Lodha Developers (Macrotech Developers) delivered a stellar performance for the financial year ending March 31, 2026, reporting a profit of INR 34.3 billion, representing a 6x growth over the FY21-26 period. Pre-sales for the year reached INR 205 billion, showcasing a 28% CAGR over the last five years. The company maintains a conservative leverage profile with a net debt-to-equity ratio of 0.23x, underscoring its commitment to sustainable growth and financial discipline.
Financial Performance and Operational Growth
For the fiscal year 2026, Lodha Developers reported strong growth across key metrics. The company achieved a PAT margin of 20% and an Adjusted EBITDA margin of ~34%. Pre-sales for the year stood at INR 205.3 billion, a 16% year-on-year increase. Despite market fluctuations, the company sustained its growth trajectory, with Q4FY26 delivering its best quarterly performance yet, with INR 58.9 billion in pre-sales.
Strategic Expansion and Project Additions
Lodha expanded its footprint significantly during FY26, entering the NCR market with two projects. Across MMR, Pune, Bengaluru, and NCR, the company added twelve new projects with a Gross Development Value (GDV) of ~INR 600 billion, which is 2.4x the annual guidance. The company’s long-term growth runway remains robust, with an unsold GDV of ~INR 2,000 billion providing strong future visibility.
Focus on Annuity Income and Data Centers
The company is aggressively growing its RentCo division, targeting 10x growth in annuity income over the next six years. A primary driver is its Palava data center park, which spans 400 acres and has 3 GW of power availability. With major anchor operators like Amazon Web Services (AWS) and ST Telemedia (STT) already on board, the company plans to develop a 1 GW powered shell, largely self-funded through land sales within the park.
Infrastructure-Led Growth
Lodha’s strategic focus on the Palava and Upper Thane regions is supported by significant infrastructure upgrades. Key projects such as the Mulund-Airoli-Palava Freeway, the Bullet Train station at Palava, and the Navi Mumbai International Airport (inaugurated in Oct-25) are set to drastically reduce commute times and enhance land values. The company anticipates these regions will generate INR 10+ trillion in sales over the next three decades with ~50% EBITDA margins.
FY27 Guidance
Looking ahead to FY27, Lodha has provided an optimistic outlook, guiding for INR 240 billion in pre-sales and maintaining an embedded EBITDA margin in the range of 32-34%.
Source: BSE
