Key Metrics of Godrej Properties Limited
About Godrej Properties Limited
Sectors
Company details
- Registered office
- Godrej One, 5th Floor, Pirojshanagar,, Eastern Express Highway, Vikhroli (east), Mumbai, In-mh, 400079
- Listed
- NSE: GODREJPROP · ₹1,568.00
Operational Areas of Godrej Properties Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 02 Sep 2026 | ICRA | Reaffirmed | AA+ | A1+ | Stable | ₹22,250 Cr | View |
| 21 Jul 2026 | ICRA | Reaffirmed | AA+ | A1+ | Stable | ₹19,750 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Leading real estate developer with long track record, strong market position and diversified portfolio
GPL has a long track record of more than 30 years, with strong project execution capabilities.
+ Strong operational performance expected to sustain in FY2027
GPL reported strong operating performance in FY2026 as reflected by healthy growth in sales and collections, which is anticipated to sustain in FY2027, driven by a robust project launch pipeline, likely healthy sales velocity in the upcoming launches and healthy construction progress.
+ Healthy cash flow cover
Healthy sales from new launches as well as the existing projects translated into adequate operating cash inflows, while rendering visibility to future collections from the pending receivables.
+ Strong parentage lends exceptional financial flexibility
The company enjoys exceptional financial flexibility as a part of the Godrej Industries Group, wherein the company has raised equity worth Rs. 12,850 crore during FY2019-FY2025, through private placement/QIP, thereby supporting the portfolio growth. 5 Operating margins are derived on the basis of revenue recognition criteria as per applicable Ind AS 6 Excluding collections from DM projects and after adjusting for JV projects www.icra.in Sensitivity Label : Public Page |2
Credit challenges
− Exposure to execution and market risks
GPL is exposed to risks inherent in the real estate sector, such as execution and market risks arising from its growth plans.
− Expected increase in debt; exposed to refinancing risk
GPL proposes to raise additional debt of Rs. 2,500 crore, which would be utilized partly towards refinancing of existing short-term debt and partly towards construction of the ongoing/future projects and general corporate purposes.
Could lead to an upgrade
The ratings may be upgraded in case of significant and sustained growth in sales and collections in GPL’s project portfolio, along with greater business diversification, resulting in robust and sustainable improvement in cash flows and
Could lead to a downgrade
Any substantial weakening in sales velocity and collections in the ongoing and new projects and/or significant debt-funded investments in new projects resulting in deterioration in leverage and coverage metrics, on a prolonged basis, may trigger a rating downgrade. Significant increase in short-term debt as a proportion of total debt resulting in increase in refinancing risk could also lead to a rating downgrade. Specific trigger resulting in a rating downgrade would be Net Debt/CFO of above 2.5 times on a sustained basis.
Agency-reported financials (ICRA, 02 Sep 2026)
| Metric | FY2025 | FY2026 | Q1FY2027 |
|---|---|---|---|
| Operating income | ₹6,308 Cr | ₹7,599 Cr | ₹1,132 Cr |
| PAT | ₹1,508 Cr | ₹1,877 Cr | ₹358 Cr |
| OPBDIT/OI | 22.7% | 27.0% | 30.1% |
| PAT/OI | 23.9% | 24.7% | 31.6% |
| Total outside liabilities/Tangible net worth (times) | 2.10× | 3.20× | — |
| Total debt/OPBDIT (times) | 8.70× | 7.60× | — |
| Interest coverage (times) | 8.20× | 15.00× | 9.60× |
| Revenue growth (YoY) | — | 20.5% | — |
| EBITDA (margin × income) | ₹1,432 Cr | ₹2,052 Cr | ₹341 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹12,457 Cr | ₹15,594 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹175 Cr | ₹137 Cr | ₹35.48 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term – Fund Based – Cash reaffirmed Credit Long Term – Non-Fund Based | Non-fund based limits | ₹9,275 Cr | ₹9,775 Cr | 5.4% | AA+ (Stable) | Reaffirmed | ICRA |
| Limits Long Term Short Term | Working capital & bank lines | ₹550 Cr | ₹550 Cr | 0.0% | AA+ (Stable) | Reaffirmed | ICRA |
| Unallocated Limits | Other | ₹1,175 Cr | ₹2,675 Cr | 127.7% | AA+ / A1+ (Stable) | Reaffirmed | ICRA |
| reaffirmed Commercial Paper | Commercial paper | ₹3,500 Cr | ₹4,000 Cr | 14.3% | A1+ | Reaffirmed | ICRA |
| Non-Convertible Debentures | Debentures & bonds | ₹3,250 Cr | ₹3,250 Cr | 0.0% | AA+ (Stable) | Reaffirmed | ICRA |
| Non-Convertible Debentures | Debentures & bonds | ₹2,000 Cr | ₹2,000 Cr | 0.0% | AA+ (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE484J08030 | NCD July Jul | Debentures & bonds | 8.25% | — | — | ₹750 Cr | AA+ | Not stated |
