Godrej Properties Ltd. share price target

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.

Godrej Properties (GPL) clocked muted Q1FY24 gross sales bookings of 2.25msf worth INR22.5bn (I-sec estimate of INR24.0bn) and was down 11% YoY in value terms owing to delay in a few planned launches. While the company retains guidance for INR140bn of FY24 gross sales bookings driven by a launch pipeline of ~19msf for rest of FY24, operating cash surplus for Q1FY24 were weak at INR1.2bn.

Godrej Properties (GPL) clocked Q4FY23 gross sales bookings of Rs40.5bn vs. I-sec estimate of Rs40.0bn led by 12 new launches across MMR, Pune and Bengaluru. The company clocked record FY23 sales bookings of Rs122.3bn (up 56% YoY) and with a strong pipeline of ~20msf of launches in FY24, the company has given FY24 sales booking guidance of Rs140bn (I-sec estimate of Rs147bn).