Buy Godrej Properties; target of Rs 2096: Geojit Financial Services

Geojit Financial Services is bullish on Godrej Properties has recommended buy rating on the stock with a target price of Rs 2096 in its research report dated February 26, 2026.

Broker Research

February 27, 2026 / 09:55 IST

Buy

Geojit Financial Services research report on Godrej Properties

In Q3FY26, booking value increased 54.6% YoY, supported by 3,973 home sales covering 6.43mn sq ft, marking a 57.9% YoY rise in volumes. Customer collections rose 39.5% YoY to Rs. 4,282cr and delivered projects aggregated ~1.7mn sq ft in three cities during the quarter. Also, three new projects were added to the portfolio, covering ~7.3mn sq ft of saleable area and a potential booking value of ~Rs. 8,400cr. The Mumbai's Metropolitan Region accounted for Rs. 3,239cr of the booking value, supported primarily by the launch of Godrej Trilogy at Worli, which contributed Rs. 1,742cr to the booking value. EBITDA was negative Rs. 197cr on account of increases in material cost (+39.8% YoY), employee expense (+13.9%) and other expense (+13.4%). Reported profit after tax rose 22.5% YoY to Rs. 194cr, driven by a 97.5% YoY increase in other income.

Outlook

Hence, we upgrade our rating on the stock to BUY, with a rolled forward target price of Rs. 2,096, based on 2.1x FY28E book value per share.

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