- Home
- Results news
- Lodha Developers
- Q2 FY27 results
Lodha Developers Q2 FY27 results: net profit up 28.3% to ₹1,014 crore, revenue up 17.6%
Lodha Developers Limited reported consolidated Q2 FY27 revenue of ₹4,467 crore, up 17.6% from a year ago, while net profit rose 28.3% to ₹1,014 crore. EBITDA increased 34.2% to ₹1,488 crore and the margin expanded 4.1 percentage points to 33.3%, although both revenue and profit were lower than in Q1 FY27.
Key points
- Consolidated Q2 FY27 revenue was ₹4,467 crore, up 17.6% from ₹3,798 crore in Q2 FY26 but down 10.6% from ₹4,997 crore in Q1 FY27.
- EBITDA was ₹1,488 crore in Q2 FY27, up 34.2% year on year; the EBITDA margin rose to 33.3% from 29.2% but fell from 38.5% in the previous quarter.
- Net profit was ₹1,014 crore, up 28.3% from ₹789.80 crore a year ago but down 26.2% from ₹1,373 crore in Q1 FY27; basic EPS was ₹10.14.
- H1 FY27 revenue rose 29.8% to ₹9,464.1 crore, while net profit increased 62.9% to ₹2,386.6 crore and EPS rose to ₹23.87.
- The filing was announced after market hours on 30 October 2026; Lodha Developers shares fell 3.3% on the reaction day but were up 2.1% from the pre-results close by the next day’s close.
How did Lodha Developers perform in Q2 FY27?
On the consolidated basis, Lodha Developers reported Q2 FY27 revenue of ₹4,467 crore, up 17.6% from ₹3,798 crore in Q2 FY26. Revenue was down 10.6% from ₹4,997 crore in Q1 FY27, while total income of ₹4,584.9 crore was up 18.2% year on year and down 10.0% sequentially. EBITDA rose 34.2% to ₹1,488 crore from ₹1,109 crore, and the margin increased 4.1 percentage points to 33.3% from 29.2%.
Consolidated net profit for Q2 FY27 was ₹1,014 crore, up 28.3% from ₹789.80 crore in the year-ago quarter but down 26.2% from ₹1,373 crore in Q1 FY27. Basic EPS was ₹10.14, compared with ₹7.9 and ₹13.73 in the respective comparison periods. PBT was ₹1,338 crore, up 39.1% year on year but down 24.6% sequentially, while the PAT margin was 22.7%, compared with 20.8% and 27.5%.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,467 | 4,997 | 3,798 | +17.6% | −10.6% |
| Other income | 117.50 | 100 | 80.40 | +46.1% | +17.5% |
| Total expenses | 3,247 | 3,323 | 2,918 | +11.3% | −2.3% |
| EBITDA | 1,488 | 1,922 | 1,109 | +34.2% | −22.6% |
| EBITDA margin | 33.3% | 38.5% | 29.2% | +4.1 pp | −5.2 pp |
| Profit before tax | 1,338 | 1,774 | 961.30 | +39.1% | −24.6% |
| Tax | 328.50 | 402.80 | 171 | +92.1% | −18.4% |
| Net profit | 1,014 | 1,373 | 789.80 | +28.3% | −26.2% |
| EPS (₹) | 10.14 | 13.73 | 7.90 | +28.4% | −26.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Lodha Developers' costs and profit?
Total expenses increased 11.3% year on year to ₹3,247 crore from ₹2,918 crore, compared with a 17.6% rise in revenue. Cost of materials was up 14.7% by ₹324 crore to ₹2,523 crore, employee cost rose 13.2% by ₹22.50 crore to ₹193.50 crore, finance costs increased 18.4% by ₹28.80 crore to ₹185.30 crore, and depreciation rose 16.1% by ₹11.50 crore to ₹82.90 crore. Other expenses declined 17.9%, or ₹57.10 crore, to ₹262.50 crore.
Other income increased 46.1% year on year by ₹37.10 crore to ₹117.50 crore, from ₹80.40 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26. Tax expense rose 92.1% by ₹157.50 crore to ₹328.50 crore from ₹171 crore, after PBT increased 39.1% by ₹376.30 crore to ₹1,338 crore.
