Q2 Pre-Sales Preview: Lodha, Prestige, Godrej Expected Numbers
Mumbai: India's listed developers are due to publish July-September (Q2 FY27) sales updates in the coming days. Brokerage previews point to a "resilient" quarter, with the real push coming later in the year.
Brokerage estimates
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Lodha (Macrotech): about Rs 5,000-5,100 crore, up around 11% year on year on Nomura's view; Lodha's Q2 FY26 was about Rs 4,570 crore
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Prestige: Rs 6,500-7,000 crore, up 10-15%, according to PL Capital, helped by three launches
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Godrej Properties: Rs 8,000-8,500 crore, flat year on year (PL Capital)
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Brigade: about Rs 2,000 crore, flat (PL Capital)
The Q1 baseline
In April-June, Godrej booked Rs 8,651 crore, Prestige Rs 6,579 crore (against Rs 12,126 crore a year ago), Lodha Rs 4,630 crore and Sobha a record Rs 3,656 crore. Business Standard reported combined bookings of listed developers fell 21% on fewer launches, though 19 of 28 developers still posted growth.
Why the second half matters
Six large developers (Godrej, DLF, Lodha, Prestige, Sobha, Brigade) guide to about Rs 1.38 lakh crore of FY27 pre-sales, 15% above FY26, according to an independent analysis. They had delivered about 18% of that by Q1. Q2 has also been seasonally weaker, running about 28-29% below Q1 in the last two years.
What Nomura expects
Nomura said launch momentum at Prestige, Godrej, Lodha and DLF should improve into the festive season, lifting quarter-on-quarter sales in H2.