Godrej Properties
Godrej Properties
Realty F&OKey Fundamentals
MidcapResidential Commercial ProjectsRealtyTapetide Score
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Key Insights
Strengths
2- Company is expected to give good quarter
- Company has delivered good profit growth of 56.1% CAGR over last 5 years
Weaknesses
5- Stock is trading at 2.51 times its book value
- Company has a low return on equity of 8.20% over last 3 years.
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.2,997 Cr.
- Promoter holding has decreased over last 3 years: -6.82%
Growth Rate
AI Analysis — Bull vs Bear
Godrej Properties has a market capitalisation of about Rs 50,416 Cr and trades at a P/E of 31.6 and a P/B of 2.63. Over the last 5 years, sales grew at a 46% CAGR and profit at a 56% CAGR. Return on equity stayed low at 8% over 3 years and 9% last year, and other income of Rs 2,997 Cr makes up a large share of reported earnings. The stock returned -13% over 1 year and -6% CAGR over 5 years, against a 17% CAGR over 10 years.
- Profit grew at a 56% CAGR over 5 years and a 49% CAGR over 3 years, showing strong multi-year earnings expansion from a low base.
- Sales grew at a 46% CAGR over 5 years and a 32% CAGR over 3 years, as more projects were completed and recognised as revenue.
- Growth is still positive on a trailing basis, with TTM sales up 13% and TTM profit up 9%, and the company is expected to report a good quarter.
- ROE has gradually improved, rising from a 6% 10-year average and 7% 5-year average to 8% over 3 years and 9% last year.
- The stock has delivered a 17% CAGR over 10 years, showing long-term value creation across real-estate cycles.
- After a -13% return over 1 year and a -6% CAGR over 5 years, the stock trades at 2.63x book, a lower multiple than during earlier peak-sentiment periods.
- The company pays a dividend yield of 0.6%, a small but positive cash return to shareholders in a sector where payouts are often minimal.
- ROE is low: 8.2% over 3 years, 7% over 5 years and 6% over 10 years. This is likely below the cost of equity, which raises questions about capital efficiency.
- Reported earnings include other income of Rs 2,997 Cr. This means a large part of profit may come from sources other than core real-estate operations, which weakens earnings quality.
- The company may be capitalising interest costs. If so, reported profit could overstate economic profitability, and the true cost of debt-funded land and construction may be understated.
- A P/E of 31.6 and a P/B of 2.63 together with a single-digit ROE (9% last year) suggest the valuation already prices in significant future growth.
- Promoter holding has fallen by 6.82% over 3 years, which means dilution of the promoter stake.
- Growth has slowed sharply: TTM sales growth is 13% against a 46% 5-year CAGR, and TTM profit growth is 9% against a 56% 5-year CAGR.
- The stock has been weak: -13% over 1 year, 2% CAGR over 3 years and -6% CAGR over 5 years, despite strong reported profit growth in the same period.
- Over 10 years, sales grew at only a 9% CAGR. This shows how cyclical and uneven revenue recognition is in real estate.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- ₹70 cr Godrej Air settlement Sep 10
GPL settled the Godrej Air (Gurugram) dispute with Orris Infrastructure through an Aug 25, 2026 agreement, with an estimated financial impact of about ₹70 crore (₹700 million). The stock fell as much as 7.2% to ₹1,734.65 after the disclosure, which followed an NSE clarification request; compliance was due before the Bombay High Court on Sep 24.
- Sustained share price weakness Sep 28
The stock traded 1.48% lower at ₹1,675 even after the Marine Lines announcement. It is down 16.2% over the trailing month and 13.2% over the past year, after falling 12% in a single week around the settlement news.
- ₹6,000 cr Marine Lines project Sep 28
GPL signed a development agreement for a 2.5-acre sea-facing parcel in Marine Lines, South Mumbai, with about 600,000 sq ft of saleable area and ₹6,000 crore revenue potential. It will be a single luxury tower co-branded with MICL under revenue sharing, with launch expected within six months.
- Strong Mumbai luxury demand backdrop Sep 28
Mumbai recorded 12,503 property registrations in August, up 11% YoY, and sales of ₹10 crore+ luxury homes rose 12% to a record ₹18,512 crore in H1 FY26. Marine Lines prices rose 14.3% YoY to ₹76,900 per sq ft, which supports pricing for the new project.
