NE BUSINESS BUREAU
MUMBAI, AUG 4
Godrej Properties Ltd has begun FY27 with a record-breaking sales sprint—but the headline growth in bookings comes alongside a sharp quarterly moderation in profitability. The real estate major posted its highest-ever first-quarter booking value of ₹8,651 crore, up 22% year-on-year, even as consolidated net profit fell 42% to ₹350 crore.
The company’s performance reflects continued strength in end-user demand across key markets, with new project launches in Bengaluru, Gurugram and Hyderabad providing a major thrust to bookings. Collections also strengthened, rising 18% to ₹4,348 crore, while the company added projects carrying an estimated ₹9,500 crore future sales potential during the quarter.
- Highest-ever first-quarter bookings surge 22% as strong launches power sales momentum
- Collections climb 18% to ₹4,348 crore; company adds ₹9,500 crore future sales potential
- Bengaluru leads booking contribution at 44%; Q1 net profit stands at ₹350 crore
- Profitability moderates as income and EBITDA decline; management stays bullish on FY27
- Godrej Properties remains on track for ₹39,000 crore bookings and ₹24,000 crore collections
For Godrej Properties, therefore, Q1 FY27 delivered a striking contrast: record sales momentum and expanding business development on one side, and lower reported income, EBITDA and profit on the other.
₹8,651-cr booking record sets the pace
Godrej Properties’ Q1 FY27 booking value rose 22% YoY to ₹8,651 crore, achieved through the sale of 3,738 units covering 6.2 million sq ft.
It marked the company’s highest-ever booking value in a first quarter and extended an impressive streak: Q1 FY27 was the sixth consecutive quarter in which booking value exceeded ₹7,000 crore.
Three launches emerged as major contributors. Godrej Vanantara in Bengaluru generated bookings of ₹3,237 crore, followed by Godrej Samaris in Gurugram at ₹1,248 crore and Godrej Brooklyn Avenue in Hyderabad at ₹317 crore.
Geographically, Bengaluru dominated the booking mix with a 44% contribution, followed by the Mumbai Metropolitan Region at 21%, NCR at 18%, Pune at 11% and Hyderabad at 5%.
The numbers underline the company’s growing ability to convert new project launches into sizeable booking pipelines across multiple urban markets.
Collections rise, ₹9,500-cr future pipeline added
The sales momentum was accompanied by stronger cash collections.
Godrej Properties reported Q1 collections of ₹4,348 crore, an 18% year-on-year increase. Operating cash flow stood at ₹399 crore during the quarter.
At the same time, the company stepped up its development pipeline, adding three new projects with an estimated saleable area of around 8 million sq ft and expected booking value of approximately ₹9,500 crore.
That represents 48% of the company’s full-year FY27 business-development guidance already achieved in Q1, giving it substantial visibility for the remainder of the financial year.
Construction and related outflows, however, increased 54% YoY during the quarter, reflecting the investment required to support the company’s expanding project portfolio.
Profit falls 42% despite record sales
The strong bookings did not translate into comparable growth in reported earnings.
Consolidated total income declined 16% to ₹1,337 crore in Q1 FY27 from ₹1,593 crore in Q1 FY26.
EBITDA fell 40% to ₹545 crore, compared with ₹915 crore a year earlier, while net profit declined 42% to ₹350 crore from ₹600 crore.
EPS stood at ₹11.62, against ₹19.92 in the corresponding quarter last year.
The earnings numbers consequently present an important counterpoint to the record booking performance: Godrej Properties is growing its sales pipeline aggressively, but the conversion of that booking momentum into quarterly revenue and profitability remains uneven.
The company delivered 0.9 million sq ft of projects during Q1 FY27.
‘Solid quarter’ as Godrej eyes ₹39,000-cr bookings
Executive Chairperson Pirojsha Godrej described the quarter as another strong period across bookings, collections, business development and earnings, while projecting continued sales momentum through the year.
“Godrej Properties delivered another solid quarter for bookings, collections, business development and earnings. We expect the sales momentum to continue for rest of the year led by strong end user demand across key markets,” he said.
Godrej said the company remained on course to achieve its full-year targets.
“We remain on track to deliver on bookings of over INR 39,000 crore and collections of INR 24,000 crores for the year, which will allow us to generate approximately Rs. 9,000 crores of operating cash flow, which in turn will allow us to continue to invest in sustainable growth.”
He added that the company would continue to pursue market-share gains through product quality and execution.
“We will continue to seek to gain market share through outstanding design, timely delivery, and high-quality developments.”
Sustainability recognition adds to Q1 scorecard
Beyond financial and operating metrics, Godrej Properties also strengthened its credentials on sustainability and quality during the quarter.
The company was included in TIME World’s Most Sustainable Companies 2026, making it the only Indian real estate company to feature on the list.
It also received the Golden Peacock National Quality Award 2026.
The combination of record bookings, stronger collections, an expanding development pipeline and continued emphasis on sustainability provides Godrej Properties with a strong platform for FY27.
But the sharp decline in Q1 EBITDA and net profit means the next few quarters will be crucial in determining whether the company can convert its ₹8,651-crore sales momentum and ₹9,500-crore new project pipeline into sustained earnings and cash-flow growth.
For now, the message from India’s real estate market is unmistakable: Godrej Properties has started FY27 with its strongest-ever Q1 sales performance—but the bigger test lies in turning that acceleration into durable profitability.
