Sri Lotus Developers And Realty Ltd. (NSE: LOTUSDEV) Q3 2026 Earnings Call dated Feb. 09, 2026
Corporate Participants:
Anand Pandit — Sri Lotus Developers And Realty Ltd.
Sanjay Kumar — Chief Executive Officer
Rakesh Gupta — Chief Financial Officer
Analysts:
Unidentified Participant
Ankit S. Mehta — Analyst
Mohit Surana — Analyst
Aayush Saboo — Analyst
Aniket Madhwani — Analyst
Kapil Aggarwal — Analyst
Darshan Parekh — Analyst
Mohit Surana — Analyst
Aniket Madhwani — Analyst
Presentation:
operator
Now being recorded. Sa. Sam. Sa. Sam. Sa. Foreign. Ladies and gentlemen, good afternoon and welcome to Sri Lotus Developers and Reality Limited’s Q3FY26 earnings conference call. Before we begin, I would like to remind participants that this conference call may contain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes.
Should you need assistance during the conference call, please signal an operator by pressing Star and then zero on your touchtone phone. Please note that this conference is being recorded with this. I now hand the conference over to Mr. Anand Pandit, managing Director and Chairman of Sri Lotus Developers and Reality Limited. Thank you. And over to you sir.
Anand Pandit — Sri Lotus Developers And Realty Ltd.
Thank you. Good afternoon everyone and a very warm welcome to the Q3FY26 earnings call of Sri Lotus Developers and Reality Limited. Joining me today are our CEO Mr. Sanjay Kumar Jain, our CFO Mr. Rakesh Gupta and our Investor Relations Advisors from SGA. Our investor presentation has been uploaded on the Stock Exchange and on our website. We hope you have had a chance to review it. Let me begin with a brief overview of of the market environment. The Indian government continues to focus on improving demand and consumption in the economy. The recent union budget has emphasized higher infrastructure spending, better connectivity and policy clarity which together are supporting investor confidence and long term growth in the real estate sector.
For the quarter ended December 2025, I am pleased to share that pre sales for the quarter stood at rupees 376 crore registering a strong growth of 247% year on year. Collections during the quarter were healthy at rupees 119 crore reflecting sustained customer confidence and execution momentum. During the quarter we launched Project Varun in Bandra which witnessed encouraging traction with 19% of the carpet area sold in the launch quarter. Customer response remains positive supported by strong inquiries. Our recently launched projects, the Arcadian in Juhu and Amalfi in Versova continue to witness healthy demand and within just four months of launch, 34% of inventory at the Arcadian and 45% of Amal fee was absorbed reflecting the strength of our product positioning and demand in our core micro markets.
Construction at Lotus Aquaria in Prabhadevi is progressing very well and for Lotus Celestia in Versoix is commencing in this quarter. These ultra luxury developments are located in some of Mumbai’s most coveted micro markets and will further strengthen our positioning in the premium residential segment. We plan to launch both projects by March 2026 with a combined revenue potential of more than 2000 crore. These launches provide strong visibility and reinforce our confidence in achieving our FY26 pre sales guidance on Lotus Trident, our greenfield commercial project. Certain regulatory and statutory approvals are currently underway and its launch is expected in Q1 FY27 we continue to strengthen our footprint in core micro markets while selectively expanding into high potential locations such as Bandra and Prabha Devi.
The scale and quality of our development pipeline clearly underscore the strong brand acceptance of Lotus Developers. During the year so far. The company added eight new projects to its portfolio which includes three projects in Bandra west, four projects in Juhu and Anderi west micro market and one in the Gibb City area of Gujarat. With this we have added additional GDP of about 7,500 to 8,000 crore in our growing portfolio. We remain in active discussions with multiple societies and expect to finalize further projects addition by the end of the year. Our ongoing upcoming pipeline comprises 20 projects, 16 residential and 4 commercial with an aggressive GDB of approximately Rupees 16,000 to Rupees 17,000 crore.
This translates into nearly 3.2 million square feet of saleable carpet area to be realized by FY31. Notably, 15 of these 20 projects are redevelopment led and 4 are joint development projects reinforcing our core focus and competitive strengths in this segment. Given this project mix, we are confident of sustaining PAC margins in the range of 25 to 30%. As we look ahead, our focus remains firmly on disciplined growth, timely execution and scaling the Lotus Developers platform into a resilient long term value creator. With that, I now hand over the call over to Mr. Sanjay Kumar Jain, our CEO to take you through the financial highlights.
