Altman Z″
Needs withheld for this sector: Developers carry inventory and advances that distort its working-capital and turnover terms..
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 31.8x earnings against its own median of 47.5x: 0.6 standard deviations below its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Operating cash is 28% of trailing profit. On its own this can be working-capital timing in a growth year — worth watching whether it persists.
Why this reading: Kept at caution, not flagged: it is a single-year gap and the multi-year cash record does not (yet) show a repeated shortfall. One soft year is not a verdict.
Operating cash ₹959 cr vs trailing profit ₹3,431 cr. A one-year gap below 0.5 is often growth working capital; it becomes a real concern only if it recurs.
Borrowings rose 29% over two years while the company also carries ₹1,454 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹9,896 cr from ₹7,698 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Both revenue and profit grew over the last year (26% and 39.2%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹18,181 cr, trailing profit ₹4,129 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin improved from 20.5% to 22.7% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 22.7% vs 20.5% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Free cash flow is positive and consistent — the business funds itself after capex.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Latest free cash flow ₹709 cr. Negative in only 1 of 11 years. A self-funding business needs less external capital and dilutes less.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs withheld for this sector: Developers carry inventory and advances that distort its working-capital and turnover terms..
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 4.6% of assets. Free cash flow negative in 1 of 11 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹18,170 cr ÷ ₹13,965 cr, over 11 years
1.30×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹3,431 − ₹959) cr ÷ average assets
4.6%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
20.6% × 0.28 × 2.52
14.7%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹5,030 cr ÷ ₹659 cr
7.63×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹9,896 cr ÷ ₹23,286 cr
0.42×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +45% vs revenue +76%, FY2023 to FY2026
-31pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Realty). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter trimmed from 71.87% to 70.31% across these quarters.
FII trimmed from 24.11% to 23.62% across these quarters.
MF rose from 1.55% to 1.88% across these quarters.
Other rose from 2.47% to 4.19% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 15 | 23 | 44 | 26 | 28 | 28 | 21 | 32 |
| Cash conversion cycle
Debtor + inventory − payable days | 15 | 23 | 44 | 26 | 28 | 28 | 21 | 32 |
| Working capital days | 0 | -31 | 114 | 360 | 387 | 442 | 441 | 420 |
| ROCE %
Return on capital employed | 11.0% | 6.0% | 7.0% | 10.0% | 9.0% | 11.0% | 15.0% | 16.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Pre-sales value (₹ cr) | 5,040 | 4,630 | 4,580 |
| Collections (₹ cr) | 3,450 | 4,210 | 3,450 |
| Realisation per sq ft (₹) | 22,130 | — | — |
| Launches (lakh sq ft) | 3.1 | 0.4 | — |
| Net debt (₹ cr) | 5,280 | 4,930 | — |
| Annualized Exit Rental Income (₹ crore) | 320 | — | — |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Real estate, REITs and InvITs framework (named in the filing read). Primary valuation lens: NAV for developers; distribution yield and NAV for REITs.
Read more closely in this sector: Pre-sales against collections · Land bought on debt · Joint development share.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 5,449 | 9,233 | 9,470 | 10,316 | 13,780 | 16,676 |
| Other income | -140 | 293 | -1,037 | 48 | 390 | 452 |
| Depreciation | 73 | 75 | 93 | 204 | 272 | 345 |
| Finance cost | 1,136 | 688 | 482 | 482 | 552 | 659 |
| Profit before tax | 33 | 1,716 | 452 | 2,028 | 3,556 | 4,371 |
