Lodha Developers Limited (LODHA)
₹1,058.70 -0.29% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Lodha Developers' revenue was ₹4,997 Cr (+43.1% year on year, +6.0% on the previous quarter), and net profit ₹1,373 Cr (+103.4% year on year); the operating margin was 38.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,997 | +43.1% | +6.0% |
| Operating profit | ₹1,922 | +95.3% | +36.1% |
| Net profit | ₹1,373 | +103.4% | +36.2% |
| EPS (₹) | 13.73 | +103.1% | +36.1% |
| Operating margin | 38.5% | — | — |
LODHA delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 59.53% of the LODHA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.74%. That is close to its usual level. In LODHA futures, open interest fell 0.54% while the futures price fell 0.40%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 47.8% · 56.6% · 51.5% · 58.1% · 59.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Lodha Developers Limited (market cap ₹1,06,418 Cr) announced that its equity shareholders and secured creditors have approved the Scheme of Merger by absorption of Roselabs Finance Limited and National Standard (India) Limited. In the NCLT-convened meeting held on October 9, 2026, 99.95% of total valid equity votes cast (94,26,00,568 votes) were in favour of the special resolution. Among public shareholders, 99.82% voted in favour (24,01,15,234 votes). The scheme now awaits final sanction from the Hon'ble NCLT, Mumbai Bench.
- Scheme of merger by absorption of Roselabs Finance Ltd and National Standard (India) Ltd approved by shareholders and secured creditors
- 99.95% of total valid equity votes cast (94,26,00,568 votes) voted in favour of the merger
- 99.82% of public shareholder votes (24,01,15,234 votes) supported the special resolution
- Meeting convened per Hon'ble NCLT Mumbai order dated August 06, 2026 and concluded on October 09, 2026
- Final implementation remains subject to formal sanction from the Hon'ble NCLT Mumbai Bench
Lodha Developers Limited (market cap ₹1,06,418 Cr) announced that its equity shareholders and secured creditors have approved the Scheme of Merger by absorption of Roselabs Finance Limited and National Standard (India) Limited. In the NCLT-convened meeting held on October 9, 2026, 99.95% of total valid equity votes cast (94,26,00,568 votes) were in favour of the special resolution. Among public shareholders, 99.82% voted in favour (24,01,15,234 votes). The scheme now awaits final sanction from the Hon'ble NCLT, Mumbai Bench.
- Scheme of merger by absorption of Roselabs Finance Ltd and National Standard (India) Ltd approved by shareholders and secured creditors
- 99.95% of total valid equity votes cast (94,26,00,568 votes) voted in favour of the merger
- 99.82% of public shareholder votes (24,01,15,234 votes) supported the special resolution
- Meeting convened per Hon'ble NCLT Mumbai order dated August 06, 2026 and concluded on October 09, 2026
- Final implementation remains subject to formal sanction from the Hon'ble NCLT Mumbai Bench
Lodha Developers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. Registrar and Share Transfer Agent MUFG Intime India Private Limited confirmed that no security certificates were received for dematerialisation or rematerialisation during this period. This is a purely administrative regulatory filing with no financial or operational impact.
- Compliance certificate filed for the quarter ended September 30, 2026
- Zero security certificates received for dematerialisation or rematerialisation during the quarter
- Issued by RTA MUFG Intime India Private Limited dated 6 October 2026
Lodha Developers Limited has allotted 1,11,859 equity shares of face value ₹10 each pursuant to its Employee Stock Option Scheme 2021 – II on September 09, 2026. The allotment represents an extremely minuscule addition to the company's existing equity base and involves negligible equity dilution (less than 0.02% of share capital). At current market prices of around ₹1,199.6, the allotted shares carry a market value of approximately ₹13.4 crore. This is a routine operational intimation concerning stock option exercises.
