Lodha Developers Q4 FY25 results: net profit up 38.4% to ₹922.80 crore, revenue up 5.1%

How did Lodha Developers perform in Q4 FY25?

Lodha Developers’ consolidated revenue for the January–March 2025 quarter was ₹4,224 crore, against ₹4,018 crore in Q4 FY24 and ₹4,083 crore in Q3 FY25. Total income was ₹4,420.3 crore in Q4 FY25, up 8.2% from the year-ago quarter and 6.6% from the previous quarter. On a standalone basis, the quarter’s revenue was ₹3,846.1 crore and profit after tax was ₹774.1 crore.

Consolidated EBITDA was ₹1,221 crore in Q4 FY25, up 16.6% from Q4 FY24 but down 6.5% from Q3 FY25. The EBITDA margin was 28.9%, compared with 26.1% a year earlier and 32.0% in the preceding quarter. Profit before tax was ₹1,187 crore, while net profit was ₹922.80 crore, up 38.4% year on year but down 2.3% sequentially. Basic EPS was ₹9.26, compared with ₹6.84 in Q4 FY24 and ₹9.48 in Q3 FY25.

What changed in Lodha Developers' costs and profit?

Total expenses were ₹3,233 crore in Q4 FY25, up ₹28.40 crore or 0.9% from Q4 FY24. Cost of materials increased ₹45.10 crore, employee cost ₹12 crore, finance costs ₹35.90 crore and depreciation fell ₹39.50 crore. Other expenses declined ₹25.10 crore, while other income increased ₹130.60 crore to ₹196 crore. Tax expense was ₹263.70 crore, up ₹52.20 crore from the year-ago quarter, and there was no exceptional item.

Against Q3 FY25, total expenses increased ₹244.70 crore, including a ₹167.70 crore rise in cost of materials and a ₹58.60 crore rise in other expenses. Finance costs increased ₹7.60 crore, employee cost ₹0.20 crore and depreciation ₹10.60 crore. Other income rose ₹132.40 crore, while tax expense increased ₹50 crore. There was no exceptional item in either comparison quarter.

How did Lodha Developers do in FY25 as a whole?

For FY25, Lodha Developers reported consolidated revenue of ₹13,779.5 crore, up 33.6% from ₹10,316.1 crore in FY24. Total income rose 35.3% to ₹14,169.8 crore, while profit before tax increased 74.3% to ₹3,556.9 crore. Net profit rose 78.0% to ₹2,766.6 crore, compared with ₹1,554.2 crore in FY24.

Full-year basic EPS increased 73.2% to ₹27.76 from ₹16.03 in FY24. The company did not report any exceptional item for the quarter or year, and the same-day filing recorded an unmodified auditor’s opinion on the consolidated and standalone audited results.

What do the balance sheet and cash flow show?

As of 31 March 2025, total assets were ₹49,840.6 crore and total equity was ₹20,244.8 crore, compared with ₹47,385 crore and ₹18,250.1 crore respectively at 30 September 2024. Borrowings declined to ₹7,080.4 crore from ₹7,973.6 crore, while cash rose to ₹933.6 crore from ₹864.2 crore. Inventories increased to ₹36,475.9 crore from ₹35,528.9 crore.

FY25 operating cash flow was ₹1,565.6 crore, compared with ₹2,512.3 crore in FY24. Investing cash flow was negative ₹90.4 crore, compared with negative ₹2,947 crore, and financing cash flow was negative ₹2,505.7 crore, compared with ₹950.9 crore. Capital expenditure was ₹474.2 crore in FY25, compared with ₹169.7 crore in FY24.

How has Lodha Developers done over the last 8 quarters?

Revenue reached its highest level of ₹4,224 crore in Q4 FY25 after peaking earlier at ₹4,083 crore in Q3 FY25, while the quarterly low was ₹1,617.4 crore in Q1 FY24. Net profit peaked at ₹944.8 crore in Q3 FY25 and was ₹922.8 crore in Q4 FY25, compared with a low of ₹179.2 crore in Q1 FY24. Revenue has risen year on year in each of the last six quarters, while profit has risen year on year in each of the last four quarters.

The EBITDA margin bottomed at 20.4% in Q1 FY24 and peaked at 32.0% in Q3 FY25. It eased to 28.9% in Q4 FY25 from 26.1% in the year-ago quarter, as revenue rose to ₹4,224 crore and profit was ₹922.8 crore. The latest quarter therefore showed higher revenue and profit than Q4 FY24, but lower margin and profit than Q3 FY25.

What else did the company announce?

The board approved the audited consolidated and standalone financial results for the quarter and year ended 31 March 2025. The statutory auditors issued an unmodified opinion on both sets of results. The board also recommended a final dividend of ₹4.25, or 42.50% per equity share of ₹10 each, subject to shareholder approval at the 30th Annual General Meeting.

Lodha Developers also filed an investor presentation with the exchange on 24 April 2025. The same-day board filing did not announce a fund raise or any appointment.

What did Lodha Developers' management say?

Management said FY25 presales were INR176 bn, up 21% and ahead of the 20% guidance, while the embedded EBITDA margin was ~33% against guidance of ~30%. The company expects FY26 presales of INR21,000 cr, implying ~20% year-on-year growth, and underlying EBITDA margin of ~33%, implying EBITDA above INR6,500 cr. It also expects operating cash flow above INR7,500 cr in FY26 and new GDV addition of INR25,000 cr.

Management said the credit rating was upgraded to AA, cost of funds was 8.7% and net debt-to-equity was 0.2x. It plans to add 5 or more projects in Bangalore in FY26, move the business from a pilot to a growth phase and start a pilot in a fourth city. Palava and Upper Thane are targeted to generate INR8,000 cr of presales by the end of the decade, with about 50% EBITDA margins.

Management said annuity income was scaled to INR2.5 bn in FY25 and the company targets a run-rate close to INR4 bn by the end of FY26. It identified the geopolitical environment as a risk to guidance and said FY25 price growth of about 4% was below the 5%–6% guidance because of the economic slowdown and regulatory and capex-related drag. Abhishek Lodha said the company remained reasonably comfortable with the macro outlook, subject to geopolitical surprises.

How did Lodha Developers shares react?

Lodha Developers rose 1.0% in the first five minutes after the filing and 1.6% after 15 minutes, before falling 0.4% after 30 minutes. From the pre-results close, the stock fell 1.8% on the reaction day. By the next day’s close it was down 0.7% from that close, and by the fifth session it was up 0.8%.

The Residential Commercial Projects industry median fell 3.9% on the reaction day, 2.6% by the next day and 4.9% by the fifth session, while the Nifty 100 fell 1.1%, rose 0.1% and rose 0.6%, respectively. Lodha Developers therefore exceeded the industry median by 2.0 percentage points on the reaction day, 1.9 percentage points by the next day and 5.6 percentage points by the fifth session.

Earlier results-day moves were mixed: the stock rose 0.5% on 25 January 2025 and 3.2% on 25 October 2024, but fell 1.8% on 30 July 2024 and 2.8% on 24 April 2024.

How did other Residential Commercial Projects companies do?

Among 59 Residential Commercial Projects peers compared for the quarter, the median revenue growth was -1.0%. Thirty-three peers grew slower than Lodha Developers, while 26 grew faster. The company’s revenue growth of 5.1% was therefore above the peer median.

Of the 58 peers for which profit was compared, 31 reported higher profit. The peer comparison was recorded as of 6 November 2026.