Hold Godrej Properties; target of Rs 520: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss' research report on Godrej Properties

Revenue stood at INR 4.6bn (up 19% YoY, down 10% QoQ), driven by POCM‐based revenue recognition in Trees project (INR 2.9bn; Phase 2 hit recognition) and other ongoing projects. EBITDA margin stood at 22% (compressed 200bps QoQ). Net profit came in at INR 624mn versus our estimate of INR 706mn.

Outlook

While the sharp demand uptick in key markets, price increase and faster new project additions pose key upside risks, demand slowdown and delays in selling balance commercial inventory are key downside risks. At CMP, the stock trades at 13% discount to our FY18E NAV of INR612. We believe the stock is fairly valued and offers limited upside from current levels. We downgrade to ‘HOLD/SP’ from ‘BUY/SP’.

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