DLF Ltd.
NSE: DLF
Real Estate · Real Estate - Development
₹675.00 last close on 16 Oct 2026 +0.67%
Research updated
Godrej Properties Ltd.
NSE: GODREJPROPReal EstateReal Estate - Development
- Last close
- ₹1,603.30
- Day change
- −₹13.60 (−0.84%)vs
- Market cap
- ₹48,025 crIndian rupees
- Research updated
- 1 report
About Godrej Properties
Godrej Properties Ltd. is a premier real estate development company headquartered in Mumbai, India. It forms a key division of the Godrej Group, one of India's largest conglomerates with a diversified footprint across various industries. This real estate developer is known for blending the Godrej Group's project development prowess with a legacy of trust and excellence in business practices. Godrej Properties Ltd. is engaged in residential, commercial, and township development projects across many of India's key cities, including Mumbai, Pune, Bengaluru, and Delhi-NCR. Its projects are distinguished by innovative design and environmental sustainability, often featuring strategic collaborations with renowned architects and consultants. In the realm of Indian real estate, Godrej Properties holds significant importance for its commitment to quality and brand reliability, attracting investors and homeowners alike. By focusing on timely delivery and customer satisfaction, the company continues to make a substantial impact on the real estate market, setting benchmarks in concepts, architecture, and technology.
- Sector
- Real Estate
- Industry
- Real Estate - Development
- Listing
- NSE: GODREJPROP
- Chief executive
- Mr. Gaurav Pandey
- Employees
- 5,124
- Headquarters
- Mumbai, India
- ISIN
- INE484J01027
- Website
- godrejproperties.com
Public research · Report of
Business model & financial foundation
Godrej Properties (NSE: GODREJPROP), Residential property development: revenue of ₹5,131 crore in FY26 (+4.2% on FY25), an EBITDA margin of -8.1%, net profit of ₹1,850 crore and net debt of ₹6,414 crore.
- Revenue, FY26 (₹ crore)
- 5,131
- consolidated
- Revenue growth, FY26
- +4.2%
- on FY25
- EBITDA margin, FY26
- -8.1%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 1,850
- to owners
- Return on equity, FY26
- 10.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 6,414
- Company-reported net debt (positive = debt)
- Market capitalisation (₹ crore)
- 51,437
- at the close of 14 Oct 2026
Company profile
Godrej Properties develops Indian residential projects through owned entities, joint ventures and development-management arrangements. Bookings and collections lead statutory income recognised as projects complete; ownership and control changes alter the translation into revenue and profit. Pirojsha Godrej became Non-Executive Non-Independent Director and Chairperson following September 2026 shareholder approval; Gaurav Pandey is MD and CEO.
| Item | Value |
|---|---|
| Legal name | Godrej Properties Limited |
| Exchange and ticker | NSE: GODREJPROP; BSE: 533150 |
| ISIN | INE484J01027 |
| Sector | Real Estate |
| Industry | Residential property development |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2022) |
| Market capitalisation | ₹51,437 crore (14 Oct 2026) |
| Shares outstanding | 30.12 crore shares (FY26) |
| Price | ₹1,594 (close, 14 Oct 2026) |
| 52-week range | ₹1,434 - ₹2,352 (to 14 Oct 2026) |
| Website | https://www.godrejproperties.com |
Corporate structure and shareholding
Parent: Godrej Industries group.
