Godrej Properties has reported a strong FY26 business development performance, achieving ₹42,100 Cr against an initial target of ₹20,000 Cr, reflecting a 211% growth over the set target. FY26 residential bookings reached ₹34,171 Cr, equivalent to 105% of guidance, while customer collections of ₹19,965 Cr fell short of the ₹21,000 Cr target by 5%. Alongside these results, the company has announced its FY27 guidance targets and outlined its FY28 financial objectives.

FY26 Business Development & Operational Performance

Godrej Properties significantly outperformed its FY26 business development target, more than doubling the original benchmark. A 59% growth in business development during FY26 has enabled a better launch schedule and made 35% more inventory available for sale going into FY27. The following table captures the key FY26 performance metrics:

FY27 Guidance Overview

Building on its FY26 business development momentum, Godrej Properties has set its guidance targets for FY27 across key operational metrics. The company expects residential bookings to reach over ₹39,000 Cr in FY27, representing a 20% rise from FY26. Customer collections are also projected to increase by 20% to over ₹24,000 Cr. The FY27 collections target has been set with a buffer for changes, and the company is aiming to surpass it. The following table summarises the announced FY27 figures:

FY28 Targets and Free Cash Flow Outlook

Looking further ahead, Godrej Properties has outlined its FY28 financial objectives. The company has set a 20% Return on Equity (ROE) target by FY28, to be achieved through faster project deliveries. FY28 is expected to generate strong positive free cash flow, driven by new projects boosting both collections and earnings.

Key Highlights

• FY26 Business Development: Achieved ₹42,100 Cr against a ₹20,000 Cr target, a 211% outperformance, with 59% YoY growth enabling 35% more inventory for sale
• FY26 Bookings: ₹34,171 Cr, at 105% of guidance; collections of ₹19,965 Cr fell 5% short of the ₹21,000 Cr target
• FY27 Collections Target: Set at over ₹24,000 Cr with a buffer for changes, with the company aiming to surpass it
• FY27 Booking Value: Expected to exceed ₹39,000 Cr, a 20% increase from FY26
• FY28 ROE Target: 20%, supported by faster project deliveries and strong positive free cash flow

Godrej Properties Limited has submitted the monitoring agency report on the utilisation of proceeds raised through its Qualified Institutional Placement (QIP) for the quarter ended March 31, 2026. The report, prepared by ICRA Limited as the designated monitoring agency, was filed with BSE Limited and the National Stock Exchange of India Limited on May 04, 2026, in compliance with Regulation 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Issue Overview

The QIP was conducted between November 27, 2024 and December 02, 2024, involving the issuance of equity shares. The actual net proceeds from the placement were marginally higher than initially estimated, owing to lower-than-anticipated issue-related expenses.

Utilisation of Proceeds — No Deviations Reported

ICRA Limited confirmed that the utilisation of QIP proceeds is fully in line with the objects of the issue, with no material deviations observed. The means of finance for the disclosed objects remain unchanged, and no major deviation was observed over earlier monitoring agency reports. Both primary objects of the issue — land acquisition and general corporate purposes — are on schedule for completion by March 31, 2028.

The revised cost allocation reflects the upward revision in general corporate purposes from Rs. 615.000 crore to Rs. 621.000 crore, corresponding to the lower actual offer-related expenditure.

Progress in Utilisation of Proceeds

As of the quarter ended March 31, 2026, a cumulative amount of INR 4,434.351 crore had been utilised towards the acquisition of land and/or land development rights, with INR 224.773 crore deployed during the quarter. The total unutilised amount stood at INR 1,486.649 crore.

Note: The opening balance includes an adjustment for an EMD of INR 15.258 crore initially deposited in Q2 FY26, which was refunded and added back to unutilised proceeds in Q3 FY26.

Deployment of Unutilised Proceeds

The unutilised proceeds have been deployed across a range of mutual fund instruments. As certified by Gada Chheda & Co. LLP, the total amount invested stood at Rs. 1,643.414 crore (including booked profits of Rs. 156.766 crore net, earned from sale of mutual funds and redemption of fixed deposits), with total earnings of Rs. 104.997 crore and a market value of Rs. 1,748.411 crore as at the end of the quarter. The following table presents the deployment details:

Regulatory Compliance and Monitoring Agency Declaration

ICRA Limited, represented by Parul Goyal Narang, Vice President & Head - Process Excellence, confirmed that the report provides an objective view of the utilisation of issue proceeds based on information provided by the issuer and sources believed to be accurate and reliable. The monitoring agency noted no conflict of interest in its relationship with Godrej Properties while monitoring and reporting on the utilisation of QIP proceeds. The report was submitted in line with the format prescribed by SEBI. The filing was signed by Ashish Karyekar, Company Secretary of Godrej Properties Limited.