Godrej Properties Q2 Results: Profit Falls 62%, Collections Hit Record

Godrej Properties Q2 results showed consolidated net profit declining 62% year-on-year to ₹154 crore for the July–September quarter, while cash collections rose 31% to ₹5,318 crore.

The company announced its results on Friday, October 23. Net profit stood at ₹405 crore in the same quarter last year. Consolidated EBITDA fell 72% to ₹171 crore from ₹614 crore, according to Business Standard.

Total income went up 38% to ₹2,575 crore from ₹1,867 crore. Developers recognise most of their income at the point of project completion and handover, so reported earnings tend to lag sales by some years.

Godrej Properties Q2 results: bookings and collections

Booking value stood at about ₹8,000 crore during the quarter. An earnings call summary put it at ₹8,008 crore, around 6% lower year-on-year.

Booking value for H1 FY27 rose 7% to ₹16,659 crore, the highest ever for a first half. Sustenance sales, from projects launched in earlier periods, grew 83% to ₹5,054 crore for the quarter.

Second-quarter collections were at an all-time high of ₹5,318 crore, and first-half collections stood at ₹9,666 crore, up 25%. Operating cash flow increased 33% year-on-year to ₹1,584 crore.

Godrej Trilogy in Mumbai, Godrej Vanantara in Bengaluru and Godrej Samaris in Gurugram each achieved sales of more than ₹500 crore in the quarter. Godrej Brooklyn Avenue in Hyderabad, launched in the last leg of Q1, has recorded bookings worth more than ₹500 crore.

Why profit fell and the H2 launch pipeline

Management attributed the lower earnings to deliveries being weighted towards later in the year and to certain one-time items, such as joint venture accounting for its Mahalunge project and an arbitration settlement, according to a summary of the call.

Launches were sluggish in the first half. Only around one-third of the year’s launch pipeline came to market in H1, and projects such as Bandra Bay and Godrej Virano moved from Q2 to Q3.

Managing Director and CEO Gaurav Pandey said on the earnings call that the company has a cumulative launch pipeline of ₹32,000 crore for the second half, Business Standard reported. The developer expects H2 FY27 to be its best period ever for both launches and sales.

Chairperson Pirojsha Godrej described Q2 as “a very strong operating quarter”. He said new land deals are pursued only if they meet a 20% internal rate of return and a 15% bookings-to-net-profit margin.

What it means for investors

Godrej Properties, the real estate arm of the Godrej group, develops residential projects across Mumbai, the National Capital Region, Pune, Bengaluru and Hyderabad. Attributable sales accounted for 85% of the quarter’s bookings, management said on the call.

For investors in listed real estate, the Godrej Properties Q2 results tell two stories. Reported earnings are weak, but cash generated from sales is rising, and that cash funds land purchases and construction.

The company expects collections of ₹15,000 crore and operating cash flow of ₹7,000 crore in the second half. For FY28, it is targeting positive free cash flow and a 20% reported return on equity.

Pirojsha Godrej called FY28 “an important year for the company”, as past sales growth begins to show in reported financials. The near-term test is whether delayed launches get approvals on time; management said 80% of Q3 approvals were secured before the quarter began.

Management has guided for 10–15% growth in reported profit in FY28, provided launches and approvals arrive on time, according to the earnings call summary. It said positive free cash flow in the fourth quarter of FY27 was highly probable.

The numbers add to a busy September-quarter earnings season tracked in CEO Review’s latest business news. Investors will watch whether second-half launches turn strong collections into sustained profit growth.

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Meta title: Godrej Properties Q2 Results: Profit Down 62% to ₹154 Crore (59 characters)

Meta description: Godrej Properties Q2 results: profit fell 62% to ₹154 crore, but collections rose 31% to a record ₹5,318 crore with a ₹32,000 crore H2 pipeline. (144 characters)

Focus keyword: Godrej Properties Q2 results

Secondary keywords: booking value, sustenance sales, launch pipeline

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Tags: Godrej Properties, Pirojsha Godrej, Real Estate, BSE, Q2 FY27 Results

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Note: Q2 booking value conflicts: Business Standard says ₹8,000 crore; earnings-call summary/Investywise (citing BSE filing) say ₹8,008 crore, down 6% YoY — article uses “about ₹8,000 crore” and attributes ₹8,008 crore. One-off items (Mahalunge JV accounting, arbitration settlement), FY28 10–15% profit growth guidance, 85% attributable share and Q3 approvals are from a GuruFocus earnings-call summary, not the company filing — verify against the transcript. Company press release/BSE filing could not be opened, so the external link is to Business Standard. Phrasly humanization ran for the first 9 paragraphs only; it then required a human verification (https://phrasly.ai/human-verification) which cannot be done in an unattended run — remaining paragraphs are un-humanized. AI-detection not run.

Sources (fact-check):

• https://www.business-standard.com/companies/news/godrej-properties-q2fy27-results-net-profit-falls-62-to-154-crore-126102400024_1.html
• https://www.business-standard.com/companies/news/godrej-properties-plans-32-000-crore-project-launches-in-h2-fy27-ceo-126102301692_1.html
• https://www.gurufocus.com/news/9141266/godrej-properties-ltd-bom533150-q2-2027-earnings-call-highlights-record-collections-and-a-rs-32000-crore-launch-pipeline-set-up-a-blockbuster-h2
• https://www.investywise.com/godrej-properties-q2-fy27-financial-and-operational-highlights