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    Godrej Propert.

    GODREJPROP
    Realty·2 May 2025
    Management Summary

    Godrej Properties delivered a record-breaking FY25, achieving its highest ever bookings, collections, operating cash flows, and net profit, significantly outperforming guidance across key metrics. Q4 FY25 also saw record bookings of over Rs. 10,000 crores. The company provided robust FY26 guidance for bookings and collections, while acknowledging some project delays and maintaining a conservative stance on business development targets.

    Highlights

    5

    • Q4 Booking Value reached a record Rs. 10,163 crores, growing 87% QoQ and 7% YoY.

    • FY25 Booking Value was Rs. 29,444 crores, a 31% YoY growth, achieving 109% of guidance.

    • FY25 Customer Collections stood at a record Rs. 17,047 crores, representing a 49% YoY growth and 114% of annual guidance.

    • FY25 Operating Cash Flow was Rs. 7,484 crores, up 73% YoY, marking the highest ever for the company.

    • FY25 Net Profit increased by 93% YoY to Rs. 1,400 crores, driven by record project deliveries of 18.4 million square feet.

    Concerns

    3

    • Q4 EBITDA declined 2% to Rs. 634 crores compared to the previous year.

    • Q4 Net Profit declined 19% to Rs. 382 crores compared to the previous year.

    • Key projects like Ashok Vihar and Bandra faced delays, with Bandra potentially pushing to next financial year.

    What Changed1

    vs Q1 FY26

    Guidance items6 → 7 (+1)
    Key financials

    Metrics

    14

    Periods

    2

    Q4

    6
    • Booking Value
      ₹10,163 Cr
      YoY+7.0%QoQ+87%
    • Customer Collections
      ₹6,961 Cr
      YoY+48%QoQ+127%
    • Operating Cash Flow
      ₹4,047 Cr
      YoY+55.0%QoQ+5.6%
    • Total Income
      ₹2,646 Cr
      YoY+36%
    • EBITDA
      ₹634 Cr
      YoY-2%

    FY25

    8
    • Booking Value
      ₹29,444 Cr
      YoY+31%
    • Booking Volume
      25.73 Mn
      YoY+29.0%
    • Customer Collections
      ₹17,047 Cr
      YoY+49%
    • Operating Cash Flow
      ₹7,484 Cr
      YoY+73%
    • Total Income
      ₹6,848 Cr
      YoY+57.0%

    Order Book

    high confidence

    Total Value

    ₹ 29,444 crores

    as of 2025-03-31

    quantified
    31.0% YoY

    Inflow this qtr

    ₹ 10,163 crores

    Composition

    Mix3 geographys
    • NCR35.7%
    • Mumbai27.3%
    • Bangalore17.3%

    Share of order book by geography · partial disclosure (80.3% of book)

    Pipeline

    other

    Estimated booking value from 14 new projects added in FY25, and 2 new projects added in Q4. Also, unlaunched phases from prior acquisitions and total inventory.

    "Financial Year 2025 was another record-breaking year for Godrej Properties in which we achieved our highest ever bookings, collections, operating cash flows, earnings and deliveries. Our sales are the most widely distributed in the industry with only 27% of our booking value coming from our home market of Mumbai and only 13% of our booking value coming from the largest single project."

    Source:
    Prepared remarks

    Capital allocation

    4
    high confidence
    CategoryHeadline
    Capex

    Capex disclosed

    M&A

    New projects (Business Development)

    acquisition · closed

    M&A

    Equity Capital

    acquisition · closed · Consideration ₹NaN (stock)

    Liquidity

    Liquidity disclosed

    The company generated a record operating cash flow of Rs. 7,500 crores in FY25 and raised Rs. 6,000 crores through a QIP, which will enable continued investment for growth. Management aims to keep net debt below Rs. 10,000 crores.

    Guidance & targets

    7
    CategoryTargetPriority
    Volume
    Residential Bookings
    > Rs. 32,500 crores
    		High
    Volume
    Inventory Launches
    > Rs. 40,000 crores
    		High
    Collections
    Customer Collections
    Rs. 21,000 crores
    		High
    Business Development
    BD Guidance
    Rs. 20,000 crores
    		Low
    Debt
    Net Debt
    < Rs. 10,000 crores
    		High
    Margin
    Imputed EBIT Margins
    26-27%
    		Medium
    Profitability
    PAT Margin
    14-15%
    		Medium

    FY26 Residential Bookings Performance

    next quarter
    CurrentFY25 bookings: Rs. 29,444 crores
    Target> Rs. 32,500 crores

    Why it matters

    To assess if the company continues its strong growth trajectory and outperforms its conservative guidance.

    In FY26 we plan to grow residential bookings to over Rs. 32,500 crores, a 20% growth over our FY25 guidance through the launch of over Rs. 40,000 crores of inventory combined with strong sustenance sales.

