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Mumbai based real estate giant Godrej Properties Limited (GPL) delivered a steady performance in the September quarter, reporting higher profitability even as revenue moderated due to project completion cycles. The Mumbai-based real estate major posted a consolidated net profit of Rs 405 crore, up 21 per cent year-on-year, while revenue declined 32 per cent to Rs 740 crore from Rs 1,093 crore in the same quarter last year.

Despite the revenue dip, the company’s booking and collection trends remained strong, supported by new launches and healthy demand momentum. However, Godrej Properties reported an EBITDA loss of Rs 513 crore against a positive Rs 32 crore in the year-ago period, largely owing to timing mismatches in revenue recognition.

The developer recorded its highest-ever second-quarter booking value at Rs 8,505 crore, up 64 per cent year-on-year and 20 per cent sequentially. For the first half of FY26, bookings stood at Rs 15,587 crore — about 48 per cent of the firm’s annual target of Rs 32,500 crore.

During the quarter, Godrej Properties launched 12 new projects and phases across eight cities with an estimated sales potential of Rs 10,100 crore. The company also added four new developments with a combined saleable area of 5.82 million sq. ft., expected to generate booking values of around Rs 4,850 crore.

Collections for the quarter rose modestly to Rs 4,066 crore, up 2 per cent from the same period last year, while first-half collections reached Rs 7,736 crore, marking a 10 per cent increase year-on-year. Operating cash flow came in at Rs 1,190 crore, down 35 per cent on an annual basis but up 26 per cent compared to the previous quarter.

The company delivered 2.2 million sq. ft. of projects in Q2 FY26, reflecting an 82 per cent year-on-year increase in direct construction spending — a sign of steady project execution and delivery focus.

Shares of Godrej Properties traded lower in Thursday’s session despite the operational resilience. The stock opened at Rs 2,300 against the previous close of Rs 2,293.20, before slipping 3.6 per cent to Rs 2,209.80 around mid-day. The counter recorded a trading volume of over 5.3 lakh shares and a turnover of Rs 122.2 crore on the NSE.

With a market capitalisation of Rs 67,289 crore, the stock currently trades at a price-to-earnings ratio of 44.7. Over the past year, the counter has touched a 52-week high of Rs 3,015.90 and a low of Rs 1,900.

Senior Sub-editor at Zee Business English

shweta.shukla@India.com

Shweta Birendra Shukla is a journalist covering the stock market and corporate aff