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Potential slowdown in IT-driven markets
View Risks →Godrej Properties Limited — Q3 FY26
Godrej Properties delivered a strong Q3 FY26 with PAT of ₹195 crore (+20% YoY) and booking value of ₹8,421 crore (+55% YoY), driven by robust demand across segments and geographies.
bullish
high
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Godrej Properties delivered a strong Q3 FY26 with PAT of ₹195 crore (+20% YoY) and booking value of ₹8,421 crore (+55% YoY), driven by robust demand across segments and geographies. The company achieved 74% of its full-year booking guidance of ₹32,500 crore and remains confident of beating it. Collections grew 40% YoY to ₹4,282 crore, though operating cash flow declined 11% QoQ due to a 66% increase in construction spend, which management expects to normalize in Q4 with a heavy delivery pipeline. Business development added projects worth ₹8,400 crore in Q3, reaching 123% of annual guidance. Management guided for healthy growth in FY27 across key metrics, supported by a strong launch pipeline and market share gains. Key risk: potential slowdown in IT-driven markets like Bangalore and Hyderabad could impact demand, though management sees no near-term weakness.
गोदरेज प्रॉपर्टीज ने तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी का मुनाफा ₹195 करोड़ रहा, जो पिछले साल से 20% ज्यादा है। बिक्री ₹8,421 करोड़ रही, जो 55% बढ़ी है। कंपनी ने पूरे साल के ₹32,500 करोड़ के बिक्री लक्ष्य का 74% हासिल कर लिया है और उसे पार करने का भरोसा है। कलेक्शन 40% बढ़कर ₹4,282 करोड़ हुआ, लेकिन निर्माण खर्च बढ़ने से नकदी प्रवाह थोड़ा कम हुआ। कंपनी ने नए प्रोजेक्ट जोड़े और अगले साल भी अच्छी ग्रोथ की उम्मीद है। जोखिम: बेंगलुरु और हैदराबाद जैसे शहरों में मांग कम हो सकती है, लेकिन अभी कोई कमजोरी नहीं दिख रही।
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Booking Value
₹8,421 crore
+55% YoY
Highest ever Q3 booking value, driven by strong launches across geographies.
Collections
₹4,282 crore
+40% YoY
Strong collections growth, though Q4 expected to be even stronger due to delivery skew.
Operating Cash Flow
₹1,162 crore
-11% QoQ
Decline due to 66% increase in construction spend; management expects robust OCF in Q4.
Market Share
4.8%
+2.4pp vs CY21
Doubled market share in four years, with headroom for further gains.
What Changed vs Last Quarter
NEW
FY26 deliveries expected to exceed 10 million sq ft guidance
Management indicated deliveries could be well ahead of the guided 10 million sq ft, with most occurring in Q4.
NEW
Healthy growth across key metrics expected in FY27
Management expects sustained growth in bookings, collections, and profitability, with detailed guidance to be provided in Q4 results.
UPDATED
FY26 booking value guidance of ₹32,500 crore expected to be beaten
Management confirmed they are on track to exceed the annual booking guidance, having achieved 74% in 9 months.
UPDATED
FY26 collections guidance of ₹21,000 crore expected to be met
Despite 57% achievement in 9 months, management expects strong Q4 collections to meet the target.
DROPPED
FY28 ROE target of 20%
Management expects a step-up in profitability in FY28 driven by OC-related profit recognition from newer projects.
DROPPED
Business development guidance of ₹20,000 crore for FY26
81% already achieved in H1; management sees upside risk but prioritizes return quality over volume.
NEW RISK
Potential slowdown in IT-driven markets
Analyst raised concern about Bangalore and Hyderabad demand due to IT sector weakness; management sees no near-term impact but acknowledged uncertainty.
NEW RISK
Operating cash flow pressure from construction spend
Construction spend grew 66% in 9 months, pressuring OCF; management expects normalization in Q4 but risk of spillover.
NEW RISK
Land acquisition competition and pricing
Management noted losing some land deals due to high pricing, indicating risk of overpaying or missing growth opportunities.
NEW RISK
Inventory reconciliation gap between cash flow and balance sheet
Analyst flagged a ₹19,000 crore inventory increase vs ₹10,000 crore cash outflow; management attributed to JV consolidation and accounting, but complexity remains.
RISK GONE
Execution delays in NCR due to NGT restrictions
NGT has taken three out of 12 months of construction in NCR, causing delays in some projects. Management is addressing this but external challenges persist.
RISK GONE
Low collections in H1 relative to guidance
Collections in H1 were only 37% of the full-year guidance, raising concerns about timing of cash flows. Management attributes this to a skewed OC calendar.
RISK GONE
Land price inflation in key markets
Recent auctions in Hyderabad and Navi Mumbai saw land prices crossing ₹2,000 crore for 10-11 acre parcels, which could pressure margins if sustained.
RISK GONE
Ashok project delay in NCR
The Ashok project continues to face tree-related issues with no immediate visibility on launch timelines, potentially delaying revenue recognition.
Fast read
Guidance and risk preview
Management confirmed they are on track to exceed the annual booking guidance, having achieved 74% in 9 months.
Analyst raised concern about Bangalore and Hyderabad demand due to IT sector weakness; management sees no near-term impact but acknowledged uncerta...
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