Godrej Properties H1 collections hit Rs 9,666 crore; PAT halves

In H1 FY27, Godrej Properties reported record collections of Rs 9,666 crore, up 25% year on year, while consolidated profit after tax (PAT) halved to Rs 504 crore from Rs 1,005 crore. GPL’s booking value nevertheless rose 7% to Rs 16,659 crore and total income increased to Rs 3,912 crore.

Why did GPL report record H1 FY27 collections?

GPL reported its highest-ever H1 FY27 collections of Rs 9,666 crore, after Q2 FY27 collections also reached a record Rs 5,318 crore. The company said collections grew 25% in H1 and 31% in Q2, compared with 7% growth in H1 booking value.

Q2 FY27 collections represented more than half of the H1 total, alongside quarterly booking value of Rs 8,008 crore. The presentation identifies both Q2 and H1 collections as records, but it does not provide prior-year collection amounts or reconcile collections with revenue recognition and PAT.

How did GPL's H1 FY27 bookings and income compare with last year?

GPL’s H1 FY27 booking value rose to Rs 16,659 crore from Rs 15,587 crore in H1 FY26, while total income increased to Rs 3,912 crore from Rs 3,460 crore. The group-level summary uses booking value as GPL’s income proxy, whereas the consolidated financial highlights separately report total income.

The quarterly and half-year comparisons moved differently. Q2 FY27 booking value was Rs 497 crore below Q2 FY26, but H1 FY27 booking value was Rs 1,072 crore above the preceding first half. Total income rose by Rs 708 crore in Q2 and Rs 452 crore in H1, even as quarterly bookings declined.

Why did GPL's profit after tax decline in H1 FY27?

GPL’s H1 FY27 PAT declined to Rs 504 crore from Rs 1,005 crore in H1 FY26, a 50% fall shown in the presentation. In Q2 FY27, PAT was Rs 154 crore, compared with Rs 405 crore a year earlier, a reduction of Rs 251 crore despite total income of Rs 2,575 crore.

The presentation does not disclose a profit bridge, exceptional-item breakdown or stated reason for the reduction from Rs 1,005 crore to Rs 504 crore. It therefore records the divergence between higher H1 total income of Rs 3,912 crore and lower PAT without attributing it to a cost, accounting or project factor.

The profit movement also differed from sales and collection indicators. H1 FY27 booking value gained 7% year on year and collections gained 25%, while PAT fell by half. In Q2 FY27, booking value of Rs 8,008 crore was below Rs 8,505 crore a year earlier, while total income increased from Rs 1,867 crore to Rs 2,575 crore.

What drove GPL's Q2 FY27 booking value?

GPL said Q2 FY27 booking value of Rs 8,008 crore came from the sale of 3,658 units spanning 6.2 million square feet. The company identified sustenance sales as the principal driver, contributing 63% of quarterly booking value and growing 83% year on year.

Sustenance sales made up the majority of Q2 FY27 booking value, while the overall quarterly total remained below the Rs 8,505 crore reported in Q2 FY26. This contrasted with the first-half position, where booking value increased to Rs 16,659 crore from Rs 15,587 crore.

GPL delivered 2.5 million square feet of projects in Q2 FY27. That figure is separate from the 6.2 million square feet sold during the quarter, so the presentation reports both sales activity and project delivery but does not provide an H1 FY27 delivery total.

What did GPL add to its development portfolio in Q2 FY27?

GPL added one new project in Q2 FY27 with estimated saleable area of about 1.1 million square feet and expected booking value of Rs 6,000 crore. The expected booking value is a project estimate, rather than a reported Q2 FY27 or H1 FY27 booking figure.

The project addition followed Q2 FY27 sales of 3,658 units and Rs 8,008 crore of booking value. The presentation does not disclose the project’s location, launch date, development cost or delivery schedule, leaving those details unresolved alongside its estimated Rs 6,000 crore booking potential.

GPL also reported a sustainability ranking and awards during the quarter. It ranked first globally in the 2026 Global Real Estate Sustainability Benchmark, with a score of 100 out of 100 for the second consecutive year, and received 59 awards in Q2 FY27.

Conclusion

GPL’s H1 FY27 update combines record collections of Rs 9,666 crore, a 7% increase in booking value to Rs 16,659 crore, and total income of Rs 3,912 crore with PAT falling to Rs 504 crore. Sales and collection indicators rose during the first half, while reported profitability moved in the opposite direction.

The disclosed item to watch next is the one project added in Q2 FY27, with about 1.1 million square feet of estimated saleable area and expected booking value of Rs 6,000 crore. Future disclosures would also be needed to explain the Rs 501 crore year-on-year reduction in H1 PAT, as the November 13, 2026 presentation provides no profit bridge.