NSE: LODHA · BSE: 543287
LODHA DEVELOPERS LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,66,093 | 37.4 | 3.65 | 50.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED ◆ | 1,00,949 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 68,130 | 53.2 | 4.76 | 26.4 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 61,258 | 53.8 | 3.66 | 17.7 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,867 | 19.3 | 3.28 | 16.9 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,761 | 29.8 | 2.47 | 21.9 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 18,001 | 20.9 | 2.39 | 13.9 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,878 | 28.4 | 2.90 | 22.9 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.5 | 20.0 | 35 of 57 | 39% |
| P/B | 4.3 | 1.9 | 59 of 64 | 8% |
| ROCE | 15.7 | 6.4 | 14 of 66 | 80% |
| ROE | 14.6 | 8.0 | 11 of 64 | 84% |
| Debt / Equity | 0.4 | 0.4 | 35 of 64 | 46% |
| 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 | 100949 | 1893 | 2 of 67 | 99% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Lodha Developers schedules investor call for September 2026 results | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for October 30, 2026 results review | results | low | — | — |
| 22 Oct 2026 · Allotment of 27,094 equity shares under ESOP 2021-II | capital market events | low | — | — |
| 9 Oct 2026 · Lodha Developers merger scheme approved by shareholders and creditors at NCLT meeting | strategic transactions | high | — | — |
| 9 Oct 2026 · Lodha merger scheme approved at NCLT convened meetings | strategic transactions | high | — | — |
| 9 Oct 2026 · Lodha merger scheme: NCLT meeting approves Roselabs and National Standard absorption | strategic transactions | high | — | — |
| 9 Oct 2026 · NCLT merger scheme approved by Lodha shareholders and creditors | strategic transactions | high | — | — |
| 7 Oct 2026 · Allotment of 27,616 equity shares under ESOP 2021-II | capital market events | low | — | — |
| 7 Oct 2026 · Routine RTA compliance certificate for September 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Lodha Developers trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.