Any current/future new fundraising through debt or equity?

As of now, Godrej Properties does **not have any plans for an equity raise** between now and FY '28. It is considered **highly unlikely there will be an equity raise** in this period. In case of unexpected opportunities, equity raise could be considered, but it's not anticipated. Debt-related interest outflows in Q2 are due to scheduled payments on NCDs (Non-Convertible Debentures), implying **ongoing utilization of debt**, but these are usual annual interest payments. No explicit mention of new debt fundraising plans was provided in the discussed sections.

Any current/future capex/capital investment/strategic investment?

Upcoming launches across multiple markets indicate continued capital investment: - Sector 53 second phase launch with pricing strategy tied to previous phase inventory quality. - Mumbai: Launch of a project in Indore's Manglia micro market expected within the quarter. - Panvel township commercial office space launch anticipated this or early next quarter. - Kharghar projects (three parcels acquired via auctions) slated for launch likely in Q4. - Remaining retail inventory launch on ground and third floors. - Panipat acquisition to open up soon. - 7.5-acre super prime land parcel

Future growth expectations in sales/revenue/volumes?

Godrej Properties targets roughly sales in line with the business development to sustain growth momentum, as H1 sales and BD were relatively close. They anticipate a similar sales-BD relationship in the second half of FY26. Medium-term growth rate expectation is approximately 20%, with opportunities to exceed this in certain cycles. Expansion in key markets: NCR, Mumbai (including upcoming projects like Worli), Bangalore, Pune, Hyderabad (rapid market entry), and new micro-markets. Growth opportunities arise from increasing market share; currently at 4.3% of national residential sales, with he

Future growth expectations in earnings/operating earnings/profits/EPS?

Godrej Properties expects a medium-term growth rate of around 20% annually from the current scale. Operating cash flow (OCF) for FY26 is projected in the range of INR 6,500 to INR 8,500 crores, depending on the speed of construction and collections. A step-up in profitability is anticipated in FY28 due to a higher number of occupation certificates (OCs) from new projects impacting revenue recognition. Net profit growth has been considerable recently, though short-term reported profitability affected by accounting factors related to project completion method. The company targets a 20% Return on

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Godrej Properties LtdQ3 FY25Realty

Godrej Properties Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,800P/E: 34.6Market Cap: ₹55.3K CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Godrej Properties targets roughly sales in line with the business development to sustain growth momentum, as H1 sales and BD were relatively close.
→They anticipate a similar sales-BD relationship in the second half of FY26.
→Medium-term growth rate expectation is approximately 20%, with opportunities to exceed this in certain cycles.
→Expansion in key markets: NCR, Mumbai (including upcoming projects like Worli), Bangalore, Pune, Hyderabad (rapid market entry), and new micro-markets.
→Growth opportunities arise from increasing market share; currently at 4.3% of national residential sales, with headroom to grow as no market exceeds 10% share.
→Robust launch pipeline and strong balance sheet support bookings target of INR32,500 crores for FY26.
→Collections and operating cash flow expected to grow, with a strong Q4 indicated due to a heavy OC calendar.
→Around 4,000 homes planned for delivery in NCR in the next 6-9 months.

Margin guidance

Category 3

→Godrej Properties expects a medium-term growth rate of around 20% annually from the current scale.
→Operating cash flow (OCF) for FY26 is projected in the range of INR 6,500 to INR 8,500 crores, depending on the speed of construction and collections.
→A step-up in profitability is anticipated in FY28 due to a higher number of occupation certificates (OCs) from new projects impacting revenue recognition.
→Net profit growth has been considerable recently, though short-term reported profitability affected by accounting factors related to project completion method.
→The company targets a 20% Return on Equity (ROE) by FY28.
→Earnings (PAT) of INR 4,000 to INR 4,500 crores by FY28 is expected.
→Operating cash flow growth is expected to mirror sales growth over the long term.
→No significant equity raise is planned till FY28 to support growth.

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Fundraise plans

→As of now, Godrej Properties does **not have any plans for an equity raise** between now and FY '28.
→It is considered **highly unlikely there will be an equity raise** in this period.
→In case of unexpected opportunities, equity raise could be considered, but it's not anticipated.
→Debt-related interest outflows in Q2 are due to scheduled payments on NCDs (Non-Convertible Debentures), implying **ongoing utilization of debt**, but these are usual annual interest payments.
→No explicit mention of new debt fundraising plans was provided in the discussed sections.

Order book

Yes

The provided pages from the Godrej Properties Limited document do not explicitly mention current or expected orderbook/pending orders figures. However, insights related to sales, launches, and business development pipeline include: - Business development additions in H1 FY26: 9 projects with a total saleable area of 15 million sq.ft and expected booking value of INR16,250 crores, achieving 81% of annual guidance. - Twelve new projects launched in Q2 FY26 across 8 cities with total sales potential above INR10,000 crores. - Robust launch pipeline with multiple upcoming projects in NCR, Mumbai (including Worli and Kharghar), Indore, and Panvel. - Expected bookings target for FY26: INR32,500 crores. - Healthy bookings and collections trajectory with a strong construction spend rise to support profit recognition by FY28. No explicit numeric orderbook or pending orders data is provided on page 19 or surrounding pages.

Capex plans

Yes

→Upcoming launches across multiple markets indicate continued capital investment:
→ - Sector 53 second phase launch with pricing strategy tied to previous phase inventory quality.
→ - Mumbai: Launch of a project in Indore's Manglia micro market expected within the quarter.
→ - Panvel township commercial office space launch anticipated this or early next quarter.
→ - Kharghar projects (three parcels acquired via auctions) slated for launch likely in Q4.
→ - Remaining retail inventory launch on ground and third floors.
→ - Panipat acquisition to open up soon.
→ - 7.5-acre super prime land parcel launch on Golf Course Road in Mumbai planned later.
→Construction spend is expected to grow year-on-year to support these projects.
→Management aims for an operating cash flow range of INR 6,500 to INR 8,500 crores depending on ramp-up speed of construction.
→Business development is ongoing with 80% of FY 26 target achieved, with cautious flexibility to avoid missing guidance.
→Strategic pricing and inventory control used to maximize profitability in new launches, e.g., Worli project.

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