Godrej Properties financials and balance sheet

NSE: GODREJPROPBSE: 533150RealtyMid Cap

₹1,496.50₹68.50 (4.38%)BSE ₹1,497.90

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,565.00.

52-week range of traded prices to 23 Oct 2026

₹1,434.00Low, 2 Apr 2026₹2,352.00High, 27 Oct 2025

Next results date: the board meets on 23 Oct 2026 to consider: financial results.

Market cap: ₹45,079 Cr196th largest listed
P/E: 28.2
P/B: 2.4
Dividend yield: 0.67%
ROE: 8.8%
ROCE: −1.7%
Debt to equity: 0.81
Volume, NSE: 9,41,25229.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Godrej Properties annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 7.7% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹2,817 Cr, differs from its quarters added, ₹2,783 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,131
Materials and goods−2,949
Employee costs−596
Other expenses−2,003
Operating profit−417
Depreciation−116
Other income+3,279
One-off items−60
Finance costs−137
Profit before tax2,551
Tax−710
Net profit1,841

What the company owns

Inventory₹57,807 Cr
Plant, investments and other assets₹14,931 Cr
Cash and bank₹5,718 Cr
Current investments₹2,884 Cr
Receivables₹554 Cr

What pays for it: net worth and liabilities

Other liabilities₹41,025 Cr
Net worth₹19,355 Cr
Borrowings₹15,615 Cr
Owed to suppliers₹5,900 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Godrej Properties quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 12 May	Mar 2021Filed 4 May	Mar 2022Filed 4 May	Mar 2023Filed 4 May	Mar 2024Filed 4 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue from operations	1,583	1,889	2,817	2,441	765	1,825	2,252	3,036	4,923	5,131
	1,333	1,894	2,639	2,096	1,098	1,692	2,005	3,165	4,878	5,548
Materials and goods bought	–	–	2,194	1,563	475	1,194	1,242	1,808	2,925	2,949
Employee costs	–	–	173	185	300	110	218	331	451	596
Other expenses	–	–	272	348	324	388	544	1,026	1,503	2,003
Operating profit before depreciation	250	−4	178	345	−333	133	248	−130	44	−417
Operating margin	15.8%	−0.2%	6.3%	14.1%	−43.6%	7.3%	11.0%	−4.3%	0.9%	−8.1%
Materials, % of revenue	–	–	77.9%	64.0%	62.1%	65.4%	55.1%	59.6%	59.4%	57.5%
Employee costs, % of revenue	–	–	6.1%	7.6%	39.2%	6.0%	9.7%	10.9%	9.2%	11.6%
Other expenses, % of revenue	–	–	9.7%	14.3%	42.3%	21.2%	24.2%	33.8%	30.5%	39.0%
Depreciation and amortisation	14	16	14	21	20	21	24	45	74	116
Operating profit after depreciation	236	−21	164	325	−353	112	223	−174	−29	−532
Other income	125	501	405	473	568	761	787	1,299	2,044	3,279
Finance costs	102	150	234	222	185	167	174	152	174	137
Profit before one-off items and tax	260	331	334	576	30	705	836	972	1,841	2,610
One-off items	0	0	0	−85	0	0	0	0	−119	−60
Profit before tax	260	331	334	491	30	705	836	972	1,723	2,551
	78	102	95	220	104	166	175	253	333	710
Current tax	–	–	95	69	50	184	199	187	214	319
Deferred tax	–	–	0	152	54	−18	−24	66	119	391
Share of profit of joint ventures and associates	25	6	14	–	−116	−189	−41	28	–	–
	207	235	253	271	−189	351	621	747	1,389	1,841
Belonging to the company's shareholders	207	235	253	267	−189	352	571	725	1,400	1,850
Belonging to outside owners of subsidiaries	–	–	0	3	0	−2	49	22	−11	−10
Other comprehensive income	–	–	−1	−1	−1	−1	1	−1	−6	−5