| Entity | Holding | Business |
|---|---|---|
| Godrej Projects Development Limited | 100% | Real estate development; identified material subsidiary |
| Godrej Residency Private Limited | 50.01% | Project subsidiary |
| Godrej Amitis Developers Private Limited | 100% | Project subsidiary; gained control inFY26 |
| Embellish Houses Private Limited | 100% | Project subsidiary; gained control inFY26 |
| Godrej Irismark Private Limited | 100% | Project subsidiary; gained control inFY26 |
| Mahalunge Township Developers Private Limited | 99% | Project subsidiary; gained control inFY26 |
| Manjari Housing Projects LLP | 99% | Project subsidiary; gained control inFY26 |
Material controlled entities selected; full AOC-1 not retrieved. Wonder Projects is a 20% JV, not a subsidiary. Several former JVs gained subsidiary status in FY26; remeasurement gains distort reported profit.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 47.05% | 47.17% | 51.66% | 51.66% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 28.31% | 28.15% | 26.17% | 25.32% |
| Domestic institutions | 10.42% | 10.78% | 8.19% | 9.03% |
| of which mutual funds | 7.29% | 7.38% | 5.45% | 6.23% |
| Retail | 6.60% | 6.35% | 6.46% | 6.60% |
| Other | 7.62% | 7.55% | 7.52% | 7.39% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Godrej Properties develops residential housing nationally, through owned subsidiaries, equity-accounted JVs and development-manager projects. Consolidation is the primary basis; gross bookings and collections include partner/DM economics and are not statutory sales. Completion and transfer of control govern project revenue. The FY27-FY28 scheduled recognition pool ~40,000 crore is cumulative gross booking value at85-90% interest, not FY28 revenue or the entire unrecognised pool.
| Peer | Why the dossier compares them |
|---|---|
| DLF (DLF) | Large NCR residential developer; rental subsidiary makes profit comparison imperfect |
| Lodha Developers (LODHA) | |
| Prestige Estates Projects (PRESTIGE) | Pan-India residential launches and project execution; material commercial portfolio |
| Oberoi Realty (OBEROIRLTY) | Premium MMR residential development; higher concentration and investment property exposure |
| Sobha (SOBHA) | Premium residential developer with Bengaluru and NCR exposure |
| Brigade Enterprises (BRIGADE) | South India residential execution and launches; mixed commercial/hospitality portfolio |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,725 | 2,166 | 3,036 | 4,923 | 5,131 |
| Cost of revenue (vendor classification) * | 1,194 | 1,242 | 1,808 | 2,925 | 2,949 |
| Other operating costs (vendor classification) * | 386.5 | 543.1 | 1,021 | 1,486 | 1,979 |
| EBITDA (vendor classification) * | 497.5 | 751.9 | 299.1 | 522.7 | 255.2 |
| EBIT * | 606.1 | 869.5 | 887.3 | 1,717 | 2,493 |
| Finance costs | 89.8 | 74.2 | 152.1 | 173.7 | 136.9 |
| Profit before tax including JV/associate share | 516.3 | 795.3 | 1,000.0 | 1,723 | 2,551 |
| Total tax expense/(credit) | 165.8 | 174.7 | 252.9 | 333.4 | 709.9 |
| Net profit for year including NCI | 350.6 | 620.6 | 747.1 | 1,389 | 1,841 |
| Diluted EPS (₹) | 12.67 | 20.55 | 26.08 | 49.01 | 61.42 |
| Other income | 1,299 | 2,044 | 3,279 | ||
| Cost of sales | 1,808 | 2,925 | 2,949 | ||
| Employee benefits expense | 331.3 | 450.9 | 596.0 | ||
