Sri Lotus Developers and Realty Limited — Q3 FY26 earnings call

Call held 9 Feb 2026

Management summary

Sri Lotus Developers & Realty Limited reported a robust Q3 FY26, driven by strong pre-sales growth of 247% YoY to INR376 crores and a 93% YoY increase in revenue to INR224 crores. Profitability remained healthy with an EBITDA margin of 35.5%. The company significantly expanded its project pipeline, adding eight new projects with a GDV of INR7,500-8,000 crores, and is on track to meet its FY26 pre-sales guidance of INR1,100-1,300 crores, supported by a strong cash position of INR845 crores.

Highlights

  • Pre-sales for Q3 FY26 stood at INR376 crores, registering a strong growth of 247% year-on-year.

  • Collections during Q3 FY26 were INR119 crores.

  • Revenue for Q3 FY26 stood at INR224 crores, a growth of 93% year-on-year.

  • EBITDA for Q3 FY26 was INR79 crores, a growth of 29% year-to-year, with an EBITDA margin of 35.5%.

  • Profit after tax (PAT) for Q3 FY26 was INR70 crores, registering 37% year-to-year growth.

  • For the nine months ended December 2025, pre-sales were INR695 crores (up 117% YoY), revenue was INR461 crores, and PAT was INR142 crores.

  • The company added eight new projects in FY26, increasing Gross Development Value (GDV) by INR7,500-8,000 crores.

  • Net cash as on December 31, 2025, stood at INR845 crores.

Key financials

3 periods

Headline

  • Net Cash (as on Dec 31, 2025)
    ₹845 Cr

Q3 FY26

  • Pre-sales
    ₹376 Cr
    YoY +247%
  • Collections
    ₹119 Cr
  • Revenue
    ₹224 Cr
    YoY +93%
  • EBITDA
    ₹79 Cr
    YoY +29%
  • EBITDA Margin
    35.5%
  • PAT
    ₹70 Cr
    YoY +37%

9M FY26

  • Pre-sales
    ₹695 Cr
    YoY +117%
  • Revenue
    ₹461 Cr
  • Collections
    ₹294 Cr
  • EBITDA
    ₹159 Cr
  • EBITDA Margin
    34.5%
  • PAT
    ₹142 Cr

What they filed

Q1 FY27: revenue up 116.4%, net profit up 76.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue123 116 190 61 176 +43%224 +93%308 +62%132 +116%
EBITDA66 62 109 29 50 −24%79 +27%121 +11%48 +66%
Net profit50 51 86 26 46 −8%70 +37%101 +17%46 +77%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Guidance & targets

Pre-sales

  • Annual Pre-sales Pre-sales · FY26 · High confidence INR1,100 to INR1,300 crores
    reinforce our confidence in achieving our FY26 pre-sales guidance.

    — Anand Pandit, Managing Director and Chairman

  • Q4 Pre-sales from new projects Pre-sales · Q4 FY26 · Medium confidence approximately INR200 to INR300 crores
    So our expectation is that for the pre-sale guidance, approximately INR200 to INR300 crores we can achieve in this quarter from the new two projects

    — Sanjay Jain, Chief Executive Officer

  • Q4 Pre-sales from ongoing projects Pre-sales · Q4 FY26 · Medium confidence around INR250 to INR300 crores
    and from the ongoing project, around INR250 to INR300 crores we can achieve.

    — Sanjay Jain, Chief Executive Officer

Profitability

  • PAT Margins Profitability · going forward · Medium confidence 25 to 30%
    Given this project mix, we are confident of sustaining PAT margins in the range of 25 to 30%.

    — Anand Pandit, Managing Director and Chairman

  • EBITDA Margin Profitability · going forward · Medium confidence 35% to 40%
    But we are expecting to retain our EBITDA level in the range of 35% to 40% going forward.

    — Rakesh Gupta, Chief Financial Officer

  • EBITDA Margin Profitability · next two three years · High confidence 35%
    So as we have achieved 35% in this financial, this nine month period, we are expecting to remain on that level. At least for next two three years.

    — Rakesh Gupta, Chief Financial Officer

Project Launch & Revenue Potential

  • Combined Revenue Potential from Lotus Aquaria & Lotus Celestia Project Launch & Revenue Potential · by March 2026 · High confidence more than INR2,000 crores
    We plan to launch both projects by March 2026 with a combined revenue potential of more than INR2,000 crores.

    — Anand Pandit, Managing Director and Chairman

Project Launch

  • Lotus Trident Launch Project Launch · Q1 FY27 · High confidence Q1 FY27
    On Lotus Trident, our Greenfield commercial project, certain regulatory and statutory approvals are currently underway, and its launch is expected in Q1 FY27.

    — Anand Pandit, Managing Director and Chairman

Project Pipeline Addition

  • Additional GDV added in FY26 Project Pipeline Addition · During the year so far · High confidence INR7,500 to INR8,000 crores
    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 Andheri West micro market, and one in the GIFT City area of Gujarat. With this, we have added additional GDV of about INR7,500 to INR8,000 crores in our growing portfolio.

    — Anand Pandit, Managing Director and Chairman

Project Pipeline

  • Ongoing Upcoming Pipeline GDV Project Pipeline · FY31 · High confidence INR16,000 to INR17,000 crores
    Our ongoing upcoming pipeline comprises 20 projects; 16 residential and four commercial, with an aggressive GDV of approximately INR16,000 to INR17,000 crores.

