Godrej Properties Q2 Results, October 23, 2026: Profit Falls 62% but Collections Jump 31%

Godrej Properties had a strange-looking quarter. In its Godrej Properties Q2 results for July to September 2026, announced on October 23, 2026, consolidated net profit fell 62% to ₹154 crore from ₹405 crore a year earlier. Yet the company is calling it a very strong operating quarter, and the cash numbers in its press release filed with NSE mostly back that up.

The gap between the two is not a mystery. Real estate developers book revenue when projects are completed and handed over, not when flats are sold. So reported profit can drop in a quarter where sales and collections are doing well.

Godrej Properties Q2 results: the reported numbers

All figures are consolidated and compare Q2 FY27 with Q2 FY26, as given in the release.

• Total income: up 38% to ₹2,575 crore from ₹1,867 crore.
• EBITDA: down 72% to ₹171 crore from ₹614 crore.
• Net profit: down 62% to ₹154 crore from ₹405 crore.
• EPS (not annualised): ₹5.12 against ₹13.45.

For the first half (April to September 2026), total income rose 13% to ₹3,912 crore, while net profit halved to ₹504 crore from ₹1,005 crore.

Bookings, collections and cash flow

This is where the story gets better. Bookings in the quarter were ₹8,008 crore, from the sale of 3,658 units covering 6.2 million sq. ft. For the half year, bookings rose 7% to ₹16,659 crore, which the company says is its highest-ever first-half figure. It is also the seventh straight quarter above ₹7,000 crore of bookings.

Sustenance sales, meaning sales from projects launched in earlier periods, had their best quarter yet. They grew 83% year-on-year and 43% quarter-on-quarter to ₹5,054 crore. That matters, because it shows demand for existing inventory rather than just launch-day buzz.

Collections grew 31% to ₹5,318 crore in Q2 and 25% to ₹9,666 crore for the half. Operating cash flow was ₹1,584 crore in the quarter, up 33% from a year ago and 297% from Q1. Construction and related spending rose 31% in Q2 and 42% in H1, so the company is also putting more money into the ground.

Sales were spread across cities: NCR ₹1,926 crore, MMR ₹1,899 crore, Bengaluru ₹1,564 crore, Pune ₹976 crore, Hyderabad ₹782 crore and other markets ₹861 crore. Among new launches, Godrej Crown Residences in Noida brought in ₹1,036 crore.

Land additions and guidance

Godrej Properties added one new project in Q2 with about 1.1 million sq. ft. of saleable area and expected bookings of ₹6,000 crore. Across the half, it added four projects with around 9.1 million sq. ft. and an expected ₹15,500 crore of bookings, which it says is 78% of its full-year business development guidance. It also delivered 2.5 million sq. ft. of projects in the quarter.

Chairperson Pirojsha Godrej said the company launched only a third of its planned annual pipeline in the first half but still delivered 43% of its bookings guidance. For the second half, the company expects ₹15,000 crore of collections and ₹7,000 crore of operating cash flow, and it is targeting positive free cash flow and a 20% reported ROE in FY28.

What it means for investors

We’d read this quarter through the cash lens, not the profit line. The company itself points to project completion accounting, under which the growth of recent years shows up in reported numbers later, and it flags FY28 as that year, while bookings, collections and operating cash flow all grew. The real test is execution: H2 needs a big launch push to hit those cash-flow targets. For a broader way to read results like these, see our guide on how to analyse quarterly results of a company, and our earlier look at realty stocks to watch.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.