Godrej Properties

Godrej Properties (GODREJPROP): Q2 FY27 results analysis

(quarter ended 30 Sep 2026)

All figures consolidated, ₹ crore unless stated. Results released on 23 Oct 2026. EBITDA and PAT are the company's figures. YoY/QoQ % and margins are my calculations.

For margin and ratio rows, the YoY and QoQ columns show the prior-period value. Sources: [1][2][3][8]

Source note: the company deck shows total income of ₹2,575 cr, +38% on a ₹1,867 cr base [2]. The filing shows ₹2,571.7 cr against ₹1,950.1 cr, which is +31.9% [3][13]. Angel One's "₹145.5 cr profit" is a different line from the company's ₹154 cr [3].

Read P&L and bookings separately

Real estate revenue is booked on handover, not on sale. Bookings and collections show how the business is doing today.

• Bookings: ₹8,008 cr, the 7th straight quarter above ₹7,000 cr, but down 6% YoY. Some launches slipped into Q3; only ₹5,500 cr was launched in Q2 [2].
• Sustenance sales: ₹5,054 cr, +83% [1]. These are sales from projects launched earlier.
• H1: a record ₹16,659 cr of bookings, +7% [1].
• Cash: collections +31% and operating cash flow of ₹1,584 cr [2].

Quality of earnings

This is the weak spot. One project, Mahalunge in Pune, contributed ₹1,589 cr of total income [2]. Interest and other income was ₹637 cr, about 6.5x PBT [2]. My reading: the development business earned very little this quarter.

PAT (₹154 cr) is higher than PBT (₹98 cr). That implies a tax credit and/or JV share added below PBT; the sources I found don't say which.

Base effect: Q2 FY26 was strong (PBT ₹566 cr) [2], so part of the fall is a high base.

Margins (Chart 3)

EBITDA margin: 32.9% → 33.1% → 13.7% → 40.8% → 6.6% [2][8][10][11]. It swings with which projects get handed over (interpretation).

Guidance: what changed

• FY27 bookings: at Q4 the target was "over ₹39,000 cr" [7]. Now it is 15–20% growth [2], about ₹39,300–41,000 cr on FY26's ₹34,171 cr [6]. Broadly unchanged.
• H2 bookings: ₹22,500–25,000 cr, 35–50% above H1 (my calculation). This rests on about ₹32,000 cr of launches [2].
• Cash: H2 collections of ~₹15,000 cr, H2 operating cash flow of ~₹7,000 cr, and free cash flow positive in H2 [2].
• Revenue recognition: about ₹40,000 cr of bookings to reach the P&L by FY28, vs ~₹15,000 cr in FY25–26 [2].
• Debt: net debt ₹6,414 cr (Mar) → ₹7,637 cr (Jun) → ₹7,908 cr (Sep); net debt/equity 0.41 [2][9].

Market reaction (interpretation)

The shares fell 4.73% on 23 Oct. Likely reasons: a 62% PAT drop, lower YoY bookings and rising net debt.

Positives

• Record H1 bookings and collections [1]
• Sustenance sales +83% [1]
• H1 business development already 78% of the FY target [2]

Concerns

• Thin core profit; heavy reliance on other income [2]
• Net debt up ₹1,494 cr since March [2]
• The H2 plan depends on launch approvals; Q1 deliveries were only 7% of the annual target [15]

Things to track in Q3 FY27

1. Q3 launches and bookings vs the H2 guidance
2. Collections toward ₹15,000 cr in H2
3. Whether net debt starts falling
4. Deliveries, which drive future reported profit

Not a buy/sell recommendation. Facts are sourced; opinions are labelled.

Sources [1] Business Standard, 24 Oct 2026 · [2] Multibagg – Q2 FY27 presentation summary · [3] Angel One – filing figures · [4] Kotak Neo · [5] Investing.com – slides · [6] Outlook Business – FY26 · [7] Outlook Business – FY27 target · [8] JM Financial – Q1 FY27 · [9] FilingReader – Q1 FY27 net debt · [10] Investywise – Q3 FY26 · [11] Kotak Neo – Q4 FY26 · [12] Business Standard – FY24 · [13] Kotak Neo – Q3 FY26 filing (Q2 FY26 total income) · [14] Angel One – Q1 FY27 · [15] Quartr – Q1 FY27 summary

Charts:

(1) last 5 quarters total income & PAT;

(2) FY23–FY26 total income & PAT;

(3) EBITDA margin and bookings . Q2 FY26 bookings are derived from the reported −6% YoY.