Godrej Properties has lined up project launches worth more than ₹32,000 crore for the second half of FY27, even as its consolidated net profit fell 62 per cent year on year in the September quarter. The announcement places one of India’s largest listed developers on an aggressive expansion path while its operating performance remains mixed.
Managing Director and Chief Executive Officer Gaurav Pandey said during the company’s September-quarter earnings call that the developer had a cumulative launch pipeline of more than ₹32,000 crore for the second half of FY27. “We’ve got a cumulative launch pipeline of Rs 32,000 crores for H2,” Pandey said, adding that the company was confident about the third and fourth quarters.
Godrej Properties reported a consolidated net profit of ₹154 crore for the quarter, compared with ₹405 crore in the corresponding quarter of the previous financial year. Earnings before interest, tax, depreciation and amortisation declined 72 per cent to ₹171 crore from ₹614 crore. Total income, however, increased 38 per cent to ₹2,575 crore from ₹1,867 crore.
The developer recorded sales worth ₹8,000 crore during the quarter. Its booking value for the first half of FY27 rose 7 per cent year on year to ₹16,659 crore, which the company described as its highest-ever first-half booking value. Godrej Properties said it had launched only one-third of its expected annual launch pipeline in the first half of the financial year but had achieved 43 per cent of its annual bookings guidance.
The company’s operating metrics were supported by what it called sustenance sales, which rose 83 per cent year on year to ₹5,054 crore. Cash collections increased 31 per cent to ₹5,318 crore in the second quarter, while collections for the first half rose 25 per cent to ₹9,666 crore. Operating cash flow grew 33 per cent year on year and 297 per cent quarter on quarter to ₹1,584 crore in the quarter.
Projects contributing more than ₹500 crore each to quarterly sales included Godrej Trilogy in Mumbai, Godrej Vanantara in Bengaluru and Godrej Samaris in Gurugram. Godrej Brooklyn Avenue in Hyderabad, launched towards the end of the first quarter, also contributed more than ₹500 crore in bookings.
The planned expansion will remain subject to the company’s return thresholds. Chairperson Pirojsha Godrej said the company would pursue new projects only if they met its stated return metrics, including an internal rate of return of about 20 per cent and a bookings-to-net-profit margin of 15 per cent.
Godrej Properties expects the second half of FY27 to be its strongest period for launches and sales. The company said it was targeting collections of ₹15,000 crore and operating cash flow of ₹7,000 crore during the period. It also expects FY28 to show the impact of recent growth more clearly in reported financials under project-completion accounting, with a stated aim of generating positive free cash flow and a 20 per cent reported return on equity.
