LODHA · Realty · filed 30 Oct 2026
Lodha Developers Ltd. reported revenue of ₹3,546 cr for July to September 2026, +43.1% on the year and −8.5% on the quarter.
Operating profit (EBITDA) was ₹1,346 cr, a margin of 37.9%, +1,516 bps on the year and +215 bps on the quarter. Operating costs grew +15.0% against revenue growth of +43.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,048 cr, +168.0% on the year and −7.7% on the quarter, with earnings per share of ₹10.51. Profit before other income, one-offs and tax grew faster, at +214.6%; other income, one-offs or tax held the headline back.
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 +1,516 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +168.0% on the year; profit before other income, exceptional items and tax +214.6%.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹775 cr | ₹888 cr | ▼ 12.8% |
| Inventory | ₹36,997 cr | ₹36,588 cr | ▲ 1.1% |
| Cash | ₹952 cr | ₹2,206 cr | ▼ 56.8% |
| Bank balances | ₹998 cr | ₹707 cr | ▲ 41.2% |
| Long-term borrowings | ₹5,019 cr | ₹3,681 cr | ▲ 36.3% |
| Short-term borrowings | ₹7,139 cr | ₹7,043 cr | ▲ 1.4% |
| Trade payables | ₹3,223 cr | ₹3,784 cr | ▼ 14.8% |
| Net block | ₹958 cr | ₹898 cr | ▲ 6.6% |
| Capital work in progress | ₹521 cr | ₹191 cr | ▲ 172.4% |
| Equity | ₹23,520 cr | ₹22,211 cr | ▲ 5.9% |
| Total assets | ₹61,691 cr | ₹57,567 cr | ▲ 7.2% |
Receivables at 19 days of sales (−3 days against the last year end). Inventory at 910 days of sales (−9 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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹2,479 cr | ₹3,877 cr | ₹3,546 cr |
| YoY | — | — | +43% |
| EBITDA margin | 22.8% | 35.8% | 37.9% |
| Other income, % of PBT | 12% | 6% | 7% |
| Exceptional items | — | — | — |
| Tax rate | 2% | 7% | 11% |
| Net profit | ₹391 cr | ₹1,135 cr | ₹1,048 cr |
| YoY | — | — | +168% |
| Core profit YoY | — | — | +215% |
| EPS | ₹3.91 | ₹11.36 | ₹10.51 |
| Flags | · | · | ✓ |
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 ₹3,546 cr (+43.1% on the year) and net profit of ₹1,048 cr (+168.0% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +214.6% on the year, against +168.0% for reported profit.
None of the 13 checks that could run raised a question.
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