Godrej Properties vs Sobha 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.

SO

Sobha

Q4 FY26 · Diversified

Sobha reported record full-year pre-sales of ₹8,136 crore, up ~30% YoY, driven by strong performance in Bangalore (₹4,500 crore) and NCR (₹2,450 crore). Q4 revenue recognition improved to ₹2,300 crore aided by delayed occupancy certificates, with EBITDA of ₹194 crore and PAT of ₹92 crore. The company ended the year net cash positive with gross debt of ₹2,200 crore and cash of ₹1,800 crore. Management guided for similar ~30% pre-sales growth in FY27, targeting launches of ~10 million sq ft (GDV ~₹15,000 crore), including the large Hoskote project (5.3 msf, GDV ₹7,000 crore). EBITDA margins are expected to improve to 24-26% in H2 FY27 as higher-margin projects complete. Key risk: input cost inflation from geopolitical tensions could pressure margins if not offset by price increases.

Guidance read

Pre-sales growth of ~30% in FY27: Management expects similar growth rate as FY26, with 45-50% from sustenance and 50-55% from new launches. Launch ~10 million sq ft in FY27: Planned launches include Hoskote phase 1 (5.3 msf), Gurgaon Crescent, and projects in Kerala, Bangalore, Pune, Chennai. EBITDA margin improvement to 24-26% in H2 FY27: Higher-margin projects nearing completion will drive margin expansion in Q3/Q4 FY27. Net operating cash flow target of ₹2,000 Cr in FY27: Aiming to generate ₹2,000 crore from operations, up from ₹1,637 crore in FY26.

Risk read

Key risks include Input cost inflation from geopolitical tensions — Commodity price increases may impact margins; management is in wait-and-watch mode and may not fully pass on costs.; Demand slowdown due to AI/IT sector concerns — Analyst raised concern about IT client mix in Bangalore; management noted steady demand but acknowledged uncertainty.; Delays in project approvals and launches — FY26 launches were delayed; FY27 target of 10 msf depends on timely approvals, especially for Hoskote.; Geopolitical uncertainty impacting NCR demand — Rivana launch in March faced uncertain environment; sustained sales momentum needs monitoring..

Promise ledger

Scorecard data is being built as historical quarters are processed.