Total comprehensive income	–	–	252	270	−190	349	622	746	1,383	1,836
Net margin	13.1%	12.4%	9.0%	11.1%	−24.8%	19.2%	27.6%	24.6%	28.2%	35.9%
Net margin without joint ventures and associates	11.5%	12.1%	8.5%	–	−9.6%	29.6%	29.4%	23.7%	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Share of profit of joint ventures and associates is left blank for the years to Mar 2020, Mar 2025 and Mar 2026: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 2 May	Mar 2020Filed 12 May	Mar 2021Filed 4 May	Mar 2022Filed 4 May	Mar 2023Filed 4 May	Mar 2024Filed 4 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May	Sep 2026Half yearFiled 23 Oct
	2,469	4,804	8,319	8,674	9,287	10,301	17,574	19,355	19,552
	2,469	4,804	8,319	8,675	9,264	9,993	17,312	19,156	19,359
Share capital	115	126	139	139	139	139	151	151	151
Reserves	2,354	4,678	8,181	8,536	9,125	9,853	17,162	19,005	19,208
Belonging to outside owners of subsidiaries	0	0	–	−2	23	309	261	199	194
	3,516	3,210	4,513	5,170	6,412	10,656	12,561	15,615	19,746
Repayable after a year	500	0	1,000	1,000	0	2,660	4,000	2,250	2,250
Repayable within a year	3,016	3,210	3,513	4,170	6,412	7,996	8,561	13,365	17,496
	5,111	5,287	6,769	8,016	13,786	22,732	33,770	59,525	70,320
Trade payables	248	720	1,902	2,254	3,357	3,756	0	5,900	5,887
Other financial liabilities	262	892	405	463	838	941	4,200	996	849
Other liabilities	1,556	385	905	1,081	3,096	9,931	20,907	39,087	45,908
Provisions	11	23	33	39	46	42	43	52	116
Tax owed	18	57	11	10	37	66	58	126	64
	512	14	1,159	1,114	32	2,701	4,122	3,014	3,142
Other financial liabilities	–	0	143	97	16	21	8	252	257
Other liabilities	0	1	–	–	0	0	68	–	–
Provisions	12	13	15	18	16	20	31	71	76
Deferred tax	1	0	1	–	0	0	16	442	559
Total assets	8,093	10,106	16,248	17,804	23,105	35,735	55,466	81,894	93,013
	2,573	2,461	3,174	2,708	2,933	3,285	4,321	6,076	6,174
Plant in use, after depreciation	72	78	102	129	170	930	1,043	1,281	–
Plant being built	99	161	229	339	652	249	113	169	–
Intangible assets	23	21	22	20	15	15	14	14	12
Goodwill	0	0	0	0	0	0	0	0	0
Intangible assets being developed	1	2	0	1	1	1	3	3	3
Property held to earn rent	2	10	23	34	32	30	135	151	146
Investments	1,585	1,509	699	720	668	592	1,404	2,001	2,017
Stakes in joint ventures and associates	0	0	824	804	786	770	817	626	853
Loans given	29	26	29	44	0	0	0	128	117
Other financial assets	33	3	753	60	42	124	209	717	338
Deferred tax	516	364	292	308	332	306	204	305	360
Trade receivables	0	90	72	173	160	65	76	74	64
Other assets	215	196	130	76	74	202	302	609	712
	5,520	7,645	13,074	15,096	20,173	32,450	51,144	75,818	86,840
Inventories	2,211	2,125	4,801	5,668	12,073	22,565	32,928	57,807	64,626
Trade receivables	160	433	238	192	359	310	434	554	466
Cash and cash equivalents	153	147	269	179	715	1,320	1,502	1,861	1,627
Other bank balances	190	360	405	1,159	1,301	1,601	3,884	3,857	4,649
Current investments	1,052	2,062	3,719	3,359	1,080	1,788	3,729	2,884	5,359
Loans given	1,030	1,603	2,437	2,553	2,395	1,779	2,129	2,108	2,161
Other financial assets	343	492	792	1,224	1,330	1,232	1,568	1,538	2,036
Other assets	381	424	412	761	918	1,856	4,970	5,209	5,916
Net debt	2,121	642	120	472	3,315	5,948	3,446	7,013	8,111

