LOTUSDEV
Micro CapSri Lotus Developers and Realty Limited
Real Estate
Developer of residential and commercial premises in Mumbai, focusing on redevelopment in luxury and ultra-luxury segments. Operates an asset-light model, is net debt-free with a net cash balance of INR 697 Crs as of March 2026, and boasts rapid project execution, often 12-18 months ahead of RERA timelines.
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 acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 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 · 52/100margin compression · Rev +62% YoY · PAT +17% YoY · +38% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹308 Cr | +62.1% | +37.5% |
| EBITDA | ₹121 Cr | +11.0% | +53.2% |
| Operating margin | 39.0% | -1800 bps | +400 bps |
| PAT | ₹101 Cr | +17.4% | +44.3% |
| PAT margin | 32.8% | -1247 bps | +154 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
FY26 Pre-Sales surged 137% YoY to INR 1,157 Crs, exceeding guidance. Revenue grew 40% YoY to INR 769 Crs, with PAT at INR 243 Crs (31.6% margin). Q4FY26 Pre-Sales were INR 462 Crs, driven by new launches. Company is net cash positive with INR 697 Crs.
LOTUSDEV delivered robust FY26 results, exceeding pre-sales guidance with strong YoY growth. The asset-light, net debt-free model and high profitability are key strengths. FY27 guidance for significant pre-sales and profit growth, supported by a strong launch pipeline, suggests continued positive momentum.
Carpet Area by Project Type (Upcoming Projects)
Latest issuer-disclosed distribution across 3 reported categories.
Strategic Position in Western Suburbs
Leveraging high income customer base, young professionals, limited land, and high entry barriers in Mumbai's western suburbs.
Asset-Light Model
Focus on redevelopment and joint development projects (7 ongoing, 12 upcoming) for capital efficiency and financial flexibility.
Brand Equity & Timely Execution
Integrated development model with in-house experts, technology use, and projects delivered 18-24 months ahead of RERA.
Ability to Sell During Construction
Proven strength in pre-sales, providing cashflow for operations and maintaining low indebtedness.
New Project Additions FY26
Added nine new projects with cumulative GDV of ~INR 8,500–9,000 Crs, including Lotus Portofino, Lotus Sky Plaza, Gift City mixed-use project.
GIFT City Project
Flagship ultra-luxury mixed-use project (1 Mn. Sq. Ft. carpet area) in GIFT City area, expected commencement Q1 FY28, completion FY31, estimated GDV INR 2,000-2,200 Crs.
FY27 Launch Pipeline
Plans to launch six projects in FY27 with estimated GDV of ~INR 5,000–5,500 Crs, including Lotus Aquaria, Lotus Trident, Lotus Odyssey.
Strong Demand in Luxury Segment
Resilience of demand in the luxury and ultra-luxury residential portfolio, with strong enquiry levels for luxury residential units.
MMR Market Leadership
MMR leading in launches (31-35%) and absorption (32-34%) in India, with luxury segment (>INR 2.5 cr) growing from 3% in CY21 to 22% in Q1CY25.
Brand Campaign Success
First-ever brand campaign 'Luxury Coastline Collection' received overwhelming response, strengthening market positioning.
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.
Real estate performance is best assessed YoY to account for project-specific timelines, seasonal launch cycles, and the long gestation periods of developments, which can cause significant QoQ volatility. Project cadence and annual targets are more relevant.
Presales
FY26 Pre-Sales: INR 1,157 Crs (+137% YoY). Q4FY26 Pre-Sales: INR 462 Crs (+177% YoY). Project Celestia contributed INR 155 Crs in Q4FY26.
Collections
FY26 Collections: INR 376 Crs. Q4FY26 Collections: INR 82 Crs (+68% YoY).
Launches
Launched Project Celestia (Versova) in Q4FY26. Plans to launch six projects in FY27 with estimated GDV of INR 5,000–5,500 Crs.
Project Pipeline
Current portfolio: ~4.1mn. Sq. ft. Carpet Area, ~3.2mn. Sq. ft. Saleable Area. Added nine new projects in FY26 with cumulative GDV of ~INR 8,500–9,000 Crs.
FY27 Pre-Sales Guidance
Guiding for pre-sales of INR 1,800–2,000 Crs in FY27.
FY27 Revenue & PAT Growth Guidance
Expects strong growth of ~55-60% YoY in revenue and profit after tax for FY27.
Continued Project Additions
Company will continue to add new projects and developments to enhance future pipeline.
Capital Discipline
Business model built around capital discipline, strong project selection, premium micro-market positioning, and execution excellence.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Pre-Sales | INR 1,157 Crs (FY26) | Achievement of INR 1,800-2,000 Crs guidance for FY27. |
| FY27 Revenue Growth | 40% YoY (FY26) | Achievement of ~55-60% YoY growth guidance for FY27. |
| FY27 PAT Growth | 6.6% YoY (FY26) | Achievement of ~55-60% YoY growth guidance for FY27. |
| Operating Cash Flow | -INR 325.8 Crs (FY26) | Improvement in operating cash flow as projects progress and collections materialize. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -3.5% / mo
Technical chart
LOTUSDEVdaily · 3Y-20.3%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 47.
- SMA20 falling (~4.2% over last month) — short-term momentum negative.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 23% off 52W high · 34% 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
- Fair-value margin of safety is positive at 14.4%.
- Growth contributes 23/25 to the score.
- Balance sheet contributes 12/15 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Quality is weaker at 8/20; 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.
Mixed Trust: Claim history is still being built. It ranks around the 61st percentile of the scored universe and 85th percentile within Real Estate. Main check: cash conversion is weak at 40/100.
Healthy Trust Lite: Promoter holding is 81.9%. Key concern: Operating cash flow is negative at ₹-326 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Real Estate: 85th pctile, median 61 · Micro: 44th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low 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 81.9%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.07.
- ▸ROCE is 21.2%.
Trust risks
- ▸Operating cash flow is negative at ₹-326 Cr.
- ▸ROCE trend is -9.1%.
- ▸OPM spread across recent quarters is 28%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 27.70
- P/B
- 3.43
- EV/EBITDA
- 23.64
- Market Cap
- 6558.00Cr
Profitability
- ROE
- 16.70%
- ROCE
- 21.20%
- ROA
- 10.34%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 28.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 69.00%
- EPS 3Y
- 70.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 140.50×
- Altman Z
- 8.12
- Book Value
- 39.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -326.00 Cr
- EPS TTM
- 4.85
Shareholding
- Promoter Hold
- 81.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 28%
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.