Detailed Narrative
Record Performance Driven by Market Leadership
Lodha achieved record quarterly presales of INR 5,600 crores (+25% YoY), marking the first time crossing INR 5,000 crores quarterly. Strong performance across Q1-Q3 reflects brand strength and execution capability in premium markets. 9-month presales at INR 14,600 crores represents 70% of annual guidance, keeping company on track for FY26 targets.
Strategic Diversification and Geographic Expansion
Company scaled data center opportunity at Palava from INR 30,000 crores to INR 1,30,000 crores total investment with government MoU providing significant cost advantages. NCR market entry commenced with 2 projects (INR 3,300 crores GDV) following successful Bangalore expansion model. Strategy focuses on capital-light joint development initially.
Margin Resilience and Balance Sheet Discipline
Embedded EBITDA margin of ~32% achieved despite minimal land sales contribution, demonstrating strong underlying profitability. Net debt maintained at INR 6,170 crores (0.28x equity), well below 0.5x ceiling. Average cost of funds reduced to 7.9% (-10bps), supporting capital efficiency.
Operational Recovery and Collections Outlook
Environmental clearance issues resolved by November, enabling construction momentum recovery. Collections declined 17% YoY to INR 3,560 crores due to prior year land sales and construction delays. Management expects significant collections improvement over next 12 months as construction accelerates and sales convert to cash flow.