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 4 May	Mar 2022Filed 4 May	Mar 2023Filed 4 May	Mar 2024Filed 4 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May	Sep 2026Half yearFiled 23 Oct
	−555	−452	−2,861	−693	−2,242	−1,961	−716
	−571	−260	−2,692	−19	−1,996	−1,588	−539
	−357	−501	−3,034	108	−2,185	−1,256	85
Receivables	169	12	0	0	−135	−109	101
Inventories	−2,205	−284	−3,987	−4,916	−7,812	−14,890	−4,765
Payables	0	20	0	0	−236	975	−152
Other working capital	1,680	−249	953	5,025	5,999	12,769	4,901
Tax paid	15	−191	−169	−265	−246	−374	−177
Capital spending	128	146	306	695	212	406	200
Free cash flow	−683	−598	−3,166	−1,388	−2,454	−2,368	−916
	−3,322	124	1,134	−2,080	−4,273	622	−2,628
Plant and property sold	3	6	6	2	4	28	21
Companies bought	0	0	0	−175	−87	−170	−2
Interest received	129	334	267	264	230	427	235
Dividends received	0	0	0	0	0	0	0
	4,264	238	832	3,363	6,710	938	3,837
Borrowings raised	1,451	604	1,228	5,136	1,340	0	5,770
Borrowings repaid	−500	0	0	−1,000	510	2,214	−750
Interest paid	−373	−359	−385	−868	−1,050	−1,247	−301
Lease payments	0	−10	−10	0	−12	−29	−25
Dividends paid	0	0	0	0	0	0	–
Shares bought back	0	0	0	0	0	0	0
Shares issued	3,691	0	0	0	5,922	0	0
Net change in cash	387	−90	−894	591	194	−402	493

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Dividends paid is left blank for the six months to Sep 2026: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Consolidated, ₹ per share, years to March.Godrej Properties dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 12 May	Mar 2021Filed 4 May	Mar 2022Filed 4 May	Mar 2023Filed 4 May	Mar 2024Filed 4 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Earnings per share	₹9.60	₹10.86	₹11.16	₹10.84	−₹7.48	₹12.68	₹20.55	₹26.09	₹49.02	₹61.43
Diluted earnings per share	₹9.55	₹10.85	₹11.15	₹10.84	−₹7.48	₹12.67	₹20.55	₹26.08	₹49.01	₹61.42
Dividend per share	–	–	–	–	–	–	–	–	–	₹10.00
Book value per share	–	–	₹107.67	₹190.64	₹299.33	₹312.09	₹333.22	₹359.39	₹574.82	₹635.97
Dividend payout	–	–	–	–	–	–	–	–	–	16.3%
Shareholder yield	–	–	–	–	−9.4%	0.0%	0.0%	0.0%	−9.2%	0.0%
Market cap at the year end (₹ crore)	8,331	15,649	18,647	15,203	39,100	46,485	28,665	63,952	64,140	44,316

Ratios

Consolidated, years to March.Godrej Properties PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 12 May	Mar 2021Filed 4 May	Mar 2022Filed 4 May	Mar 2023Filed 4 May	Mar 2024Filed 4 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue growth	−39.9%	19.3%	–	−13.3%	−68.7%	138.6%	23.4%	34.8%	62.2%	4.2%
Operating profit growth	−28.5%	–	–	94.0%	–	–	86.0%	–	–	–
Net profit growth	−10.5%	13.6%	7.7%	6.9%	–	–	77.0%	20.4%	86.0%	32.5%
Earnings per share growth	−12.5%	13.1%	2.8%	−2.9%	–	–	62.1%	27.0%	87.9%	25.3%
	–	–	10.3%	7.3%	−2.9%	4.1%	6.4%	7.5%	10.3%	10.1%
	–	–	–	−2.9 pts	−10.2 pts	7.0 pts	2.2 pts	1.2 pts	2.7 pts	−0.1 pts
From the net margin	–	–	–	2.2 pts	−24.0 pts	5.1 pts	1.3 pts	−0.4 pts	1.4 pts	2.7 pts
From asset turnover	–	–	–	−2.9 pts	13.0 pts	1.9 pts	0.1 pts	−0.4 pts	0.4 pts	−4.0 pts
From borrowing	–	–	–	−2.3 pts	0.7 pts	0.0 pts	0.8 pts	1.9 pts	0.9 pts	1.1 pts
Return on capital employed	–	–	2.7%	4.1%	−2.8%	0.8%	1.4%	−0.8%	−0.1%	−1.5%
Cash conversion	–	–	–	–	–	−128.8%	−460.9%	−92.7%	−161.4%	−106.6%
Interest cover	2.3	–	0.7	1.5	–	0.7	1.3	–	–	–
Debt to equity	–	–	1.42	0.67	0.54	0.60	0.69	1.03	0.71	0.81
Receivable days	–	–	21	65	114	38	58	37	32	39
Inventory days	–	–	368	496	3,689	1,733	3,548	4,555	4,110	7,155
Payable days	–	–	41	168	1,461	689	987	758	0	730
Cash conversion cycle, days	–	–	347	393	2,341	1,082	2,620	3,834	4,142	6,464
Working capital days	–	–	263	448	2,589	1,310	1,572	1,564	1,247	1,498
Asset turnover	–	–	0.35	0.27	0.06	0.11	0.11	0.10	0.11	0.07
Assets per rupee of net worth	–	–	3.28	2.50	2.01	2.00	2.28	3.06	3.34	3.77
Sales per rupee of plant	–	–	39.19	31.34	7.54	14.11	13.23	3.26	4.72	4.01
Capital spending to depreciation	–	–	–	–	6.57	6.83	12.67	15.60	2.87	3.51
Plant being built, % of plant in use	–	–	137.4%	206.5%	225.8%	262.5%	383.3%	26.8%	10.8%	13.2%

