Godrej Properties (GODREJPROP) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 booking value reached INR 8,651 crore, up 22% YoY; 3,738 units covering 6.2 million sq. ft. were sold, marking a sixth consecutive quarter above INR 7,000 crore.

• New launches led sales: Godrej Vanantara recorded INR 3,237 crore, Godrej Samaris INR 1,248 crore and Brooklyn Avenue INR 317 crore.

• Three projects added 8.0 million sq. ft. of saleable area and INR 9,500 crore in expected booking value, reaching 48% of annual business development guidance.

• Unaudited standalone and consolidated results were Board-approved and Audit Committee-reviewed; statutory auditors issued unmodified review conclusions.

Financial highlights

• Total income fell 16% YoY to INR 1,337 crore, EBITDA fell 40% to INR 545 crore and net profit fell 42% to INR 350 crore; results reflected one project completion.

• Consolidated revenue from operations was INR 506.17 crore versus INR 434.56 crore in Q1 FY26; consolidated PAT was INR 350.10 crore versus INR 600.12 crore.

• Standalone revenue from operations was INR 121.09 crore versus INR 464.67 crore; standalone PAT was INR 60.54 crore versus INR 56.11 crore.

• Collections rose 18% YoY to INR 4,348 crore; operating cash flow was INR 399 crore, down 58%, while direct construction spend increased 41%.

• Net debt reached INR 7,637 crore at June 30, 2026, up INR 1,223 crore during Q1; net debt/equity was 0.39 and average borrowing cost was 7.15% YTD.

Outlook and guidance

• FY27 guidance: INR 39,000 crore bookings, INR 24,000 crore collections and 13.5 million sq. ft. deliveries; booking and collection guidance remain on track, while deliveries stood at 7% of target.

• FY27 operating cash flow target is INR 9,000 crore; FY27–FY28 cumulative operating cash flow is expected at INR 20,000–22,000 crore, with cumulative collections of INR 52,000–55,000 crore.

• FY28 ROE target is 20%, requiring PAT of at least INR 4,000 crore on current net worth of about INR 20,000 crore; delivery timing, especially in H2 FY28, is key.

• FY28 operating cash flow is expected to fully fund business development and support strong FCF; FY27 could turn FCF-positive absent exceptionally high business development.

• Bandra and Golf Course Extension Road launches are expected in Q2 or Q3, subject to approvals; further launches are planned across Mumbai, Hyderabad, Bengaluru, Noida, Pune and Ahmedabad.