Godrej Properties Limited – Investor Presentation Summary

Key Operational Highlights

  • Q2 FY27 Area Sold: 6.2 million sq. ft. through 3,658 units
  • Q2 FY27 Booking Value: INR 8,008 crores (includes INR 203 crores sales done on behalf of JV partner)
  • Q2 FY27 Customer Collections: INR 5,318 crores, up 31% YoY and 22% QoQ
  • H1 FY27 Area Sold: 12.3 million sq. ft. through 7,396 units
  • H1 FY27 Booking Value: INR 16,659 crores, up 7% YoY
  • H1 FY27 Customer Collections: INR 9,666 crores, up 25% YoY
  • Construction and related outflow increased 42% YoY in H1 FY27
  • Delivery of 2.5 million sq. ft. in Q2 FY27 and 3.4 million sq. ft. in H1 FY27
  • Leasing of 1.7 lakh sq. ft. net area in Q2 FY27 and 2.0 lakh sq. ft. in H1 FY27

Key drivers of operational performance: Strong sustenance sales contributing 63% to Q2 bookings (grew 83% YoY), new project launches including Godrej Crown Residences Noida (INR 1,036 crores), and geographic diversification across major markets.

Segment-wise Performance

Performance by geographic regions for Q2 FY27:

  • NCR: INR 1,926 crore booking value, 0.94 million sq. ft., 390 units
  • MMR: INR 1,899 crore booking value, 0.70 million sq. ft., 422 units
  • Bengaluru: INR 1,564 crore booking value, 1.31 million sq. ft., 749 units
  • Pune: INR 976 crore booking value, 0.91 million sq. ft., 719 units
  • Hyderabad: INR 782 crore booking value, 0.65 million sq. ft., 322 units
  • Others: INR 861 crore booking value, 1.67 million sq. ft., 1,056 units

Performance by geographic regions for H1 FY27:

  • Bengaluru: INR 5,362 crore booking value, 4.60 million sq. ft., 2,635 units
  • MMR: INR 3,704 crore booking value, 1.54 million sq. ft., 1,077 units
  • NCR: INR 3,464 crore booking value, 1.50 million sq. ft., 591 units
  • Pune: INR 1,914 crore booking value, 1.81 million sq. ft., 1,396 units
  • Hyderabad: INR 1,192 crore booking value, 1.01 million sq. ft., 495 units
  • Others: INR 1,023 crore booking value, 1.86 million sq. ft., 1,202 units

Explanation of significant changes in segment performance: Sustenance sales drove performance with 63% contribution in Q2 FY27, growing 83% YoY. Bengaluru emerged as the largest contributor in H1 FY27 with 32% of total booking value.

Financial Highlights

Revenue: INR 3,912 crores (H1 FY27)

EBITDA: INR 717 crores (H1 FY27)

PAT: INR 504 crores (H1 FY27)

Q2 FY27 Financial Performance:

  • Total Income: INR 2,575 crores, up 38% YoY
  • Adjusted EBITDA: INR 268 crores, down 57% YoY
  • EBITDA: INR 171 crores, down 72% YoY
  • Profit before tax: INR 98 crores, down 83% YoY
  • Net Profit after tax: INR 154 crores, down 62% YoY

Margins:

  • Adjusted EBITDA/Total Income: 10.4% (Q2 FY27) vs 33.7% (Q2 FY26)
  • EBITDA/Total Income: 6.6% (Q2 FY27) vs 32.9% (Q2 FY26)
  • PBT Margin: 3.8% (Q2 FY27) vs 30.3% (Q2 FY26)
  • Net Profit Margin: 6.0% (Q2 FY27) vs 21.7% (Q2 FY26)

YoY/QoQ comparison: H1 FY27 total income grew 13% YoY to INR 3,912 crores, but net profit declined 50% YoY to INR 504 crores.

Drivers of financial performance: Lower profitability margins due to project mix and timing of revenue recognition from different projects.

Key Risks: Changes in industry structure, significant changes in political and economic environment in India and overseas, tax laws, import duties, litigation and labor relations.

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Entire operations are domestic.

Regional Breakdown: As detailed in segment-wise performance, with major contributions from Bengaluru (32%), MMR (22%), NCR (21%), Pune (11%), and Hyderabad (7%) in H1 FY27.

