Godrej Properties Limited (GODREJPROP)
₹1,603.30 -0.84% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)Godrej Properties Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Godrej Properties' revenue was ₹506 Cr (+16.5% year on year, -85.4% on the previous quarter), and net profit ₹349 Cr (-41.6% year on year); the operating margin was -56.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹506 | +16.5% | -85.4% |
| Operating profit | ₹-285 | loss widened | to loss |
| Net profit | ₹349 | -41.6% | -45.8% |
| EPS (₹) | 11.62 | -41.7% | -46.2% |
| Operating margin | -56.3% | — | — |
GODREJPROP delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 41.82% of the GODREJPROP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.46%. That is close to its usual level. In GODREJPROP futures, open interest fell 1.11% while the futures price fell 0.86%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 42.7% · 42.5% · 43.6% · 30.1% · 41.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Godrej Properties Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent KFin Technologies Limited confirms the timely processing and dematerialisation of securities. All actions, including cancellation of certificates and substitution of depository names, were executed within the mandated 15-day period.
- Compliance certificate submitted for the quarter ended September 30, 2026
- RTA KFin Technologies confirmed actions were executed within 15 days of receipt
- Filing covers both equity shares and multiple debt securities listed on BSE
Godrej Properties Limited, in partnership with RC Group and Brihanmumbai Municipal Corporation (BMC), has completed the first phase of the Bandra Bay Beautification Initiative. The project comprises a newly developed pedestrian corridor along LK Mehta Marg inaugurated on October 11, 2026. The wider master plan includes future amenities such as a green promenade, open lawns, and sports facilities. No commercial development value, capex, or direct financial revenue metrics were disclosed in the release.
- Inaugurated the pedestrian corridor on LK Mehta Marg on October 11, 2026
- Developed in partnership with RC Group and the Brihanmumbai Municipal Corporation (BMC)
- Phase 2 plan includes connecting LK Mehta Marg directly to the waterfront with additional amenities
- Company reiterated its historical footprint of housing over 1,00,000 families across India
Godrej Properties has partnered with the Brihanmumbai Municipal Corporation (BMC) and RC Group to develop the first phase of The Bayside Promenade at Bandra Bay in Mumbai. The public-private initiative covers a bayside walking track, landscaped lawns, a pet park, an amphitheatre, and a literature zone, with a second phase planned to include a mini golf course. Financial commitments, capital expenditures, and commercial terms were not disclosed in the filing. Given the lack of commercial or revenue recognition details, this appears to be a public realm/CSR and brand-enhancement initiative rather than an earnings driver relative to TTM revenue of ₹5,203 Cr.
- Partnership formed between BMC, Godrej Properties Limited, and RC Group for Bandra Bay development.
- Phase 1 includes a bayside walking track, bayside garden lawns, and a lifestyle hub with pet park and amphitheatre.
- Phase 2 planned to add a mini golf course and a dedicated sports/activity zone.
- Financial investment and commercial arrangements were not disclosed in the release.
Godrej Properties Limited received a letter dated September 30, 2026, from the MoEFCC revoking the Environmental Clearance (EC) for its completed commercial building 'Godrej Eternia' in Chandigarh. The ministry alleges the project is within 10 km of the Sukhna Wildlife Sanctuary without required clearance from the National Board for Wildlife (NBWL). The company stated that the project is situated 6.6 km away, beyond the 2.75 km Environmentally Sensitive Zone limit notified in 2017, and notes the revocation comes 10 years after project completion. Godrej Properties has appealed the decision before the National Green Tribunal (NGT), with financial impact currently unquantified.
- MoEFCC letter dated September 30, 2026, revokes EC for the Godrej Eternia commercial project in Chandigarh.
- Revocation arrives 10 years after the commercial project was completed with requisite approvals.
- MoEFCC cites non-compliance with the 10 km wildlife sanctuary buffer, while GPL notes the notified ESZ limit is 2.75 km and the project sits 6.6 km away.
- Company has filed an appeal before the National Green Tribunal (NGT), rendering the matter sub judice.
Godrej Properties Limited has signed a development agreement for an approximately 2.5-acre prime land parcel in Marine Lines, South Mumbai. The proposed luxury residential project holds an estimated revenue potential of ~₹6,000 crore. This estimated revenue represents ~115% of the company's TTM revenue of ₹5,203 crore, strengthening its presence in the high-value South Mumbai micro-market. The development follows its previous premium launches in the region, including Worli and Mahalaxmi.
