Godrej Properties Gets 'Buy' Upgrade From ICICI Securities Post Recent Correction, Sees 31% Upside

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ICICI Securities Report

Godrej Properties Ltd. has clocked strong Q4 FY25 gross sales bookings of 7.5 million square feet worth Rs 101.6 billion, led by several new launches across India. Buoyed by strong FY25 performance, wherein it achieved gross sales bookings of Rs 294 billion versus its FY25 guidance of Rs 270 billion, conversion of sales bookings CAGR of 55% over FY22-25 to stronger operating cash surplus (ex-land/tax/interest) over FY25-27 (Rs 34.3 billion achieved in 9M FY25), remains key.

We maintain our sales bookings estimates of Rs 305 billion for FY26E and Rs 312 billion for FY27E owing to Godrej Properties’ strong launch pipeline. Upgrade to Buy from Hold post ~27% correction in the stock price over the last three months with a revised target price of Rs 2,515 (earlier Rs 2,842), factoring in marginally higher FY25 sales bookings.

Key risks: Residential demand slowdown and muted price growth.

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