Balance Sheet Snapshot

As on September 30, 2026:

  • Net Debt: INR 7,908 crores
  • Networth: INR 19,359 crores
  • Net Debt/Equity Ratio: 0.41
  • Average Borrowing Cost (YTD): 7.25%

Total Assets: INR 93,013 crores (Unaudited)

Total Equity: INR 19,552 crores

Total Liabilities: INR 73,461 crores

Financial Health Insights: Strong project pipeline with ~261 million sq. ft. of developable area across India, with net debt to equity at 0.41x.

Capex & Cash Flow Health

Capital Expenditure: Construction and related outflow of INR 2,121 crores in Q2 FY27 and INR 4,365 crores in H1 FY27

Free Cash Flow: Not explicitly specified

Operating Cash Flow: INR 1,584 crores in Q2 FY27 (up 33% YoY, 297% QoQ) and INR 1,983 crores in H1 FY27

Net Debt Movement: Increased to INR 7,908 crores from INR 6,414 crores as of March 31, 2026

Investment Rationale: Focus on capacity expansion with 42% YoY increase in construction outflow, land acquisition for future projects, and scaling up execution capabilities.

Strategic & R&D Initiatives

Investments in Innovation: Godrej Living community management arm, Quality Management System (QMS), tech-led initiatives for labor mobilization, green building certifications across all projects.

Expected impact on growth: Commitment to deliver 20% ROE from FY28 while retaining market share leadership.

Strategic Rationale: Four core operating priorities: Superior Product Quality, Consistent Growth, Strong Execution, and Robust Asset Management. Expanding presence in new micro-markets and testing plotted development projects.

Industry Trends & Business Environment

Macro/Industry Trends: Strong demand in residential real estate markets across major cities, continued momentum in sustenance sales.

Impact on Company: Enabled GPL to achieve 7th consecutive quarter of booking value above INR 7,000 crores and position as India's largest residential real estate developer by booking value, volume, and collections in FY25 and FY26.

Management Commentary & Growth Outlook

Strategic Outlook: GPL expects to close FY27 with bookings growth of 15-20% on year-on-year basis, implying 5-year CAGR of 38-40%.

FY Guidance:

  • Launch value: INR 48,000 crores (33% achieved YTD)
  • Booking Value: INR 39,000 crores (43% achieved YTD)
  • Customer Collections: INR 24,000 crores (40% achieved YTD)
  • Deliveries: 13.5 million sq. ft. (25% achieved YTD)
  • Business Development: INR 20,000 crores by expected booking value (78% achieved YTD)

H2 FY27 Expectations: Bookings of INR 22,500-25,000 crores expected, collections of ~INR 15,000 crores, operating cash flows of ~INR 7,000 crores, aiming to be FCF positive in H2 FY27.

Risks and Opportunities: Dependence on receipt of regulatory approvals for deliveries, timing of project launches, and market conditions affecting sales velocity.

ESG Updates

Sustainability Leadership: Ranked #1 globally in Real Estate and Management sector by S&P Global's Dow Jones Best in class indices for 2025, GRESB score of 100/100 for 2025 & 2026, included in CDP 'A' list in 2025, validated by SBTi on near-term goals and Net Zero Goals in Jan 2026.

Awards: NDTV Green Champion of the Year 2026, TIME World's Most Sustainable Companies 2026, 59 awards in Q2 FY27.

CSR Initiatives: Supported parametric climate insurance for 6,541 construction workers, 2,286 workers through BOCW registrations, Habitat Matters initiative for low-carbon construction materials.

Hotel Operations

Taj The Trees Performance (151-key hotel):

  • Room Occupancy: 86.1% (H1 FY27) vs 77.6% (H1 FY26)
  • Average Room Rate: INR 13,896, up 7% YoY
  • Revenue: INR 60 crores, up 13% YoY
  • EBITDA: INR 25 crores, up 17% YoY
  • EBITDA margin: 42.2%, up 150 bps YoY

Awards: 'Leading Designer Hotel' at South Asian Travel Awards 2026, Hotel of the Year Award in Taj-Large Hotels category, Sustainable & Environment Conscious Hotel of the Year award.