Buy Godrej Properties; target of Rs 2603: ICICI Securities

ICICI Securities's research report on Godrej Properties

Godrej Properties (GPL) has clocked robust Q1FY26 gross sales bookings of 6.2msf, worth INR 70.8bn, led by several new launches across Bengaluru and Greater Noida. In FY25, the company had achieved record sales bookings worth INR 294bn (up 31% YoY). For FY26, it has given a formal sales booking guidance of INR 325bn, implying around 10% growth over FY25 sales bookings. While this may appear conservative, the 10% guidance outperformance in FY25 means a higher base heading into FY26. However, with a strong launch pipeline of INR 400bn for FY26, the company may exceed its guidance.

Outlook

Maintain our sales bookings estimates of INR 315bn for FY26E and INR 341bn for FY27E. Retain BUY with an unchanged TP of INR 2,603. Key risks: Residential demand slowdown and muted price growth.