- 3,000+ NCR homes delivered Sep 23
GPL marked its 100th handover at Godrej Nest, Noida, and has delivered over 3,000 homes in Delhi-NCR in the last 12 months. That points to steady execution and progress converting sales into revenue.
- Pirojsha Godrej re-designated Chairperson Sep 21
In a postal ballot, shareholders approved re-designating Pirojsha Godrej as Non-Executive Non-Independent Director and Chairperson, with 99.61% of votes in favour. This is a governance change with strong shareholder support and no direct financial impact.
- Gurugram Sector 49 road opened Sep 19
GPL opened a 24-metre government road linking Sector 49 to the Southern Peripheral Road, built with the Haryana government on state-acquired land. No financial outlay was disclosed, but it may make Godrej Aristocrat easier to reach.
TL;DR: Godrej Properties keeps adding high-value projects, with the ₹6,000 crore Marine Lines win strengthening its South Mumbai luxury pipeline, and NCR deliveries show steady execution. The main risks are the ₹70 crore Godrej Air settlement, the legal and disclosure scrutiny around it, and a weak stock that is down 16.2% over one month and 13.2% over one year. Investors have not yet rewarded the new project wins, so sentiment remains weak even though the business looks fundamentally sound. Watch for completion of the settlement actions and the Marine Lines launch within six months, which could help sentiment recover.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 936 | 343 | 330 | 1,426 | 739 | 1,093 | 969 | 2,122 | 435 | 740 | 498 | 3,458 | 506 |
| Expenses | 1,085 | 438 | 397 | 1,303 | 926 | 1,064 | 960 | 2,047 | 705 | 1,336 | 695 | 2,936 | 800 |
| Operating Profit | -149 | -95 | -66 | 123 | -187 | 29 | 9 | 75 | -270 | -596 | -197 | 522 | -294 |
| OPM % | -16% | -28% | -20% | 9% | -25% | 2.6% | 1% | 3.5% | -62% | -80% | -40% | 15% | -58% |
| Other Income | 379 | 262 | 218 | 526 | 960 | 253 | 271 | 559 | 1,186 | 1,210 | 514 | 434 | 839 |
| Interest | 30 | 48 | 43 | 31 | 41 | 45 | 42 | 46 | 33 | 22 | 31 | 52 | 36 |
| Depreciation | 7 | 7 | 14 | 16 | 17 | 18 | 18 | 21 | 22 | 26 | 32 | 36 | 30 |
| PBT | 193 | 111 | 95 | 601 | 716 | 219 | 220 | 567 | 861 | 566 | 255 | 869 | 480 |
| Tax % | 31% | 35% | 34% | 20% | 28% | -52% | 28% | 33% | 30% | 29% | 24% | 26% | 27% |
| Net Profit | 134 | 73 | 63 | 478 | 519 | 334 | 158 | 378 | 598 | 403 | 194 | 645 | 349 |
| EPS in Rs | 4.49 | 2.4 | 2.24 | 16.95 | 18.7 | 12.06 | 5.4 | 12.68 | 19.92 | 13.45 | 6.48 | 21.58 | 11.62 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,843 | 2,123 | 1,583 | 1,604 | 2,817 | 2,441 | 765 | 1,825 | 2,252 | 3,036 | 4,923 | 5,131 | 5,203 |
| Expenses | 1,586 | 1,986 | 1,330 | 1,819 | 2,639 | 2,181 | 1,214 | 1,880 | 2,045 | 3,165 | 4,997 | 5,585 | 5,767 |
| Operating Profit | 257 | 137 | 253 | -216 | 178 | 260 | -449 | -56 | 207 | -130 | -74 | -453 | -564 |
| OPM % | 14% | 6% | 16% | -13% | 6% | 11% | -59% | -3% | 9% | -4.3% | -1.5% | -9% | -11% |
| Other Income | 83 | 146 | 150 | 499 | 419 | 473 | 568 | 761 | 787 | 1,326 | 2,044 | 3,256 | 2,997 |
| Interest | 5 | 41 | 104 | 150 | 234 | 220 | 185 | 167 | 174 | 152 | 174 | 137 | 140 |
| Depreciation | 10 | 14 | 14 | 16 | 14 | 21 | 20 | 21 | 24 | 45 | 74 | 116 | 124 |