- Entered development agreement for ~2.5 acres prime land parcel in Marine Lines, South Mumbai
- Estimated overall revenue potential of ~₹6,000 crore based on current business assumptions
- Revenue potential exceeds GPL's TTM revenue (₹5,203 crore) by ~1.15x
- Expands footprint in premium South/Central Mumbai alongside projects in Worli and Mahalaxmi
Godrej Properties announced the results of its Postal Ballot concluded on September 19, 2026. Shareholders approved an ordinary resolution for the re-designation of Pirojsha Godrej as Non-Executive Non-Independent Director and Chairperson of the company. The resolution passed with an overwhelming majority of 99.61% of total votes cast in favour, comprising 24,85,50,126 votes. Institutional investors supported the move with 98.92% favourable votes, while promoter support was 100%.
- Resolution approved with 99.61% votes in favour (24,85,50,126 votes) versus 0.39% against (9,71,740 votes)
- Total voter turnout represented 82.84% of total outstanding shares (24,95,21,866 votes polled out of 30,12,25,962 shares)
- Public institutional shareholders voted 98.92% in favour (8,93,42,978 votes) and 1.08% against (9,71,002 votes)
- Promoter and promoter group cast 100% of their 15,56,13,974 votes in favour
Godrej Properties Limited announced the opening of a 24-metre-wide government road linking Sector 49 to the Southern Peripheral Road (SPR) in Gurugram. Constructed in collaboration with the Haryana government on pre-acquired government land, the road enhances connectivity for residents and provides direct access to its project, Godrej Aristocrat. Financial costs incurred for the construction were not disclosed, and the announcement has negligible direct impact on the company's financials (TTM revenue of Rs 5,203 Cr).
- Constructed a 24-metre-wide government road connecting Sector 49 to Southern Peripheral Road (SPR) in Gurugram
- Developed on pre-acquired government land in collaboration with the Haryana state government
- Directly benefits the micro-market accessibility of Godrej Properties' project, Godrej Aristocrat
- Project capex and cost-sharing details were not disclosed
Godrej Properties Limited announced that its Nomination and Remuneration Committee approved the grant of 1,238 stock options to eligible employees under the GPL ESGS scheme on September 18, 2026. The options carry an exercise price of ₹5 per option (equal to face value) and vest over a 3-year period. Additionally, the committee recorded the lapse of 985 previously issued stock grants. Given the company's market cap of ₹50,653 crore and extensive share base, the quantum is immaterial.
- Grant of 1,238 stock options approved under GPL ESGS
- Exercise price set at ₹5 per option against face value of ₹5
- Options vest over a period of 3 years and are exercisable within 1 month from vesting
- Noted lapse of 985 stock grants previously issued to an eligible employee
Godrej Properties Limited announced that its Nomination and Remuneration Committee approved the grant of 1,238 stock options to eligible employees under the GPL ESGS. The options are issued at an exercise price of ₹5 per option (face value ₹5) and vest over a 3-year period. Additionally, the committee noted the lapse of 985 stock grants previously issued. Given the tiny volume of shares, the overall dilution impact is negligible.
- Grant of 1,238 stock options approved under GPL ESGS
- Exercise price set at ₹5 per option (equal to face value of ₹5)
- Vesting schedule set over a period of 3 years
- Exercise window is within 1 month from vesting date
- Noted lapse of 985 previously issued stock grants
Godrej Properties Limited announced that company officials will participate in the JP Morgan India Conference 2026 on Tuesday, September 22, 2026, in Mumbai. The interaction will involve 1-on-1 and group meetings with analysts and institutional investors. The company confirmed that its latest quarterly investor presentation, already available on stock exchanges, will be utilized. No new undisclosed material price-sensitive information is expected to be shared.
- Participation scheduled for Tuesday, September 22, 2026
- Event: JP Morgan India Conference 2026 held in Mumbai
- Format involves 1-on-1 and group investor meetings
- Company will present its existing quarterly investor presentation
Godrej Properties has clarified an exchange query regarding media reports about settling its dispute with Orris Infrastructure over the Godrej Air project in Gurugram. The dispute was conclusively settled via an agreement executed on August 25, 2026, which was subsequently recorded by the Bombay High Court on September 03, 2026. The estimated financial impact of the settlement on Godrej Properties is approximately INR 70 crore, representing about 1.35% of its TTM revenue (₹5,203 crore). The High Court has scheduled the next compliance hearing for September 24, 2026.
