Godrej Properties Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Godrej Properties Ltd filed with BSE on 06 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Godrej Properties reported its highest ever quarterly bookings of INR10,163 crores in Q4 FY26, up 21% quarter-on-quarter, and full year FY26 bookings grew 16% year-on-year to INR34,171 crores, achieving 105% of guidance. Full year total income grew 22% to INR8,374 crores, EBITDA grew 43% to INR2,826 crores, and net profit grew 32% to INR1,850 crores. Management guided to FY27 bookings of over INR39,000 crores and collections of over INR24,000 crores, while discussing business development additions of INR42,100 crores in FY26 and a target return on equity of 20% by FY28.
Numbers mentioned
Q4 bookings: INR10,163 crores (Q4 FY26)
p. 3
“growing 21% quarter-on-quarter to INR10,163 crores”
Pirojsha Adi Godrej, page 3 of the filed PDF · View the filing
FY26 booking value: INR34,171 crores (FY26)
p. 3
“For financial year '26, booking value grew 16% year-on-year to INR34,171 crores and thereby achieving 105% of our guidance.”
Pirojsha Adi Godrej, page 3 of the filed PDF · View the filing
Q4 collections: INR7,947 crores (Q4 FY26)
p. 4
“the fourth quarter collections stood at INR7,947 crores, representing a year-on-year growth of 14% over our previous best ever quarter and a quarter-on-quarter growth of 86%”
Pirojsha Adi Godrej, page 4 of the filed PDF · View the filing
FY26 collections: INR19,965 crores (FY26)
p. 4
“For financial year '26, collections grew by 17% year-on-year and at a 3-year compounded annual rate of 30% to INR19,965 crores.”
Pirojsha Adi Godrej, page 4 of the filed PDF · View the filing
Q4 operating cash flow: INR4,631 crores (Q4 FY26)
p. 4
“Strong collections also translated into strong operating cash flow of INR4,631 crores in the fourth quarter, representing a year-on-year growth of 14% over the previous best ever quarter and a quarter-on-quarter growth of 336%.”
Pirojsha Adi Godrej, page 4 of the filed PDF · View the filing
FY26 operating cash flow: INR7,830 crores (FY26)
p. 4
“Financial year '26 OCF stood at INR7,830 crores, representing a year-on-year growth of 5%.”
Pirojsha Adi Godrej, page 4 of the filed PDF · View the filing
Business development addition: INR42,100 crores (FY26)
p. 4
“Godrej Properties added INR42,100 crores of future sales potential through portfolio addition, achieving over 200% of guidance and delivering year-on-year growth of 59%.”
Pirojsha Adi Godrej, page 4 of the filed PDF · View the filing
Deliveries: 12.1 million square feet (FY26)
p. 4
“GPL also ended the year on a strong note with respect to deliveries, achieving 12.1 million square feet of projects delivered across 9 cities, which was 121% of our annual guidance.”
Pirojsha Adi Godrej, page 4 of the filed PDF · View the filing
Total income: INR3,895 crores (Q4 FY26)
p. 4
“For the quarter, our total income grew by 47% to INR3,895 crores, EBITDA grew by 51% to INR959 crores and net profit grew by 70% to INR650 crores.”
Pirojsha Adi Godrej, page 4 of the filed PDF · View the filing
Full year total income: INR8,374 crores (FY26)
p. 4
“For the full year, our total income grew by 22% to INR8,374 crores, EBITDA grew by 43% to INR2,826 crores and net profit grew by 32% to INR1,850 crores.”
Pirojsha Adi Godrej, page 4 of the filed PDF · View the filing
Cash in RERA account: INR6,700 crores
p. 19
“Around INR6,700 crores.”
Pirojsha Godrej, page 19 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Residential bookings — over INR39,000 crores · FY27
stated firmly by Pirojsha Adi Godrej
p. 5
“In financial year '27, we hope to grow residential bookings to over INR39,000 crores through the launch of a large number of exciting new projects combined with strong sustenance sales.”
Pirojsha Adi Godrej, page 5 of the filed PDF · View the filing
Collections — over INR24,000 crores · FY27
stated firmly by Pirojsha Adi Godrej
p. 5
“We expect to grow collections by 20% to over INR24,000 crores.”
Pirojsha Adi Godrej, page 5 of the filed PDF · View the filing
Return on equity — 20% · FY28
stated as an aspiration by Pirojsha Adi Godrej
p. 5
“We remain extremely focused on delivering our return on equity target of 20% by financial year '28 by stepping up our speed on execution and project delivery, which will create rapid growth in operating cash flows as well.”
Pirojsha Adi Godrej, page 5 of the filed PDF · View the filing
Free cash flow — strongly free cash flow positive · FY28
stated firmly by Pirojsha Godrej
p. 9
“So I expect certainly FY28 to be strongly free cash flow positive.”
Pirojsha Godrej, page 9 of the filed PDF · View the filing
Free cash flow (FY27) — FY27
stated conditionally by Pirojsha Godrej
p. 9
“At the guided business development levels, I think it will be FCF positive. And whether we go above it or not will depend on kind of the quality of opportunities and our confidence in them.”
Pirojsha Godrej, page 9 of the filed PDF · View the filing
Construction spend growth — double digit growth · FY27
stated as an aspiration by Gaurav Pandey
p. 16
“I mean I would say we would see a consistent growth like the ones that you talked about. And I see the percentage will be in double digit, may not be as massive as the one we saw in the last year”
Gaurav Pandey, page 16 of the filed PDF · View the filing
Dividend — consistently growing dividends
stated as an aspiration by Pirojsha Godrej
p. 14
“We've started with a relatively modest dividend for this financial year, but we'll, of course, now look to both make these dividends consistent and consistently growing.”