Against Q1 FY27, total expenses were lower by ₹75.30 crore, or 2.3%, at ₹3,247 crore. Cost of materials fell ₹19.40 crore and other expenses declined ₹84.90 crore, while employee cost increased ₹9.10 crore, finance costs rose ₹6.20 crore and depreciation increased ₹13.70 crore. Other income rose ₹17.50 crore and tax expense fell ₹74.30 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2,523 | 2,199 | +324 | +14.7% |
| Employee cost | 193.50 | 171 | +22.50 | +13.2% |
| Finance costs | 185.30 | 156.50 | +28.80 | +18.4% |
| Depreciation | 82.90 | 71.40 | +11.50 | +16.1% |
| Other expenses | 262.50 | 319.60 | −57.10 | −17.9% |
| Total expenses | 3,247 | 2,918 | +329.70 | +11.3% |
| Other income | 117.50 | 80.40 | +37.10 | +46.1% |
| Tax | 328.50 | 171 | +157.50 | +92.1% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue rose 29.8% to ₹9,464.1 crore from ₹7,290.2 crore in H1 FY26. Total income increased 29.0% by ₹2,178.0 crore to ₹9,681.6 crore, while PBT rose 66.8% by ₹1,246.7 crore to ₹3,111.7 crore.
H1 FY27 net profit was ₹2,386.6 crore, up 62.9% by ₹921.7 crore from ₹1,464.9 crore in H1 FY26. EPS increased from ₹14.66 to ₹23.87, a rise of ₹9.21 or 62.8%, while the PAT margin for the half year was 24.6% against 19.5%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 9,464 | 7,290 | +29.8% |
| Profit before tax | 3,112 | 1,865 | +66.8% |
| Net profit | 2,387 | 1,465 | +62.9% |
| EPS (₹) | 23.87 | 14.66 | +62.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹62,709.2 crore against ₹58,936.6 crore at 31 March 2026, and total equity was ₹25,358.0 crore against ₹23,429.2 crore. Borrowings increased to ₹10,393.5 crore from ₹9,883.9 crore, while cash declined to ₹1,268.0 crore from ₹2,702.6 crore. Inventories were ₹40,400.0 crore, trade receivables ₹1,092.3 crore and trade payables ₹3,052.5 crore.
H1 FY27 operating cash flow was ₹1,372.2 crore, compared with a negative ₹515.4 crore in H1 FY26. Investing cash flow was negative ₹2,410.57 crore against negative ₹804.3 crore, while financing cash flow was negative ₹396.2 crore against positive ₹1,759.2 crore. Capital expenditure was ₹226.07 crore, compared with ₹110.1 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 62,709 | 58,937 |
| Total equity | 25,358 | 23,429 |
| Borrowings | 10,394 | 9,884 |
| Cash and equivalents | 1,268 | 2,703 |
| Inventories | 40,400 | 40,254 |
| Trade receivables | 1,092 | 1,472 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,372 | −515.40 |
| Cash from investing | −2,411 | −804.30 |
| Cash from financing | −396.20 | 1,759 |
| Capital expenditure | 226.07 | 110.10 |
Source: Company's results filing (XBRL).
How has Lodha Developers done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters and profit also rose year on year in each of the last eight quarters. Revenue reached its highest point of ₹4,996.7 crore in Q1 FY27 before falling to ₹4,467.4 crore in Q2 FY27; the lowest revenue in the series was ₹3,491.7 crore in Q1 FY26.
Net profit peaked at ₹1,373.1 crore in Q1 FY27 and fell to ₹1,013.5 crore in Q2 FY27; the lowest quarterly profit was ₹675.1 crore in Q1 FY26. The EBITDA margin rose from 28.2% in Q1 FY26 to a peak of 38.5% in Q1 FY27, before easing to 33.3% in Q2 FY27.
What else did the company announce?
The board approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026. It also noted Company Secretary and Compliance Officer Sanjyot Rangnekar’s request for early retirement from the close of business hours on 30 October 2026.
