Godrej Properties533150Earnings call transcript

Q2 FY27 earnings call: booking value of INR8,008 crores, 20% reported ROE expected in FY28

Transcript of the Q2 FY27 earnings call held on October 23, 2026.

By ScoutQuest · Tue 27 Oct 2026, 5:11 PM IST · 2 min read

INR16,669 crores

Q2 FY27INR8,008 croresH1 FY27INR16,669 crores

Booking value: INR8,008 crores (Q2 FY27) and INR16,669 crores (H1 FY27).

Booking value, the value of homes sold during the period, was INR8,008 crores in Q2 FY27 and INR16,669 crores for the first half.
Q2 EBITDA was INR171 crores and net profit was INR154 crores.
Management attributed the lower profit to the back-ended nature of deliveries this year and said it expects momentum to improve, particularly in Q4.
Sustenance sales, which are sales from projects already launched, were described as a strong contributor, along with new launches.
Sales came from across NCR, Mumbai, Bangalore, Pune, Hyderabad and other cities.

Cash collection of INR15,000 crores and operating cash flow of INR7,000 crores are expected in the second half of FY27. Management said this should allow the company to keep investing for growth while being free cash flow positive for that period.
A launch pipeline of INR32,000 crores was indicated for the second half. Management said it expects the second half to be its best ever period for both launches and sales.
It said only a part of the expected annual launch pipeline was launched in the first half, yet a large share of the annual bookings guidance was already delivered, which it read as a sign of underlying demand.
Management said it remains confident of surpassing its full year guidance across all key operating metrics.
It is on track for 13.5 million square feet of project delivery in the full year, a figure it had guided to earlier; that number is repeated here as stated on the call.

Management said FY28 is an important year, when the growth of the past two years becomes visible in reported financials under project completion accounting.
It expects both positive free cash flow and a 20% reported ROE in FY28.

Management said a large number of approvals are already in place for launches planned in the third quarter and it expects Q3 to be a very big sales quarter.
Asked about air-quality related restrictions, management said launch activity has not been restricted in past such periods, and that marketing and sample apartment setups were already planned and ready.
On construction, it said historically adverse periods are already built into its schedules, so such restrictions are not seen as an additional challenge beyond what is factored in.
One launch planned for the second quarter, Godrej Verano, moved into the third quarter, while Bandra Bay in Mumbai was highlighted as a key upcoming launch.

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