Godrej Properties Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Godrej Properties Ltd trades at ₹2,102, in a downtrend and 78 weeks into that stage. That is +10.9% against its own 200-day average. It sits at 76% of a 52-week range of ₹1,505 to ₹2,288. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 14 straight weeks.

Today the stock is in a downtrend — week 78 of stage 4, confirmed. At ₹2,102 it trades +10.9% versus its 200-day average and sits at 76% of its 52-week range (₹1,505–₹2,288).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +661% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 14 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 10th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Godrej Properties Ltd trades at 38.0× P/E, near the bottom of its own range — cheaper only 10% of the time. Its long-run median P/E is 73.3×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 38.0× is near the bottom of its own range — cheaper only 10% of the time, against a long-run median of 73.3× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +32.2% against a −11.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 10y, of the +19.0%/yr price move, ~+20.8%/yr came from earnings growth and ~−1.8 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 9.1% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Godrej Properties Ltd reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 8.0% is below the 15% bar this page requires to call it Consistent. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

61.7/100 — rank 2 of 7 in Realty - National · 72% evidence confidence

Godrej Properties Ltd scores 61.7 out of 100 against the 7 companies it is compared with in Realty - National, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 21.7 + 11.8 + 10.3 + 17.9 = 61.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Godrej Properties Ltd reported ₹3,458 Cr of revenue in the Mar 26 quarter, +63.0% year on year. Over 10 years it has compounded at 9.2% a year. The last full year, FY26, came in at ₹5,131 Cr. The last four reported quarters add to ₹5,131 Cr.

Godrej Properties Ltd reported ₹3,458 Cr of revenue in the Mar 26 quarter, +63.0% year on year. Over 10 years it has compounded at 9.2% a year. The last full year, FY26, came in at ₹5,131 Cr. The last four reported quarters add to ₹5,131 Cr.

FY26 revenue came in at ₹5,131 Cr (+4.2% on the year), capping 10 years at 9.2% compound. The latest quarter (Mar 26) printed ₹3,458 Cr, +63.0% year on year.

Pace check: the last four quarters averaged −14.8% growth against the decade's 9.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +4.2% over the last 4 quarters against +30.0%/yr over the last 8 — rolling over; TTM profit +32.5% vs +56.8%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 15.0% this quarter (+11.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Godrej Properties Ltd's operating margin is 15.0% in the Mar 26 quarter, +11.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −59.0% to 24.0%. The current quarter sits inside that band.

Godrej Properties Ltd's operating margin is 15.0% in the Mar 26 quarter, +11.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −59.0% to 24.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 15.0%, +11.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −59.0%–24.0%.

Why the margin moved: operating margin went +11.6 pp year on year while gross margin went +6.2 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit +70.6% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Godrej Properties Ltd earned ₹645 Cr of net profit in the Mar 26 quarter, +70.6% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹1,841 Cr. The 10-year compound rate is 27.7%. That is 18.7% of the quarter's revenue. The same quarter a year earlier earned ₹378 Cr.

Godrej Properties Ltd earned ₹645 Cr of net profit in the Mar 26 quarter, +70.6% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹1,841 Cr. The 10-year compound rate is 27.7%. That is 18.7% of the quarter's revenue. The same quarter a year earlier earned ₹378 Cr.

Mar 26 profit was ₹645 Cr, +70.6% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹1,841 Cr (+32.5%), and the 10-year compound rate is 27.7%.

Why profit moved: revenue contributed +63.0% and the margin +11.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +32.3% vs revenue −14.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: −124% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −124% of Godrej Properties Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−2,003 Cr of operating cash against ₹1,841 Cr of profit. After ₹609 Cr of capital spending, ₹−2,612 Cr was left as free cash.

FY26: operating cash of ₹−2,003 Cr against reported profit of ₹1,841 Cr, leaving free cash of ₹−2,612 Cr after ₹609 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −124% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −124%: the cash cycle tightened 75 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 5.3× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹1,244 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Godrej Properties Ltd's cash conversion cycle runs 39 days in FY26, down from 114 days in FY21. Capital spending ran ₹1,244 Cr over the last 3 years. At FY26 sales of ₹5,131 Cr each day of that cycle holds about ₹14.1 Cr, so roughly ₹548 Cr sits inside the business at any moment.

FY26: debtors at 39 days, inventory at 7,155 days — roughly 235.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 39 days, tighter than FY21's 114.

The full loop: cash goes out to suppliers and production on day 0; stock waits 7,155 days to sell; customers pay about 39 days after that; and suppliers themselves are paid at 730 days — netting out to the 39-day cycle.

In money terms: at FY26 sales of ₹5,131 Cr, each day of the cycle holds about ₹14.1 Cr — so the 39-day loop keeps roughly ₹548 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,244 Cr over the last 3 fiscal years against ₹235 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹172 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 8%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Godrej Properties Ltd earns a ROCE of 8% in FY26. That is up from a trough of 1% in FY18. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 35.9% net margin on 0.06× asset turns.

FY26 ROCE is 8%, recovered from a FY18 trough of 1% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 35.9% net margin × 0.06× asset turns × 4.26× balance-sheet leverage ≈ 9.2% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 9.1% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.83.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Godrej Properties Ltd carries ₹15,894 Cr of borrowings against ₹19,156 Cr of equity in FY26, a debt-to-equity of 0.83. Operating profit covers the interest bill −3×. Over 5 years borrowings went from ₹4,542 Cr to ₹15,894 Cr. Capital spending ran ₹1,244 Cr across the last 3 of those years.

FY26: borrowings of ₹15,894 Cr against equity of ₹19,156 Cr — a debt-to-equity of 0.83. Operating profit covers the interest bill −3×. Over 5 years borrowings went from ₹4,542 Cr to ₹15,894 Cr while capital spending ran ₹1,244 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 9.1% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 6.8 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 6.8 points of Godrej Properties Ltd over 8 quarters, the biggest move on the register. That takes promoters to 51.7% of the company. Foreign institutions moved −4.6 points over the same window, to 25.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −6.8 points over 8 quarters to 51.7%; Foreign institutions: −4.6 points over 8 quarters to 25.3%; Domestic institutions: +3.4 points over 8 quarters to 9.0%.

Why the register moved: rotation — foreign institutions −4.6 points against domestic institutions +3.4 points over 8 quarters, with promoters −6.8 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Godrej Properties Ltd: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

The safety line in one sentence: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute.

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