Godrej Properties vs Signatureglobal 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.

Signatureglobal reported a strong FY26 with PAT surging to ₹1,100 crore aided by an exceptional item from the RMZ JV. Revenue from operations stood at ₹2,600 crore with gross margins of 30%. Pre-sales reached ₹8,250 crore (down YoY but up 30% CAGR over 4 years) and net debt reduced to near zero at ₹200 crore. The company guided for FY27 with launches of ₹15,000 crore GDV, targeting pre-sales of ₹10,000 crore and revenue recognition of ₹5,000 crore. Key drivers include three group housing launches in Sector 71, including a branded residence tie-up with Tonino Lamborghini. The RMZ commercial JV (5.5 msf) is expected to activate this year with a capex of ₹3,500-4,000 crore over 4-5 years. Risk: Macro headwinds could dampen demand absorption, though management remains confident of 40% sell-through at launch.

Guidance read

FY27 pre-sales target of ₹10,000 crore: Management expects to achieve pre-sales of ₹10,000 crore in FY27, driven by new launches and sustaining sales. FY27 revenue recognition target of ₹5,000 crore: Revenue recognition guided at ₹5,000 crore for FY27, implying completions of ₹6,000-6,500 crore. FY27 collection target of ₹5,000 crore: Collections are expected to cross ₹5,000 crore in FY27, supported by steady construction progress. RMZ JV capex of ₹3,500-4,000 crore over 4-5 years: The 5.5 msf commercial project will require total capex of ₹3,500-4,000 crore, funded equally by both partners.

Risk read

Key risks include Macro headwinds impacting demand — Global economic uncertainties could dampen housing demand, though management expects 40% sell-through at launch.; Construction delays due to regulatory hurdles — Excessive rains and NGT restrictions caused slippage in FY26 completions; similar issues could recur.; Lower-than-expected absorption in new launches — Analyst questioned if 40% sell-through is achievable; management expressed confidence but macro risks remain.; JV execution risk with RMZ — The commercial JV is a new asset class for Signatureglobal; execution and leasing success are unproven..

Promise ledger

Of 2 tracked promises, management 0 met, 0 close, 2 missed.