## **Table of Contents** 1. [Record-Breaking Q4FY26 and Annual Performance](#anchor1) 2. [Management Commentary and Strategic Outlook](#anchor2) 3. [Q3FY26 Results and Quarterly Analysis](#anchor3) 4. [FY25 vs FY26 Performance Comparison](#anchor4) 5. [Market Leadership and Business Development](#anchor5) --- <h2 id="anchor1">Record-Breaking Q4FY26 and Annual Performance</h2> [Godrej Properties](isin#INE484J01027) announced on April 10, 2026, that it has achieved the highest booking value ever reported by an Indian real estate company in both quarterly and annual terms. The company recorded a booking value of ₹10,163 crore in Q4FY26, matching its previous best quarter performance from Q4FY25, while delivering a full-year booking value of ₹34,171 crore for FY26, representing 16% YoY growth. This milestone establishes new industry benchmarks, with the company becoming India's largest residential developer by booking value for the third consecutive financial year. The achievement was driven by comprehensive operational excellence across multiple metrics, including record collections of ₹7,947 crore in Q4FY26 and ₹19,965 crore for the full year, marking 14% and 17% YoY growth respectively. Operating cash flow reached ₹4,631 crore in the fourth quarter, representing 14% YoY and 336% QoQ growth, while annual operating cash flow stood at ₹7,830 crore with 5% YoY growth. The company sold 17,515 units across 27 million square feet during FY26, demonstrating sustained demand for residential properties across India's major metropolitan markets. ### **Quarterly Performance Breakdown** Q4FY26 performance demonstrated exceptional momentum with booking value of ₹10,163 crore growing 21% QoQ from ₹8,421 crore in Q3FY26. The quarter witnessed sales of 4,791 units across 7.26 million square feet, supported by strong project launches and execution capabilities. Collections surged 86% QoQ to ₹7,947 crore, indicating robust cash conversion and customer payment schedules aligned with project delivery timelines. The company's business development activities added future sales potential of ₹42,100 crore through portfolio additions in FY26, achieving over 200% of guidance and representing 59% YoY growth. Direct construction spend increased by 62% in FY26, reflecting the company's focus on accelerating project execution and delivery capabilities to meet growing customer demand. <h2 id="anchor2">Management Commentary and Strategic Outlook</h2> MD and CEO Gaurav Pandey emphasized the comprehensive nature of FY26 performance, stating that the results underscore the strength of demand for well-designed, high-quality homes in India's major metropolitan markets. He highlighted that business development additions with future booking value potential exceeding ₹42,000 crore will ensure a strong launch pipeline in coming years, while combined operating cash flow of over ₹15,000 crore generated in the past two financial years enables continued investment for growth while strengthening the balance sheet. Pandey expressed strong confidence in FY27 prospects, providing affirmative guidance for maintaining growth momentum across presales and key operational metrics. He indicated that barring any significant market changes, the company expects sustained growth including booking value expansion, supported by completed business development activities and favorable market conditions. The management's strategic focus remains on excellence in design, construction quality, timely delivery, sustainability, and innovation to build on the current momentum. ### **Promoter Confidence and Investment** Demonstrating strong conviction in the company's growth trajectory, promoters invested ₹2,674 crore to acquire a 5.0% stake in Godrej Properties during FY26, utilizing the entire creeping acquisition limit. This significant insider investment, combined with operational performance achievements, reinforces management's confidence in the company's strategic positioning and long-term value creation potential across India's residential real estate sector. <h2 id="anchor3">Q3FY26 Results and Quarterly Analysis</h2> Q3FY26 results showcased sustained operational strength with booking value of ₹8,421 crore, representing 55% YoY growth while declining marginally by 1% QoQ from ₹8,505 crore in Q2FY26. The company sold 3,973 homes across 6.43 million square feet during the quarter, with collections growing 40% YoY and 5% QoQ to ₹4,282 crore. Operating cash flow reached ₹1,062 crore, marking 73% YoY growth despite an 11% QoQ decline. GPL delivered