| PBT | 326 | 228 | 284 | 117 | 348 | 493 | -86 | 516 | 795 | 1,000 | 1,723 | 2,551 | 2,170 |
| Tax % | 28% | 30% | 27% | 26% | 27% | 44% | 121% | 32% | 22% | 25% | 19% | 28% | — |
| Net Profit | 236 | 160 | 207 | 87 | 253 | 274 | -189 | 351 | 621 | 747 | 1,389 | 1,841 | 1,592 |
| EPS in Rs | 9.58 | 7.33 | 9.56 | 4.01 | 11.04 | 10.73 | -6.82 | 12.68 | 20.55 | 26.08 | 46.48 | 61.43 | 53.13 |
| Div. Payout % | 21% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 16% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 100 | 108 | 108 | 108 | 115 | 126 | 139 | 139 | 139 | 139 | 151 | 151 |
| Reserves | 1,747 | 1,657 | 1,896 | 1,102 | 2,354 | 4,678 | 8,181 | 8,536 | 9,125 | 9,853 | 17,162 | 19,005 |
| Borrowings | 3,486 | 3,123 | 3,980 | 3,703 | 3,516 | 3,715 | 4,542 | 5,196 | 6,431 | 10,679 | 12,641 | 15,894 |
| Other Liabilities | 2,030 | 1,691 | 1,197 | 3,358 | 2,107 | 1,586 | 3,385 | 3,932 | 7,410 | 15,063 | 25,496 | 46,540 |
| Total Liabilities | 7,363 | 6,578 | 7,181 | 8,271 | 8,092 | 10,106 | 16,247 | 17,804 | 23,105 | 35,735 | 55,450 | 81,590 |
| Fixed Assets | 117 | 107 | 102 | 113 | 97 | 113 | 174 | 183 | 218 | 997 | 1,271 | 1,708 |
| CWIP | 73 | 1 | 0 | 71 | 100 | 163 | 229 | 340 | 653 | 250 | 116 | 172 |
| Investments | 0 | 664 | 760 | 1,454 | 2,637 | 3,571 | 5,243 | 4,883 | 2,534 | 3,150 | 5,951 | 5,511 |
| Other Assets | 7,173 | 5,807 | 6,319 | 6,633 | 5,259 | 6,259 | 10,600 | 12,397 | 19,700 | 31,337 | 48,112 | 74,199 |
| Total Assets | 7,363 | 6,578 | 7,181 | 8,271 | 8,092 | 10,106 | 16,247 | 17,804 | 23,105 | 35,735 | 55,450 | 81,590 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -941 | 490 | -566 | 1,155 | 478 | -232 | -671 | -452 | -2,861 | -693 | -2,242 | -2,003 |
| Investing | -96 | 191 | 14 | -973 | -971 | -1,721 | -3,317 | 127 | 2,564 | -1,974 | -4,273 | 664 |
| Financing | 852 | -554 | 335 | -493 | 970 | 1,974 | 4,259 | 235 | 832 | 3,258 | 6,710 | 938 |
| Net Cash Flow | -184 | 126 | -217 | -311 | 476 | 22 | 271 | -90 | 536 | 591 | 194 | -402 |
| Free Cash Flow | -951 | 466 | -575 | 1,005 | 404 | -295 | -797 | -592 | -3,161 | -1,386 | -2,450 | -2,382 |
| CFO/OP | -320 | 435 | -161 | -568 | 290 | -79 | 153 | 469 | -1,301 | 330 | 2,689 | 359 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 34 | 30 | 53 | 36 | 21 | 65 | 114 | 38 | 58 | 37 | 32 | 39 |
| Inventory Days | — | — | — | 5,457 | 495 | — | — | — | — | — | — | — |
| Days Payable | — | — | — | 457 | 56 | — | — | — | — | — | — | — |
| Cash Conversion Cycle | 34 | 30 | 53 | 5,035 | 461 | 65 | 114 | 38 | 58 | 37 | 32 | 39 |
| Working Capital Days | 309 | 185 | 262 | -251 | -128 | -32 | 912 | 476 | 533 | 602 | 612 | 547 |
| ROCE % | 5% | 5% | 7% | 1% | 10% | 9% | 1% | 5% | 6% | 6% | 7% | 8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY12–FY27.
Documents
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Company Information
Godrej Properties Limited (GPL) is the real estate development arm of the Godrej Group, which was started in 1897 and is today one of India’s most successful conglomerates. Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and excellence to the real estate industry. [1]
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