| Other expenses | 1,026 | 1,503 | 2,003 | ||
| EBITDA excluding other income | -129.7 | 44.4 | -416.6 | ||
| Depreciation and amortisation expense | 44.6 | 73.7 | 115.6 | ||
| Share of profit/(loss) of JVs and associate, net of tax | 27.7 | -118.6 | -36.8 | ||
| Profit/(loss) attributable to non-controlling interests | 21.8 | -10.7 | -9.54 | ||
| Profit attributable to owners of the company | 725.3 | 1,400 | 1,850 | ||
| Exceptional items signed effect on PBT | 0.00 | 0.00 | -23.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners excluding NCI | n.r. | n.r. | 9,993 | 17,312 | 19,156 |
| Borrowings excluding lease liabilities | 5,196 | 6,431 | 10,656 | 12,561 | 15,615 |
| Cash and cash equivalents | 179.1 | 714.8 | 1,320 | 1,502 | 1,861 |
| Trade receivables current and non-current net | 191.7 | 359.4 | 374.7 | 509.7 | 628.0 |
| Inventories | 5,668 | 12,073 | 22,565 | 32,928 | 57,807 |
| Trade payables MSME and other creditors | 2,254 | 3,357 | 3,756 | 3,523 | 5,900 |
| Tangible property plant equipment net | 10.3 | 12.9 | 930.1 | 1,043 | 1,281 |
| Tangible capital work in progress | 390.3 | 655.5 | 249.0 | 113.1 | 169.4 |
| Total assets | 17,804 | 23,105 | 35,735 | 55,466 | 81,894 |
| Company-reported net debt (positive = debt) | 6,198 | 3,269 | 6,414 | ||
| Other bank balances current | 1,601 | 3,884 | 3,857 | ||
| Current mutual fund investments at FVTPL | 1,788 | 3,729 | 2,884 | ||
| Non-current borrowings | 2,660 | 4,000 | 2,250 | ||
| Current borrowings | 7,996 | 8,561 | 13,365 | ||
| Current trade receivables net | 309.6 | 433.8 | 554.1 | ||
| Non-current trade receivables | 65.1 | 76.0 | 73.9 | ||
| Trade payables MSME | 155.2 | 291.1 | 1,003 | ||
| Trade payables other creditors | 3,600 | 3,232 | 4,897 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash used in consolidated operating activities | -474.4 | -2,679 | -692.6 | -2,242 | -2,003 |
| Free cash flow (vendor definition) * | -598.1 | -3,166 | -1,388 | -2,454 | -2,409 |
| Cash acquisition of PPE, investment property and intangible assets | -140.3 | -299.9 | -695.3 | -211.5 | -406.0 |
| Dividends paid (the provider's sign: an outflow is negative) * | -0.01 | -0.01 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued paid-up shares at year end | 27.80 | 27.80 | 27.80 | 30.12 | 30.12 |
| Total income (operations plus other income; excludes JV share) | 4,334 | 6,967 | 8,411 | ||
| Company-reported EBITDA including other income and JV share | 1,197 | 1,970 | 2,826 | ||
| Company project-level net operating cashflow | 4,334 | 7,484 | 7,830 | ||
| Company net debt/equity excluding NCI | 0.62x | 0.19x | 0.33x | ||
| Diluted weighted shares implied by PAT and EPS | 27.81 | 28.56 | 30.12 | ||
| OI fair value gains acquisition relinquishment control | 497.1 | 930.4 | 2,093 | ||
| OI interest income | 593.0 | 739.8 | 869.9 | ||
| OI investments measured at FVTPL | 37.5 | 129.6 | 75.9 | ||
| OI profit sale investments net | 98.3 | 214.4 | 204.6 | ||
| OI profit sale PPE net | 0.00 | 0.62 | 7.19 | ||
| OI miscellaneous income | 72.8 | 29.4 | 28.9 | ||
| Cumulative FY24-FY26 statutory CFO / total PAT (x) | -1.24x | ||||
| Growth in total trade receivables (%) | 36.1% | 23.2% | |||
| Growth in statutory revenue (%) | 62.2% | 4.2% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,093 | 968.9 | 2,122 | 434.6 | 740.4 | 498.4 | 3,458 | 506.2 |