Interest cover is left blank for the years to Mar 2018, Mar 2021, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth is left blank for the year to Mar 2019: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.9%	46.3%	31.6%
Profit growth, yearly rate	23.1%	–	47.9%
Return on equity, average	–	7.7%	9.3%
Return on capital employed, average	–	0.0%	−0.8%
Operating margin, average	−0.1%	1.4%	−3.8%
Net margin, average	15.6%	27.1%	29.6%
Asset turnover, average	–	0.10	0.10
Cash conversion cycle, days, average	–	3,629	4,813
Debt to equity, average	–	0.77	0.85

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−8,209	−4,896	−1,961
Cash from investing	−4,473	−5,731	622
Cash from financing	12,081	11,010	938
Capital spending	1,765	1,313	406
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	5,922	5,922	0
Borrowings raised	8,308	6,476	0
Borrowings repaid	3,724	3,724	2,214

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	2	4	5	2	6	3
Altman Z-scorePublished threshold 1.1	–	–	2.21	4.47	5.38	5.50	4.10	3.32	3.78	2.61
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.38	−1.55	−1.34	−2.32	−1.85	−2.14
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	27.99	3.98	11.47	11.96	17.33	4.63
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−4.95	−2.33	−2.10	−1.23
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	183.97	23.75	−158.15	64.06	−48.63	−22.06	23.49
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	24.88	195.52	−133.22	108.98	41.31	−15.83	74.72
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	7.83	37.69	42.83	11.69	27.67	70.09	4.06
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	6.07	5.31	6.89	10.03	0.31	0.60	0.48
Effective tax ratePublished threshold 17.16 per cent	29.91	30.79	28.44	44.88	341.24	23.51	20.89	26.01	19.35	27.83
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.61	0.68	−1.19	5.06	13.18

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
2 Sep 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limitsLong and short-term scales	[ICRA]AA+ /[ICRA]A1+Reaffirmed and assigned for Enhancements in limits	Stable	2,675
2 Sep 2026	ICRA Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	[ICRA]AA+Review, Re-affirm	Stable	2,000
2 Sep 2026	ICRA Limited (opens in a new tab)	Commercial PaperShort-term scale	[ICRA]A1+Reaffirmed/Enhancements in limits		4,000
2 Sep 2026	ICRA Limited (opens in a new tab)	Non-fund based-OthersLong-term scale	[ICRA]AA+Review, Re-affirm	Stable	550
2 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash creditLong-term scale	[ICRA]AA+Reaffirmed and assigned for Enhancements in limits	Stable	9,775
26 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		3,500
26 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AA+Review, Re-affirm	Stable	1,000
17 Oct 2025	ICRA Limited (opens in a new tab)	Unallocated-Unallocated	[ICRA]AA+ /[ICRA]A1+Review, Other	Stable	1,825
6 Oct 2025	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	WithdrawnReview, Other		2,500

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.