    How to verify

    key_financials.metrics[label='FY26 Booking Value']

    Risks & concerns

    4
    RiskSeverity

    Macroeconomic Uncertainty

    Global macroeconomic uncertainty (tariffs, etc.) and oil prices are watch items, though the current cost pressure environment is benign. — Management acknowledged

    medium

    Project Approval and Launch Timelines

    Uncertainties exist regarding launch timelines and obtaining necessary approvals, which can impact project execution. — Management acknowledged

    medium

    Project Delays (Ashok Vihar & Bandra)

    Ashok Vihar project delayed due to environmental issues and court case; Bandra project delayed due to slower-than-anticipated slum redevelopment by partner. — Management acknowledged

    medium

    Cost Inflation

    While construction costs have been stable, cost inflation remains a watch item, especially concerning oil prices. — Management acknowledged

    low

    Q&A highlights

    8

    “I think we always want to be very confident of the guidance we give. This is an industry with uncertainties, whether on the macro or with launch timelines and so forth. So, we do tend to keep a reasonable amount of buffer in our internal plans over guidance. I think 20% over last year's guidance is actually a pretty strong guidance. We also have included in our investor presentation our performance on guidance over the last 3 years. And I am happy to share that we have been able to meet each individual metric of guidance that we have provided. Again, this year the goal will be to outperform guidance.”

    Analyst questioned if the 20% growth guidance was too conservative given past outperformance, and management confirmed it includes a buffer with an intent to outperform.

    asked by Parikshit Kandpal

    2 min read6 chapters

    Detailed Narrative

    01

    Record-Breaking FY25 Performance Across Key Metrics

    Godrej Properties achieved its highest ever bookings, collections, operating cash flows, earnings, and deliveries in FY25. The company's booking value grew 31% YoY to Rs. 29,444 crores, selling 25.73 million square feet and exceeding its guidance by 109%. Customer collections surged 49% YoY to Rs. 17,047 crores, while operating cash flow increased 73% YoY to Rs. 7,484 crores. Net profit saw a significant 93% YoY increase, reaching Rs. 1,400 crores for the full year.

    02

    Strong Q4 FY25 Momentum Driven by New Launches

    The fourth quarter of FY25 marked a significant milestone, with booking value reaching a record Rs. 10,163 crores, representing an 87% QoQ and 7% YoY increase. This was the first time the company crossed Rs. 10,000 crores in quarterly bookings. Key project launches driving this performance included Godrej Riverine in Noida (Rs. 2,206 crores), Godrej Astra in Gurugram (Rs. 1,323 crores), and Godrej Madison Avenue in Hyderabad (Rs. 1,081 crores). Q4 customer collections also demonstrated robust growth, up 127% QoQ and 48% YoY to Rs. 6,961 crores.

    03

    Robust Business Development and Inventory Pipeline

    In FY25, Godrej Properties added 14 new projects, contributing approximately 19 million square feet with an estimated booking value of Rs. 26,450 crores, surpassing its annual BD guidance by 132%. The company also highlighted a substantial pipeline of unlaunched phases from prior acquisitions, valued at Rs. 50,000-55,000 crores, and a total inventory (including township projects) exceeding Rs. 1,10,000 crores. Unsold inventory currently stands at Rs. 20,000 crores, indicating significant future sales potential.

    04

    FY26 Guidance and Strategic Financial Targets

    For FY26, Godrej Properties has set ambitious targets, planning to grow residential bookings to over Rs. 32,500 crores, representing a 20% increase over its FY25 guidance. The company also intends to launch over Rs. 40,000 crores of inventory and targets customer collections of Rs. 21,000 crores. Management aims to maintain net debt below Rs. 10,000 crores and expects to achieve portfolio-level PAT margins of 14-15%, with imputed EBIT margins of 26-27% for the next two years.

    05

    Market Share Expansion and Geographic Diversification

    The company emphasized its consistent market share growth, moving from approximately 2.5% to 4.3% over the last three years, with a long-term aspiration to reach double-digit market share. Sales are geographically diversified, with NCR, Mumbai, and Bangalore contributing Rs. 10,523 crores, Rs. 8,034 crores, and Rs. 5,089 crores respectively in FY25. Management sees strong growth opportunities across all operating markets, including Bangalore and Pune, which are still at a relatively low base.

    06

    Project Delays and Benign Cost Environment

    Godrej Properties acknowledged delays in key projects such as Ashok Vihar (due to environmental issues and a court case) and Bandra (due to slower-than-anticipated slum redevelopment by a partner). Despite these, management noted improved underwriting terms for Ashok Vihar. The construction cost environment has been stable over the past 2-3 years, with some offsetting movements in material prices, leading to an overall benign outlook, though oil prices remain a watch item.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.