Godrej Properties lines up ₹32,000 crore of launches for second half of FY27

Godrej Properties has lined up a pipeline of more than ₹32,000 crore of residential projects for the second half of FY27, the six months from October 2026 to March 2027. The company said this on 23 October 2026, when it released its results for the quarter ended September 2026. Managing Director and CEO Gaurav Pandey gave the figure on the earnings call. The pipeline is roughly double the ₹16,000 crore of homes the company launched in the first half of the year.

The results showed a mixed quarter. Bookings in the September quarter, which the company labels Q2 FY27, were ₹8,008 crore from 3,658 units covering 6.2 million sq ft. That was down 6% from a year earlier. The company said the fall came because some planned launches were deferred to the next quarter. Bookings for the first half reached ₹16,659 crore, up 7%, which the company described as its highest-ever first-half booking value. Collections in the quarter rose 31% to ₹5,318 crore, and first-half collections rose 25% to ₹9,666 crore. Operating cash flow for the quarter was ₹1,584 crore.

Profit fell sharply. Consolidated net profit was ₹154 crore, against ₹405 crore a year earlier, a fall of 62%. EBITDA fell 72% to ₹171 crore, while total income rose 38% to ₹2,575 crore. Shares of the company fell about 4% after the results.

Where the launches will come from

The company has not named a single project for the pipeline, and no price or RERA registration has been given for it as a whole. It has named Mumbai Metropolitan Region, Delhi-NCR, Pune, Bengaluru and Hyderabad as target markets, and Bengaluru, Mumbai, Noida and selected Gurugram micro-markets as priorities for new projects. In the quarter, it added one project, a revenue-share arrangement at Marine Lines in Mumbai, with about 1.1 million sq ft of saleable area and an expected booking value of ₹6,000 crore. Bookings in the quarter were led by NCR at ₹1,926 crore and MMR at ₹1,899 crore, followed by Bengaluru at ₹1,564 crore.

Pirojsha Godrej, the chairperson, said the company launched only about one-third of its expected annual launch pipeline in the first half, yet delivered 43% of its annual bookings guidance. He said the company would take on new projects only if they meet its return thresholds, including an internal rate of return of about 20%. Pandey said about 80% of the approvals needed for the third quarter were secured before the quarter began, and the rest are expected in the weeks after Diwali. For the fourth quarter, the company is targeting 80% of approvals between late November and mid-December 2026.

What buyers and investors should watch

For buyers, the pipeline depends on approvals, so launch timing could slip. The company's own guidance for the second half is bookings of ₹22,500 crore to ₹25,000 crore, collections of about ₹15,000 crore and operating cash flow of about ₹7,000 crore, all by 31 March 2027. Before booking any new launch, buyers should check its RERA registration, since no launch date or price for the wider pipeline has been announced.

For investors, the company reported record full-year bookings of ₹34,171 crore for FY26, up 16%, and collections of ₹19,965 crore, up 17%. It also said it remains on track for its launch, booking and collection guidance. The company said the delivery target of 13.5 million sq ft for FY27 may not be met because of regulatory approval timing. Analysts have said FY27 will be judged less by one quarter's profit and more by whether launches turn into completed homes and cash flow.