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    Cholaman.Inv.&Fn

    CHOLAFINNeutral
    Financial Services·31 Oct 2025
    Management Summary

    Lodha Developers achieved Q2 FY26 presales of INR 45.7 billion with 7% YoY growth. Strong business development delivered full year GDV guidance in H1. Data center business showing significant opportunities with land values rising to INR 0.3 billion per acre.

    Highlights

    5

    • Q2 presales of INR 45.7 billion, up 7% YoY

    • H1 sales at INR 90 billion, 43% of full year guidance

    • PAT margin of 20.3% with PAT of INR 9.3 billion

    • Net debt at INR 53.7 billion, 0.25x equity

    • Data center business expansion with Maharashtra Green DC policy benefits

    Key financials

    Metrics

    5

    Periods

    2

    Headline

    4
    • H1 Presales
      ₹9,000 Cr
      YoY0%
    • PAT
      ₹930 Cr
      YoY0%
    • PAT Margin
      20.3%
      YoY0%
    • Net Debt
      ₹5,370 Cr
      YoY0%

    Q2

    1
    • Presales
      ₹4,570 Cr
      YoY+7.0%

    Guidance & targets

    2
    CategoryTargetPriority
    Sales
    Annual Presales
    INR 210 billion
    		High
    Business Development
    GDV
    INR 250 billion
    		High

    Risks & concerns

    1
    RiskSeverity

    Trade friction between India and US

    Challenges seen earlier in the year but expected to be resolved in near term — Management acknowledged

    low

    Q&A highlights

    2

    “land values are further moving north to closer to $0.3 billion per acre, which will put the value of the existing balance land at about INR100 billion”

    Shows significant value appreciation in data center business segment

    asked by Management Discussion

    1 min read3 chapters

    Detailed Narrative

    01

    Steady Growth Performance

    Q2 FY26 delivered INR 45.7 billion presales with 7% YoY growth. H1 performance of INR 90 billion represents 43% of full year guidance, keeping company on track for INR 210 billion annual target.

    02

    Data Center Business Transformation

    Significant development in data center opportunity with Maharashtra Green DC policy providing over $1 billion benefits. Land values increased to INR 0.3 billion per acre, putting total 400-acre park value at INR 100 billion.

    03

    Macroeconomic Positioning

    Management optimistic about Indian economy with RBI GDP forecast revised to 6.8%. GST rationalization and rate cuts expected to benefit consumer sentiment and demand.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.