Godrej Properties
Godrej Properties
Realty F&OKey Fundamentals
MidcapResidential Commercial ProjectsRealtyTapetide Score
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Key Insights
Strengths
2- Company is expected to give good quarter
- Company has delivered good profit growth of 56.1% CAGR over last 5 years
Weaknesses
5- Stock is trading at 2.75 times its book value
- Company has a low return on equity of 8.20% over last 3 years.
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.2,997 Cr.
- Promoter holding has decreased over last 3 years: -6.82%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoGodrej Properties Ltd, with a market cap of ₹53,233 Cr, operates as one of India's prominent listed real estate developers. The company has delivered strong 5-year profit CAGR of 56% and 5-year sales CAGR of 46%, though its 3-year average ROE remains modest at 8% and the stock has declined 6% over the past year.
- Exceptional 5-year compounded profit growth of 56% CAGR demonstrates strong earnings trajectory as the residential real estate cycle remains favorable
- 5-year compounded sales growth of 46% CAGR reflects aggressive business scaling through new project launches and geographic expansion
- 3-year compounded sales growth of 32% indicates sustained top-line momentum even on a higher base
- 3-year compounded profit growth of 49% CAGR shows the company has been able to convert revenue growth into meaningful bottom-line expansion
- TTM sales growth of 13% suggests continued demand traction in ongoing projects despite a higher base effect
- 10-year compounded profit growth of 26% CAGR indicates a long track record of earnings compounding through multiple real estate cycles
- Company is expected to deliver a good upcoming quarter, suggesting near-term operational momentum remains intact
- 10-year stock CAGR of 19% reflects long-term wealth creation for patient shareholders, supported by the Godrej brand premium in real estate
- 3-year average ROE of just 8% is low for a company trading at 2.94x book value, indicating the market is pricing in significant future improvement that may not materialize
- Other income of ₹2,997 Cr forms a substantial portion of earnings, raising questions about the sustainability and quality of reported profits
- Promoter holding has declined by 6.82% over the last three years, which may signal reduced insider confidence or dilution
- PE ratio of 35.4x is elevated for a cyclical real estate business, leaving limited margin of safety if the housing cycle slows
- Stock has delivered negative 1-year returns of -6%, underperforming broader markets and indicating near-term sentiment weakness
- Possible capitalization of interest costs could be flattering reported profitability and understating true operating expenses
- Last year ROE of 9% remains in single digits despite a strong profit growth phase, suggesting capital-intensive operations with modest return efficiency
- TTM profit growth has decelerated to 9% from the 3-year CAGR of 49%, indicating potential earnings growth fatigue on a normalized base
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Stock drops 7% on settlement Sep 10
Shares fell 7.2% to ₹1,734.65 on BSE after the Godrej Air dispute settlement disclosure. Stock down 12% in one week and 14.5% over the past month.
- ₹70 crore settlement impact Sep 10
Godrej Air project dispute in Gurugram settled via agreement dated Aug 25, 2026, with an estimated financial impact of ~₹70 crore. Bombay High Court to review compliance on Sep 24.
- Fraud allegations in Gurugram JV Sep 10
Orris MD Amit Gupta was arrested by Mumbai Police over forgery and cheating allegations tied to the Godrej Air LLP, with an FIR registered on Mar 17 at Vikhroli police station.
- Subsidiary stake consolidated to 97% Aug 25
NCLT approved selective capital reduction in Godrej Redevelopers (Mumbai) Pvt Ltd, raising GPDL's holding from 51% to 96.81% without any cash consideration.
- Padel facility at Godrej City Aug 29
Launched On Court, a four-court indoor padel facility at Godrej City Panvel in partnership with PadelPark India, enhancing lifestyle amenities for the township.
- Pirojsha Godrej re-designation sought Aug 20
Postal ballot issued to re-designate Pirojsha Godrej as Non-Executive Non-Independent Director and Chairperson, effective Aug 14, 2026.
