ICICI Securities Initiates Coverage on Godrej Properties with a Target Price of Rs 2469

Godrej Properties Posts Robust Q4FY26 Gross Sales Bookings

Godrej Properties (GPL) has reported robust gross sales bookings worth INR 102 billion in Q4FY26, driven by several launches across key markets such as Pune, Bengaluru, NCR, and MMR. This marks a significant milestone for the company, which achieved FY26 sales bookings of INR 342 billion - a 16% year-over-year (YoY) growth and 5% ahead of its guidance.

In comparison to FY25 sales bookings of INR 294 billion, Godrej Properties has demonstrated a notable increase in its sales bookings. The company's robust performance is expected to continue in FY27, with a healthy launch pipeline and a gross development value (GDV) of INR 480 billion. Consequently, the company's FY27 sales booking guidance stands at INR 390 billion, representing a 17% YoY growth.

Upgraded Sales Booking Estimates and Revised Target Price

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Based on the indicative FY27 launch pipeline, ICICI Securities has upgraded its FY27/28E sales booking estimates by approximately 12% each to INR 390/435 billion, respectively. This upgrade is driven by the company's higher sales bookings and improved operating cash flow (OCF) trajectory. As a result, ICICI Securities retains its BUY recommendation on Godrej Properties with a revised target price of INR 2,469, up from INR 2,256.

Comparison of FY25 and FY26 Sales Bookings

Note: YoY growth is calculated as (FY26 sales bookings - FY25 sales bookings) / FY25 sales bookings * 100.

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