mumbai, Bengaluru, and NCR, with 11 projects crossing INR 1,000 crore in bookings. Management guided for FY27 bookings of INR 39,000 crore (+20% YoY) and collections of INR 24,000 crore (+20% YoY), supported by a robust launch pipeline and 35% higher opening inventory. Key risk: geopolitical uncertainty and potential demand slowdown, especially in H1 FY27.
गोदरेज प्रॉपर्टीज ने वित्त वर्ष 26 में अपने सभी प्रमुख मापदंडों में अब तक का सबसे अच्छा प्रदर्शन किया। चौथी तिमाही में बुकिंग 10,163 करोड़ रुपये रही, जो पिछली तिमाही से 21% अधिक है। पूरे साल की बुकिंग 34,171 करोड़ रुपये रही, जो लक्ष्य से 5% ज्यादा है। कंपनी ने 19,965 करोड़ रुपये वसूले और परिचालन नकदी प्रवाह 7,830 करोड़ रुपये रहा। मुनाफा 70% बढ़कर 650 करोड़ रुपये हो गया। मुंबई, बेंगलुरु और एनसीआर में नए प्रोजेक्ट्स की वजह से यह ग्रोथ हुई। अगले साल 39,000 करोड़ रुपये की बुकिंग और 24,000 करोड़ रुपये वसूली का लक्ष्य है। मुख्य जोखिम: भू-राजनीतिक अनिश्चितता और मांग में कमी, खासकर पहली छमाही में।
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Geopolitical uncertainty impacting demand
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Read Transcript →Quarter Snapshot
Quarterly Bookings
INR 10,163 crore
+21% QoQ
Highest-ever quarterly bookings, driven by strong launches like Godrej Aveline and Godrej Arden.
Full-Year Bookings
INR 34,171 crore
+16% YoY
Achieved 105% of guidance; highest ever for any listed Indian real estate developer.
Collections
INR 19,965 crore
+17% YoY
Highest collections ever reported by an Indian real estate developer in a financial year.
Business Development GDV
INR 42,100 crore
+59% YoY
Achieved over 200% of guidance; 18 deals closed with aggregate area of ~33 million sq ft.
What Changed vs Last Quarter
NEW
FY27 residential bookings guidance of INR 39,000 crore
Management expects 20% growth in bookings to INR 39,000 crore, driven by a strong launch pipeline and 35% higher opening inventory.
NEW
FY28 ROE target of 20%
Management targets a 20% return on equity by FY28, driven by faster execution and project deliveries leading to rapid OCF growth.
NEW
FY27 business development guidance of INR 20,000 crore GDV
Management guided for INR 20,000 crore of business development in FY27, but may exceed if opportunities arise, balancing growth and free cash flow.
UPDATED
FY27 collections guidance of INR 24,000 crore
Collections are expected to grow 20% to over INR 24,000 crore, supported by strong construction spend and delivery momentum.
DROPPED
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.
DROPPED
FY26 deliveries expected to exceed 10 million sq ft guidance
9M deliveries at ~5 million sq ft; Q4 expected to surpass the annual target.
DROPPED
FY27 healthy growth expected across key metrics
Management expects continued growth in booking value, collections, and cash flows.
NEW RISK
Geopolitical uncertainty impacting demand
The Middle East conflict caused lower conversions in late March, and continued uncertainty could dampen H1 FY27 sales.
NEW RISK
Cost inflation from supply chain disruptions
Raw material costs could rise 5-6% due to supply shocks from the Middle East, potentially impacting margins by 0.1-0.2% per quarter.
NEW RISK
Delays in key project launches
Ashok Vihar and other marquee launches have faced repeated delays; any further slippage could affect FY27 booking guidance.
NEW RISK
Sustenance sales slowdown in Gurgaon projects
Projects like Sora and Mirai saw slower offtake post-launch due to construction stage issues, which may persist.
RISK GONE
NCR/Gurgaon market slowdown
Management noted speculative froth fading in Gurgaon and indicated a tactical pause in land acquisitions there.
RISK GONE
AI impact on IT-driven demand
Analyst raised concern about weakness in IT/ITES affecting Bangalore/Hyderabad demand; management acknowledged uncertainty.
RISK GONE
Operating cash flow pressure from construction spend
Nine-month OCF declined 7% despite 19% collections growth due to 66% rise in construction spend.
🤫 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.
Mentioned in Q1 FY26, Q4 FY25
Management reiterated confidence in achieving the full-year bookings guidance of INR 32,500 crore.
Mentioned in Q3 FY25, Q4 FY25
Management noted potential cost inflation risks from oil prices and global trade policies, though current environment is benign.
Fast read
Guidance and risk preview
Management expects 20% growth in bookings to INR 39,000 crore, driven by a strong launch pipeline and 35% higher opening inventory.
The Middle East conflict caused lower conversions in late March, and continued uncertainty could dampen H1 FY27 sales.
View Risks →