- Estimated financial impact of the dispute settlement on the company is approximately INR 70 crore
- Disputes settled amicably via Settlement Agreement dated August 25, 2026
- Order passed by Bombay High Court recording the settlement on September 03, 2026
- Matter listed before the Bombay High Court on September 24, 2026 for reporting compliance
- Pertains to Godrej Air Project, Gurugram, benefiting project homebuyers
Godrej Properties Limited has informed exchanges that its officials will participate in the Jefferies India Forum 2026 on Wednesday, September 16, 2026, in Gurgaon. The interactions will include 1-on-1 and group meetings with analysts and institutional investors. The company stated that its latest quarterly investor presentation, already available on exchanges and its website, will be presented without sharing any unpublished price-sensitive information.
- Participation scheduled for Wednesday, September 16, 2026
- Event: Jefferies India Forum 2026 held in Gurgaon
- Format: 1-on-1 and Group Meetings
- Content to be shared: Latest quarterly investor presentation already available publicly
ICRA Limited has reaffirmed Godrej Properties' credit rating of [ICRA]AA+ with a Stable outlook for its Rs 5,250 crore Non-Convertible Debentures. ICRA also enhanced the rated bank facilities limit from Rs 11,000 crore to Rs 13,000 crore (rated AA+/A1+) and Commercial Paper limit from Rs 3,500 crore to Rs 4,000 crore (rated A1+). In aggregate, ICRA-rated limits across instruments now stand at Rs 22,250 crore, reinforcing the company's financial flexibility and access to low-cost capital.
- Reaffirmed [ICRA]AA+ (Stable) rating for Rs 5,250 crore Non-Convertible Debentures
- Enhanced bank facilities rating to [ICRA]AA+ (Stable) / [ICRA]A1+ on increased limit of Rs 13,000 crore (up from Rs 11,000 crore)
- Commercial Paper rating reaffirmed at [ICRA]A1+ with limit enhanced to Rs 4,000 crore (up from Rs 3,500 crore)
- Total rated debt and credit facility limits expanded to Rs 22,250 crore
Godrej Properties has announced the launch of an indoor padel sports facility featuring 4 international-standard courts at its 145-acre mixed-use township, Godrej City in Panvel. Alongside the sports infrastructure, the company introduced a new residential phase comprising 3 and 4 bed Sky Villas adjacent to its 9-hole golf course. Specific project launch metrics such as gross development value (GDV), launch pricing, and total units were not disclosed in the release.
- Developed across the 145-acre mixed-use township at Godrej City, Panvel
- Opened 4 international-standard indoor padel courts developed in partnership with PadelPark India
- Introduced a new residential phase featuring 3 and 4 bed Sky Villas
- Township ecosystem includes a 9-hole international-standard golf course
Godrej Properties Limited has informed the exchanges regarding its participation in an investor conference organized by Elara Securities Ltd. The event is scheduled to take place on Tuesday, September 1, 2026, in Mumbai. The meetings will be conducted in a 1-on-1 and group format. The company noted that its existing quarterly investor presentation hosted on its website will be shared, with no unpublished price-sensitive information discussed.
- Participation scheduled for Tuesday, September 01, 2026
- Event organized by Elara Securities Ltd. in Mumbai
- Format includes 1-on-1 and group investor meetings
- Only previously submitted quarterly investor presentation to be presented
Financial Performance
Revenue Growth by Segment
Standalone Revenue from Operations grew 46.5% YoY to INR 1,949.62 Cr in FY25. H1 FY26 Total Income grew 16% YoY to INR 3,460 Cr, primarily driven by residential sales momentum.
Geographic Revenue Split
In Q2 FY26, booking value was balanced across four key markets: Bangalore, Mumbai, NCR, and Hyderabad, each contributing over INR 1,500 Cr (approximately 17.6% each of the INR 8,505 Cr total).
Profitability Margins
Net profit margin improved from 16.6% in FY24 to 20.4% in FY25. Standalone Profit after Tax grew 79% YoY to INR 1,011.01 Cr in FY25.
