Please find enclosed Earnings Call Transcript.

Godrej Properties Ltd. Godrej One, 5th Floor, Pirojshanagar, Eastern Express Highway, Vikhroli (E), Mumbai- 400 079. India Tel.: +91-22-6169-8500 Fax: +91-22-6169-8888 Website: www.godrejproperties.com CIN: L74120MH1985PLC035308 October 27, 2026 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 Ref: Godrej Properties Limited BSE - Scrip Code: 533150, Scrip ID – GODREJPROP BSE - Security Code - 974951, 975090, 975091, 975856, 975857, 976000 - Debt Segment NSE Symbol - GODREJPROP Sub: Transcript of the conference call with the investors/ analysts. Dear Sir/ Madam, Pursuant to Regulation 30 read with Schedule III Part A, Para A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the conference call organized with the investors/ analysts on Friday, October 23, 2026, post declaration of Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026. This is for your information and records. Thank you. Yours truly, For Godrej Properties Limited Ashish Karyekar Company Secretary Enclosed as above “Godrej Properties Limited Q2 FY27 Earnings Conference Call” October 23, 2026 MANAGEMENT: MR. PIROJSHA GODREJ – CHAIRPERSON – GODREJ PROPERTIES LIMITED MR. GAURAV PANDEY – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – GODREJ PROPERTIES LIMITED MR. RAJENDRA KHETAWAT – CHIEF FINANCIAL OFFICER – GODREJ PROPERTIES LIMITED MR. KSHITIJ JAIN – INVESTOR RELATIONS – GODREJ PROPERTIES LIMITED Page 1 of 14 Godrej Properties Limited October 23, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Godrej Properties Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kshitij Jain from Godrej Properties. Thank you and over to you, sir. Kshitij Jain: Thank you, Swapnali. Good afternoon, everyone and thank you for joining us on Godrej Properties Q2 FY27 Results Conference call. We have with us Mr. Pirojsha Godrej, Chairperson; Mr. Gaurav Pandey, Managing Director and CEO and Mr. Rajendra Khetawat, CFO of the company. Before we begin this call, I would like to point out that some statements made in today's call may be forward-looking in nature. The forward-looking statements are based on expectations and may involve risks. The outcomes may differ materially from those suggested by such statements, and a disclaimer to this effect has been included in the results presentation. I would now like to invite Pirojsha to make his opening remarks. Over to you. Pirojsha Godrej: Good afternoon, everyone. Thanks for joining us for Godrej Properties Second Quarter Financial Year '27 Conference Call. I'll begin by discussing the highlights for the quarter, and we then look forward to taking your questions and suggestions. Godrej Properties achieved a booking value of INR8,008 crores in the second quarter from the sale of 3,658 units with a total area of 6.2 million square feet. And a booking value of INR16,669 crores in the first half from the sale of 7,396 units with a total area of 12.3 million square feet. The bookings for the quarter were 6% and 7% lower year- on-year and quarter-on-quarter, respectively, while for the first half, bookings grew by 7%. While the headline bookings numbers for the quarter look muted, Q2 was a very strong operating quarter with sustenance sales growth of 83% year-on-year to INR5,054 crores. Three projects, namely Godrej Trilogy in Mumbai, Godrej Vanantara in Bengaluru and Godrej Samaris in Gurugram contributed more than INR500 crores each to sustenance sales. Godrej Brooklyn Avenue, our project in Hyderabad, launched towards the end of the first quarter, also contributed more than INR500 crores to bookings. We only launched 1/3 of our expected annual launch pipeline in the first half of the financial year, and we're still able to deliver 43% of our annual bookings guidance, highlighting the continued strength of underlying demand in the sector. 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. Projects like Bandra, Sector 63A in Gurugram, Thane Uniabex, our projects in Vikhroli, hopefully our project in Ashok Vihar, Noida DMIC, Neopolis, Kharadi 2, Mahalunge 2, and Vastrapur as well as new phases of several projects are in the pipeline. Page 2 of 14 Godrej Properties Limited October 23, 2026 And we therefore, expect the second half of this financial year to be our best ever period for both launches and sales. The company's sales were well diversified geographically with key contributions from major residential markets. NCR this quarter did just under INR2,000 crores. Mumbai did about INR1,900 crores. Bangalore, we did just under INR1,600 crores, about INR1,000 crores in Pune, INR700-odd crores in Hyderabad and another INR800 crores in other cities during the quarter. It is the seventh consecutive quarter in which Godrej Properties has delivered more than INR7,000 crores of booking value and the 13th consecutive quarter in which the company has delivered more than INR5,000 crores of booking value. Godrej Properties also reached its highest ever second quarter and first half collection with collections growing by 31% in the quarter to INR5,318 crores and by 25% in the first half to INR9,666 crores. Benefiting from the strong collections, operating cash flow in the second quarter grew by nearly 300% quarter-on-quarter and by 33% year-on-year to INR1,584 crores. With that, we get to a half yearly cash flow of INR1,983 crores. Construction and related outflow increased by 31% year-on-year in the second quarter and by 42% for the first half of the year. We are especially focused on generating strong cash flows and expect INR15,000 crores of cash collection and INR7,000 crores of operating cash flow in the second half of the financial year. This will allow us to both invest for continued growth while also being free cash flow positive for this period. FY28, as we've been indicating, is an important year for the company where the exceptional growth of the past 2 years becomes apparent in the reported financials under project completion accounting. We expect to deliver both positive free cash flow and a 20% reported ROE in financial year '28. During the last quarter, we added 1 new project with an estimated saleable area of approximately 1.1 million square feet and expected booking value of about INR6,000 crores. With this, GPL has added four projects with an estimated salable area of about 9 million square feet. And an expected booking value of about INR15,500 crores in the first half of the financial year, which has gotten us to about 78% of our full year guidance. GPL delivered projects aggregating 2.5 million square feet in the quarter, and we remain on track for 13.5 million square feet of delivery in the full year. For the quarter, our total income grew by 38% to INR2,575 crores. EBITDA declined by 72% to INR171 crores and net profit declined by 62% to INR154 crores. For the first half, total income grew by 13% to INR3,912 crores. EBITDA declined by 53% to INR717 crores and net profit declined by 50% to INR504 crores. This was largely due again to the back-ended nature of deliveries this year, and we expect to see positive momentum, particularly in Q4, and then we've already indicated the expectations on the P&L for FY '28. We remain extr [Showing first 8,000 characters — download PDF for full document]