| Cost of revenue (vendor classification) * | 612.3 | 473.1 | 1,345 | 176.1 | 149.6 | 1,978 | 200.4 | |
| Other operating costs (vendor classification) * | 341.2 | 354.3 | 536.9 | 352.4 | 401.7 | 808.8 | 422.2 | |
| EBITDA (vendor classification) * | 282.1 | 280.4 | 633.9 | 915.3 | 338.4 | 958.7 | 545.4 | |
| EBIT * | 263.8 | 262.7 | 612.9 | 893.3 | 285.7 | 921.0 | 515.3 | |
| Finance costs | 44.6 | 42.4 | 46.0 | 32.7 | 21.5 | 31.0 | 51.6 | 35.5 |
| Profit before tax including JV/associate share | 219.3 | 220.3 | 566.9 | 860.6 | 565.9 | 254.7 | 869.4 | 479.7 |
| Total tax expense/(credit) | -114.5 | 62.1 | 188.4 | 262.2 | 162.9 | 60.8 | 224.0 | 130.3 |
| Net profit for period including NCI | 333.8 | 158.2 | 378.4 | 598.4 | 403.0 | 193.9 | 645.4 | 349.4 |
| Diluted EPS, not annualised for quarters (₹) | 12.05 | 5.70 | 12.68 | 19.92 | 13.45 | 6.48 | 21.57 | 11.62 |
| Other income | 253.3 | 271.1 | 559.3 | 1,186 | 1,210 | 535.5 | 348.5 | 838.9 |
| Cost of sales | 612.3 | 473.1 | 1,345 | 176.1 | 645.0 | 149.6 | 1,978 | 200.4 |
| Employee benefits expense | 107.9 | 114.0 | 130.3 | 149.3 | 167.7 | 129.8 | 149.1 | 168.5 |
| Other expenses | 341.2 | 354.3 | 536.9 | 352.4 | 440.4 | 401.7 | 808.8 | 422.2 |
| EBITDA excluding other income | 31.9 | 27.6 | 110.0 | -243.3 | -512.7 | -182.7 | 522.2 | -285.0 |
| Depreciation and amortisation expense | 18.3 | 17.7 | 21.1 | 22.0 | 26.4 | 31.6 | 35.6 | 30.1 |
| Share of profit/(loss) of JVs and associate, net of tax | -3.16 | -18.3 | -35.4 | -27.2 | -83.1 | -14.4 | 87.9 | -8.53 |
| Profit/(loss) attributable to non-controlling interests | -1.42 | -4.44 | -3.55 | -1.72 | -2.09 | -1.29 | -4.44 | -0.72 |
| Profit attributable to owners of the company | 335.2 | 162.6 | 382.0 | 600.1 | 405.1 | 195.2 | 649.9 | 350.1 |
| Exceptional items signed effect on PBT | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -21.1 | -2.03 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 148.3% | 25.6% | 40.1% | 62.2% | 4.2% |
| EBITDA margin | -4.3% | 0.9% | -8.1% | ||
| Net margin | 23.9% | 28.4% | 36.1% | ||
| Return on equity | 7.3% | 10.3% | 10.1% | ||
| Return on capital employed | 4.3% | 6.8% | 7.7% | ||
| Return on assets | 2.5% | 3.1% | 2.7% | ||
| Net debt (₹ crore) | 6,198 | 3,269 | 6,414 | ||
| Net debt / EBITDA | -47.8x | 73.7x | -15.4x | ||
| Interest cover | 6.75x | 11.7x | 5.83x | 9.88x | 18.2x |
| Asset turnover | 0.10x | 0.11x | 0.10x | 0.11x | 0.07x |
| Receivable days | 41 | 61 | 45 | 38 | 45 |
| Inventory days (on revenue) | 1,200 | 2,034 | 2,713 | 2,441 | 4,112 |
| Payable days (on revenue) | 477 | 566 | 452 | 261 | 420 |
| Cash conversion | -0.95x | -1.60x | -1.08x | ||
| Capex intensity | 8.1% | 13.8% | 22.9% | 4.3% | 7.9% |
| Free cash flow (₹ crore) | -614.7 | -2,979 | -1,388 | -2,454 | -2,409 |
| EPS, diluted (₹) | 12.67 | 20.55 | 26.08 | 49.01 | 61.42 |
| Book value per share (₹) | 359.4 | 574.8 | 636.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company-reported net debt (positive = debt); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Godrej Properties includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Godrej Properties
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 17 Oct 2026.
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