Sanjay Kumar — Chief Executive Officer
Thank you Anand sir. Good afternoon all. Let me now take you through financial highlights of 4th quarter 3 I.e. 9 month financial year 2026. As highlighted earlier during Q3FY26 we launched one project Varun in Bandra in November 2025. The project recorded booking of 52 crore and has an estimated GDV of rupees 430 crore to 450 crore. We expect to launch two projects in Q4FY26 Lotus Aquaria I.e. in the Barbadiwi and Lotus Celestia in Warsova with a combined revenue potential of more than 2000 crore. Moving to consolidated financial for Q3FY26 presale stood at rupees 376 crore.
Growth of 247% year to year. Revenue stood at rupees 224 crores. Growth of 93% year to year. Collection for this quarter stood at 119 crore. Rupees. EBITDA was rupees 79 crore. With the growth of 29% year to year. EBITDA margin stood at 35.5% for the quarter and 34.5% for nine months. Profit after tax was rupees 70 crore. Registered 37% year to year. Growth expenses towards ongoing and upcoming project stood at 57 crore in Q3 FY26 for nine month financial year 2026. Resale issued 695 crore growing 117% year to year. Revenue stood rupees 461 crore. Collection for nine months ended December 2025 was rupees 294 crore. EBITDA was rupees 159 crore and EBITDA margin stood at 34.5%. Profit after tax was rupees 142 crore.
Expenses towards ongoing and upcoming project stood at rupees 332 crore in nine months. Financial year 2026. Net cash as on 31st December 2025 is true that 845 crore rupees. During the IPO we raised 792 crore rupees through press issue and net proceed Post issue expenses was rupees 732 crore. We have deployed total funds amounting to rupees 200 crore till 31st December 2025. With this I would like to open the floor for questions. Thank you.
Ankit S. Mehta — Analyst
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and then one on their touchstone phone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles again. To register for a question please press Star and then one. Our first question comes from the line of Ankit S. Mehta from well Worth Share and Stock Broking Limited.
Please go ahead. Thank you for the opportunity and congratulations on the good set of numbers. So dispatch Lowdown. It is evident that company has performed very well in Q3 versus Q2 years. What is the outlook for Q4? And is the management confident on achieving the F526 guidance?
Anand Pandit — Sri Lotus Developers And Realty Ltd.
Yeah. So ankit we are very confident whatever the guidelines given we are able to achieve the same and we are looking good response from the also from the varun that we have already launched and some query already express of interest received for the to be launched project. We have already received from the some of the customers.
Ankit S. Mehta — Analyst
Thank you. That was also my sir.
operator
Thank you. The next question comes from the line of Mohit Surana from Monarch Network Capital. Please go ahead.
Mohit Surana — Analyst
Thank you for the opportunity. First of all, congratulations a good set of numbers. My question is more on the broader industry like generally intensified computation for quality redevelopment assets in Mumbai. How do we differentiate in acquiring new society and what is our visibility on adding more projects to the pipeline over the next.
Anand Pandit — Sri Lotus Developers And Realty Ltd.
Thank you for your question and joining this call. First of all, real estate is all about trust and quality and that is what we have proved till today showing our legacy of faster construction with ultra luxury manner we complete the project and full satisfaction of our clients. This is the mantra we are working on. Because of that, you know and our proven track record, lot of societies they are coming to us even though they might have chosen or somewhat chosen somebody else. So getting the new society is not a tough job for us. So that is one second in ultra luxury space in redevelopment.
I would say very. I don’t know which other companies are operating but we are very uniquely positioned ourselves and everyone who is going for redevelopment they want to shift from their delapillated kind of building to ultra luxury only. So when they see our redeveloped properties generally we get the preference in that. And also on sales side, I mean this was acquisition side, sales side also we get excellent response because our product is positioned as ultra luxury product. So we are very confident in for the next few years will be able to perform.
Mohit Surana — Analyst
The existing partner. Do we have business?
operator
Sorry to interrupt Mohit. Sir, your voice is sounding a little muffled. May I request to use the handset if you’re using any other mode?
