Godrej Properties Q2 FY27 Revenue Rises 161%

Godrej Properties reported sharply higher revenue from operations in the quarter ended September 30, 2026, while consolidated net profit declined from the year-earlier period. The company disclosed consolidated revenue of Rs 1,935.17 crore for Q2 FY27, compared with Rs 740.38 crore in Q2 FY26. This represented year-on-year growth of 161.38%. Consolidated net profit stood at Rs 145.47 crore, down from Rs 402.99 crore a year earlier. The quarterly outcome reflected stronger reported revenue and collections alongside lower profitability. The company announced the results on October 23, 2026. Godrej Properties also reported record second-quarter and first-half collections. The figures underline the difference between operating activity, cash collections and accounting profit during the quarter.

Revenue from operations expands sharply

Revenue from operations rose by Rs 1,194.79 crore year-on-year to Rs 1,935.17 crore. The reported increase was substantially higher than the growth in bookings during the same period. Godrej Properties recorded a booking value of Rs 8,008 crore in Q2 FY27. This was 6% lower than the comparable quarter and 7% below the preceding quarter, according to management’s earnings-call remarks. The company sold 3,658 units covering 6.2 million square feet during the quarter. Revenue recognition in real estate can differ from bookings because it is linked to project progress and applicable accounting treatment. As a result, quarterly revenue and sales bookings do not necessarily move in the same direction. The Q2 revenue increase therefore came alongside a modest decline in quarterly bookings.

Net profit declines from a high base

Consolidated net profit fell 63.9% year-on-year to Rs 145.47 crore from Rs 402.99 crore. Other reports rounded the quarterly profit to about Rs 154 crore and the previous-year figure to about Rs 405 crore. The company filing-based figures show net profit of Rs 145.47 crore and Rs 402.99 crore, respectively. Consolidated profit before tax was Rs 98.38 crore, compared with Rs 565.93 crore in Q2 FY26. Basic earnings per share declined to Rs 5.12 from Rs 13.45. EBITDA was reported at Rs 171 crore, down 72% from Rs 614 crore in the year-earlier quarter. These figures indicate that the increase in revenue did not translate into a comparable increase in quarterly earnings.

Operating loss narrows year-on-year

Operating profit was reported as a loss of Rs 468.78 crore in Q2 FY27, compared with a loss of Rs 512.74 crore in Q2 FY26. The loss narrowed by 8.57% year-on-year. A lower operating loss is an improvement in the reported comparison, but it remained a loss for the quarter. This metric should be read alongside the company’s reported EBITDA and consolidated profit, which use different financial measures and may include different items. The company’s financial disclosures showed mixed movements across these measures. Revenue increased materially, while EBITDA and profit after tax declined. Such variation can occur because of project-level costs, timing of completion, income recognition and accounting for joint ventures. The reported data does not establish a single reason for every movement in profitability.

Collections reach a quarterly record

Customer collections grew 31% year-on-year to Rs 5,318 crore in Q2 FY27. Godrej Properties described this as its highest-ever second-quarter collection performance. First-half collections rose 25% to Rs 9,666 crore. Higher collections are relevant for a developer because they support liquidity and project execution. Operating cash flow increased 33% year-on-year to Rs 1,584 crore during the quarter. It was also nearly 300% higher sequentially, based on the company’s stated comparison. First-half operating cash flow was Rs 1,983 crore. The collection and cash-flow performance stood in contrast to the decline in reported quarterly net profit.

First-half bookings remain higher

Godrej Properties reported first-half booking value of Rs 16,669 crore. This represented 7% growth over the corresponding first half. The company sold 7,396 units across 12.3 million square feet in the six-month period. Sustenance sales, referring to sales from existing projects, grew 83% year-on-year to Rs 5,054 crore in Q2. Three projects contributed more than Rs 500 crore each in quarterly sustenance sales. These data points show continued sales activity despite the year-on-year reduction in Q2 booking value. The company added four new projects in the first half. Management said the expected booking value from these additions was Rs 15,500 crore.

Project additions and launch pipeline

The Rs 15,500 crore expected booking value from four projects represented 78% of the company’s full-year project-addition guidance, according to the company. Godrej Properties also indicated a launch pipeline of Rs 32,000 crore for the second half of FY27. Management said it expected the second half to be its strongest period for launches and sales. These are company expectations rather than reported results. The launch pipeline depends on approvals and execution. The company said approvals were in place for the planned pipeline. Investors will track the timing of these launches because delayed launches were cited in reports as a factor affecting the quarter’s sales comparison. Future booking performance will depend on the execution of this identified pipeline.

Key Q2 FY27 financial and operating data

Market context and investor focus

The results presented a mixed picture for investors. Revenue from operations grew strongly, and cash collections and operating cash flow increased. However, the decline in profit before tax, EBITDA and net profit showed weaker reported earnings compared with a high base in Q2 FY26. Reports following the results said the stock fell more than 4%. The company’s quarterly booking value also declined, even as first-half bookings remained higher year-on-year. For real estate developers, investors commonly assess bookings, collections, cash flow, project additions, launches and reported earnings together. Each indicator captures a different part of the development cycle. The next set of launches and sales data will be important for assessing the company’s stated second-half plans.

What the Q2 results indicate

Godrej Properties ended Q2 FY27 with revenue growth of 161.38% and collections growth of 31%, but with consolidated net profit down 63.9% from the previous year. The company also recorded higher first-half bookings and added four projects during the first half. Its reported launch pipeline for the second half stood at Rs 32,000 crore. The immediate focus remains on launch execution, bookings and cash collections in the remaining two quarters of FY27. Investors will also watch whether stronger operating activity is reflected in future reported profitability. The company’s next quarterly disclosure will provide an update on these measures. Until then, the October 23 filing remains the principal reference for Q2 FY27 financial data.