Whalesbook
Aakhir ye growth aayi kahaan se? Solid bookings aur future ke liye planning!
Dekho boss, Godrej Properties ne latest quarter results mein kamaal kar diya hai. Unhone poore 9 mahine mein ₹24,008 crore ki sales booking kar li hai, aur saal ke ₹32,500 crore ke target ko cross karne ke bahut kareeb hain. Iske saath hi, customer se paison ka collection bhi 19% badh kar ₹12,018 crore ho gaya hai. Yeh sab tab hai jab market mein thodi tezi kam hui hai. Lekin company ne sirf immediate sales par hi focus nahi kiya, balki future growth ke liye 12 land parcels bhi acquire kiye hain jinka total saleable area 22.36 million square feet hai. Is business development mein unhone apna annual guidance bhi exceed kiya hai, jisme ₹20,000 crore worth ke projects add karne ka target tha. Matlab, future ke liye bhi solid planning chal rahi hai!
Market ka current scene aur competitors kya kar rahe hain?
Abhi jo India ka real estate market hai, woh kafi supportive hai. GDP growth lagbhag 7.3% rehne ka andaaza hai aur interest rates bhi dheere dheere kam ho rahe hain. Is environment mein residential segment, khas kar ₹1 crore se upar wale premium aur luxury apartments ki demand badh rahi hai. Godrej Properties ka market cap abhi lagbhag ₹51,195 crore hai aur P/E ratio 29-32x ke aas paas hai. Competition ki baat karein toh DLF ka market cap ₹1,64,299 Cr aur P/E 37x hai, jabki Lodha Developers ka market cap ₹1,05,373 Cr aur P/E 31x hai. Prestige Estates Projects ka P/E 62-69x hai, woh bhi revenue decline ke baad, aur Oberoi Realty ka P/E 25x hai. Stock performance mein thodi volatility dekhi gayi hai, jaise February 2025 mein 52-week low bhi touch kiya tha. Lekin analysts ka kehna hai ki yeh ek 'Buy' stock hai aur ismein current levels se 40% tak ka upside dikh sakta hai!
Par bhai, kuch chinta wali baatein bhi hain...
Dekho, profit to badha hai par December quarter mein company ki total income ₹1,033.84 crore thi, jo pichhle saal is quarter mein ₹1,239.97 crore thi. Matlab income kam hui hai. Reports mein ek jagah 48.6% revenue plunge aur EBITDA loss ki baat bhi thi, jo operational issues ya specific projects mein problem ka sign ho sakta hai. Aur ek badi chinta hai debt. Company ka debt-equity ratio (gross) 0.97 hai December 31, 2025 tak, aur consolidated gross debt March 2026 tak ₹15,000 crore tak pahunchne ka andaaza hai. Yeh leverage, plus real estate industry ka cyclical nature, risk create karta hai. Agar future projects successful nahi hue toh dikkat aa sakti hai.
Aage kya lagta hai analysts ko?
Analysts abhi bhi Godrej Properties ko lekar kaafi optimistic hain. Unka kehna hai ki aage 12 mahine mein stock ₹2,400-₹2,500 tak ja sakta hai, jisse 40% se zyada ka upside mil sakta hai. Company ki strategy premium segments aur Tier II cities mein expand karne ki hai, jo current market trends ke hisaab se ekdum sahi hai. ICRA ko bhi FY2026 mein pre-sales 6-8% aur collections 9-11% tak grow hone ki ummeed hai. Management bhi apne saal ke sales targets ko lekar confident hai.