Godrej Properties H1 profit halves as bookings rise 7%

Godrej Properties reported H1 FY27 profit after tax of Rs 504 crore, 50% below H1 FY26, although booking value rose 7% to Rs 16,659 crore and collections reached a record Rs 9,666 crore. GPL also reported 25% growth in first-half collections and an 83% increase in Q2 sustenance sales.

Why did GPL’s H1 FY27 profit fall despite higher bookings?

GPL’s H1 FY27 profit after tax (PAT) fell 50% year on year to Rs 504 crore from Rs 1,005 crore, while booking value increased 7% to Rs 16,659 crore from Rs 15,587 crore. The presentation does not state a reason for the PAT decline, such as costs, margins, taxes or exceptional items.

GPL’s total income increased to Rs 3,912 crore in H1 FY27 from Rs 3,460 crore in H1 FY26, an increase of Rs 452 crore. The group summary uses GPL’s booking value as a proxy for income, while the detailed consolidated financial table separately reports total income, distinguishing the Rs 16,659 crore sales metric from reported income.

How did GPL’s bookings and collections change in H1 FY27?

GPL’s H1 FY27 booking value rose 7% to Rs 16,659 crore, while collections grew 25% to a record Rs 9,666 crore. The collection-growth rate was therefore higher than the growth reported for booking value over the same six-month period.

Q2 FY27 bookings were Rs 8,008 crore, compared with Rs 8,505 crore in Q2 FY26, while Q2 collections rose 31% to a record Rs 5,318 crore. The first-half result therefore combined a lower second-quarter booking value than a year earlier with record Q2 and H1 collections.

The presentation does not provide a city-level, project-level or customer-category breakdown for the Rs 9,666 crore H1 collection figure. It does, however, identify the Rs 5,318 crore Q2 amount and the Rs 9,666 crore H1 amount as GPL’s highest-ever collections for those respective periods.

What drove GPL’s Q2 FY27 booking value?

GPL said its Rs 8,008 crore Q2 FY27 booking value was driven by its best-ever quarter for sustenance sales. Sustenance sales contributed 63% of quarterly booking value and grew 83% year on year, according to the presentation.

GPL sold 3,658 units spanning 6.2 million square feet in Q2 FY27. The disclosed 63% contribution means sustenance sales accounted for more than half of the quarter’s booking value, but the presentation does not name the projects or disclose the rupee value attributable to that sales category.

The remaining 37% of Q2 booking value is not split by project, city, product type or price segment in the supplied update. As a result, the presentation supports the reported role of sustenance sales but does not identify the other components of the Rs 8,008 crore quarter.

What did GPL add and deliver during Q2 FY27?

GPL added one project in Q2 FY27 with estimated saleable area of about 1.1 million square feet and expected booking value of Rs 6,000 crore. This is an expected booking-value estimate for the added project, rather than value already included in the Rs 8,008 crore Q2 booking result.

GPL also delivered 2.5 million square feet of projects in Q2 FY27. Delivered area was 1.4 million square feet higher than the 1.1 million square feet of estimated saleable area added through the new project, although the measures represent different stages of project execution.

The presentation does not identify the location, development timetable or expected recognition schedule of the one project added in Q2 FY27. It also does not specify the individual projects contributing to the 2.5 million square feet delivered during the quarter.

How did GPL’s Q2 FY27 financial results compare with the prior year?

GPL’s Q2 FY27 PAT was Rs 154 crore, down from Rs 405 crore in Q2 FY26, while total income increased to Rs 2,575 crore from Rs 1,867 crore. The Rs 251 crore fall in quarterly PAT occurred alongside a Rs 708 crore increase in total income.

Q2 FY27 booking value of Rs 8,008 crore was Rs 497 crore below the Rs 8,505 crore reported in Q2 FY26. At the same time, Q2 collections rose 31% to Rs 5,318 crore and sustenance sales grew 83% year on year to contribute 63% of quarterly bookings.

GPL was also ranked number one globally by the Global Real Estate Sustainability Benchmark, with a score of 100 out of 100 for the second consecutive year in 2026. The presentation separately reports that GPL received 59 awards in Q2 FY27, without listing the awards or assessment criteria.

Conclusion

GPL’s H1 FY27 figures show lower reported profit alongside higher sales activity and collections. PAT declined 50% to Rs 504 crore, while booking value rose 7% to Rs 16,659 crore, total income increased to Rs 3,912 crore and collections reached Rs 9,666 crore.

The next disclosed item to watch is the execution of the one Q2 FY27 project with about 1.1 million square feet of saleable area and expected booking value of Rs 6,000 crore. The presentation leaves unresolved the reasons for the decline in Q2 PAT to Rs 154 crore and H1 PAT to Rs 504 crore despite higher total income and record collections.