GODREJPROP
Mid CapGodrej Properties Limited
Real Estate
Godrej Properties Ltd. is India's largest residential real estate developer by booking value, volume, and collections in FY25 and FY26. It has delivered ~78 million sq. ft. since FY18 and manages ~250 million sq. ft. of saleable area across India, leveraging the Godrej brand's reputation for trust and quality.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +63% YoY · PAT +71% YoY · margin expansion · +594% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,458 Cr | +63.0% | +594.4% |
| EBITDA | ₹522 Cr | +596.0% | +365.0% |
| Operating margin | 15.0% | +1100 bps | +5500 bps |
| PAT | ₹645 Cr | +70.6% | +232.5% |
| PAT margin | 18.6% | +84 bps | -2031 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Godrej Properties reported highest ever FY26 bookings of INR 34,171 crore (up 16% YoY) and collections of INR 19,965 crore (up 17% YoY), exceeding annual guidance for booking value and business development. Q4 FY26 also saw record quarterly collections and operating cash flow.
The company continues to demonstrate strong operational execution, consistently surpassing its booking value and business development guidance. Record FY26 performance across key metrics, coupled with a robust project pipeline and strategic market expansion, reinforces its market leadership and growth trajectory.
FY26 Booking Value by Geography
Latest issuer-disclosed distribution across 6 reported categories.
Strong Brand Equity
Godrej Properties ranked as the most trusted real estate brand in 2023 Brand Trust Report, leveraging Godrej brand's reputation for trust and quality.
Effective Land Sourcing
Competitive advantage in sourcing and executing outright/joint development projects with higher economic interest, driving capital efficient and high ROE model.
Robust Project Pipeline
Added 98 residential projects with ~187 million sq. ft. saleable area since FY18, ensuring a strong future development pipeline.
Market Expansion
Expanding presence in new micro-markets within core cities and testing new markets through plotted development projects (e.g., Indore, Panipat, Raipur, Baroda, Coimbatore).
FY26 Business Development
Added 18 new projects in FY26 with an estimated saleable area of 33.32 million sq. ft. and expected booking value of INR 42,100 crore.
Q4 FY26 Business Development
Added 6 new projects in Q4 FY26 with an estimated saleable area of ~11 million sq. ft. and expected booking value of INR 17,450 crore.
Commercial Portfolio Expansion
Two commercial assets (1.47 msf) are under construction with expected completion in FY27, adding ~INR 200 crore p.a. rental potential.
Promoter Confidence
Promoters invested INR 2,674 crore to acquire 5.0% in GPL in FY26 at an average price 21% higher than year-end stock price, utilizing creeping acquisition limit.
Diversified Geographic Growth
Rapid growth achieved across regions, with sales well diversified geographically and 11 projects generating over INR 1,000 crore booking value in FY26.
Sustainability Leadership
Ranked #1 globally in Real Estate and Management (REM) sector by S&P Global and GRESB, enhancing brand and potentially attracting ESG-focused capital.
Favorable Market Conditions in New Geographies
Coimbatore's diversified economy, robust infrastructure, rising disposable incomes, and steady economic momentum support sustained housing demand.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for real estate due to the lumpy nature of project launches and deliveries, providing a clearer view of annual performance and trends. QoQ is also relevant to assess sequential momentum from new project launches and quarterly operational efficiency.
Presales (Booking Value)
FY26 booking value grew 16% YoY to INR 34,171 crore, achieving 105% of annual guidance. Q4 FY26 booking value was INR 10,163 crore, equaling Q4 FY25 and growing 21% QoQ.
Collections
FY26 collections stood at INR 19,965 crore, a 17% YoY growth, achieving 95% of annual guidance. Q4 FY26 collections were INR 7,947 crore, up 14% YoY and 86% QoQ, highest ever quarterly.
Launches
Launched 38 projects/phases across 11 cities in FY26 with 33.2 million sq. ft. and estimated saleable value of INR 42,200 crore, exceeding guidance by 6%.
Project Pipeline (Business Development)
Added 18 new projects in FY26 with 33.32 million sq. ft. and expected booking value of INR 42,100 crore, more than doubling initial guidance. Added 6 new projects in Q4 FY26 with ~11 million sq. ft. and expected booking value of INR 17,450 crore.
ROE Target
GPL intends to deliver 20% ROE from FY28 while retaining market share leadership across cycles.
FY27 Guidance
Management guides for FY27 launch value of INR 48,000 crore, booking value of INR 39,000 crore, and customer collections of INR 24,000 crore.
Execution Focus
Focus on best-in-class scalable execution ecosystem to enhance construction speed, with 62% YoY increase in direct construction spend in FY26.
Asset Management
Robust playbook for critical decision-making at product conceptualization stage and fast turnaround of projects, with 95% of FY23-FY25 acquired projects launched.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Booking Value Growth | INR 34,171 crore (FY26) | Achievement of FY27 guidance of INR 39,000 crore and continued market share leadership. |
| Business Development Pipeline | INR 42,100 crore (FY26 expected booking value added) | Consistent addition of high-potential projects, meeting or exceeding FY27 guidance of INR 20,000 crore. |
| Customer Collections | INR 19,965 crore (FY26) | Achievement of FY27 guidance of INR 24,000 crore, indicating strong cash conversion. |
| Net Debt/Equity Ratio | 0.33x (as of Mar 31, 2026) | Maintenance of healthy leverage ratios amidst aggressive business development and construction spend. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -4.6% / mo
Technical chart
GODREJPROPdaily · 5Y-22.0%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 43.
- SMA20 falling (~4.9% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 25% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 17.0%.
- Growth contributes 23/25 to the score.
- Valuation contributes 6/30 to the score.
Main drags
- Altman Z is 0.9, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 19th percentile of the scored universe and 31st percentile within Real Estate. Main check: cash conversion is weak at 40/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-2003 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Real Estate: 31st pctile, median 61 · Mid: 10th pctile, median 76
176 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 5%.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-2003 Cr.
- ▸Altman Z is 0.93.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 95%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 27.20
- P/B
- 2.65
- EV/EBITDA
- —
- Market Cap
- 50860.00Cr
Profitability
- ROE
- 10.20%
- ROCE
- 8.28%
- ROA
- 2.25%
- Dividend Y
- 0.59%
Growth (CAGR)
- Revenue 5Y
- 46.00%
- EPS 5Y
- 60.00%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 57.00%
Balance Sheet
- Debt/Equity
- 0.83
- Interest Coverage
- -3.31×
- Altman Z
- 0.94
- Book Value
- 636.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -2003.00 Cr
- EPS TTM
- 61.43
Shareholding
- Promoter Hold
- 51.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 23%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.