- Allotment of 1,11,859 equity shares under Lodha Developers Limited - Employee Stock Option Scheme 2021 – II
- Face value of ₹10/- each per allotted share
- Allotment date finalized on September 09, 2026
Lodha Developers has issued a notice for NCLT-convened meetings of its equity shareholders and secured creditors on October 09, 2026, to approve the merger of Roselabs Finance Ltd (RFL) and National Standard (India) Ltd (NSIL) into the company. Under the share swap ratio, RFL shareholders will receive 7 Lodha shares for every 1,000 shares held, while NSIL shareholders will receive 92 Lodha shares for every 1,000 shares held. Lodha already holds 74.25% of RFL and 73.94% of NSIL. The corporate simplification aims to eliminate administrative overheads and multi-entity compliance burdens.
- NCLT court-convened meetings scheduled for October 09, 2026, with remote e-voting from October 06 to October 08, 2026.
- Share swap ratio set at 7 Lodha equity shares for every 1,000 shares of Roselabs Finance Limited (RFL).
- Share swap ratio set at 92 Lodha equity shares for every 1,000 shares of National Standard (India) Limited (NSIL).
- Lodha currently owns 74.25% in RFL and 73.94% in NSIL; both entities have no ongoing or active development operations.
Lodha Developers Limited (formerly Macrotech Developers) has issued notice for an NCLT-convened meeting of equity shareholders and secured creditors on October 09, 2026. The meeting will seek approval for the Scheme of Merger by Absorption of listed subsidiaries Roselabs Finance Limited (LDL holds 74.25%) and National Standard (India) Limited (LDL holds 73.94%) into Lodha Developers. Under the swap terms, RFL shareholders will receive 7 LDL shares for every 1,000 shares, while NSIL shareholders will receive 92 LDL shares for every 1,000 shares. The appointed date for the merger is July 01, 2024.
- Share exchange ratio: 7 LDL shares for every 1,000 shares of Roselabs Finance Limited
- Share exchange ratio: 92 LDL shares for every 1,000 shares of National Standard (India) Limited
- Lodha currently holds a 74.25% stake in RFL and a 73.94% stake in NSIL
- NCLT-directed shareholder meeting scheduled for October 09, 2026 with e-voting from October 06-08, 2026
- Appointed date set as July 01, 2024
Lodha Developers has acquired the remaining 20% stake in Bellissimo Infratech Private Limited (BIPL) for a cash consideration of ₹73.52 crore, turning BIPL into a wholly owned subsidiary. BIPL, incorporated in March 2025, has a net worth of ₹97.30 crore and has not yet commenced business operations (reported ₹ NIL turnover for FY26). The buyout aligns with Lodha's strategic focus to expand its presence and market share in the Pune real estate market. The deal size is minor relative to Lodha's TTM revenue of ₹18,182 crore and net worth of ₹22,211 crore (<0.4%).
- Acquired balance 20% stake for ₹73.52 crore via cash consideration
- BIPL becomes a 100% wholly owned subsidiary of the company
- BIPL reported a net worth of ₹97.30 crore as of March 31, 2026, and ₹ NIL turnover
- Transaction scheduled to complete by September 1, 2026, to support growth in Pune
Lodha Developers Limited has announced leadership changes in its Pune regional business effective September 1, 2026. Mr. Kunal Gandhi, previously Dy. Regional CEO - Pune, has been elevated to Regional CEO, Pune and categorized as Senior Management Personnel (SMP). Concurrently, Mr. Tikam Jain ceases to be an SMP due to an organizational restructuring and transitions into an operational role within the company. Pune is a key strategic growth market for Lodha, where it targets achieving the top developer rank over the next 24 months.
- Mr. Kunal Gandhi categorized as Senior Management Personnel (SMP) effective September 1, 2026.
- Mr. Tikam Jain transitions to an internal operational role and ceases to be categorized as SMP from September 1, 2026.
- Mr. Kunal Gandhi brings over 20 years of experience, having joined Lodha in 2018 and serving as Dy. Regional CEO-Pune since 2023.
Lodha Developers Limited has allotted 44,715 equity shares of face value ₹ 10 each on August 21, 2026, pursuant to its Employee Stock Option Scheme 2021 – II. This represents a routine equity dilution for employee stock options. The overall impact on the company's total outstanding share capital and financial position is negligible.
