LODHA · Realty
Lodha Developers Ltd. reported revenue of ₹4,997 cr for April to June 2026, +43.1% on the year and +6.0% on the quarter. That is slower than this quarter has grown in recent years (+49.4% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹18,181 cr, +26.0% on the four before.
Operating profit (EBITDA) was ₹1,922 cr, a margin of 38.5%, +1,029 bps on the year and +850 bps on the quarter. It is the widest margin of the last 8 quarters (range 26.8% to 38.5%). Operating costs grew +22.6% against revenue growth of +43.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,373 cr, +103.4% on the year and +36.2% on the quarter, with earnings per share of ₹13.73. Profit before other income, one-offs and tax grew faster, at +117.4%; other income, one-offs or tax held the headline back. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹4,129 cr, +39.2% on the four before.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹41.30 over the last four quarters, the stock at ₹1,058.00 trades at 25.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
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, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| Pre-sales value (₹ cr) | 4,630 | 4,580 |
| Collections (₹ cr) | 4,210 | 3,450 |
| Launches (lakh sq ft) | 0.4 | — |
| Net debt (₹ cr) | 4,930 | — |
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.
| 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.
Lodha Developers Ltd. reported revenue of ₹4,997 cr (+43.1% on the year) and net profit of ₹1,373 cr (+103.4% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +117.4% on the year, against +103.4% for reported profit.
None of the 7 checks that could run raised a question.
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