TL;DR: Godrej Properties faces near-term pressure from the ₹70 crore Godrej Air dispute settlement and associated fraud allegations involving its JV partner, which triggered a 7% single-day stock decline and 14.5% monthly erosion. On the positive side, the company is consolidating subsidiary ownership and investing in township amenities. The Bombay High Court compliance hearing on Sep 24 is the next key catalyst — clarity there could stabilize sentiment, but lingering legal overhang and recent volatility remain risks.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 936 | 343 | 330 | 1,426 | 739 | 1,093 | 969 | 2,122 | 435 | 740 | 498 | 3,458 | 506 |
| Expenses | 1,085 | 438 | 397 | 1,303 | 926 | 1,064 | 960 | 2,047 | 705 | 1,336 | 695 | 2,936 | 800 |
| Operating Profit | -149 | -95 | -66 | 123 | -187 | 29 | 9 | 75 | -270 | -596 | -197 | 522 | -294 |
| OPM % | -16% | -28% | -20% | 9% | -25% | 2.6% | 1% | 3.5% | -62% | -80% | -40% | 15% | -58% |
| Other Income | 379 | 262 | 218 | 526 | 960 | 253 | 271 | 559 | 1,186 | 1,210 | 514 | 434 | 839 |
| Interest | 30 | 48 | 43 | 31 | 41 | 45 | 42 | 46 | 33 | 22 | 31 | 52 | 36 |
| Depreciation | 7 | 7 | 14 | 16 | 17 | 18 | 18 | 21 | 22 | 26 | 32 | 36 | 30 |
| PBT | 193 | 111 | 95 | 601 | 716 | 219 | 220 | 567 | 861 | 566 | 255 | 869 | 480 |
| Tax % | 31% | 35% | 34% | 20% | 28% | -52% | 28% | 33% | 30% | 29% | 24% | 26% | 27% |
| Net Profit | 134 | 73 | 63 | 478 | 519 | 334 | 158 | 378 | 598 | 403 | 194 | 645 | 349 |
| EPS in Rs | 4.49 | 2.4 | 2.24 | 16.95 | 18.7 | 12.06 | 5.4 | 12.68 | 19.92 | 13.45 | 6.48 | 21.58 | 11.62 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,843 | 2,123 | 1,583 | 1,604 | 2,817 | 2,441 | 765 | 1,825 | 2,252 | 3,036 | 4,923 | 5,131 | 5,203 |
| Expenses | 1,586 | 1,986 | 1,330 | 1,819 | 2,639 | 2,181 | 1,214 | 1,880 | 2,045 | 3,165 | 4,997 | 5,585 | 5,767 |
| Operating Profit | 257 | 137 | 253 | -216 | 178 | 260 | -449 | -56 | 207 | -130 | -74 | -453 | -564 |
| OPM % | 14% | 6% | 16% | -13% | 6% | 11% | -59% | -3% | 9% | -4.3% | -1.5% | -9% | -11% |
| Other Income | 83 | 146 | 150 | 499 | 419 | 473 | 568 | 761 | 787 | 1,326 | 2,044 | 3,256 | 2,997 |
| Interest | 5 | 41 | 104 | 150 | 234 | 220 | 185 | 167 | 174 | 152 | 174 | 137 | 140 |
| Depreciation | 10 | 14 | 14 | 16 | 14 | 21 | 20 | 21 | 24 | 45 | 74 | 116 | 124 |
| PBT | 326 | 228 | 284 | 117 | 348 | 493 | -86 | 516 | 795 | 1,000 | 1,723 | 2,551 | 2,170 |
| Tax % | 28% | 30% | 27% | 26% | 27% | 44% | 121% | 32% | 22% | 25% | 19% | 28% | — |
| Net Profit | 236 | 160 | 207 | 87 | 253 | 274 | -189 | 351 | 621 | 747 | 1,389 | 1,841 | 1,592 |
| EPS in Rs | 9.58 | 7.33 | 9.56 | 4.01 | 11.04 | 10.73 | -6.82 | 12.68 | 20.55 | 26.08 | 46.48 | 61.43 | 53.13 |
