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Informist, Wednesday, Nov. 5, 2025

By Arundathi A R

MUMBAI – Godrej Properties Ltd. is likely to post a moderate on-year decline in its bottom line for the September quarter, after reporting a double-digit on-year rise in the June quarter. The company is expected to post a low single-digit on-year rise in its top line, owing to two new launches in the reporting quarter, according to brokerages tracking the company.

Godrej Properties is expected to post a consolidated net profit of INR 3.16 billion for the September quarter, down 6% on year, according to the average of estimates from five brokerages. Sequentially, this would mean a decline of over 47%. The company is likely to post consolidated net sales of INR 11.30 billion for the reporting quarter, up over 3% on year and 160% on quarter, according to the estimates.

This will be the second time in 16 quarters when the company will post an on-year decline in net profit. The company had last reported an on-year decline in net profit in the March quarter. In the June quarter, Godrej Properties' bottom line had risen over 15% on year to INR 6 billion even though its top line had fallen over 41% on year to INR 4.35 billion.

In the year-ago quarter, the realty company's consolidated net profit had risen over five times on year due to higher revenue and INR 1.06 billion of tax credit recognised under 'deferred tax expense.'

The highest estimate for the company's September quarter net profit is INR 5.21 billion from Nuvama Wealth Management Ltd. and Motilal Oswal Financial Services Ltd. and the lowest estimate is INR 1.28 billion from JM Financial Institutional Securities Pvt. Ltd. The highest estimate for the company's net sales is INR 12.57 billion by HDFC Securities Ltd. while the lowest estimate is INR 9.21 billion by JM Financial.

"Q2 (Jul-Sept) sales are expected to come in stronger on back of healthy launches during the quarter," Nuvama said. In the September quarter, the company launched Regal Pavilion in Hyderabad and Godrej Sora in Gurugram.

Godrej Regal Pavilion has a developable potential of 4.14 million square feet and the project has an estimated revenue potential of INR 360 billion, the company had said in a business update in August. The company sold homes worth INR 10 billion on Regal Pavilion's launch during the reporting quarter.

Godrej Properties is expected to clock pre-sales of INR 70 billion in the reporting quarter, aided by new launches and sustenance sales, Kotak Securities Ltd. said. It also purchased a 7.8-acre land parcel in Hyderabad, which has an estimated revenue potential of INR 38 billion. In the first three months of the current financial year, Godrej Properties had achieved 22% of its booking value guidance for the full year and 57% of its annual guidance for business development, the company had said after announcing previous quarter results in August.

Godrej Properties, a real estate developer, offers diverse range of projects, including residential and commercial. The company is currently developing projects in 12 cities across India covering over 18.58 million square meters.

The company is expected to post a consolidated earnings before interest, tax, depreciation, and amortisation of INR 779.80 million for the September quarter, according to the average of estimates. The highest estimate for the company's EBITDA is INR 1.42 billion from Nuvama Wealth and Motilal Oswal and the lowest estimate is INR 39 million from JM Financial. Motilal Oswal expects the company to post an EBITDA margin of 12.6% for the September quarter.

Godrej Properties will announce its earnings for the September quarter on Thursday. On Tuesday, shares of the company ended nearly 1% lower at INR 2,293.20 on the National Stock Exchange. Since reporting its June quarter earnings on Aug. 1, the company's shares have risen by almost 12%.

Of the 12 research reports on the company available with Informist, 10 broking firms have a "buy" rating on the stock with an average target price of INR 2,942 and two have a "sell" rating.

Following are the Jul-Sept earnings estimates for Godrej Properties from five brokerages in descending order of the estimate of net profit in INR million:

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Edited by Ashish Shirke

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