Mohit Surana — Analyst
Sure. Am I audible now?
operator
Yes, this is much better. Please go ahead.
Mohit Surana — Analyst
Perfect. So sir, apart from the existing pipeline of projects, do we also have visibility of new projects over the next two, three years? I mean can we continue adding on more projects just like we did in FY26?
Anand Pandit — Sri Lotus Developers And Realty Ltd.
Yes, definitely. And that would be a regular process actually because that is all what the cycle, business cycle for us. Like in this financial year we have added almost eight new projects including Gib City, one of the projects in Gibbs City. And we are already in regular talks with many societies. So every quarter we will be adding some new projects.
Mohit Surana — Analyst
Thanks for considering the aggressive number of launches that we have planned has there been a change in our strategy in terms of boosting our execution capabilities.
Anand Pandit — Sri Lotus Developers And Realty Ltd.
So execution capacity, I mean as we are growing we are having more, I mean focus is on hr, having more experienced people. We are adding to our staff.
Mohit Surana — Analyst
Understood. And sir, would there be, I mean until how many years do you think the current level of cash that we have on the books is sufficient to achieve our guided objectives?
Anand Pandit — Sri Lotus Developers And Realty Ltd.
So we have the. Currently the 845 crore is the net cash that will be sufficient for the technically 8000 crore GDV. But because of the cash flow and working capital floor. So we are easily achievable around 17,000 crore project we can do. And whatever the this cash balance that will be the routine process and majority of the IPO proceed will be the next one year we will able to deploy that.
Mohit Surana — Analyst
Understood sir. So that’s very helpful. That’s all from my end. If I have any more questions, I’ll fall back in queue.
Anand Pandit — Sri Lotus Developers And Realty Ltd.
Thank you.
Mohit Surana — Analyst
Thank you sir.
operator
Thank you. Before we take the next question, a reminder to all the participants. If you wish to register for a question you may press star and then one. Our next question comes from the line of Ayush Sabu from Choice Institutional Equities. Please go ahead.
Aayush Saboo — Analyst
I just want to know for the future GDP addition the projects in the future which will not be doing through development, probably the joint development. Do we foresee taking any debt in the future like after two years probably since we already have a strong balance sheet. But for non retail projects do we see any debt gain?
Anand Pandit — Sri Lotus Developers And Realty Ltd.
So Ayush currently as explaining you we have the sufficient cash balance and there is no requirement of the debt. But in the future if there is any good project and if anything required for the balance sheet also then we have the two option. Either we can have the QIB or we can take the debt. But looking forward to next two years I don’t think we required anything from both of this.
Aayush Saboo — Analyst
Okay, thank you.
operator
Thank you. Our next question comes from the line of Aniket Madhwani from Step Trade Capital. Please go ahead.
Aniket Madhwani — Analyst
Yeah, hello sir. I’m audible.
Anand Pandit — Sri Lotus Developers And Realty Ltd.
Yeah.
Aniket Madhwani — Analyst
So my question was with regards to the collection. So despite growing pre sales number the collections are still at. Low. So can you please explain the reason behind it? Because in last quarter projects were recently launched. So the collection has been pushed to Q3 and Q4. But still the numbers are very much low. If we see the three sales number.
Rakesh Gupta — Chief Financial Officer
Yeah, Niket. So Rakit Gupta here. So as you already clarified that since if you see few of the projects in last four months and in initial stage generally collection is on lower side. Because collection is generally linked to the percentage of completion achieved on the slab side. So the collection will definitely we move forward to the next quarter then when we achieve more and more completion level. So in the initial two quarters we have a lesser cash flows from the sales we done. Then going forward whenever the project reaches a next level of construction then we collect more money.
Aniket Madhwani — Analyst
And what number are you targeting in FY26 in terms of production?
Rakesh Gupta — Chief Financial Officer
So we already done 294 crore of collection in the last nine months. Since it’s a very dynamic number since we are to launch two more projects in this quarter this collection number would be definitely higher than what we have done in Q3 in Q4. But exact number can’t be anticipated right now. But we are very much sure that our Q4 number of collection would be much higher than what we have done in Q3.
