Godrej Properties (GPL) reported robust performance for Q3 FY’26, highlighted by bookings of INR8,421 crores, marking a 55% year-on-year growth. This contributed to 9-month bookings reaching just over INR24,000 crores (up 25% YoY), achieving 74% of the annual guidance. GPL also maintained its rank as a leading developer in India’s top five markets and increased its market share to 4.8%.
Q3 FY’26 and Calendar Year Highlights
Godrej Properties Limited concluded a strong quarter, with Executive Chairperson Pirojsha Godrej noting the company delivered its best-ever year in Calendar Year ’25, achieving bookings of INR34,171 crores (up 19% YoY) and collections of INR18,979 crores (up 28% YoY). The company has solidified its position as the largest residential real estate developer in India by bookings and collections in both CY’24 and CY’25.
GPL’s market share has doubled over four years, moving from 2.4% in CY’21 to 4.8% in CY’25. Furthermore, the company has secured excellent ESG recognition, ranking number one globally in the real estate management sector on the S&P Global Dow Jones Best in class Indices as of December 31st.
Third Quarter Financial Performance
For the third quarter of FY’26, GPL delivered its highest third-quarter net profit of INR195 crores (up 20% YoY). Key operational metrics for the quarter were:
- Booking Value: INR8,421 crores (up 55% YoY) from sales covering 6.4 million square feet.
- Collections: INR4,282 crores (up 40% YoY).
- Operating Cash Flow (OCF): Grew 73% YoY to INR1,062 crores.
9-Month Performance and Guidance
For the nine months ended December 31, 2025, the company achieved significant scale:
- Booking Value: Just over INR24,000 crores (up 25% YoY), achieving 74% of the annual guidance of INR32,500 crores.
- Net Profit: INR1,200 crores (up 18% YoY).
- Collections: Over INR12,000 crores (up 19% YoY), achieving 57% of the annual guidance of INR21,000 crores.
Managing Director and CEO, Gaurav Pandey, noted that the strong construction spends related to execution speed improvements caused a marginal, short-term decline in OCF ratio, but this is expected to reverse sharply in Q4 alongside deliveries.
Business Development and Future Outlook
GPL remains highly active in business development, adding 14 new projects in Calendar Year ’25 with an estimated salable area of 24.5 million square feet and expected booking value of nearly INR28,000 crores. In Q3 alone, three new projects were added with an expected booking value of INR8,400 crores.
Regarding market outlook, management stated that while speculative activity is fading, the overall market remains extremely strong, with buyers becoming more focused on product and quality. Management expressed confidence in sustaining growth into FY ’27, leveraging a diversified portfolio and a strong brand presence across key metros like Mumbai, NCR, Bangalore, Pune, and Hyderabad, where the company ranks in the top two.
Q&A Insights: Market Dynamics and Land Buying
When discussing land acquisition, Gaurav Pandey explained that the strategy remains calibrated, focusing on markets with strong demand and fast sales velocity. He noted that while the company consciously avoided bidding aggressively in overheated auctions (like Gurgaon previously), opportunities for attractive underwriting still exist. Pirojsha Godrej confirmed that the long-term net profit margin target remains between 10% and 15%.
Regarding future pricing, management expects continued price appreciation, though at a more subdued pace, particularly in locations with controlled supply and where the peer group is not launching aggressively. Deliveries for Q4 are anticipated to be very strong, with potential spillover into Q1 FY’27, ensuring a strong start to the next fiscal year.
Source: BSE
