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M

Update

August 17, 2026 04:38 PM GMT

Godrej Properties Limited | Asia Pacific

Morgan Stanley Asia Limited+

Praveen K Choudhary

Equity Analyst

Risk Reward Update

What’s Changed

Updated Components

EPS

Investment Thesis

Godrej Properties Limited (GODR.NS, GPL IS)

Risk Reward for Godrej Properties Limited (GODR.NS) has been

updated

Reason for change

India Property | India

Stock Rating

Industry View

Price target

Shr price, close (Aug 17, 2026)

52-Week Range

Overweight

Attractive

Rs2,500.00

Rs2,054.00

Rs2,352.00-1,434.00

We raise F2027-28E EPS by 4% and ~2%, respectively, primarily reflecting revised

Fiscal Year Ending

03/26 03/27e 03/28e 03/29e

completion timelines for two projects, including earlier recognition for a plotted

EPS (Rs)**

Prior EPS (Rs)**

61.43

development. NAV increases to ~Rs2,100/share from ~Rs2,000 on recent project

additions. Our PT and scenario values are unchanged.

The company’s F2028 outlook remains ahead of our estimates, with F2027-28

67.14 154.81 190.21

64.80 151.31 190.53

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

revenue recognition guidance of ~Rs405bn vs. our ~Rs293bn, while F2028

collections and operating cash flow guidance of ~Rs295bn and ~Rs120bn,

respectively, compare with our ~Rs279bn and ~Rs105bn. On F2028-29e EPS, we are

~40% ahead of consensus.

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