Pirojsha Godrej, page 14 of the filed PDF · View the filing
Ashok Vihar launch — launch in FY27 · FY27
stated conditionally by Pirojsha Godrej
p. 20
“But I would not say this is something that we should take for as certain, but we're reasonably optimistic of this happening.”
Pirojsha Godrej, page 20 of the filed PDF · View the filing
Revenue recognition step-up — FY28
stated firmly by Gaurav Pandey
p. 19
“Thanks. I think we would see that major bump up in FY28.”
Gaurav Pandey, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed NCR weakness to delayed launches rather than demand issues and expressed confidence in Bengaluru, Mumbai, Pune and Hyderabad demand while flagging AI and geopolitical uncertainty as watch items.
Answered by Pirojsha Godrej
Asked by Parikshit Kandpal: How should investors think about geographic growth and end-market demand given AI-related disruption concerns in Bangalore and Pune, and NCR de-growth in FY26?
p. 6
“Our view is that the worry that AI is somehow going to lead to core residential demand is probably a little bit overdone.”
Pirojsha Godrej, page 6 of the filed PDF · View the filing
Management said April data has not shown major disruption and gave an early example of strong sales conversion in a Bengaluru launch, while remaining cautious ahead of May-June launches.
Answered by Gaurav Pandey
Asked by Parikshit Kandpal: Are footfalls and conversions in Q1 showing signs of delay due to global uncertainty, especially in premium/luxury housing?
p. 7
“Now the thing is in April, we've not seen something really out of the world because whatever sustenance projects are in place, we are seeing reasonable footfalls.”
Gaurav Pandey, page 7 of the filed PDF · View the filing
Management said there was some demand impact in the last two weeks of March but described the cost impact as manageable, estimating a 5-6% cost impact translating to a small margin effect.
Answered by Gaurav Pandey
Asked by Kunal Lakhan: Is there any demand or cost impact from the Iran war on GPL's business?
p. 10
“I would say, give or take, cost impact would be between 5% to 6% at max.”
Gaurav Pandey, page 10 of the filed PDF · View the filing
CFO said most payments were made with only milestone-linked payments pending.
Answered by Rajendra Khetawat
Asked by Gaurav Khandelwal: How much of the INR42,000 crores GDV added in FY26 remains as pending land/capex payments?
p. 13
“So we have paid the major payments. Only some milestone-linked payments are pending. So around INR1,500 crores is what is pending for the deals which we have signed in '26.”
Rajendra Khetawat, page 13 of the filed PDF · View the filing
Management acknowledged missing the prior collections guidance by about 5% due to deliveries skewing later, and said the new guidance includes buffer but is not an upper limit.
Answered by Pirojsha Godrej
Asked by Rahul Jain: Does the FY27 collections guidance of INR24,000 crores bake in the slippage seen in FY26 collections versus the earlier guidance?
p. 18
“So, we do have some buffers. So I wouldn't say INR24,000 crores is everything going right.”
Pirojsha Godrej, page 18 of the filed PDF · View the filing
Management attributed softer conversions to short-term buyer hesitancy around the Middle East situation in late March and to construction-stage marketing office removal for some Gurgaon projects.
Answered by Gaurav Pandey
Asked by Akash Gupta: Why did launch performance soften in Kharghar and Upper Kharadi projects in Q4?
p. 18
“I think the project Kharghar and Upper Kharadi are exactly part of the bucket of projects which saw impact of lower conversion in the last 2 weekends of March due to Middle East”
Gaurav Pandey, page 18 of the filed PDF · View the filing
Risks flagged
AI-related disruption and geopolitical uncertainty affecting demand
p. 6
“Of course, I think with the level of uncertainty on issues like AI and the geopolitical situation currently, I think we will, of course, have to be watchful and adjust our plans basis what we see.”
Pirojsha Godrej, page 6 of the filed PDF · View the filing
Consumer caution and elongated decision-making due to geopolitical risk
p. 7
“Now the thing is in April, we've not seen something really out of the world because whatever sustenance projects are in place, we are seeing reasonable footfalls. Of course, there is a sense of cautiousness in consumers”
Gaurav Pandey, page 7 of the filed PDF · View the filing
Cost impact from Middle East conflict on construction materials
p. 10
“I would say, give or take, cost impact would be between 5% to 6% at max.”
Gaurav Pandey, page 10 of the filed PDF · View the filing
Supply side shock to materials such as tiles and marble
p. 10
“If we see constraints to supply getting created, we did see some of that happening in tiles and all, at some amount of marbles, but things are getting slightly better than what we saw in March.”
Gaurav Pandey, page 10 of the filed PDF · View the filing
Prolonged Middle East conflict could pose broader economic risk beyond the sector
p. 10
“But yes, if it continues for 6, 12 months, then I think that's something which has different economic risk than sector specific.”
Gaurav Pandey, page 10 of the filed PDF · View the filing
Slippage in launch timelines is a recurring uncertainty
p. 18
“I think that something will change in an industry like real estate is pretty much a given.”
Pirojsha Godrej, page 18 of the filed PDF · View the filing
Uncertainty over whether Ashok Vihar project delays are fully resolved
p. 19
“No, I wouldn't say they're all behind us.”
Pirojsha Godrej, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.