Godrej Properties is India's largest residential developer by booking value, and the quarter ahead tests whether its heavy FY27 investment phase can convert into cash. The print will speak to the operating cash flow ramp toward the ~INR 9,000 crore FY27 target after Q1's INR 399 crore, and to booking momentum against the over INR 39,000 crore full-year goal.
| Results date | October 23, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,337 Cr (Total Income, Q1 FY27) |
| Previous quarter PAT | Rs. 350 Cr |
| Previous quarter EBITDA margin | 40.8% (EBITDA / Total Income, Q1 FY27) |
| Net debt (latest quarter) | Rs. 7,637 Cr (as of Jun 30, 2026) |
| Market cap | Rs. 48,295.64 Cr |
| CMP | Rs. 1,603.3 |
The board of Godrej Properties Ltd meets on October 23, 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The trading window remained closed from October 1 to October 25, 2026.
The Q2 FY2027 earnings conference call is scheduled for Friday, October 23, 2026 at 5:00 PM IST. India dial-in is +91 22 6280 1302, with international toll-free numbers available for Singapore, Hong Kong, UK and USA.
The central question for this quarter is whether Godrej Properties can put its cash flow and delivery engine into gear after a Q1 in which operating cash flow of INR 399 crore was just 4.43% of the ~INR 9,000 crore FY27 target, with management guiding a back-ended ramp and Q4 the strongest quarter. Demand flow in its largest market stayed firm through the quarter — Mumbai recorded 13,617 property registrations in July 2026 (+8.3% YoY, a 14-year high for the month) and 12,622 in September (+5% YoY), with Ganesh Chaturthi registrations up 22% YoY to 5,379 — supportive of the INR 7,000 crore quarterly booking minimum and the over INR 39,000 crore FY27 target after Q1's INR 8,651 crore. The cost setup has inverted: steel's ~12% deflation from February reversed within Q2, with Mumbai HRC hitting a four-year high of Rs. 62,000/t on September 1 and aluminium grinding higher to ~$3,343/t by September 30, a headwind against the ~Rs. 2,000 crore-per-quarter construction spend guidance. Two overhangs carry into the print: whether the ~Rs. 70 crore Orris/Godrej Air settlement (Bombay High Court order recorded September 3, 2026) is recognised in Q2, and any update on the NGT appeal over the MoEFCC's September 30, 2026 revocation of the Godrej Eternia environmental clearance, where the financial impact is stated as not quantifiable and the matter is sub judice. Net debt of Rs. 7,637 crore at June 30, 2026 sits below the management-stated cap of INR 10,000 crore, and the call will cover progress on the Q2 launch slate (Bandra in Mumbai, Golf Extension Road in Gurgaon, plus Bangalore, Hyderabad and Pune) and the ~Rs. 6,000 crore Marine Lines project added on September 28, 2026.
Performance vs FY27 guidance tracking: Q1 FY27 achievement against the FY27 targets, all tracked as on track in the Q1 presentation:
OCF ramp and construction spend trajectory: Cash conversion is the critical swing factor for FY27.
Booking run-rate and Q2 launch slate: Whether the quarterly booking floor holds and the launch pipeline lands on schedule.
Risks and headwinds to monitor: Management-flagged items carrying into the quarter.
Strategic initiative updates: Longer-dated items management is expected to update.
Management tracked all FY27 targets as on track at Q1, including bookings over INR 39,000 crores, collections over INR 24,000 crores and operating cash flow of ~INR 9,000 crores. The strained leg is cash flow — Q1 OCF of INR 399 crore was 4.43% of the target, with a back-ended ramp guided and Q4 expected to be the strongest quarter.
Management has reaffirmed a 20% ROE target by FY28, which implies PAT of INR 35–40 billion versus INR 18 billion in FY26. Pirojsha Godrej said there will be "a little bit of a step up in FY '28 which will then be sustained beyond that", with INR 40,000 crores of booking value to be recognised in P&L by FY28.
Pirojsha Godrej called it "a little uncertain… quite possible… will depend a little bit on the quantum of business development we do". At the guided business development levels, he said the company will be FCF positive, with BD overshooting the INR 20,000 crore FY27 target flagged as the primary risk to FY28 FCF positivity.
Booking value rose 22% YoY to INR 8,651 crores — the 6th consecutive quarter above INR 7,000 crores — but net profit fell 42% to INR 350 crores because only one project (a DM-structure project) reached completion in the quarter. The company follows project completion accounting, so revenue recognition is lumpy and depends on delivery timing.
MoEFCC revoked the environmental clearance by letter dated September 30, 2026, alleging the project lies within 10 km of Sukhna Wildlife Sanctuary without NBWL clearance. The company counters that the project is 6.6 km from the sanctuary and has appealed before the NGT; the financial impact is not quantifiable at this stage and the matter is sub judice.