| INE484J08055 | NCD Sep Mar | Debentures & bonds | 8.30% | — | — | ₹1,000 Cr | AA+ | Not stated |
| INE484J08063 | NCD Sep Sep | Debentures & bonds | 8.50% | — | — | ₹160 Cr | AA+ | Not stated |
| INE484J08089 | NCD Jul Jan | Debentures & bonds | 8.40% | — | — | ₹935 Cr | AA+ | Not stated |
| INE484J08071 | NCD Jul Jul | Debentures & bonds | 8.55% | — | — | ₹340 Cr | AA+ | Not stated |
| INE484J08097 | NCD Sep Sep | Debentures & bonds | 8.50% | — | — | ₹64.6 Cr | AA+ | Not stated |
| INE484J08048 | NCD July Jul reaffirmed and | Debentures & bonds | 8.15% | — | — | — | AA+ | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 76% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 76% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- Interest coverage 9.6×
- ₹2,675 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
September 02, 2026 Godrej Properties Limited: Ratings reaffirmed; rated amount enhanced Summary of rating action Previous Current rated rated # Instrument* amount Rating action Financial sector regulator amount (Rs. crore) (Rs. crore) Long Term – Fund Based – Cash [ICRA]AA+ (Stable); reaffirmed/ 9,275.00 9,775.00 RBI Credit assigned for enhanced amount Long Term – Non-Fund Based 550.00 550.00 [ICRA]AA+ (Stable); reaffirmed RBI Limits [ICRA]AA+ (Stable)/ [ICRA]A1+;
From the report
Long Term/ Short Term – 1,175.00 2,675.00 reaffirmed / assigned for enhanced RBI Unallocated Limits amount [ICRA]A1+; reaffirmed/ assigned for Commercial Paper 3,500.00 4,000.00 RBI enhanced amount Non-Convertible Debentures 3,250.00 3,250.00 [ICRA]AA+ (Stable); reaffirmed SEBI Non-Convertible Debentures 2,000.00 2,000.00 [ICRA]AA+ (Stable); reaffirmed SEBI Total 19,750.00 22,250.00 *Instrument details are provided in Annexure I #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments, wh
From the report
The company had free cash and liquid investments of Rs. 8,970 crore (including QIP funds of Rs. 1,488 crore) as of March 2026.
From the report
Strong parentage lends exceptional financial flexibility – The company enjoys exceptional financial flexibility as a part of the Godrej Industries Group, wherein the company has raised equity worth Rs. 12,850 crore during FY2019-FY2025, through private placement/QIP, thereby supporting the portfolio growth. 5 Operating margins are derived on the basis of revenue recognition criteria as per applicable Ind AS 6 Excluding collections from DM projects and after adjusting for JV projects www.icra.in Sensitivity Label : Public Page |2 Credit challenges Exposure to execution and market risks – GPL is
From the report
Liquidity position: Strong 10 GPL’s liquidity is strong with around Rs. 8,970 crore of free cash and investments (including QIP funds of Rs. 1,488 crore) as of March 2026.
From the report
The company had free cash and liquid investments of Rs. 8,970 crore (including QIP funds of Rs. 1,488 crore) as of March 2026.
From the report
Strong parentage lends exceptional financial flexibility – The company enjoys exceptional financial flexibility as a part of the Godrej Industries Group, wherein the company has raised equity worth Rs. 12,850 crore during FY2019-FY2025, through private placement/QIP, thereby supporting the portfolio growth. 5 Operating margins are derived on the basis of revenue recognition criteria as per applicable Ind AS 6 Excluding collections from DM projects and after adjusting for JV projects www.icra.in Sensitivity Label : Public Page |2 Credit challenges Exposure to execution and market risks – GPL is
From the report
Liquidity position: Strong 10 GPL’s liquidity is strong with around Rs. 8,970 crore of free cash and investments (including QIP funds of Rs. 1,488 crore) as of March 2026.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Godrej Properties Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Reliance Infrastructure Limited |
Real Estate & Infrastructure · Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
 KEC International |
Discovered Companies · Other Industries | kecrpg.com | 1945 | Mumbai, India |
| NCC Limited | Discovered Companies · Other Industries | — | — | Hyderabad, Telangana, India |
| Lodha Developers Limited | · Construction | — | — | Mumbai, Maharashtra, India |
 Ircon International Limited |
Real Estate & Infrastructure · Real Estate & Construction | ircon.org | — | New Delhi, Delhi, India |
| Dilip Buildcon Limited | · Construction | — | — | Bhopal, Madhya Pradesh, India |
| G R Infraprojects Limited | · Construction | — | — | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
 GMR Power And Urban Infra Limited |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.