Godrej Properties (GPL) FY26 Outlook & H1 Performance Review

Godrej Properties leadership has expressed high confidence in surpassing its FY26 pre-sales guidance of ₹32,500 crore H1 FY26 Performance: The company achieved 13% Y-o-Y growth in pre-sales for the first six months (H1 FY26), recording ₹15,587 crore (up from ₹13,835 crore in H1 FY25). Guidance Progress: This H1 achievement represents 48% of the total FY26 pre-sales target. Outlook: Management is "very confident" of meeting or exceeding the full-year target, noting that H2 performance historically outpaces H1. This builds on the momentum from FY25, where GPL became the largest listed firm by pre-sales (₹29,444 crore). Operational Milestone: Q2 FY26 was the first quarter in the company's history to clock sales bookings exceeding ₹1,500 crore in four distinct markets (Delhi-NCR, MMR, Bengaluru, and Hyderabad), demonstrating significant geographic diversification and market depth. Consolidated Net Profit: Q2 net profit saw a 21% Y-o-Y increase to ₹402.99 crore (from ₹333.79 crore). Consolidated Total Income: Total income rose substantially to ₹1950.05 crore (from ₹1,346.54 crore). 3. H2 FY26 Growth Drivers & Pipeline A "strong launch pipeline" is in place for H2 FY26 to drive sales. This includes a high-value project launch at Worli, Mumbai, which alone has an estimated revenue potential exceeding ₹10,000 crore. 4. Cash Flow & Capital Position Collections Target: The company remains confident in achieving its FY26 customer collection target of ₹21,000 crore. H1 Status: H1 collections were ₹7,736 crore (37% of target), with a temporary lag attributed to monsoon-related construction delays. Resolution: Management anticipates a significant acceleration in collections, driven by a high volume of project deliveries scheduled for Q4 FY26. Capital: The company is well-capitalized to fund future growth, supported by a ₹6,000 crore QIP raised last year and robust operating cash flow.