NSE: LOTUSDEV · BSE: 544469
SRI LOTUS DEVLPRS N RTY L
Develops ultra-luxury residential and commercial real estate in Mumbai's coastal micro-markets, selling premium apartments to high-net-worth individuals, non-resident Indians and end-users. Earnings come from pre-sales of under-construction apartments and commercial space across 11 marquee projects marketed under the 'Luxury Coastline Collection' brand. In FY26, pre-sales reached INR 1,157 crore and the company added nine new projects with a combined gross development value (GDV) of INR 8,500-9,000 crore, including a strategic entry into GIFT City with a mixed-use development. Building work is the dominant cost, with materials and construction accounting for 93.3% of revenue, employee costs 2.0% and other operating expenses 7.0%. The company plans six new project launches in FY27 with combined GDV of INR 5,000-5,500 crore — three in H1 (Aquaria, Trident, Sky Plaza) and three in H2 (Portofino, Odyssey, Aurelia). The balance sheet is net cash, with INR 697 crore in cash and total equity of INR 1,918 crore as of March 2026, and IPO proceeds of INR 792 crore verified by CARE Ratings as being deployed per stated objects. Lotus Celestia at Versova Beach booked INR 155 crore within seven days of launch, illustrating the sales velocity in this segment. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ultra-luxury residential development, Commercial / mixed-use development. Asset-heavy, cyclical real estate development focused on the ultra-luxury residential segment.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 769 |
| EBITDA (ex other income) | 281 |
| margin % | 36.5 |
| Owners' profit | 237 |
| EPS, as reported (₹) | 5.04 |
| ROE % · ROCE % | 12.7 · 16.7 |
| Debt / equity (x) | 0.07 |
| Cash from operations | (326) |
| Capex | (0) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 61 | 176 | 224 | 307 | 132 |
| Profit before tax | 35 | 62 | 94 | 135 | 61 |
| Net profit | 26 | 46 | 70 | 101 | 46 |
| EPS (₹) | 0.59 | 0.98 | 1.43 | 1.96 | 0.93 |
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) | 46.4 | 20.0 | 48 of 57 | 16% |
| P/B | 6.3 | 1.9 | 64 of 64 | 0% |
| ROCE | 16.6 | 6.4 | 9 of 66 | 88% |
| ROE | 12.7 | 8.0 | 17 of 64 | 75% |
| Debt / Equity | 0.1 | 0.4 | 14 of 64 | 79% |
| EBITDA margin | 46.7 | 29.6 | 10 of 66 | 86% |
| Revenue growth | 115.8 | 12.8 | 12 of 67 | 83% |
| Profit growth | 77.3 | 7.5 | 14 of 66 | 80% |
| Market cap | 12008 | 1893 | 11 of 67 | 85% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Q2 FY27 earnings: pre-sales up 83%, EBITDA margin near 40% | investor communications | medium | — | — |
| 17 Oct 2026 · Newspaper publication of Q2 and H1 FY26-27 results submitted | compliance | minimal | — | — |
| 16 Oct 2026 · Audio recording of Q2FY26 earnings call now available on company website | investor communications | low | — | — |
| 16 Oct 2026 · IPO proceeds monitoring report for Q2 FY27 shows delay in deployment | fund raising | low | — | — |
| 15 Oct 2026 · Sri Lotus Q2 FY27 Investor Presentation | investor communications | medium | — | — |
| 15 Oct 2026 · Sri Lotus Q2 FY27 Results: Revenue up 53%, PAT up 91% YoY | results | high | — | — |
| 15 Oct 2026 · Sri Lotus Developers Q2 FY27 results: profit falls, dividend declared | results | high | — | — |
| 15 Oct 2026 · Reg 74(5) Depositories Certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 12 Oct 2026 · Earnings call scheduled for October 16, 2026 to discuss Q2 FY27 results | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Board meeting on Oct 15 to consider Q2 and H1 FY27 results | results | low | — | — |
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.