Lodha Developers Ltd is primarily engaged in the business of real estate development. It is among the largest real estate developers in terms of presales and development pipeline in India with a presence in MMR, Pune and entered in Bengaluru market in Nov’23.
Q2 FY26 Earnings Results
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Revenue from Operations: ₹3,798.50 crore, up 44.7% YoY and 8.8% QoQ, marking the highest quarterly revenue ever reported by the company.
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Profit After Tax (PAT): ₹778.7 crore, up 84.1% YoY, fueled by strong operating and financial leverage, beating expectations significantly.
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EBITDA: ₹1,310 crore, up 37% YoY, with an operating margin of 34.4% expanding significantly YoY by 236 basis points, reflecting improved project mix and operational efficiencies.
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Operating profit (excluding other income): ₹1,109 crore, margin 29.19%, up 100 basis points QoQ and 236 basis points YoY.
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Net debt as of Sep 30, 2025: ₹5,370 crore with net debt-to-equity ratio of 0.25x, well below its ceiling of 0.5x indicating strong financial health.
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Return on Equity (ROE) improved to 13.7% from 11.41% over five-year average, showing better capital efficiency.
Management Commentary & Strategic Insights
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Management emphasized record Q2 revenue, robust presales of ₹4,570 crore (up 7% YoY), and strong market momentum driven by luxury and premium residential projects in Mumbai Metropolitan Region.
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Focus on operational excellence, quality project execution, and selective new launches to sustain growth and margins.
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Expansion into data centers as a new high-margin segment to drive long-term growth and diversification.
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Commitment to deleveraging with strong cash flow generation and cautious capital allocation to maintain financial flexibility.
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Outlook remains positive on sustained demand, improving margin profiles, and expanding urban footprint.
Q1 FY26 Earnings Results
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Revenue from Operations: ₹3,492 crore, up 22.7% YoY and down 11.4% QoQ, reflecting seasonality and project cycle effects.
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PAT: ₹675 crore, up 42% YoY and flat QoQ, supported by operational and financial leverage.
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Adjusted EBITDA: ₹1,200 crore, up 25% YoY with margin at 34.4% vs 26.6% YoY, indicating margin expansion.
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Pre-sales crossed ₹4,450 crore, reaching 90% of the FY26 guidance early in the year.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.
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