Develops and sells premium and luxury residential real estate across India's top cities, earning revenue primarily from construction and sale of homes. FY26 consolidated revenue was INR 16,676.2 crore at an EBITDA margin of 32.17%, with pre-sales of INR 205 billion. Management is targeting INR 240 billion of pre-sales for FY27 with embedded EBITDA margin of 32-34%, and is aiming for 20% PAT growth per annum over the medium term. A growing annuity rental business generated INR 3 billion in FY26 and is targeted to scale to over INR 30 billion by FY32. The largest cost line is materials (land and construction) at 58.7% of revenue, followed by other operating expenses at 7.8% and employee cost at 3.9%; depreciation is 2.1% and capex is 1.5% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential real estate development, Land monetization, Annuity rental income. Asset-heavy, cyclical residential real estate developer with growing data center land monetization and recurring rental income
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9,233 | 9,470 | 10,316 | 13,780 | 16,676 |
| EBITDA (ex other income) | 2,125 | 889 | 2,571 | 3,988 | 4,921 |
| margin % | 23.0 | 9.4 | 24.9 | 28.9 | 29.5 |
| Owners' profit | 1,202 | 487 | 1,549 | 2,764 | 3,428 |
| EPS, as reported (₹) | 26.28 | 10.10 | 16.03 | 27.76 | 34.34 |
| ROE % · ROCE % | 9.9 · 15.5 | 3.8 · 6.1 | 8.9 · 12.7 | 13.7 · 18.6 | 14.6 · 18.0 |
| Debt / equity (x) | 0.95 | 0.71 | 0.44 | 0.35 | 0.42 |
| Cash from operations | 1,998 | 2,750 | 2,512 | 1,566 | 959 |
| Capex | (41) | (90) | (170) | (474) | (250) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,626 | 4,083 | 4,224 | 3,492 | 3,799 | 4,673 | 4,714 | 4,997 |
| Profit before tax | 561 | 1,158 | 1,187 | 904 | 961 | 1,236 | 1,262 | 1,774 |
| Net profit | 423 | 945 | 923 | 675 | 790 | 958 | 1,008 | 1,373 |
| EPS (₹) | 4.25 | 9.48 | 9.26 | 6.76 | 7.90 | 9.59 | 10.09 | 13.73 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,59,533 | 35.9 | 3.51 | 48.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED ◆ | 1,11,589 | 27.0 | 4.76 | 22.1 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,594 | 52.8 | 4.73 | 26.2 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 64,519 | 56.6 | 3.85 | 18.5 | 7.8 | 6.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Allotted 1,11,859 equity shares under ESOP 2021-II | capital market events | low | — | — |
| 7 Sept 2026 · NCLT meeting notice for Lodha merger scheme on October 9, 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · NCLT-ordered meetings set for merger of RFL and NSIL into Lodha Developers | strategic transactions | high | — | — |
| 4 Sept 2026 · NCLT-directed shareholder meeting on Oct 9 for Lodha merger scheme | strategic transactions | medium | — | — |
| 31 Aug 2026 · Lodha Developers buys full stake in Bellissimo Infratech for Rs 73.52 cr | strategic transactions | high | — | — |
| 31 Aug 2026 · SMP changes: role elevation for Kunal Gandhi, Tikam Jain moves to ops role | management changes | medium | — | — |
| 21 Aug 2026 · Allotment of 44,715 equity shares under ESOP 2021-II | capital market events | low | — | — |
| 14 Aug 2026 · 31st AGM held, all 6 resolutions passed including Rs 4.25 final dividend | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Allotment of 49,395 equity shares under ESOP 2021 | capital market events | low | — | — |
| 7 Aug 2026 · Lodha Developers schedules six investor conferences from August to September | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 11.8 |
| 38.1 |
| OBEROI REALTY LIMITED | 63,306 | 20.8 | 3.53 | 18.2 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 52,653 | 32.9 | 2.72 | 23.7 | 9.5 | 11.4 | 46.3 | 107.7 |
| ANANT RAJ LIMITED | 21,490 | 36.2 | 3.69 | 29.3 | 9.6 | 10.2 | 58.7 | 32.1 |
| BRIGADE ENTER. LTD | 20,941 | 24.4 | 2.78 | 15.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.0 | 21.8 | 35 of 57 | 39% |
| P/B | 4.8 | 2.1 | 61 of 64 | 5% |
| ROCE | 15.7 | 6.8 | 15 of 67 | 79% |
| ROE | 14.6 | 8.2 | 13 of 67 | 82% |
| Debt / Equity | 0.4 | 0.4 | 38 of 67 | 44% |
| EBITDA margin | 40.5 | 29.6 | 16 of 66 | 77% |
| Revenue growth | 43.1 | 12.8 | 21 of 67 | 70% |
| Profit growth | 103.4 | 7.5 | 12 of 66 | 83% |
| Market cap | 111589 | 2250 | 2 of 67 | 99% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
