Godrej Properties Ltd. share price target

*over or under performance to benchmark index Godrej Properties Ltd (GPL) is a real estate company, with its head office in Mumbai, India. The company is a subsidiary of Godrej Industries Ltd and was established in...

Godrej Properties (GPL) has clocked robust Q1FY26 gross sales bookings of 6.2msf, worth INR 70.8bn, led by several new launches across Bengaluru and Greater Noida.

Godrej Properties’ (GPL) pre-sales volume for 1QFY26 declined 31% YoY/18% QoQ to 6.2msf (in line with estimates). However, pre-sales value stood at INR71b (-18% YoY/-30% QoQ, 11% below estimates).

GPL has delivered a strong presales CAGR of 50% over FY21-24 and outperformed all its peers. However, its presales are estimated to clock an 8% CAGR over FY25-27 due to the high base effect.

GPL’s pre-sales volume for 4QFY25 declined 8% YoY (+85% QoQ) to 7.5msf, resulting in the highest-ever quarterly pre-sales value of INR101.6b (+7% YoY/87% QoQ, 32% above estimates). In FY25, pre-sales were up 31% YoY to INR294b (9% above estimates and 9% above guidance).

Godrej Properties (GPL) has clocked strong Q4FY25 gross sales bookings of 7.5msf worth INR 101.6bn, led by several new launches across India.

Godrej Properties (GPL) clocked strong Q3FY25 gross sales bookings of 4.1msf worth INR 54.5bn, led by over 2msf of launches across India. Buoyed by a strong 9MFY25 performance, wherein it achieved gross sales bookings of INR 193bn.

GPL’s pre-sales volume for 3QFY25 declined 6% YoY (-21% QoQ) to 4.1msf, resulting in a pre-sales value of INR54.5b (-5% YoY/5% QoQ).

Godrej Properties (GPL) achieved its best ever second-quarter bookings of INR52b, guided by strong demand momentum (up 3% YoY). New launches/existing projects accounted for 53%/47% of total sales.

Godrej Properties (GPL) clocked strong Q2FY25 gross sales bookings of 5.2msf worth INR 52bn, led by 5.6msf of launches for the quarter worth INR71.7bn.

Godrej Properties (GPL) clocked strong Q1FY25 gross sales bookings of 9.0msf worth INR 86.4bn, led by 9.8msf of launches for the quarter worth INR 86.4bn.

GPL reported its highest ever pre-sales of INR225b in FY24, up 84% YoY
(61% higher than guidance), becoming the largest developer in terms of
bookings.

Godrej Properties (GPL) reported the highest ever bookings of INR95b, up
135%/66% YoY/QoQ and 47% above our estimate. In FY24, bookings stood
at INR225b, up 84% YoY (61%/15% higher than guidance/estimate)

Godrej Properties (GPL) clocked record Q2FY24 gross sales bookings of 5.2msf worth INR50.3bn (10% above I-sec estimate of INR45.0bn), led by INR20.2bn of sales from Tropical Isle, Noida project launched during the quarter. While the company retained guidance for INR140bn of FY24 gross sales bookings driven by a launch pipeline of ~17.6msf in H2FY24, operating cash surplus for H1FY24 was weak at INR9.3bn.