Godrej Properties sees record FY27 bookings as Q2 profit falls sharply

Godrej Properties expects its sales bookings to rise to a record ₹41,500 crore in FY27, the company's chairperson Pirojsha Godrej said on 25 October 2026. That figure is above the company's annual guidance of ₹39,000 crore. The outlook came two days after the board approved the September quarter results on 23 October 2026.

The ₹41,500 crore target is about 21.5 per cent above FY26 bookings of ₹34,171 crore. Reports round this to 22 per cent. The company's investor-call material gives a different range, of 15 to 20 per cent growth, which works out to roughly ₹39,300–41,000 crore on the same base. The two figures are not the same, and investors should check which one the company is holding itself to.

Second-quarter numbers

Bookings in the July–September quarter were ₹8,008 crore, covering 3,658 units and 6.2 million square feet. That was 6 per cent lower than a year earlier. The company said the fall was due to some launches shifting into the third quarter, with only ₹5,500 crore launched in the quarter. Even so, it was the seventh straight quarter with bookings above ₹7,000 crore.

Half-year bookings were ₹16,659 crore, up 7 per cent. Sales from existing inventory, which the company calls sustenance sales, made up 63 per cent of Q2 bookings, at ₹5,054 crore. By city, NCR contributed ₹1,926 crore, the Mumbai Metropolitan Region ₹1,899 crore, Bengaluru ₹1,564 crore, Pune ₹976 crore and Hyderabad ₹782 crore. Other markets added ₹861 crore.

Collections were ₹5,318 crore, the highest ever for a second quarter and up 31 per cent year on year. Operating cash flow for the quarter was ₹1,584 crore, up 33 per cent on the year. Net debt stood at ₹7,908 crore, or 0.41 times equity.

Profit and restructuring

Total income rose 38 per cent to ₹2,575 crore. However, EBITDA fell 72 per cent to ₹171 crore, and net profit fell 62 per cent to ₹154 crore. The company linked the profit drop to a 47 per cent fall in other income, to ₹636.6 crore, and to restructuring of its subsidiaries and joint ventures.

During the quarter, Godrej Skyview LLP moved from being a subsidiary to a joint venture after a stake sale, which gave a realised gain of ₹16.25 crore. Separately, the amalgamation of Embellish Houses Private Limited with the holding company was sanctioned on 8 July 2026. One market analysis read the weaker headline profit as a result of delivery timing and joint-venture accounting, rather than weaker demand. Investors will need to separate these effects from the sales trend.

Shares fell about 4.4 per cent after the results were announced.

What the second half depends on

Pirojsha Godrej said in a company statement: "Our launch pipeline has never been stronger and with launches picking up substantially from this month onwards, we remain confident of surpassing our full year guidance across all key operating metrics." He expects the October–December quarter to be the company's best ever, with launches in Bandra, Gurugram, Thane, Noida and Greater Noida.

The company expects H2 FY27 bookings of ₹22,500–25,000 crore, backed by about ₹32,000 crore of launch value. That is double the ₹16,000 crore launched in the first half. It also expects second-half collections of ₹15,000 crore, which it says will take it past its annual collections guidance of ₹24,000 crore.

Delivery guidance is less clear. The earnings-call transcript says the company remains on track for 13.5 million square feet of deliveries in the full year. Another market report said the target may slip because of the timing of regulatory approvals. Investors should watch the next update on deliveries alongside the bookings numbers.

For investors, the next test is whether the October–December launches arrive on schedule and convert into bookings at the rate the company expects. The number to watch is the third-quarter booking figure, which will show whether the ₹22,500–25,000 crore second-half target is on track.