| Net profit (owners) | 48 | 1,208 | 490 | 1,554 | 2,767 | 3,431 |
| EPS (₹) | 0.51 | 12.49 | 5.05 | 15.58 | 27.71 | 34.32 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,750 | 2,931 | 4,018 | 2,846 | 2,626 | 4,083 | 4,224 | 3,492 | 3,798 | 4,672 | 4,714 | 4,997 |
| Other Income | 6 | -77 | 65 | 72 | 59 | 64 | 196 | 133 | 80 | 110 | 129 | 102 |
| Expenses | 1,338 | 2,055 | 2,972 | 2,090 | 1,922 | 2,777 | 3,004 | 2,508 | 2,690 | 3,257 | 3,301 | 3,074 |
| Depreciation | 29 | 33 | 117 | 60 | 66 | 67 | 78 | 66 | 71 | 98 | 111 | 69 |
| Finance cost | 123 | 117 | 116 | 117 | 136 | 144 | 152 | 148 | 156 | 185 | 167 | 179 |
| Profit before tax | 265 | 649 | 878 | 651 | 560 | 1,158 | 1,186 | 904 | 961 | 1,243 | 1,264 | 1,776 |
| Net Profit | 203 | 505 | 667 | 476 | 423 | 945 | 923 | 675 | 790 | 958 | 1,008 | 1,373 |
| EPS | 2.09 | 5.22 | 6.69 | 4.78 | 4.25 | 9.47 | 9.24 | 6.76 | 7.90 | 9.58 | 10.09 | 13.73 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 396 | 482 | 482 | 994 | 998 | 999 |
| Reserves | 4,203 | 11,624 | 12,181 | 16,475 | 19,180 | 22,287 |
| Borrowings | 18,193 | 11,537 | 9,060 | 7,698 | 7,094 | 9,896 |
| Net block | 1,946 | 1,923 | 1,828 | 1,169 | 1,368 | 2,641 |
| CWIP | 6 | 0 | 0 | 4 | 4 | 10 |
| Investments | 1,579 | 574 | 246 | 2,500 | 1,250 | 1,454 |
| Total Assets | 39,308 | 38,404 | 39,122 | 47,198 | 49,597 | 58,680 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 2,524 | 1,998 | 2,750 | 2,512 | 1,566 | 959 |
| Cash from investing | 420 | 1,139 | 1,789 | -2,947 | 47 | -780 |
| Cash from financing | -2,835 | -2,888 | -3,706 | 951 | -2,506 | 1,589 |
| Free cash flow | 2,530 | 1,965 | 2,674 | 2,346 | 1,091 | 709 |
| Net change in cash | 109 | 250 | 834 | 516 | -893 | 1,769 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
Lodha Developers Ltd. reported revenue of ₹4,467 cr for July to September 2026, +17.6% on the year and −10.6% on the quarter. That is slower than this quarter has grown in recent years (+47.4% on average). Over the last four quarters revenue comes to ₹18,850 cr, +20.9% on the four before.
Operating profit (EBITDA) was ₹1,488 cr, a margin of 33.3%, +412 bps on the year and −516 bps on the quarter. Over the last 8 quarters the margin has ranged from 28.2% to 38.5%, averaging 31.3%. Operating costs grew +10.8% against revenue growth of +17.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,014 cr, +28.3% on the year and −26.2% on the quarter, with earnings per share of ₹10.14. Profit before other income, one-offs and tax grew faster, at +39.1%; other income, one-offs or tax held the headline back. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹4,353 cr, +30.6% on the four before.
Of the 5 companies in Real estate, REITs and InvITs that have reported Q2 FY27 so far, Lodha Developers Ltd. ranks 1st on revenue growth; the sector median is −3.4%. Its margin moved +412 bps on the year against a sector median of +252 bps.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is.
On earnings per share of ₹43.54 over the last four quarters, the stock at ₹1,058.00 trades at 24.3 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,092 cr | ₹1,472 cr | ▼ 25.8% |
| Inventory | ₹40,400 cr | ₹40,254 cr | ▲ 0.4% |
| Cash | ₹1,268 cr | ₹2,703 cr | ▼ 53.1% |
| Bank balances | ₹1,348 cr | ₹884 cr | ▲ 52.5% |
| Long-term borrowings | ₹4,046 cr | ₹3,716 cr | ▲ 8.9% |
| Short-term borrowings | ₹6,347 cr | ₹6,168 cr | ▲ 2.9% |
| Trade payables | ₹3,211 cr | ₹3,559 cr | ▼ 9.8% |
| Net block | ₹1,033 cr | ₹970 cr | ▲ 6.6% |
| Capital work in progress | ₹647 cr | ₹256 cr | ▲ 152.9% |
| Equity | ₹25,287 cr | ₹23,286 cr | ▲ 8.6% |
| Total assets | ₹62,709 cr | ₹58,937 cr | ▲ 6.4% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹1,372 cr | −₹515 cr |
| Capital expenditure | −₹226 cr | −₹110 cr |
| Investing cash flow | −₹2,411 cr | −₹804 cr |
| Financing cash flow | −₹396 cr | ₹1,759 cr |
| Dividends paid | −₹425 cr | −₹424 cr |
Operating cash flow was 0.57× profit. Receivables at 21 days of sales (−11 days against the last year end). Inventory at 779 days of sales (−102 days).