Aniket Madhwani — Analyst
And out of these 20 projects which are ongoing 16 are residential and four are commercial. Right. So out of these 20 how many are redevelopment projects? And.
Sanjay Kumar — Chief Executive Officer
This is Anjalan. So out of 20 only 1 is the green field. The balance 90 either joint development or redevelopment. So I think so. 4 projects are joint development and 15 project are easy development.
Aniket Madhwani — Analyst
15 are the redevelopment projects.
Sanjay Kumar — Chief Executive Officer
15 redevelopments, 4 joint development and 1 greenfield owned project.
Aniket Madhwani — Analyst
And any guidance from you in terms of program for FY26.
Anand Pandit — Sri Lotus Developers And Realty Ltd.
So FY26 we already achieved the 460 crore of revenue. And we are on the track to achieve whatever we have guided. Our pre sales we have guided in the range of 1100-1300 crore. And we are on track to achieve that presale number. And revenue also within that vicinity which we have guided.
Aniket Madhwani — Analyst
Sorry, please can I have the number in terms of percentage.
Anand Pandit — Sri Lotus Developers And Realty Ltd.
Of the revenue or pre sales.
Aniket Madhwani — Analyst
Yeah.
Rakesh Gupta — Chief Financial Officer
So presales I said that we have guided that 1100-1300 crore was our guidance number. And we are on track to achieve that number. We have already done Pre sales of 695 crore. Take 9 month Q3.
Aniket Madhwani — Analyst
Okay, got it. That’s it. From myself. Thank you.
operator
Thank you. Participants, you may press star and then one to ask a question. Our next question comes from the line of Kapil Agrawal from Daksh and Associates. Please go ahead.
Kapil Aggarwal — Analyst
Yes, good afternoon sir. And congratulations on the very good set numbers. So my first question is regarding that how we recognize revenues we are on the percentage of completion method or after on occupancy we are recognizing the Revenue?
Anand Pandit — Sri Lotus Developers And Realty Ltd.
Yeah, we are on percentage completion method. So as and then as per the project progress, we recognize the revenue.
Kapil Aggarwal — Analyst
And the second thing is that that in this quarter and last quarter our operating margin is approximately 30 in the range of 30 to 35%. Last year it was above 50%. So what is the reason this margin is being reduced?
Anand Pandit — Sri Lotus Developers And Realty Ltd.
So our EBITDA margin was in the range of 35% here and there in the last nine months. Earlier in the last year the margin was on a little bit higher side which we have expanded last quarter also because of one particular project where we have witnessed a good appreciation in rates while our cost was on our side that the project was acquired during COVID period. So the project margin or operating margin on higher side. But we are expecting to retain our EBITDA level in the range of 35 to 40% going forward.
Kapil Aggarwal — Analyst
Okay, and what is our expected this EBITDA margin going forward?
Anand Pandit — Sri Lotus Developers And Realty Ltd.
Similarly so as we have achieved 35% in this finance this nine month period, we are expecting to remain on that level at least for next.
Kapil Aggarwal — Analyst
For. For we can say all like for redevelopment on jda for both kinds of project.
Anand Pandit — Sri Lotus Developers And Realty Ltd.
Yes.
Kapil Aggarwal — Analyst
Okay, thank you. That’s it for myself.
Anand Pandit — Sri Lotus Developers And Realty Ltd.
Thank you.
Kapil Aggarwal — Analyst
Thank you.
operator
Thank you. A reminder to all the participants. You may press star and then one to ask a question. Our next question comes from the line of Darshan Parekh from PGE Industries Private Limited. Please go ahead.
Darshan Parekh — Analyst
Yeah, hello. Hi, this is Darshan Bardik speaking. Thank you guys and congratulations on the good numbers. Sir, I just wanted you to give some more specifics and more details about some of the projects that you said during your talk. One was I think the Arcadia and the other one was the Amarci. You get numbers of 24% and some 84% bookings. Just some more specifics on how the progress is going in these projects and when do you see them getting completed on time delays. And what is the general outlook on the market for you in terms of luxury projects? Thank you.
Anand Pandit — Sri Lotus Developers And Realty Ltd.