| Div. Payout % | 21% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 16% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 100 | 108 | 108 | 108 | 115 | 126 | 139 | 139 | 139 | 139 | 151 | 151 |
| Reserves | 1,747 | 1,657 | 1,896 | 1,102 | 2,354 | 4,678 | 8,181 | 8,536 | 9,125 | 9,853 | 17,162 | 19,005 |
| Borrowings | 3,486 | 3,123 | 3,980 | 3,703 | 3,516 | 3,715 | 4,542 | 5,196 | 6,431 | 10,679 | 12,641 | 15,894 |
| Other Liabilities | 2,030 | 1,691 | 1,197 | 3,358 | 2,107 | 1,586 | 3,385 | 3,932 | 7,410 | 15,063 | 25,496 | 46,540 |
| Total Liabilities | 7,363 | 6,578 | 7,181 | 8,271 | 8,092 | 10,106 | 16,247 | 17,804 | 23,105 | 35,735 | 55,450 | 81,590 |
| Fixed Assets | 117 | 107 | 102 | 113 | 97 | 113 | 174 | 183 | 218 | 997 | 1,271 | 1,708 |
| CWIP | 73 | 1 | 0 | 71 | 100 | 163 | 229 | 340 | 653 | 250 | 116 | 172 |
| Investments | 0 | 664 | 760 | 1,454 | 2,637 | 3,571 | 5,243 | 4,883 | 2,534 | 3,150 | 5,951 | 5,511 |
| Other Assets | 7,173 | 5,807 | 6,319 | 6,633 | 5,259 | 6,259 | 10,600 | 12,397 | 19,700 | 31,337 | 48,112 | 74,199 |
| Total Assets | 7,363 | 6,578 | 7,181 | 8,271 | 8,092 | 10,106 | 16,247 | 17,804 | 23,105 | 35,735 | 55,450 | 81,590 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -941 | 490 | -566 | 1,155 | 478 | -232 | -671 | -452 | -2,861 | -693 | -2,242 | -2,003 |
| Investing | -96 | 191 | 14 | -973 | -971 | -1,721 | -3,317 | 127 | 2,564 | -1,974 | -4,273 | 664 |
| Financing | 852 | -554 | 335 | -493 | 970 | 1,974 | 4,259 | 235 | 832 | 3,258 | 6,710 | 938 |
| Net Cash Flow | -184 | 126 | -217 | -311 | 476 | 22 | 271 | -90 | 536 | 591 | 194 | -402 |
| Free Cash Flow | -951 | 466 | -575 | 1,005 | 404 | -295 | -797 | -592 | -3,161 | -1,386 | -2,450 | -2,382 |
| CFO/OP | -320 | 435 | -161 | -568 | 290 | -79 | 153 | 469 | -1,301 | 330 | 2,689 | 359 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 34 | 30 | 53 | 36 | 21 | 65 | 114 | 38 | 58 | 37 | 32 | 39 |
| Inventory Days | — | — | — | 5,457 | 495 | — | — | — | — | — | — | — |
| Days Payable | — | — | — | 457 | 56 | — | — | — | — | — | — | — |
| Cash Conversion Cycle | 34 | 30 | 53 | 5,035 | 461 | 65 | 114 | 38 | 58 | 37 | 32 | 39 |
| Working Capital Days | 309 | 185 | 262 | -251 | -128 | -32 | 912 | 476 | 533 | 602 | 612 | 547 |
| ROCE % | 5% | 5% | 7% | 1% | 10% | 9% | 1% | 5% | 6% | 6% | 7% | 8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Godrej Properties Limited (GPL) is the real estate development arm of the Godrej Group, which was started in 1897 and is today one of India’s most successful conglomerates. Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and excellence to the real estate industry. [1]
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