LODHA
Large CapLodha Developers Limited
Real Estate
Lodha Developers (formerly Macrotech Developers) is a leading Indian housing developer across luxury, premium & mid-income segments in MMR, Pune, Bengaluru, and NCR (starting FY27). It delivered INR 205bn presales in FY26, with a 28% 5-year CAGR. The company also develops annuity income streams (RentCo) and monetizes land (LandCo).
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/8 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 45/100Rev +12% YoY · PAT +9% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,714 Cr | +11.6% | +0.9% |
| EBITDA | ₹1,413 Cr | +15.8% | -0.1% |
| Operating margin | 30.0% | +100 bps | +0 bps |
| PAT | ₹1,008 Cr | +9.2% | +5.2% |
| PAT margin | 21.4% | -47 bps | +87 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Lodha reports strong FY26 performance with presales up 16% YoY to INR 205.3bn and PAT up 24% YoY to INR 34.3bn. Q4FY26 saw best-ever quarterly presales of INR 58.9bn (+23% YoY). Net debt reduced by INR 8.0bn QoQ to INR 53.8bn, with D/E at 0.23x, well below the 0.5x ceiling.
The company demonstrates robust operational and financial performance, exceeding project addition guidance and maintaining conservative leverage. Strategic expansion into NCR and significant infrastructure development around Palava provide clear growth catalysts, supporting the long-term thesis.
Palava & Upper Thane Development
Set to deliver INR 10+ tn of sales over next three decades with ~50% EBITDA margins, driven by MMR infrastructure upgrades.
NCR Market Entry
Entered NCR, India's second largest real estate market, with two JDA projects signed in Gurgaon with GDV of INR 33 bn (1.1 msf) to start operations in FY27.
Annuity Income Pool (RentCo)
Targeting 10x growth in Annuity income over the next six years, with plans to build 1 GW power shell data center (BTS), largely self-funded from land sales.
Market Share Expansion
Current market share of <3.5% (value terms) in primary housing sales in Top 6 cities, indicating significant headroom for growth.
New Projects Added (FY26)
Added twelve projects across MMR, Pune, Bengaluru, and NCR with GDV of INR ~600 bn (21.6 msf), which is 2.4x the annual guidance of INR 250 bn.
FY27 Launch Pipeline
Robust DevCo launch pipeline for FY27 includes 19 projects (new projects and new phases) with an estimated GDV of INR 218 bn (15.0 msf).
MMR Infrastructure Upgrades
Navi Mumbai International Airport (operational Oct-25), Mulund-Airoli-Palava Freeway (opening soon), Bullet Train station at Palava (CY28/29), and Kalyan-Taloja Metro (CY28) enhance Palava's attractiveness.
Digital Ecosystem at Palava
Land value at Palava scaled up 8x in ~4 years due to traction with anchor data center operators like AWS and STT, with significant fiscal incentives from Maharashtra Govt.
Housing Affordability & Wealth Effect
Consistent housing price increase below wage growth improves affordability, leading to increased volumes and significant wealth creation for homeowners.
Industry Consolidation
Regulatory push (RERA, GST) and funding squeeze for Tier 2 & 3 developers are leading to market share gains for top listed developers.
Geopolitical Impact on Sales
Management stated that March (Q4FY26) saw select deferral of sales due to the Iran war.
Regulatory Changes
Forward-looking statements are subject to certain risks and uncertainties like regulatory changes.
Local Political or Economic Developments
Forward-looking statements are subject to certain risks and uncertainties like local political or economic developments.
Technological Risks
Forward-looking statements are subject to certain risks and uncertainties like technological risks.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth and mitigating seasonal fluctuations inherent in the real estate sector. QoQ comparison is relevant for tracking sequential momentum in presales, collections, and debt reduction, especially given Q4FY26 was a record quarter.
Presales
FY26: INR 205.3 bn (+16% YoY); Q4FY26: INR 58.9 bn (+23% YoY), best ever quarterly performance.
