Godrej Propert. Q1 FY27 Results (NSE: GODREJPROP)
Signal: Growth decelerated
The read
The operating trajectory is stronger than the accounting P&L: bookings reached a record ₹8,651 crore, +22% YoY, collections rose 18% to ₹4,348 crore and this was the sixth consecutive quarter above ₹7,000 crore, but PAT fell 41.7% to ₹350.1 crore and other income of ₹838.87 crore was 174.9% of PBT, leaving reported earnings quality weaker than demand momentum.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹506.17 Cr | +16.3% | N/A |
| EBIT | ₹523.78 Cr | N/A | |
| Net profit | ₹350.1 Cr | -41.7% | |
| EPS | ₹11.62 | -41.7% | |
| EBIT margin | 109.4% |
P&L walk
Consolidated revenue was ₹506.17 crore, +16.3% YoY, while EBITDA was ₹553.9 crore and PAT was ₹350.1 crore, down 41.7% YoY; the bottom line was materially influenced by ₹838.87 crore of other income, equal to 174.9% of PBT.
Segments
No segment results table was disclosed; the ₹350.1 crore consolidated PAT versus ₹60.54 crore standalone PAT shows that subsidiaries and other group entities materially lift reported earnings.
Key positives
- Booking value reached ₹8,651 crore, +22% YoY, the company's highest first-quarter booking value and sixth consecutive quarter above ₹7,000 crore.
- Collections rose 18% YoY to ₹4,348 crore, while operating cash flow was ₹399 crore, supporting conversion of bookings into cash.
- The company added ₹9,500 crore of future sales potential through three projects, achieving 48% of its FY27 business-development guidance in Q1.
- Bookings were led by Bengaluru at 44% of total, with Godrej Vanantara contributing ₹3,237 crore, indicating strong launch traction in the key market.
Key concerns
- Consolidated PAT fell 41.7% YoY to ₹350.1 crore and the filing's overview reported EBITDA down 40% YoY, despite bookings growing 22%.
- Other income of ₹838.87 crore was 174.9% of PBT, so reported profit is materially dependent on non-operating income rather than project revenue.
- Construction and related outflow increased 54% YoY, creating a cash-investment requirement that must be matched by collections and project execution.
- Standalone PAT was only ₹60.54 crore versus consolidated PAT of ₹350.1 crore, highlighting significant dependence on subsidiaries and other group entities for earnings.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.