- Allotment of 44,715 equity shares on August 21, 2026
- Face value of shares is ₹ 10/- each
- Issued under Lodha Developers Limited - Employee Stock Option Scheme 2021 – II
Lodha Developers Limited concluded its 31st Annual General Meeting on August 14, 2026, with shareholders approving all 6 agenda resolutions. Key approvals included the declaration of a final dividend of Rs 4.25 per equity share (face value Rs 10) for FY26 and the adoption of audited FY26 financial statements. Members also approved the appointment of M/s Walker Chandiok & Co LLP as Statutory Auditors. Total voting participation was high, with over 93.85 crore votes polled out of 99.91 crore outstanding shares.
- Approved final dividend of Rs 4.25 per equity share of face value Rs 10 for FY26.
- Shareholder voting turnout reached ~93.96% with 93.88 crore votes polled across key resolutions.
- Appointment of M/s Walker Chandiok & Co LLP as Statutory Auditors passed with 99.75% votes in favor.
- Continuation of Mr. Rajinder Pal Singh as Non-Executive Director beyond 75 years approved via Special Resolution.
Lodha Developers Limited (Macrotech Developers) has allotted 49,395 equity shares of ‑ 10 each to employees on August 12, 2026. The allotment is part of the company's 2021 Employee Stock Option Plan and Scheme II. At the current market price of ‑ 1,209, the total value of the allotted shares is approximately ‑ 5.97 Cr. This represents a negligible dilution of approximately 0.005% relative to the company's market capitalization of ‑ 1,20,780 Cr.
- Allotment of 49,395 equity shares completed on August 12, 2026
- Shares issued at a face value of ‑ 10 per share
- Issuance conducted under the Employee Stock Option Plan 2021 and Scheme 2021-II
- Total estimated value of allotment at current market price is ‑ 5.97 Cr
Lodha Developers (Macrotech) has announced a series of six institutional investor conferences scheduled from August 12 to September 22, 2026. The company will meet with major brokerage houses including J.P. Morgan, Jefferies, and Motilal Oswal. These meetings are routine investor relations activities, and the company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared. For a company with a market capitalization of Rs 1,21,430 Cr, such engagements are standard practice to maintain institutional transparency.
- 6 separate investor conferences scheduled over a 40-day period starting August 12, 2026.
- Participation includes major global and domestic firms: J.P. Morgan, Jefferies, Motilal Oswal, and Anand Rathi.
- The first meeting is an in-person one-to-one and group meet at the Emkay Investor Conference on August 12.
- The final scheduled engagement is the Anand Rathi India Conference on September 22, 2026.
Lodha reported its best-ever Q1 with revenue of ₹5,000 cr (up 43% YoY) and PAT of ₹1,370 cr, which already covers 33% of its full-year guidance. While residential pre-sales grew a modest 4% YoY to ₹4,630 cr due to deferred launches, the company reaffirmed its FY27 pre-sales target of ₹24,000 cr. A significant highlight is the data center land monetization at Palava, where prices doubled to ₹42 cr per acre in 12 months. Net debt was further reduced by ₹450 cr to under ₹5,000 cr, resulting in a healthy net debt-to-equity ratio of 0.2x.
- PAT more than doubled to ₹1,370 cr in Q1 FY27 from ₹680 cr in the previous year's equivalent quarter.
- Data center land monetization price reached ₹42 cr per acre, a 100% increase from ₹21 cr per acre in 2025.
- Net debt reduced to under ₹5,000 cr, significantly below the company's self-imposed ceiling of 0.5x D/E.
- Secured power tie-ups for 3 gigawatts to support the 660-acre data center park development.
- Maintained FY27 pre-sales guidance of ₹24,000 cr with 20+ project launches planned for the remainder of the year.
Lodha Developers (Macrotech Developers) has released the audio recording of its earnings conference call for the quarter ended June 30, 2026. This is a procedural disclosure following the announcement of its Q1 FY27 financial results. Investors can access the recording on the company's website to hear management's detailed commentary on operational performance and growth targets. The company currently operates with a TTM revenue of ‡16,677 Cr and maintains a market capitalization of ‡1,19,362 Cr.
