Quarterly Results
Godrej Properties Q2 Profit Falls 62% to ₹154 Crore; Collections Rise 31%
Godrej Properties reported a steep fall in consolidated net profit for the quarter ended 30 September 2026, while collections reached a record for a second quarter. The company links part of the drop to accounting changes from a subsidiary merger and a joint venture reclassification.
| Consolidated net profit, Q2 FY27 | ₹154.15 crore, down about 62% from about ₹400 crore a year earlier (as reported in most coverage; one report gives ₹145.47 crore, down 63.9%) |
|---|---|
| Total income, Q2 FY27 | ₹2,571.73 crore, against ₹1,950.05 crore a year earlier (per the regulatory filing) |
| Collections, Q2 FY27 | ₹5,318 crore, up 31% year on year; the highest ever for a second quarter |
| Booking value, Q2 FY27 | ₹8,008 crore, down 6% year on year; seventh consecutive quarter above ₹7,000 crore |
| Net debt at 30 September 2026 | ₹7,908 crore; net debt-to-equity of 0.41, up from 0.33 at end-March 2026 |
| Results approved | 23 October 2026, by the Board after Audit Committee review |
| Share price on 23 October 2026 | ₹1,493, down 4.62% during the session (as of 2:50 pm IST) |
What happened
Godrej Properties Ltd, the Mumbai-based listed developer, approved its unaudited standalone and consolidated results for the quarter and half-year ended 30 September 2026 on 23 October 2026. The Audit Committee reviewed the results before the Board approved them.
Consolidated net profit for the quarter fell to about ₹154 crore. Most reports give ₹154.15 crore, against ₹405.08 crore a year earlier. One report gives ₹145.47 crore, a 63.9% decline from ₹402.99 crore. The gap comes from differing figures in the reports, and both point to a fall of roughly 62 to 64%.
Total income rose to ₹2,571.73 crore from ₹1,950.05 crore, according to the regulatory filing as reported. Revenue from operations rose to ₹1,935.17 crore from ₹740.38 crore. Profit before tax fell to about ₹98 crore from about ₹566 crore.
Why profit fell while sales cash came in
The company says the quarter reflects two accounting items. The first is the amalgamation of its wholly owned subsidiary, Embellish Houses Private Limited, into the parent. The second is the reclassification of Godrej Skyview LLP from a subsidiary to a joint venture after a stake divestment. That divestment produced a realised gain of ₹16.25 crore.
The merger was sanctioned by the National Company Law Tribunal, Mumbai, with an appointed date of 1 November 2025. Embellish Houses had no revenue and was 99.99% held by the parent, according to the board decision of 6 November 2025.
Collections and reported profit measure different things. Collections are cash received from buyers. Reported profit is shaped by accounting entries, including the items above. One market commentary views the swing as a difference between operating momentum and reported earnings, and treats the restructuring effects as non-recurring.
Sales, bookings and collections
Booking value was ₹8,008 crore, down 6% from a year earlier. The company attributes the decline mainly to some launches moving into Q3 FY27. Launches in Q2 totalled about ₹5,500 crore.
Sales from projects already on the market, which the company calls sustenance sales, were ₹5,054 crore. That is about 63% of Q2 bookings, up 83% year on year. The company says this shows demand for existing inventory.
Collections rose 31% to ₹5,318 crore. Half-year collections were ₹9,666 crore, up 25%. Operating cash flow for the quarter was ₹1,584 crore.
Largest Q2 booking markets, by value, were the National Capital Region at ₹1,926 crore and the Mumbai Metropolitan Region at ₹1,899 crore. Bengaluru followed at ₹1,564 crore, then Pune at ₹976 crore and Hyderabad at ₹782 crore.
Marine Lines and new business
One new project was added in Q2: Marine Lines in South Mumbai. The development agreement was signed on 28 September 2026 for about 2.5 acres of land from Man Infraconstruction Ltd and the Shreepati Group. The company expects potential revenue of more than ₹6,000 crore from the project, with 1.10 million sq ft of saleable area. No launch date has been announced.
Four projects were added in the first half, with 9.1 million sq ft and expected booking value of ₹15,500 crore, according to the company's figures.
What it means for buyers and investors
For buyers of homes in existing projects, the figures point to steady sales and collections. The profit decline does not change the cash the company has collected from buyers, but it does reduce reported earnings for the period.
For investors, the quarter shows a split between operating figures and the reported bottom line. Net debt rose to ₹7,908 crore, and the net debt-to-equity ratio moved to 0.41 from 0.33 at end-March 2026. Shares fell during the session on 23 October 2026, the day results were announced.
Full-year FY26 consolidated profit was ₹1,840.66 crore, against ₹1,389.23 crore in FY25, and the Board recommended a dividend of ₹10 per share.
What comes next
- The company expects collections of about ₹15,000 crore in H2 FY27, with free cash flow positive in the half.
- It says it is on track to exceed its FY27 collections guidance of ₹24,000 crore.
- Launches shifted from Q2 are expected in Q3 FY27.
- Marine Lines development will proceed under the agreement signed on 28 September 2026. No launch date has been announced.
Frequently asked questions
Why did profit fall when collections rose?
Collections are cash received from buyers. Reported net profit is shaped by accounting items. The company points to the merger of its subsidiary Embellish Houses into the parent and the reclassification of Godrej Skyview LLP to a joint venture, which included a realised gain of ₹16.25 crore.
Which profit figure is correct, ₹154 crore or ₹145 crore?
Most reports give consolidated net profit of ₹154.15 crore. One report gives ₹145.47 crore. Both show a fall of roughly 62 to 64% from the year-earlier quarter.
What is the Marine Lines project?
It is a South Mumbai project on about 2.5 acres of land, covered by a development agreement signed on 28 September 2026 with Man Infraconstruction Ltd and the Shreepati Group. The company expects potential revenue of more than ₹6,000 crore. No launch date has been announced.
Does the result affect buyers of homes in existing Godrej projects?
The company reports strong sales from projects already launched, at ₹5,054 crore in Q2, about 63% of bookings. The profit decline is an accounting matter and does not change the cash collected from buyers.
What does the company expect next?
It expects about ₹15,000 crore of collections in H2 FY27 and says it is on track to exceed its FY27 collections guidance of ₹24,000 crore. Some launches moved from Q2 into Q3 FY27.
Sources
- Godrej Properties Q2 FY27 results: Net profit falls 62% to ₹154 crore (Business Standard)
- Godrej Properties reports steep 64% drop in Q2 FY27 consolidated net profit (Free Press Journal)
- Godrej Properties eyes Rs 6,000 crore revenue from luxury housing project in Mumbai's Marine Lines (Business Today)
- Godrej Properties adds Rs 6 bn luxury project in Marine Lines (Construction World)