    — Anand Pandit, Managing Director and Chairman

  • Saleable Carpet Area Project Pipeline · by FY31 · High confidence nearly 3.2 million square feet
    This translates into nearly 3.2 million square feet of saleable carpet area to be realized by FY31.

    — Anand Pandit, Managing Director and Chairman

Collections

  • Q4 Collections Collections · Q4 FY26 · Medium confidence much higher than what we have done in Q3
    This collection number would be definitely higher than what we have done in Q3, in Q4.

    — Rakesh Gupta, Chief Financial Officer

Dividend

  • Dividend Policy Dividend · near future · Low confidence in very near future
    We are going to propose to our board and general body about the dividend. So we will have a dividend policy in very near future.

    — Anand Pandit, Managing Director and Chairman

Risks & concerns

  • Intensified competition for quality redevelopment assets

    medium

    Analyst questioned how the company differentiates in acquiring new societies given increased competition, to which management cited trust, quality, and execution.

    Analyst acknowledged

  • Lower collections in initial project stages

    low

    Management explained that collections are naturally lower in initial stages of new launches as they are linked to construction progress, but are expected to rise later.

    Management acknowledged

  • Potential need for debt for future non-redevelopment projects

    low

    Analyst asked about future debt for non-redevelopment projects; management stated sufficient cash for the next two years, with QIP or debt as options thereafter.

    Analyst acknowledged

Q&A highlights

3 direct
Low collections despite strong pre-sales numbers Direct
in initial stage generally collection is on lower side because collection is generally linked to the percentage of completion achieved on the slab wise.

Addresses the quality of cash flow relative to bookings, a key concern for real estate investors, explaining it's a timing issue linked to project progress.

Asked by Aniket Madhwani

Strategy for acquiring new redevelopment projects amidst intensified competition Direct
real estate is all about trust and quality. And that is what we are, 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.

Explains the company's competitive advantage and future growth strategy in a key segment (redevelopment) by emphasizing trust, quality, and execution.

Asked by Mohit Surana

Potential need for debt for future non-redevelopment projects Direct
currently as explained,, we have sufficient cash balance and there is no requirement of 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 options, either we can have the QIP or we can take the debt. But looking forward to next two years I don't think we require anything from both of these.

Addresses leverage risk and future funding strategy, crucial for a capital-intensive sector, indicating no immediate need for debt but outlining future options.

Asked by Aayush Saboo

2 min read 7 chapters

Detailed narrative

Robust Q3 FY26 Financial Performance

Sri Lotus Developers & Realty Limited reported strong Q3 FY26 results, with pre-sales surging 247% year-on-year to INR376 crores and revenue growing 93% YoY to INR224 crores. EBITDA increased by 29% YoY to INR79 crores, maintaining a healthy margin of 35.5%. Profit after tax (PAT) also saw a significant rise of 37% YoY, reaching INR70 crores. For the nine months ended December 2025, pre-sales stood at INR695 crores (up 117% YoY) and PAT at INR142 crores.

Aggressive Project Launches and Expanding Pipeline

The company successfully launched project Varun in Bandra during Q3 FY26, selling 19% of its carpet area in the launch quarter, with an estimated GDV of INR430-450 crores. Earlier launches, The Arcadian and Amalfi, continued strong demand, absorbing 34% and 45% of inventory respectively within four months. The company plans to launch Lotus Aquaria in Prabhadevi and Lotus Celestia in Versova by March 2026, projects with a combined revenue potential exceeding INR2,000 crores.

Strategic Pipeline Growth and Redevelopment Focus

In FY26, Sri Lotus Developers added eight new projects, including three in Bandra West, four in Juhu and Andheri West, and one in GIFT City, contributing an additional GDV of INR7,500-8,000 crores. The ongoing pipeline now comprises 20 projects (16 residential, 4 commercial) with an aggressive GDV of INR16,000-17,000 crores, targeting 3.2 million square feet of saleable carpet area by FY31. Notably, 15 of these 20 projects are redevelopment-led, reinforcing the company's core focus and competitive strength in this segment.

Healthy Cash Position and Funding Outlook

As of December 31, 2025, the company maintained a net cash position of INR845 crores, having deployed INR200 crores from its IPO proceeds. Management stated that the current cash balance is sufficient to achieve INR17,000 crores worth of projects, and there is no requirement for debt in the next two years. For any future funding needs beyond this period, options like QIP or debt would be considered.

Profitability and Margin Outlook

The EBITDA margin for Q3 FY26 was 35.5%, and 34.5% for the nine months. While slightly lower than the previous year due to a specific project's exceptional appreciation, management expects to retain EBITDA margins in the range of 35% to 40% going forward, specifically targeting 35% for the next two to three years. This outlook applies to both redevelopment and joint development projects.

Collections and Project Completion Dynamics

Collections for Q3 FY26 were INR119 crores, and INR294 crores for the nine months. Management clarified that collections are typically lower in the initial stages of new project launches as they are linked to the percentage of completion (slab-wise). They anticipate Q4 FY26 collections to be significantly higher than Q3, as projects progress to more advanced construction stages.

Commitment to Shareholder Returns

In response to an analyst's question, management indicated that they would propose a dividend policy to the board and general body in the 'very near future.' This signals a potential move towards returning capital to shareholders, aligning with the company's strong financial performance and cash generation.

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