Transcript of Earnings Call held on October 31, 2025
LODHA · price
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Lodha Developers posted its best-ever Q2 presales of INR45.7 billion, up 7% year-on-year, putting H1 sales at INR90 billion (43% of the INR210 billion full-year target). Q2 revenue rose 45% to INR38 billion with adjusted EBITDA margin of 34.4% (above the 32% embedded level) and PAT of nearly INR8 billion, up 87% YoY. Management highlighted the Palava data center park with 2 anchor tenants (AWS and STT), a new Maharashtra government policy, and ~400 acres now valued at roughly INR100 billion. Net debt stayed low at 0.25x equity and cost of debt fell 30 bps to ~8%. The company reaffirmed medium-term targets of ~20% annual growth and 20% ROE, and announced an NCR pilot starting in Gurugram in 2026.
Strong quarterly execution, margin expansion, and a new high-growth data center vertical at Palava add significant optionality beyond the core real estate business. Shareholders can expect continued growth momentum, though key data center capex and business plan details were deferred to the next quarter.