LODHA · Realty · filed 30 Oct 2026
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.
Ms. Sanjyot Rangnekar, Company Secretary and Compliance Officer, opted for early retirement effective close of business hours on October 30, 2026. Ms. Savita Kodain…
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.
Lodha Developers Ltd. reported revenue of ₹4,467 cr (+17.6% on the year) and net profit of ₹1,014 cr (+28.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +39.1% on the year, against +28.3% for reported profit.
None of the 14 checks that could run raised a question.
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