Godrej Properties vs Oberoi Realty Q4 FY26

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Godrej Properties

Q4 FY26 · Diversified

Godrej Properties delivered a record Q4 FY26 with ₹10,163cr in bookings, up 21% QoQ, and ₹7,947cr in collections, up 14% YoY. Full-year bookings grew 16% to ₹34,171cr, achieving 105% of guidance. EBITDA grew 51% to ₹959cr and PAT grew 70% to ₹650cr. The strong performance was driven by new project launches (Godrej Abode, Godrej Arden) and sustained sales from projects like Godrej Trillium. Management guided FY27 bookings to ₹39,000cr (+20% YoY) and collections to ₹24,000cr (+20% YoY), supported by a robust launch pipeline and 35% higher opening inventory. Key risks include geopolitical uncertainty (Middle East conflict) impacting demand and potential cost inflation of 5-6% from supply chain disruptions.

Guidance read

FY27 residential bookings target of ₹39,000cr: Management expects 20% growth in bookings to over ₹39,000cr, driven by a strong launch pipeline and sustained sales. FY27 collections target of ₹24,000cr: Collections are guided to grow 20% to over ₹24,000cr, supported by strong operating cash flow and project deliveries. FY28 ROE target of 20%: Management targets a return on equity of 20% by FY28, driven by faster execution and project deliveries. FY27 business development guidance of ₹20,000cr: The company plans to add ₹20,000cr of future sales potential, with flexibility to be opportunistic based on market conditions.

Risk read

Key risks include Geopolitical uncertainty impacting demand — The Middle East conflict caused a temporary slowdown in March, and continued uncertainty could affect buyer sentiment and sales conversions.; Cost inflation from supply chain disruptions — Management estimates a 5-6% cost impact from the war, potentially reducing margins by 1-2% per quarter if the situation persists.; NCR sales recovery dependent on project approvals — NCR sales dipped in FY26 due to delayed approvals for key projects like Ashok Vihar; any further delays could impact FY27 guidance.; Free cash flow uncertainty in FY27 — Management indicated that FCFE may not be positive in FY27 if business development exceeds guidance, depending on opportunity quality..

Promise ledger

Scorecard data is being built as historical quarters are processed.

OB

Oberoi Realty

Q4 FY26 · Infrastructure

Oberoi Realty reported strong operational momentum in Q4 FY26, driven by robust booking at Ellesian Gore and high occupancy at Sky City Mall (72%) and Commerce 3 (98%). The company announced business development of ~4 million sq ft across MMR, including a 2 million sq ft project in Bandra East and redevelopment deals in South Bombay. Management outlined an ambitious launch pipeline for FY27, including 360 North in Gurugram, Oceanic, Fair View, Forest Wheel Tower D, Jardin Tower A, and Alibag. Key risks include rising construction costs (2-3% increase) due to the West Asia crisis, which is eroding contingencies, and potential demand slowdown in ultra-luxury segments as seen in 360 West. The company expects double-digit sales growth in FY28, contingent on timely launches and approvals.

Guidance read

Launch of 360 North in Q1 FY27: Planned launch of 360 North in Gurugram with 5,000+ and 8,000+ sq ft apartments; L&T appointed as contractor. Sky City Mall 100% occupancy by FY27-end: Management expects mall occupancy to reach 100% by March 2027, up from current 72%. RLDA project strata sale model: RLDA will be primarily a sale model (50-60% sale) rather than lease, with potential for faster repayment of land dues. Tardev pre-sale launch in FY27: Pre-sale portion of Tardev redevelopment to launch in Q3 or Q4 FY27.

Risk read

Key risks include Rising construction costs — Costs increased 2-3% due to West Asia crisis, impacting energy, aluminum, glass, and labor; contingencies being eroded.; Slowdown in ultra-luxury demand — 360 West sold only 10 units in FY26 vs 17 in FY25, indicating potential demand weakness at high price points.; Execution risk in new market (Gurugram) — 360 North is Oberoi's first project in Gurugram; management was vague on pricing and strategy, raising uncertainty..

Promise ledger

Scorecard data is being built as historical quarters are processed.