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    Cholaman.Inv.&Fn

    CHOLAFINNeutral
    Financial Services·29 Jan 2026
    Management Summary

    Lodha delivered exceptional Q3 performance with record quarterly presales and strong margin expansion. The company is well-positioned for sustainable growth with significant business development pipeline, expansion into NCR market, and transformational data center opportunity at Palava.

    Highlights

    7

    • Best ever quarterly presales of INR 56 billion, growing 25% YoY

    • 9-month presales at INR 146 billion, 70% of INR 210 billion full year guidance

    • Embedded EBITDA margin of approximately 32%

    • Revenue growth of 29% YoY to INR 46.6 billion

    • Business development of INR 340 billion GDV this quarter, reaching ~INR 600 billion for the year

    • Expansion into NCR market with 2 projects worth INR 33 billion GDV

    • Major data center opportunity at Palava with 400 acres and 3 gigawatts of power capacity

    Key financials

    Metrics

    8

    Periods

    2

    Headline

    7
    • Quarterly Presales
      ₹5,600 Cr
      YoY+25%
    • Revenue from Operations
      ₹4,660 Cr
      YoY+29.0%
    • Adjusted EBITDA
      ₹1,490 Cr
      YoY+23%
    • PAT
      ₹950 Cr
    • Collections
      ₹3,560 Cr
      YoY-17%

    9M

    1
    • Presales
      ₹14,600 Cr

    Guidance & targets

    5
    CategoryTargetPriority
    Presales
    Full year presales
    INR 210 billion
    		High
    EBITDA Margin
    Embedded EBITDA margin
    Approximately 33%
    		High
    ROE
    Return on Equity
    Approximately 20%
    		High
    Collections
    Operating Cash Flow
    INR 70 billion plus/minus 5%
    		Medium
    Data Center Land Value
    Land value at Palava data center
    INR 50-60 crores per acre
    		Medium

    Risks & concerns

    3
    RiskSeverity

    Collections decline due to environmental clearance delays

    17% YoY decline in collections partly due to construction delays from environmental clearances, now resolved since mid-November — Other acknowledged

    medium

    Industry volume weakness despite value growth

    Industry seeing volume decline especially in affordable housing segment below INR 75 lakhs, but company gaining market share — Other acknowledged

    low

    Concentration risk in quarterly sales performance

    Q3 sales concentrated in South Central Mumbai projects, but non-launch weekly sales remained consistent at INR 3 billion — Other acknowledged

    low

    Q&A highlights

    4

    “we see footfalls and conversions remaining steady through the course of the last few quarters and in line with what we would have expected at the start of the year”

    Confirms sustained demand momentum in core Mumbai market despite supply concerns

    asked by Akash Gupta (Nomura)

    1 min read4 chapters

    Detailed Narrative

    01

    Record Financial Performance and Market Leadership

    Company delivered best-ever quarterly presales of INR 56 billion with 25% YoY growth, demonstrating strong execution amid challenging market conditions. 9-month presales of INR 146 billion puts the company at 70% of full-year guidance with one quarter remaining. EBITDA margin expansion to 32% reflects operational efficiency and pricing discipline.

    02

    Aggressive Business Development and Geographic Expansion

    Exceptional business development quarter with INR 340 billion GDV added, bringing yearly total to ~INR 600 billion. Company entering NCR market with 2 projects worth INR 33 billion GDV, following successful pilot-to-growth transition model demonstrated in Bangalore. Total available pipeline now exceeds INR 2 lakh crores for next 5 years.

    03

    Transformational Data Center Opportunity at Palava

    Palava data center park represents major value creation opportunity with 400 acres and 3 gigawatts power capacity. Government MoU provides 15% capex reduction and 30% operating cost savings for clients. Land values expected to increase from INR 21 crores to INR 50-60 crores per acre over 3 years. Already secured anchor clients AWS and STT with more hyperscalers expected.

    04

    Infrastructure Development and Premium Positioning

    Major infrastructure connectivity improvements with Palava-Airoli-Mulund Freeway and Mumbai-Nashik Highway completion expected in next 3-4 months. Bullet train connectivity to reduce BKC-Palava travel to under 20 minutes. Company premiumizing Palava residential portfolio with upper mid-income segment expected to reach 50% of sales by end of decade vs 20% currently.

    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.