Godrej Properties Q1 FY27: Net Profit Falls 42% to ₹350 Crore Despite Record 22% Rise in Booking Value to ₹8,651 Crore

Record First-Quarter Bookings Mask Earnings Headwind

Godrej Properties reported a 41.7 per cent year-on-year decline in profit (attributable to owners of the company) for the first quarter of FY27 to ₹350.1 crore amid lower total income. Despite the profit pullback, the Mumbai-based developer delivered what it characterised as a significant operational milestone.

Sales Momentum Continues

The ₹8,651 crore booking value is the highest first-quarter booking value achieved by Godrej Properties. The company reported a 22 per cent year-on-year increase in booking value, marking the sixth consecutive quarter in which bookings exceeded ₹7,000 crore.

The company sold 3,738 units covering a total area of 6.2 million square feet during the quarter. Among key markets, Bengaluru contributed the largest share of bookings at 44 per cent, followed by the Mumbai Metropolitan Region (21 per cent), the National Capital Region (18 per cent), Pune (11 per cent) and Hyderabad (5 per cent).

The Profit-Booking Disconnect

The real estate developer's total income declined 16 per cent year-on-year to ₹1,337 crore, driven by a 29.3 per cent drop in other income for the quarter, which stood at ₹838.9 crore. The company's management attributed the decline in income to the fact that it had only one project completion in Q1 FY27, and that was a development management structure project.

Revenue from operations for Q1 FY27 stood at ₹506.2 crore, up 16.5 per cent year-on-year. However, adjusted earnings before interest, taxes, depreciation and amortisation for Q1 FY27 decreased 40 per cent year-on-year to ₹557 crore, with the Ebitda margin contracting to 41.66 per cent in Q1 FY27 from 58.09 per cent in Q1 FY26.

Full-Year Guidance Reaffirmed

Pirojsha Godrej, executive chairperson of Godrej Properties, said the company remains on track to deliver bookings of over ₹39,000 crore and collections of ₹24,000 crore for the year, which will allow it to generate approximately ₹9,000 crore of operating cash flow. Godrej's total expenses in Q1 FY27 stood at ₹856.80 crore, up 16.95 per cent year-on-year.

Project Execution and Land Acquisitions

The company added three new projects with an estimated saleable area of approximately 8.0 million sq. ft. and an expected booking value of ₹9,500 crore, achieving 48% of its annual business development guidance for FY27 in the first quarter alone. The company delivered 0.9 million sq. ft. of real estate during the quarter, primarily from Godrej Palm Retreat in Noida. Deliveries are expected to pick up in FY28 as major projects like Godrej Reserve (MMR), Godrej MSR City (Bengaluru), and Godrej Woodscapes (Bengaluru) approach completion.

Developer Footprint

Godrej Properties is currently India's largest publicly listed residential developer by sales value, having clocked pre-sales of ₹34,171 crore in FY2026. The company operates with a pan-India presence across 12 cities including NCR, Mumbai, Pune, Bengaluru, and Hyderabad. The company delivered 18.4 million sqft in FY25 alone.