consistent performance throughout calendar year '25 recording booking value of over ₹7,000 crore in each of the 4 quarters of the year and has now delivered a booking value of over ₹5,000 crore in each of the last 10 quarters. Nine-month FY26 booking value reached ₹24,008 crore with 25% YoY growth, while collections stood at ₹12,018 crore with 19% YoY growth, representing the highest ever nine-month booking value in the company's history. ### **Geographic Distribution and Project Performance** The company’s sales were well diversified geographically, with key contributions from major residential markets: Mumbai Metropolitan Region (MMR) brought in ₹10,313 crore with Bengaluru bringing in ₹8,802 crore. The National Capital Region (NCR) brought in ₹7,410 crore, along with Pune at ₹3,659 crore. Hyderabad contributed ₹2,360 crore and other cities across India had a combined total of 1,627 crore. 2 zones of GPL i.e. South Zone (Bengaluru, Hyderabad & Chennai) and Mumbai Zone (Mumbai & Indore) crossed ₹11,000 crore booking value for the first time. During Q3FY26, the company executed 11 new project and phase launches across nine cities with combined sales potential of ₹11,000 crore, while adding three new projects with estimated saleable area of 7.30 million square feet and expected booking value of ₹8,400 crore. The company achieved 74% of its annual guidance for booking value within the first nine months, positioning it well to exceed full-year targets. <h2 id="anchor4">FY26 vs FY25 Performance Comparison</h2> Comparing FY26 with FY25 reveals comprehensive growth across key operational metrics, with booking value increasing 16% from ₹29,444 crore to ₹34,171 crore, while collections grew 17% from ₹17,047 crore to ₹19,965 crore. Operating cash flow expanded 5% from approximately ₹7,457 crore to ₹7,830 crore, demonstrating sustained cash generation capabilities despite increased construction spending. The company's three-year compound annual growth rate for booking value reached 41%, while collections achieved 30% CAGR, indicating consistent scaling trajectory. Business development activities showed exceptional performance with future sales potential additions of ₹42,100 crore in FY26 compared to ₹26,450 crore in FY25, representing 59% YoY growth and achieving 205% of guidance. However, deliveries declined 34% from 18.4 million square feet in FY25 to 12.1 million square feet in FY26, though the company still achieved 121% of its delivery guidance, indicating strategic focus on quality execution over volume. ### **Financial Performance Analysis** The company's guidance achievement for FY26 demonstrated strong execution capabilities, with booking value reaching 105% of guidance at ₹34,171 crore against ₹32,500 crore target, deliveries achieving 121% of guidance at 12.1 million square feet against 10.0 million square feet target, and business development exceeding expectations at 205% of guidance with ₹42,100 crore against ₹20,000 crore target. <h2 id="anchor5">Market Leadership and Business Development</h2> Godrej Properties has established itself as India's largest residential developer by booking value for the third consecutive financial year, while doubling its market share from 2.4% in CY21 to 4.8% in CY25. The company achieved top-two ranking among listed real estate developers in each of India's five leading markets: Mumbai, NCR, Bangalore, Pune, and Hyderabad, demonstrating comprehensive market presence and competitive positioning across key metropolitan regions. ### **Sustainability and Recognition Achievements** The company's commitment to sustainable development practices earned global recognition, including ranking number one globally among listed residential developers by Global Real Estate Sustainability Benchmark in 2020, 2021, 2022, and 2025. Godrej Properties also ranked first globally in the Real Estate and Management sector on S&P Global's Dow Jones best-in-class indices as of December 31, 2025, while receiving over 500 awards and recognitions, including Developer of the Year at GRI India Awards. Project performance consistency remained strong with 11 individual projects across six cities each generating booking value crossing ₹11,000 crore. The company maintained its track record of nine consecutive years of booking value growth, five consecutive quarters with over ₹7,000 crore booking value, and 10 consecutive quarters with over ₹5,000 crore booking value, establishing sustained operational excellence and market leadership position in India's residential real estate sector.