Godrej Properties (GODREJPROP) Q1 26/27 earnings summary

Executive summary

• Achieved booking value of INR 8,651 crore in Q1 FY27, up 22% year-over-year, with 3,738 homes sold and 6.2 million sq. ft. area booked.

• Sixth consecutive quarter with booking value exceeding INR 7,000 crore, driven by strong new launches in Bengaluru, Gurugram, and Hyderabad.

• Added three new projects with estimated saleable area of 8 million sq. ft. and expected booking value of INR 9,500 crore.

• Collections reached INR 4,348 crore, an 18% increase year-over-year.

• Recognized for sustainability, including TIME World's Most Sustainable Companies 2026 and top global ESG rankings.

Financial highlights

• Total income for Q1 FY27 was INR 1,337 crore, down 16% year-over-year and 66% sequentially.

• EBITDA fell 40% to INR 545 crore; net profit dropped 42% to INR 350 crore, mainly due to only one project completion in the quarter.

• Adjusted EBITDA margin at 41.7%, down from 58.1% in Q1 FY26.

• Collections grew 18% year-over-year to INR 4,348 crore.

• Net debt increased to INR 7,637 crore as of June 30, 2026, with a net debt/equity ratio of 0.39.

Outlook and guidance

• Achieved 22% of annual booking value guidance in Q1; confident in delivering strong full-year performance.

• FY27 guidance: INR 39,000 crore bookings, INR 24,000 crore collections, INR 9,000 crore OCF, and 13.5 million sq. ft. deliveries.

• On track to meet or exceed guidance for booking value and collections; deliveries lagging at 7% of annual target.

• Targeting free cash flow positive in FY28, with net debt not to exceed INR 10,000 crore.

• Expected to deliver INR 20,000-22,000 crore OCF and INR 52,000-55,000 crore collections cumulatively for FY27 & FY28.