GODREJPROP · Realty
Godrej Properties Ltd. reported revenue of ₹1,935 cr for July to September 2026, +161.5% on the year and +282.4% on the quarter. That is faster than this quarter has grown in recent years (+93.2% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹6,397 cr, +50.0% on the four before.
Operating profit (EBITDA) was −₹469 cr, a margin of −24.2%, +5,630 bps on the year and +3,387 bps on the quarter. Over the last 8 quarters the margin has ranged from −80.5% to 15.1%, averaging −30.6%.
Net profit was ₹145 cr, −64.0% on the year and −58.5% on the quarter, with earnings per share of ₹5.12. The tax rate was −48% against an average of 28% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,333 cr, −13.3% on the four before.
Of the 12 companies in Real estate, REITs and InvITs that have reported Q2 FY27 so far, Godrej Properties Ltd. ranks 2nd on revenue growth; the sector median is −6.1%. Its margin moved +5,630 bps on the year against a sector median of +365 bps.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹44.80 over the last four quarters, the stock at ₹1,814.60 trades at 40.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹330 cr | ₹1,426 cr | ₹739 cr | ₹1,093 cr | ₹969 cr | ₹2,122 cr | ₹435 cr | ₹740 cr | ₹498 cr | ₹3,458 cr | ₹506 cr | ₹1,935 cr |
| YoY | — | — | −21% | +219% | +194% | +49% | −41% | −32% | −49% | +63% | +16% | +161% |
| EBITDA margin | −20.0% | 8.6% | −25.3% | 2.7% | 0.9% | 3.5% | −62.1% | −80.5% | −39.6% | 15.1% | −58.1% | −24.2% |
| Other income, % of PBT | 229% | 88% | 134% | 116% | 123% | 99% | 138% | 214% | 202% | 50% | 175% | 653% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 34% | 20% | 28% | — | 28% | 33% | 30% | 29% | 24% | 26% | 27% | −48% |
| Net profit | ₹63.0 cr | ₹478 cr | ₹519 cr | ₹334 cr | ₹158 cr | ₹378 cr | ₹598 cr | ₹403 cr | ₹194 cr | ₹645 cr | ₹349 cr | ₹145 cr |
| YoY | — | — | +287% | +358% | +151% | −21% | +15% | +21% | +23% | +71% | −42% | −64% |
| Core profit YoY | — | — | — | — | — | −89% | — | — | — | +5,338% | — | — |
| EPS | ₹2.24 | ₹16.95 | ₹18.70 | ₹12.06 | ₹5.40 | ₹12.68 | ₹19.92 | ₹13.45 | ₹6.48 | ₹21.58 | ₹11.62 | ₹5.12 |
| Flags | 1 | 2 | 2 | 2 | 1 | 3 | 2 | 2 | 2 | ✓ | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Godrej Properties Ltd. reported revenue of ₹1,935 cr (+161.5% on the year) and net profit of ₹145 cr (−64.0% on the year) for July to September 2026.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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