Godrej Properties expects revenue to jump in FY28 as sold projects are delivered

Godrej Properties expects to book about ₹40,000 crore of revenue by March 2028, its chairperson, Pirojsha Godrej, said in an interview published on 1 November 2026. The Mumbai-headquartered developer's figure is a target, not a reported result, and it follows a steep fall in quarterly profit.

The company said the revenue will come as projects it has already sold are completed. Under accounting standards, sales bookings count as revenue only when a project is completed. The ₹40,000 crore is therefore a pipeline of booking value that is expected to flow into reported revenue in FY28, which runs from April 2027 to March 2028. Pirojsha Godrej said, "you will see a huge jump in both revenues and earnings next fiscal year."

What the company has reported so far

In the quarter ended September 2026, consolidated net profit fell 62% to ₹154.15 crore from ₹405.08 crore a year earlier, according to the company's results announced on 23 October 2026. The company linked the fall to higher costs and to project completions that are weighted towards the later part of the year.

Booking value in the quarter was ₹8,008 crore from 3,658 units and 6.2 million sq ft, down 6% year on year. For the first half of FY27, booking value rose 7% to ₹16,659 crore, which the company described as its highest-ever first-half figure. Collections rose 31% to ₹5,318 crore in the quarter, and operating cash flow rose 33% to ₹1,584 crore. Construction spending rose 42% in the first six months of the year.

For the full year FY26, the company reported net profit of ₹1,850 crore on total income of ₹8,410.88 crore, and sales bookings of ₹34,171 crore.

Targets and what investors will watch

• Revenue: about ₹40,000 crore to be recognised by March 2028, according to the chairperson.
• Returns: a 20% reported return on equity and positive free cash flow targeted for FY28.
• Deliveries: 13.5 million sq ft targeted for FY27, mostly in the third and fourth quarters.
• Bookings: FY27 guidance of ₹39,000 crore, with the chairperson expecting a record ₹41,500 crore.
• Second half of FY27: a launch pipeline above ₹32,000 crore, with collections of ₹15,000 crore and operating cash flow of ₹7,000 crore targeted.

The company's earnings-call summary named project delivery delays, construction cost inflation and construction bans in the National Capital Region as the main risks to the FY28 targets. Management also ruled out moving to percentage-of-completion accounting, citing the complexity of RERA rules across states. An earlier analysis of the first quarter had pointed to a 58% fall in operating cash flow, to ₹399 crore, even as collections grew 18%.

The company has said about 80% of its Q3 FY27 launch approvals were secured before the quarter began, and that it aims to secure 80% of Q4 approvals by mid-December 2026. Investors will watch whether those approvals hold, whether the second-half launch and collection targets are met, and whether the ₹40,000 crore pipeline turns into reported revenue and cash flow as the company has described.