1. Opening Hook
While the rest of India was busy decoding the stock market’s mood swings, Godrej Properties quietly dropped a ₹8,500-crore bombshell of quarterly bookings. Pirojsha Godrej’s Q2FY26 call felt like a TED Talk on growth — only this one came with skyscrapers, sustainability medals, and some good old Mumbai swagger. With the Worli “Trilogy” launch finally entering the chat, and Hyderabad joining the party, Godrej Properties is turning every city skyline into its own logo. Keep reading — the drama shifts from boardrooms to coastal roads, and yes, the pricing might make you spill your coffee.
2. At a Glance
- Booking Value ₹8,505 Cr– Up 64% YoY; apparently, homes sell themselves now.
- Net Profit ₹405 Cr– Up 21%; even margins are moving into premium real estate.
- Revenue ₹1,867 Cr– Up 39%; the cemented kind of growth.
- EBITDA ₹614 Cr– Up 118%; double the growth, same Godrej calm.
- Collections ₹4,066 Cr– Up 2% YoY; Q4’s the party quarter, they say.
- Business Development Additions ₹5,000 Cr– 80% of FY26 target done; new projects popping like Diwali crackers.
3. Management’s Key Commentary
“This was our highest-ever second quarter and half-year net profit.”(Translation: We’re breaking our own records faster than BMC breaks roads.)
“We sold 4,500 homes worth ₹8,505 crore this quarter.”(Translation: People are buying Godrej faster than iPhones.😏)
“Hyderabad has been a strong entry with ₹2,600 crore in sales this year.”(Translation: Even biryani lovers want a slice of Godrej now.)
“Collections were lower this quarter due to OC timing.”(Translation: Money’s coming — just on Indian Standard Bureaucracy Time.)
“We’ve achieved 81% of our business development target.”(Translation: Our land bank now needs its own PIN code.)
“Godrej Properties ranked No. 1 globally in sustainability with a score of 100/100.”(Translation: Even the planet approves of our floor plans.🌍)
“Targeting 20% ROE by FY28 with ₹4,000-₹4,500 crore PAT.”(Translation: We’re promising returns, not excuses.)
“Worli launch – Godrej Trilogy priced between ₹80,000–₹1.5 lakh/sq.ft.”(Translation: Luxury just got a last name —
Godrej.💸)
4. Numbers Decoded
| Metric | Q2FY26 | Q2FY25 | YoY Change | Comment |
|---|---|---|---|---|
| Booking Value | ₹8,505 Cr | ₹5,200 Cr | +64% | Ninth straight ₹5,000+ Cr quarter. |
| Net Profit | ₹405 Cr | ₹335 Cr | +21% | Profits now built on solid foundations. |
| Revenue | ₹1,867 Cr | ₹1,341 Cr | +39% | Cement + Sentiment = Sales. |
| EBITDA | ₹614 Cr | ₹282 Cr | +118% | Doubling margins with style. |
| Collections | ₹4,066 Cr | ₹3,975 Cr | +2% | Pre-Diwali lull, Q4 fireworks expected. |
| H1 Booking | ₹15,587 Cr | ₹13,800 Cr | +13% | Already 48% of FY target achieved. |
Note: ₹32,500 Cr booking target for FY26 remains — and management says they’ll beat it.Yes, they sound dead serious.
5. Analyst Questions
- HSBC:“Why are gross margins weak?”Mgmt:“JV accounting quirks. It’s math, not magic.”(Translation:The margins are there, they’re just shy.*)
- IIFL:“FY28 ROE target — real or aspirational?”Mgmt:“We’ll hit 20% without raising equity.”(Translation:No dilution drama this time.*)
- HDFC Securities:“Collections lag, deliveries slow?”Mgmt:“Execution’s scaling; 32,000 labourers on-site now.”(Translation:We’ve built a small city to build bigger cities.*)
- Nomura:“Which city’s the hottest?”Mgmt:“Bangalore’s booming, Pune’s the underdog, Mumbai’s eternal.”(Translation:Basically, we’re killing it everywhere.*)
- CLSA:“Operating cash flow guidance?”Mgmt:“Between ₹6,500–₹8,500
