GODREJPROP's Q2 FY27 numbers came in soft, with revenue of Rs. 1,935.17 Cr (+161.38% YoY) and PAT growth of -63.90% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 23, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 1,935.17 Cr (+161.38% YoY) |
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| PAT (Q2) | Rs. 145.47 Cr (-63.90% YoY) |
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| EBITDA margin | 6.79% (-2042 bps YoY) |
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| EPS (Q2) | Rs. 5.12 (-61.90% YoY) |
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| Market cap | Rs. 45,078.55 Cr |
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| CMP | Rs. 1,496.50 |
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Quarter Snapshot
Revenue from operations grew 161.38% YoY to Rs.1,935.17 Cr on a wave of project completions, but completion-method accounting converted this into a 6.79% company-basis EBITDA margin, with PBT down 82.62% and PAT down 63.90% YoY. Reported PAT is flattered by a Rs.47.09 Cr tax credit and other income, with normalized earnings closer to ~Rs.70 Cr. The FY27 OCF target of ~Rs.9,000 Cr now requires ~Rs.9,723.56 Cr of H2 inflow after H1 CFO of −Rs.723.56 Cr, while gross debt rose 26.4% since March to fund the inventory build toward the guided FY28 revenue bump.
Key Investment Insights
Key Positives
- Revenue from operations grew 161.38% YoY to Rs.1,935.17 Cr, the largest quarter shown (~38% of FY26 full-year revenue)
- Real Estate segment revenue grew 166.78% YoY to Rs.1,905.67 Cr
- Hospitality segment margin improved to 19.90% from 10.02% YoY on revenue growth of 13.2%
- JV/associate share swung to +Rs.3.39 Cr from −Rs.83.14 Cr a year ago; subsidiaries contributed Rs.73.39 Cr of consolidated PAT
- Standalone PAT grew to Rs.80.76 Cr from Rs.13.01 Cr YoY
- Net debt of ~Rs.7,937 Cr remains within the management cap of Rs.10,000 Cr (~Rs.2,063 Cr headroom)
- H1 operating cash outflow narrowed to −Rs.723.56 Cr from −Rs.1,532.17 Cr in H1 FY26
Risk Factors
- PBT fell 82.62% YoY to Rs.98.38 Cr and PAT fell 63.90% to Rs.145.47 Cr despite revenue growth of 161.38%
- Company-basis EBITDA margin collapsed to 6.79% of Total Income from 27.21% YoY; Real Estate segment margin fell to 4.85% from 78.86%
- H1 FY27 CFO was −Rs.723.56 Cr (CFO/PAT −1.46×); derived Q2 OCF of −Rs.1,122.56 Cr leaves the ~Rs.9,000 Cr FY27 OCF target requiring ~Rs.9,723.56 Cr in H2
- Gross borrowings rose 26.4% since March to Rs.19,745.56 Cr; gross D/E rose to 1.02 from 0.82, rising for a fourth straight quarter
- Reported PAT is tax-credit-assisted (negative tax of Rs.47.09 Cr) and includes unquantified Skyview fair-value gains; normalized PAT estimated at ~Rs.70.30 Cr
- ISCR fell to 0.66 and DSCR to 0.19, down from 1.95 and 0.59 a year ago