EBITDA Margin
EBITDA margin was 28.8% in FY25, up from 27.4% in FY24. H1 FY26 EBITDA grew 45% YoY to INR 1,529 Cr.
Capital Expenditure
The company added projects with an expected booking value of over INR 20,000 Cr in FY25 and INR 16,250 Cr in H1 FY26 (81% of annual guidance).
Credit Rating & Borrowing
Godrej Properties maintains a credit rating of CRISIL AA+/Stable and ICRA AA+/Stable. Borrowing costs are influenced by parent support from Godrej Industries Ltd, which holds 44.77% equity.
Operational Drivers
Raw Materials
Key inputs include construction materials (steel, cement, aggregates) and labor, though specific percentage breakdowns for each are not disclosed in available documents.
Capacity Expansion
Successfully delivered ~18.4 million sq. ft. in FY25. Added 15.06 million sq. ft. of saleable area in H1 FY26 to support future delivery targets.
Raw Material Costs
Raw material costs are managed through design standardization and advanced construction technologies to mitigate inflationary pressures.
Manufacturing Efficiency
Focus on design standardization and advanced construction technologies to improve delivery speed and quality across projects.
Logistics & Distribution
Marketing and distribution costs are expensed in the year of launch, which can temporarily impact margins during high-growth phases like Q2 FY26.
Strategic Growth
Expected Growth Rate
10.40%
Growth Strategy
Growth will be achieved by focusing on top-tier markets (NCR, MMR, Bengaluru, Pune, Hyderabad), leveraging the Godrej brand for Joint Development Agreements (JDAs), and maintaining a robust project pipeline (INR 16,250 Cr added in H1 FY26).
Products & Services
Residential apartments (luxury and premium), plotted developments, and commercial real estate projects.
Brand Portfolio
Godrej Properties, Godrej Zenith, Godrej Miraya, Godrej Reserve, Godrej Avenue Eleven, Godrej Aristocrat, Godrej Tropical Isle, Godrej Regal Pavilion.
New Products/Services
New launches like Godrej Regal Pavilion in Hyderabad achieved INR 1,527 Cr in booking value, contributing significantly to the Q2 FY26 record performance.
Market Expansion
Strong entry into Hyderabad with INR 2,600 Cr sales in the current calendar year; expansion into Tier-2 cities via plotted developments.
Market Share & Ranking
India's largest developer by value of residential sales achieved in FY25.
Strategic Alliances
Joint Development Agreements (JDAs) and a Development Management agreement with Godrej & Boyce for lands in Vikhroli.
External Factors
Industry Trends
The industry is seeing a shift toward large organized developers with a focus on design, customer experience, and sustainability.
Competitive Landscape
Competes with other national and regional developers; currently leads the market in residential sales value.
Competitive Moat
Durable moat through a 128-year brand legacy, high trust (ranked among most trusted Indian brands), and exclusive development rights for Vikhroli land.
Macro Economic Sensitivity
Highly sensitive to interest rate cycles and the economic environment in India, which affects home loan affordability.
Consumer Behavior
Post-pandemic consumer shift toward larger homes, better amenities, and trusted developer brands.
Geopolitical Risks
Changes in the political and economic environment in India are cited as factors that could affect operations.
Regulatory & Governance
Industry Regulations
Operations are governed by RERA, pollution norms, and local building codes. Changes in tax laws or import duties are noted as potential risks.
Environmental Compliance
Commitment to sustainability and cutting-edge technology is central to the Godrej Industries Group philosophy.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 20% based on PBT of INR 1,264.82 Cr and PAT of INR 1,011.01 Cr.
Legal Contingencies
Litigation is mentioned as a general business risk; specific pending case values in INR are not disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Accounting mismatches where marketing costs are expensed upfront while revenue is recognized years later; execution risk at a scale of 18.4 million sq. ft. deliveries.
Geographic Concentration Risk
Diversified across major Indian hubs, with no single market dominating; Mumbai, NCR, Bangalore, and Hyderabad each contribute significantly.
Third Party Dependencies
Dependency on joint venture partners for project execution and land owners for JDAs.
Technology Obsolescence Risk
Mitigated by active adoption of digital and advanced construction technologies.
Credit & Counterparty Risk
Strong credit profile with record collections in FY25 reducing counterparty risk from buyers.