Collections
FY26: INR 149.6 bn (+5% YoY); Q4FY26: INR 51.8 bn (+18% YoY).
Launches (GDV)
FY26: INR ~369 bn (16.3 msf, 30 projects); Q4FY26: INR ~140 bn (6.7 msf, 12 projects).
Net Debt
INR 53.8 bn in FY26, reduced by INR 8.0 bn QoQ. Net D/E at 0.23x, well below the 0.5x ceiling. Average cost of debt at 7.8% (down ~90 bps YoY).
FY27 Guidance
Management guides for FY27 presales of INR 240 bn and Embedded EBITDA Margin of 32-34%.
PAT CAGR Target
Focus to deliver ~20% PAT CAGR from FY26 (INR 35 bn) to FY31 (INR 85 bn+).
Deleveraging Strategy
Target of debt-free DevCo in next few years, with only RentCo to have debt. Net debt ceiling of <0.5x D/E.
Data Center Development
Plan to build 1 GW powered shell (BTS) data center, largely self-funded from land sales in DC Park.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Presales Growth | FY26: INR 205.3 bn (+16% YoY) | Achievement of FY27 guidance of INR 240 bn. |
| Net Debt/Equity | 0.23x (FY26) | Continued deleveraging towards the target of debt-free DevCo. |
| Annuity Income Growth | FY26: INR 2.9 bn | Progress towards the stated target of 10x growth in annuity income over the next six years. |
| NCR Market Penetration | Signed two JDA projects with GDV of INR 33 bn | Successful launch and sales traction in the new NCR market starting FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Company is on track to meet its FY26 pre-sales guidance of INR 210 billion.
"on track to meet our FY26 guidance of INR 210 bn"
Expected Q3 pre-sales of INR 60 billion (+/-5%).
"Expected Q3 pre-sales of INR 60 bn (+/-5%)"
Palava & Upper Thane are set to deliver approximately US$ 175 billion of sales over the next three decades with around 50% EBITDA margins.
"Palava & Upper Thane set to deliver US$ ~175bn of sales over next 3 decades"
The company is targeting a net annual annuity income of INR ~15 billion by FY31.
"Targeting net annual income of INR ~15bn by FY31"
Trend score and candlestick chart
42NeutralSMA20 -11.1% / mo
Technical chart
LODHAweekly · 3Y-24.1%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 47.
- SMA20 falling (~12.5% over last month) — short-term momentum negative.
- RSI(14) at 47 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 41% off 52W high · 36% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 21.6%.
- Growth contributes 25/25 to the score.
Main drags
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Management has 100% delivered/partly-delivered outcomes on 3 checked claims. It ranks around the 100th percentile of the scored universe and 100th percentile within Real Estate. No major sub-score weakness stands out.
High Trust: 3/8 extracted management claims have outcome checks; 100% were fully delivered and 0 were partially delivered.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Real Estate: 100th pctile, median 61 · Large: 100th pctile, median 74
3/8 claims checked. Use as directional, not final.
3/8 claims checked · No contradicted claim yet
How to read this Trust Score
High Trust · medium confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 72.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸7 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Intrinsic value
Fundamentals
Valuation
- P/E
- 25.40
- P/B
- 3.74
- EV/EBITDA
- 18.40
- Market Cap
- 87003.00Cr
Profitability
- ROE
- 15.80%
- ROCE
- 16.60%
- ROA
- 5.82%
- Dividend Y
- 0.49%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 59.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 57.00%
Balance Sheet
- Debt/Equity
- 0.42
- Interest Coverage
- 7.49×
- Altman Z
- 2.69
- Book Value
- 233.00
Cash Flow
- FCF Yield
- 1.16%
- FCF Positive Y
- 7/5
- OCF
- 959.00 Cr
- EPS TTM
- 34.32
Shareholding
- Promoter Hold
- 72.27%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 25%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.