Godrej Properties Ltd (GPL), the real estate venture of the Godrej Industries Group, has a cumulative launch pipeline of more than ₹32,000 crore for the second half of FY27, Managing Director and Chief Executive Officer Gaurav Pandey said during the company’s September quarter earnings call.

“We've got a cumulative launch pipeline of Rs 32,000 crores for H2. So reasonably very confident that both Q3 and Q4 is going to be very exciting,” Pandey said.

On land acquisitions, Pirojsha Godrej, chairperson of Godrej Properties Ltd, said the company would pursue new projects only if they met its return thresholds. “We're only going to do BD (business development) if our threshold return metrics, which are sort of a 20% IRR, 15% bookings-to-net-profit margin, are met,” he said.

GPL registered a 62 per cent year-on-year decline in its consolidated net profit for the September quarter to ₹154 crore, compared with ₹405 crore in the second quarter of the previous financial year.

The company’s earnings before interest, tax, depreciation and amortisation (Ebitda) also fell 72 per cent to ₹171 crore, compared with ₹614 crore in Q2 FY26.

However, GPL’s total income grew 38 per cent to ₹2,575 crore from ₹1,867 crore in the corresponding period last year.

The developer registered sales worth ₹8,000 crore in the second quarter, while its booking value for the half-year ended September grew 7 per cent year-on-year to ₹16,659 crore. This was the highest-ever first-half booking value achieved by Godrej Properties, the company said.

“While some of the headline earnings and bookings numbers for the quarter look muted, Q2 was a very strong operating quarter with sustenance sales growth of 83 per cent YoY to Rs 5,054 crore and cash collections growth of 31 per cent YoY to Rs 5,318 crore,” Godrej said, commenting on the second-quarter results.

The company’s sustenance sales were supported by Godrej Trilogy in Mumbai, Godrej Vanantara in Bengaluru and Godrej Samaris in Gurugram, each of which contributed more than ₹500 crore to sales during the quarter. Godrej Brooklyn Avenue in Hyderabad, which was launched towards the end of Q1, also contributed more than ₹500 crore in bookings.

He said that although GPL had launched only one-third of its expected annual launch pipeline in the first half of FY27, it had still delivered 43 per cent of its annual bookings guidance.

“Our launch pipeline has never been stronger and with launches picking up substantially from this month onwards, we remain confident of surpassing our full year guidance across all key operating metrics,” Godrej added.

The company expects to launch projects worth more than ₹32,000 crore in the second half of FY27. “We expect the second half of this financial year to be our best-ever period for both launches and sales,” Godrej said.

GPL recorded its highest-ever second-quarter and first-half collections, with collections growing 31 per cent year-on-year in Q2 FY27 to ₹5,318 crore and 25 per cent in H1 FY27 to ₹9,666 crore.

The company’s operating cash flow in the second quarter grew 297 per cent quarter-on-quarter and 33 per cent year-on-year to ₹1,584 crore.

“FY 28 is an important year for the company where the exceptional growth of the past few years becomes apparent in the reported financials under project completion accounting,” Godrej said, adding that the company expects to deliver both positive free cash flow and a 20 per cent reported return on equity (ROE) in FY28.

Godrej also said that GPL was focused on generating strong cash flows and expected collections of ₹15,000 crore and operating cash flow of ₹7,000 crore in H2 FY27.