Lodha Developers Limited has released an investor presentation detailing its unaudited financial results for the second quarter and first half of FY26, ending September 30, 2025. The presentation highlights Lodha’s consistent growth strategy, strong financial performance, and key operational achievements in the residential and commercial real estate sectors, as well as significant advances in its data center and annuity income ventures. Key metrics showcased include pre-sales, EBITDA margins, and strategic growth drivers.
Q2 FY26 Performance Highlights
Lodha Developers reported several key performance indicators for Q2 FY26:
- Pre-sales: INR 45.6bn (up 6% YoY), with significant launches planned for H2 to meet the full-year guidance of INR 210bn.
- Embedded EBITDA Margin: Approximately 32% for both Q2 and H1.
- New Projects: Added one new project in MMR with a GDV of INR 23bn.
- Achieved full-year guidance of INR 250bn in H1 for new project additions.
- Only Indian real estate company featured in the World’s Most Trustworthy Companies’ List by Newsweek.
- Lodha Mathematical Sciences Institute (LMSI) launched in Aug 2025.
Operational Highlights
- Price Growth: Average YTD price growth of 3%.
- Launches: Launched 3.9 msf with a GDV of approximately INR 49bn.
- Handovers: Delivered 1,396 units.
- Net Debt: INR 53.7 bn, with net debt to equity at 0.25x. Average cost of debt at 8.0% (down ~30 bps QoQ).
Guidance for FY26
- Pre-Sales: INR 176bn actual for FY25, with a guidance of INR 210bn for FY26. H1 actual was INR 90bn.
- Operating Cashflow: INR 66bn actual for FY25, with a guidance of INR 77bn for FY26. H1 actual was INR 24bn.
- Business Development (GDV of New Projects): INR 237bn actual for FY25, with a guidance of INR 250+ bn for FY26. H1 actual was INR 250bn.
- Net Debt/Equity: 0.20x actual for FY25, with a target of < 0.5x for FY26. H1 actual was 0.25x.
Growth Drivers
Lodha is targeting consistent growth of approximately 20% per annum in housing, driven by consolidation, expansion in MMR, Pune, and Bengaluru, and continued scaling up of projects. A significant growth play is also anticipated in data centers, with approximately 3 GW of shovel-ready DC land. The company aims to build recurring/annuity income, targeting INR ~15bn by FY31.
Annuity Income Pool
The company is gradually building its annuity income pool, focusing on premium high-street retail, high-quality offices, and expanding its warehousing and industrial assets. They also aim to grow their property management business using technology.
Financial Performance
- Revenue: INR 38.0bn in Q2FY26.
- Adj. EBITDA: INR 13.1bn in Q2FY26.
- Adj. PAT: INR 7.9bn in Q2FY26.
Source: BSE