No emphasis of matter.
Filing p. 16
Ms. Sanjyot Rangnekar, Company Secretary and Compliance Officer, opted for early retirement effective close of business hours on October 30, 2026. Ms. Savita Kodain appointed as Company Secretary and Compliance Officer effective October 31, 2026. (p. 33-34, Annexure B & C)
Tax: Effective tax rate on consolidated PBT of ₹1,342.0 crore with tax expense of ₹328.5 crore (Current Tax ₹167.9 crore + Deferred Tax ₹160.6 crore)
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Pre-sales value (₹ cr) | 5,040 | 4,630 | 4,580 |
| Collections (₹ cr) | 3,450 | 4,210 | 3,450 |
| Realisation per sq ft (₹) | 22,130 | — | — |
| Launches (lakh sq ft) | 3.1 | 0.4 | — |
| Net debt (₹ cr) | 5,280 | 4,930 | — |
| Annualized Exit Rental Income (₹ crore) | 320 | — | — |
Q2FY27 pre-sales reached ₹5,040 crore against total collections of ₹3,450 crore (1HFY27 pre-sales ₹9,670 crore vs collections ₹7,660 crore). Collections track pre-sales with typical construction/milestone delivery lead times.
Strong collection efficiency of 68% of pre-sales in Q2 and 79% in 1H FY27 provides healthy operating cashflow of ₹880 crore in Q2.
Business development and growth investments are financed primarily through operating cashflows (₹560 crore invested in DevCo growth and ₹120 crore in RentCo during Q2) while maintaining Net Debt/Equity at 0.21x, well below the company's ceiling of 0.50x.
Conservative capital structure with Net Debt ceiling
In 1HFY27, business development added ₹7,100 crore GDV across 2.8 msf (Pune Q1: 1.9 msf / ₹2,300 crore; MMR Q2: 0.9 msf / ₹4,800 crore). Out of unsold GDV of ~₹20,000 crore, JDA projects account for 8.4 msf ongoing and 15.6 msf planned.
Capital-light JDA model continues to expand pipeline without heavy upfront land debt.
Read using the Real estate, REITs and InvITs framework (named in the filing read). Primary valuation lens: NAV for developers; distribution yield and NAV for REITs.
Read more closely in this sector: Pre-sales against collections · Land bought on debt · Joint development share.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| presales | 24000 | FY2027 | unchanged or first given |
| annuity_income | 3000 | FY2032 | unchanged or first given |
| net_debt_to_equity_ceiling | 0.5 | Medium term | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Real estate development | ₹4,467 cr | ▲ 17.6% | ₹1,338 cr | ▲ 39.1% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,931 cr | ₹4,018 cr | ₹2,846 cr | ₹2,626 cr | ₹4,083 cr | ₹4,224 cr | ₹3,492 cr | ₹3,799 cr | ₹4,672 cr | ₹4,714 cr | ₹4,997 cr | ₹4,467 cr |
| YoY | — | — | +76% | +50% | +39% | +5% | +23% | +45% | +14% | +12% | +43% | +18% |
| EBITDA margin | 29.9% | 26.0% | 26.6% | 26.8% | 32.0% | 28.9% | 28.2% | 29.2% | 30.3% | 30.0% | 38.5% | 33.3% |
| Other income, % of PBT | −12% | 7% | 11% | 11% | 6% | 17% | 15% | 8% | 9% | 10% | 6% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 24% | 27% | 24% | 18% | 22% | 25% | 18% | 23% | 20% | 23% | 24% |
| Net profit | ₹505 cr | ₹667 cr | ₹476 cr | ₹423 cr | ₹945 cr | ₹923 cr | ₹675 cr | ₹790 cr | ₹958 cr | ₹1,008 cr | ₹1,373 cr | ₹1,014 cr |
| YoY | — | — | +166% | +108% | +87% | +38% | +42% | +87% | +1% | +9% | +103% | +28% |
| Core profit YoY | — | — | +220% | +93% | +51% | +22% | +33% | +76% | +4% | +15% | +117% | +39% |
| EPS | ₹5.22 | ₹6.69 | ₹4.78 | ₹4.25 | ₹9.47 | ₹9.24 | ₹6.76 | ₹7.90 | ₹9.58 | ₹10.09 | ₹13.73 | ₹10.14 |
| Flags | · | · | ✓ | ✓ | 1 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.