Highlights

• Godrej Properties received “Buy” ratings from Investec Bank, Elara Securities, ICICI Securities, Antique Stockbroking, JM Financial, and Motilal Oswal.
• Q2 FY26 booking value surged 64% year-on-year to ₹8,505 crore, driven by sales across key markets.
• The company has launched multiple projects, achieving 81% of its full-year booking guidance in the first half of FY26.

Godrej Properties Ltd (NSE:GODREJPROP) has attracted multiple positive ratings from prominent brokerage houses, highlighting market confidence as the company advances through Q2 FY26. The latest analyst reviews from Investec Bank (UK) PLC, Elara Securities Pvt Ltd, ICICI Securities Limited, Antique Stockbroking Ltd, JM Financial Institutional Securities Limited, and Motilal Oswal Securities Ltd underline an overall favorable outlook for the real estate developer.

Analyst Recommendations Signal Growth Potential

Among the analysts providing coverage, Investec Bank (UK) PLC’s Anuj Upadhyay continues to recommend a “Buy” rating on Godrej Properties shares as of 1 October 2024, with a price target of ₹2,709.00. Elara Securities Pvt Ltd’s Rahul Jain echoes this view with a “Buy” recommendation since 31 May 2024, setting a higher target price of ₹3,700.00. Similarly, ICICI Securities Limited analyst Adhidev Chattopadhyay maintains a “Buy” stance from 10 April 2025 with a price target of ₹2,603.00.

Antique Stockbroking Ltd’s Biplab Debbarma also supports the company with a “Buy” recommendation dated 6 May 2024, assigning a target price of ₹2,723.00. JM Financial Institutional Securities Limited’s Sumit Kumar concurs with a “Buy” rating from 13 October 2025, projecting a target of ₹2,600.00. Motilal Oswal Securities Ltd’s Abhishek Lodhiya adds to the positive sentiment with a “Buy” recommendation from 10 April 2023 and a target price of ₹2,843.00.

Contrasting these positive ratings, Spark Capital Advisors (India) Private Limited has issued a “Sell” rating for Godrej Properties with a target price of ₹1,675.00.

Operational Momentum Underpins Analyst Confidence

Godrej Properties’ latest operational highlights provide context to the encouraging analyst ratings. The company added four new projects in Q2 FY26 with an estimated saleable area of 5.82 million sq. ft. and an expected booking value of ₹4,850 crore. In the first half of FY26, the company launched nine projects with a saleable area of 15.06 million sq. ft. and an expected booking value of ₹16,250 crore, achieving 81% of its annual guidance.

Booking value for Q2 FY26 grew 64% year-on-year and 20% quarter-on-quarter to ₹8,505 crore, driven by the sale of over 4,500 homes spanning 7.14 million sq. ft. The half-year booking value rose 13% year-on-year to ₹15,587 crore, marking the highest-ever figures for Godrej Properties in these periods.

Strategic Market Performance and Cashflow Update

Significant contributions came from key markets including Bengaluru, Mumbai Metropolitan Region, National Capital Region, and Hyderabad, each exceeding ₹1,500 crore in booking value for the quarter. The company also reported a 2% year-on-year growth in collections during Q2 FY26 to ₹4,066 crore, with half-year collections increasing 10% to ₹7,736 crore.

Despite a 35% decline in operating cash flow year-on-year to ₹1,190 crore in Q2 FY26, the company remains on track to meet its collection guidance for the full fiscal year, anticipating most deliveries and collections in Q4 FY26.

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