- Earnings conference call held on July 27, 2026, for the quarter ended June 30, 2026
- Company maintains a long-term annual pre-sales growth target of 20%
- TTM revenue stands at ‡16,677 Cr with an operating profit margin of 29.5%
- Net debt reported at ‡10,725 Cr against a net worth of ‡22,211 Cr
- Promoter holding remains stable at 70.3% as of the latest reporting period
Lodha (Macrotech Developers) delivered a strong Q1 FY27 with revenue rising 43% YoY to ₹5,000 Cr and PAT doubling to ₹1,370 Cr. The company achieved pre-sales of ₹4,630 Cr and collections of ₹4,210 Cr, while reducing net debt to ₹4,930 Cr (0.20x Equity). Management maintained its FY27 pre-sales guidance of ₹24,000 Cr, supported by a massive 15.6 msf launch pipeline for the rest of the year.
- Revenue grew 43% YoY to ₹5,000 Cr, driven by strong deliveries and land sales.
- PAT surged 103% YoY to ₹1,370 Cr, achieving 33% of the full-year guidance in one quarter.
- Net debt reduced by ₹450 Cr during the quarter to ₹4,930 Cr, well below the 0.5x ceiling.
- Launch pipeline for the remainder of FY27 is robust at 15.6 msf with ₹24,060 Cr GDV.
- Business development added 1.9 msf in Pune with an estimated GDV of ₹2,300 Cr.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations for Q2 FY26 reached INR 3,800 Cr, representing a significant 45% YoY growth. While construction of residential and commercial projects currently accounts for 100% of turnover, the company is aggressively building annuity streams in logistics and warehousing, where it is developing 5.3 Mn sq. ft. to diversify income.
Geographic Revenue Split
The Mumbai Metropolitan Region (MMR) remains the primary contributor, offering margins approximately 10% higher than other regions. The company is expanding its footprint with Pune now being the second-largest market, alongside active projects in Bengaluru and a planned pilot in the National Capital Region (NCR) for 2026 to de-risk geographic concentration.
Profitability Margins
Profit After Tax (PAT) margin improved significantly to 20% in FY25 from 14.9% in FY24. This was driven by a 45% increase in operating income to INR 13,791 Cr and a 80% surge in PAT to INR 2,767 Cr, reflecting high operational leverage and premium pricing power.
EBITDA Margin
Adjusted EBITDA for Q2 FY26 was INR 1,300 Cr, up 37% YoY, with an EBITDA margin of 34.4%. This margin remains robust due to the company's ability to command premium pricing and maintain steady sales and marketing costs as a percentage of total sales.
Capital Expenditure
The company has a robust business development pipeline, having achieved its full-year guidance of INR 25,000 Cr in GDV (Gross Development Value) additions within H1 FY26 alone. Significant capital is being deployed into the annuity portfolio, including warehousing and digital infrastructure (data centers).
Credit Rating & Borrowing
Lodha maintains a strong credit profile with an [ICRA]AA (Stable) and CRISIL AA/Stable rating. The average cost of debt has been reduced by ~30 bps QoQ to 8.0%, supported by a low net debt-to-equity ratio of 0.25x, well below the internal ceiling of 0.5x.
Operational Drivers
Raw Materials
Key construction materials include steel, cement, and finishing materials. While specific percentage splits per material are not disclosed, construction costs are the primary variable in the 'Embedded EBITDA' calculation, which includes a built-in contingency to manage price volatility.
Import Sources
Sourcing is primarily domestic within India to support projects in MMR, Pune, and Bengaluru, leveraging local supply chains to maintain the pace of construction across 3.9 msf of new launches.
Key Suppliers
Not specifically named in the provided documents, but the company utilizes 50% of its 5,359-strong workforce for in-house execution and design to reduce dependency on external contractors and improve quality control.
Capacity Expansion
Current execution capacity has delivered over 100 million sq. ft. since inception. In Q2 FY26, the company launched 3.9 msf with a GDV of INR 4,900 Cr. It aims to become the largest developer in Pune within 2 years, up from its current #2 position.
