Antique Broking has reiterated a ‘Buy’ rating on Godrej Properties, while raising the target price to ₹3,101 from ₹2,745, citing consistent execution, rising profitability, and strong growth momentum in business development (BD).
The brokerage noted that FY25 bookings hit an all-time high of ₹294.4 billion, reflecting a 40% CAGR in bookings over FY17–25. The company’s economic interest in the booked business surged from 39% in FY19 to 93% in FY25, significantly enhancing its operating cash flow (OCF), which grew at 56.7% CAGR over FY20–25.
The report highlighted Godrej Properties’ strong pipeline for FY26, supported by QIP proceeds of ₹60 billion and a robust OCF base. The FY26 BD guidance stands at ₹200 billion, while the pre-sales pipeline is pegged at ₹400 billion, with pre-sales estimates revised up by 2–11% to ₹330–370 billion for FY26 and FY27.
With unsold inventory exceeding ₹200 billion, the company has diversified launches across key markets including MMR, NCR, Bengaluru, Pune, Ahmedabad, and Hyderabad.
Antique believes the company’s strategic spread across top markets—where it ranks among the top two developers—along with strong sectoral tailwinds and visible launch activity in 2HFY26, will drive further growth.
Disclaimer: This article is based on a brokerage note and is meant for informational purposes only. Business Upturn does not provide stock recommendations or investment advice.
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