So we launched both these projects in Q2 this year and the project construction of these. Both the projects are progressing very well and we are on target to complete Arcadian in next financial year and MRC in mostly Q1 of FY28. So this was. We have already for our expectation only.
Darshan Parekh — Analyst
Okay, thank you.
operator
Thank you. Your next question comes from the line of Mohit Surana from Monarchs Network Capital. Please go ahead.
Mohit Surana — Analyst
Just one general question. On the completion timeline, once we have the development agreement, how long does the RERA allow us to complete the project? Generally speaking I understand can vary project to project. But generally is it three years four years. If you can just give some insights on that.
Sanjay Kumar — Chief Executive Officer
Hi Much, this is Sanjay. Ra is not giving any timeline for the any projector. It is the depending on the developer is the choice to out. So what happened? This is the negotiation between the society and the capability of the exhibition. Depending on that we give the rare date. So some. Some developer can give the rare date for three or four years completion. Some is giving the seven to eight years also. So it is depending on the only developers there are don’t have any guidelines for the completion of the project.
Mohit Surana — Analyst
Understood, sir. And so for us our projects the completion timeline is basically two to three years. Generally speaking. Is that correct?
Sanjay Kumar — Chief Executive Officer
Yes. So generally it’s two to three years. In case of some big project or the there is the basement then it will take six to nine months.
Mohit Surana — Analyst
Understood. That’s helpful, sir. Thank you.
operator
Thank you. Participants, if you wish to ask a question you may press star and then one. Now our next question comes from the line of Satyen Dodia an individual investor. Please go ahead. Sorry to interrupt. Satyan sir, your voice was not good. Good audible. If you can please use the handset.
Unidentified Participant
Sir, company is thinking about paying dividend in near terms. Hello.
Anand Pandit — Sri Lotus Developers And Realty Ltd.
We are going to propose to our board and general body about dividend. So we will have a dividend policy in very near future.
Unidentified Participant
Okay, sir.
operator
You have any further questions?
Unidentified Participant
No, sir.
operator
Thank you so much. Our next question comes from the line of Aniket Madhwani from Step Trade Capital. Please go ahead.
Aniket Madhwani — Analyst
Yeah. Thanks for the opportunity once again. So my question was according to your revenue growth guidance. So it will be implied around 498 crores to achieve in this quarter. So could you please explain how the company will achieve this level of revenue in terms of project completion construction.
Sanjay Kumar — Chief Executive Officer
So Niket. What happened? So we have the three set of the projects. One is the completed project. One is the ongoing project. And third is the. We are aiming two new projects during this quarter. So our expectation is that for the presale guidance we are approximately 200 to 300 crore we can achieve in this quarter from the new two projects and from the ongoing project maybe we are also around 250 to 300 crore we can achieve.
Aniket Madhwani — Analyst
Okay. Okay. Yeah. And the company will be maintaining the same mark 35.
Sanjay Kumar — Chief Executive Officer
Correct. That we have given the guidelines that for the next year also.
Aniket Madhwani — Analyst
Okay. And any new projects that are in pipeline. I mean are you planning to add any new projects in coming quarters?
Sanjay Kumar — Chief Executive Officer
Yeah. As I explained Anand sir that this is the routine process. We have the talking with the multiple society. So we are getting every quarter we are getting something. So in this quarter also we are talking some society. So once that will acquired will intimate to your exchanges.
Aniket Madhwani — Analyst
Yeah. Thank you.
operator
Thank you ladies and gentlemen. Due to time constraints, we take that as the last question. I now hand the conference over to the management for closing comments.
Anand Pandit — Sri Lotus Developers And Realty Ltd.
We thank everyone for joining the call today to conclude the quarter reflects not just strong numbers but the structural strength of our platform driven by disciplined capital allocation, consistent execution and a deep understanding of our core redevelopment markets. As we scale our presence in Mumbai and take our first step into a new market like Gibbs City, our focus remains clear to convert our robust pipeline into timely cash flows and sustainable profitability. We remain committed to our asset light business model, building high quality assets, strengthening stakeholder trust and creating long term value through cycles. Thank you for your continued confidence and participation.
For any further queries or clarifications, please feel free to reach out to sga, our investor relations advisor. Thank you once again and have a good day.
operator
Thank you on behalf of Sri Lotus Developers and Reality Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.