Raw Material Costs
Construction costs are managed through in-house execution capabilities, which the company claims reduces costs and allows for better management of the construction pace. These costs are the only projected element in their margin calculations, with other costs like land and approvals being fixed.
Manufacturing Efficiency
Efficiency is tracked through handover metrics; the company achieved 1,396 unit handovers in Q2 FY26. In-house execution allows for a 10% margin premium in core markets like Mumbai.
Logistics & Distribution
Logistics operations are centered at Palava, which hosts one of MMR’s largest warehousing ecosystems, featuring clients like Skechers, DP World, and FM Logistics.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be achieved through a 20% annual pre-sales growth target and a 20% RoE. Key pillars include expansion into the NCR market (pilot in 2026), increasing market share in Pune and Bengaluru, and scaling the annuity business (warehousing and data centers) to provide stable cash flows.
Products & Services
Residential apartments (luxury and premium), commercial office spaces, warehousing boxes, industrial plots, and digital infrastructure (data centers).
Brand Portfolio
Lodha, Palava, Upper Thane, One Lodha Place, Lodha Developers.
New Products/Services
Expansion into 'Powered Shell' infrastructure for AI-driven data centers and a digital layer for facilities management, offering home improvement and real estate services to a captive base of 70,000 households.
Market Expansion
Targeting the NCR region for a pilot launch in 2026 and aiming for the #1 position in the Pune market within the next 24 months.
Market Share & Ranking
Ranked as the 2nd largest developer in Pune; aiming to be #1. Recognized as the only Indian real estate company in Newsweek’s 'World’s Most Trustworthy Companies' list.
Strategic Alliances
Partnerships in the logistics sector include collaborations with DP World, FM Logistics, and Skechers for warehousing operations.
External Factors
Industry Trends
The industry is seeing a shift toward organized, branded developers and a growing demand for sustainable, ESG-compliant housing. Lodha is positioned as a leader in this shift, retaining an 'A' rating from MSCI ESG.
Competitive Landscape
Competes with major national developers in Pune, Bengaluru, and MMR. Lodha differentiates through premium positioning and integrated township offerings.
Competitive Moat
The moat is built on a strong brand (20% referral/repeat sales), massive land banks in townships like Palava, and superior in-house execution. These advantages are sustainable due to the high entry barriers for large-scale township development.
Macro Economic Sensitivity
Highly sensitive to interest rate cycles and urban GDP growth. The company’s strategy to target a per capita income growth towards US$15,000+ aligns with India's progression toward a developed nation status.
Consumer Behavior
Increasing preference for 'Lodha Living' which integrates high-quality design with digital-enabled facility management and community services.
Geopolitical Risks
Minimal direct exposure as operations are India-centric; however, global supply chain disruptions could impact the cost of specialized construction equipment or materials.
Regulatory & Governance
Industry Regulations
Operations are governed by RERA (Real Estate Regulatory Authority) and local municipal building norms. The company maintains a robust internal financial control system to ensure compliance across its subsidiaries.
Environmental Compliance
High commitment to ESG; ranked in the Top 10 globally by S&P Global CSA 2025. The promoter family has dedicated 1/5th of the company's equity (approx. INR 20,000 Cr) to the Lodha Foundation for societal progress.
Taxation Policy Impact
The company reported a PAT of INR 2,767 Cr on an operating income of INR 13,791 Cr for FY25, reflecting standard corporate tax applications for Indian real estate entities.
Risk Analysis
Key Uncertainties
Key risks include a potential slowdown in the residential market due to macro-economic factors and execution risks in new geographies like NCR. Impact could be a deviation from the 20% growth guidance.
Geographic Concentration Risk
High concentration in MMR, though this is being mitigated by expansion into Pune (now #2 market) and Bengaluru.
Third Party Dependencies
Low dependency on third-party contractors due to 50% of the workforce being dedicated to in-house construction and design.
Technology Obsolescence Risk
The company is proactively addressing digital shifts by adding a 'digital layer' to its facilities management and entering the data center infrastructure market.
Credit & Counterparty Risk
Strong receivables quality supported by healthy collections of ~INR 13,070 Cr in FY25 and a robust interest coverage ratio of 6.3x.
