The Mumbai-based developer achieved its highest-ever third-quarter sales value and remains on track to exceed full-year guidance. Strong operational metrics contrast with a decline in quarterly total income, while business development targets for the fiscal year have already been surpassed.
Godrej Properties Limited (NSE: GODREJPROP) reported its financial results for the quarter ended December 31, 2025, highlighted by a 55% year-on-year increase in booking value to INR 8,421 crore. Net profit for the period rose 20% to INR 195 crore, representing the company’s highest-ever third-quarter earnings. The developer has completed 74% of its annual booking value guidance as of the nine-month mark, maintaining a trajectory to exceed its fiscal year 2026 targets.
Record Growth in Quarterly Housing Sales
The primary driver for the quarter’s performance was the sale of 3,973 homes covering 6.43 million square feet. The Mumbai Metropolitan Region (MMR) was the largest contributor, accounting for 38% of booking value, largely supported by the launch of the Godrej Trilogy project in Worli. Furthermore, the company added three new projects in the third quarter with an estimated booking value of INR 8,400 crore. This brought the nine-month business development total to INR 24,650 crore, which represents 123% of the annual guidance.
Profit Rises Despite Q3 Revenue Decline
Consolidated total income for the third quarter declined 17% year-on-year to INR 1,020 crore, compared to INR 1,222 crore in the same period last year. Despite the revenue decline, EBITDA grew 21% to INR 338 crore, and earnings per share rose to INR 6.48. For the first nine months of fiscal 2026, total income increased 7% to INR 4,480 crore, while net profit grew 18% to INR 1,200 crore. Customer collections increased 40% in the third quarter to INR 4,282 crore, though nine-month operating cash flow decreased by 7% to INR 3,199 crore.
Project Delivery and Capital Allocation Plans
Management intends to maintain net debt below INR 10,000 crore, targeting a net debt-to-equity ratio of less than 0.55X based on current net worth. The company’s strategy emphasizes geographic diversification; during the 2025 calendar year, no single market contributed more than 30% to total booking value. The firm plans to utilize the INR 6,000 crore raised through a Qualified Institutional Placement in late 2024, alongside generated operating cash flow, to fund continued investment for growth. Operational priorities for the remainder of the fiscal year include a robust launch pipeline and a scheduled increase in project deliveries during the fourth quarter.
Consolidation and Leadership in Indian Real Estate
Godrej Properties retained its position as the largest developer in India by residential sales value in fiscal 2025. Despite this ranking, the company holds less than 5% of the total market share, which suggests room for further consolidation within the industry. The developer currently maintains a top-two rank among listed entities in India’s five leading real estate markets: MMR, NCR, Bengaluru, Pune, and Hyderabad. In terms of environmental and governance benchmarks, the company received an ‘A’ rating in the 2025 CDP Leadership Index and was ranked as a global sector leader by the Global Real Estate Sustainability Benchmark.