The board appointed Savita Kodain as Company Secretary and Compliance Officer, effective from 31 October 2026, on the recommendation of the Nomination and Remuneration Committee. The same-day filing did not announce a dividend or a fund raise.
What did Lodha Developers' management say?
Management said FY27 pre-sales guidance was INR 240 bn and added that it expected to easily exceed its full-year PAT guidance. It presented a medium-term ambition to deliver PAT of INR 85+ bn by FY31 from FY26, representing ~20% CAGR, while keeping net debt-to-equity below its 0.5x ceiling.
Management said the company had unsold GDV of approximately INR 2,000 bn, excluding relevant LandCo land, and set out a rest-of-FY27 DevCo launch pipeline of 11.1 msf, estimated GDV of INR 190.7 bn and 17 projects across MMR, Pune, Bangalore and NCR. Phase 1 of the Navi Mumbai data-centre park covers 3.5 GW on 365 acres, with 132 acres sold as of 30 September 2026.
Management said it planned to grow rental income 10x by FY32 compared with FY26, with estimated FY32 annual rental income of INR 30.0+ bn, and targeted the DevCo business to be debt free in the next few years. It identified unsold DevCo inventory, construction-cost inflation, funding pressure for Tier-2 and Tier-3 developers, and the capital required for annuity expansion as risks.
How did Lodha Developers shares react?
Lodha Developers shares were down 1.6% after five minutes, 2.6% after 15 minutes and 1.7% after 30 minutes following the after-market filing. The stock closed 3.3% lower on the reaction day from the previous close of ₹1,037.00, against a 1.4% median rise for the Residential Commercial Projects industry.
By the next day’s close, the stock was up 2.1% from its pre-results close, compared with a 1.8% median gain for the industry, a relative performance of 0.3 percentage points. The Nifty Midcap 150 was up 1.3% on the reaction day. Earlier results-day moves included gains of 4.8% on 24 July 2026 and 4.4% on 24 April 2026, and a decline of 6.1% on 26 July 2025.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | −1.6% | |
| 15 minutes | −2.6% | |
| 30 minutes | −1.7% | |
| Reaction day | −3.3% | +1.4% |
| Next day | +2.1% | +1.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 24 July 2026 | +4.8% |
| 24 April 2026 | +4.4% |
| 28 January 2026 | +2.8% |
| 30 October 2025 | +1.8% |
| 26 July 2025 | −6.1% |
| 24 April 2025 | −1.8% |
| 25 January 2025 | +0.5% |
| 25 October 2024 | +3.2% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Among 34 other Residential Commercial Projects companies that had filed for the quarter as of 4 November 2026, the median revenue growth was 22.4%. Lodha Developers’ 17.6% revenue growth was higher than that of 16 peers and lower than that of 17 peers, while 19 peers reported higher profit.
| Lodha Developers revenue growth (YoY) | +17.6% |
|---|---|
| Median of 34 other Residential Commercial Projects companies | +22.4% |
| Companies with slower revenue growth than Lodha Developers | 16 of 34 |
| Companies with faster revenue growth than Lodha Developers | 17 of 34 |
| Companies whose net profit rose | 19 of 34 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Lodha Developers' revenue in Q2 FY27?
Revenue from operations was ₹4,467 crore, up 17.6% from ₹3,798 crore in Q2 FY26 (consolidated).
Did Lodha Developers make a profit in Q2 FY27?
Yes. Net profit was ₹1,014 crore, against a net profit of ₹789.80 crore in Q2 FY26.
What was Lodha Developers' EPS in Q2 FY27?
Basic earnings per share were ₹10.14, against ₹7.90 in Q2 FY26.
How did Lodha Developers shares react to the Q2 FY27 results?
On the reaction day the stock moved −3.3% from the previous close; the median Residential Commercial Projects stock moved +1.4%.
When did Lodha Developers announce its Q2 FY27 results?
On 30 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Considering And Approving The Un-Audited Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 26 October 2026) · PDF
- Outcome of Board Meeting (NSE, 30 October 2026) · PDF
- The investor presentation (30 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.