LODHA
Lodha Developers share price & financials
- Price
- ₹1,188.75
- Market cap
- ₹1.3L Cr
- Sector
- Realty
- Calls analysed
- 7
Lodha Developers Limited Q1 FY27
What went well
- Revenue for the quarter was INR 50 billion, marking a 43% year-on-year increase.
- Adjusted EBITDA grew by 79% year-on-year to INR 21.5 billion, with a margin of 43% compared to 34.4% a year ago.
- PAT reached INR 13.7 billion, more than double the INR 6.8 billion reported in Q1 FY26, achieving a PAT margin of 26.9% against 18.6% previously.
What to watch
- Pre-sales for the quarter were INR 46.3 billion, showing a modest 4% year-on-year increase, primarily due to deliberate postponement of residential launches in Q1 FY27.
- Sentiment among Middle East NRI buyers, who represent 4-5% of sales, remains subdued due to the ongoing conflict, which has persisted longer than assumed.
What Lodha Developers Limited does
Lodha Developers (formerly Macrotech Developers) develops and sells residential real estate across the luxury, premium and mid-income segments in the Mumbai Metropolitan Region, Pune and Bengaluru, with entry into the National Capital Region from FY27. It also monetises land through a large land bank at its Palava and Upper Thane townships in the MMR, and is building a rental and data-centre annuity business — comprising retail, office and warehousing assets plus a shovel-ready data-centre park at Palava anchored by Amazon Web Services and ST Telemedia. Revenue is earned by selling housing developed on owned land and through joint-development arrangements with landowners, and by leasing completed commercial, retail, warehousing and data-centre space.
Segments
- DevCo
- RentCo
- LandCo
- Land bank
- ~3,900 acres at Palava & Upper Thane (MMR) — among the largest metro land holdings of any Indian developer
- Operating locations
- ~40 locations across Mumbai Metropolitan Region, Pune, Bengaluru and NCR (entered FY27)
- Market position
- Under 3.5% share by value of primary housing sales across India's Top 6 cities (MMR, NCR, Bengaluru, Pune, Hyderabad, Chennai)
- Data-centre land parcel
- 400 acres, shovel-ready at Palava with 3 GW power availability; anchored by AWS and ST Telemedia
- Annuity (rental) portfolio
- 8.8 msf across retail, office, warehousing & industrial assets (3.8 msf completed)
- Credit rating
- AA (Stable) — 7 rating upgrades since 2021
Guidance record · Q1 FY27
what the last two calls moved 29 tracked 5 delivered 3 missed 21 open- Annual Rental Income (existing assets) went quiet said Q4 FY26 Promised: INR10 billion by fiscal '31 Q1 FY27: Not directly addressed; focus shifted to the larger INR 30 billion annuity income target including data centers.
- Palava-Airoli-Mulund Freeway Operational delayed said Q2 FY26 Promised: Operational next quarter (Q3 FY26) Q1 FY27: Timeline pushed again; freeway is physically ready but will now open post-monsoon.
- FY26 Embedded EBITDA Margin delivered said Q4 FY25 Promised: ~33% Q4 FY26: Delivered 33% underlying development margin for the full year.
All 29 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 30.7%, net profit up 63.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,590 | 4,016 | 3,890 | 3,349 | 2,983 +15% | 4,307 +7% | 3,902 +0% | 4,378 +31% |
| EBITDA | 682 | 1,271 | 1,047 | 958 | 618 −9% | 1,328 +4% | 963 −8% | 1,525 +59% |
| Net profit | 393 | 832 | 742 | 644 | 336 −15% | 1,146 +38% | 794 +7% | 1,050 +63% |
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.
Performance −5.5% 1Y
1Y: ₹1,181.6 on 10 Sept 2025 → ₹1,116.9. High ₹1,316.35 (29 Jul 2026), low ₹677 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +4.8%
- 27 Jul
- Q4 FY26
- +4.6%
- 27 Apr
- Q3 FY26
- +2.4%
- 29 Jan
- Q2 FY26
- +2.3%
- 31 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 16.0% a year over 3 years, FY23 to FY26. Operating margin widened to 26.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹9.3k Cr | ₹9.5k Cr | ₹13.3k Cr | ₹14.5k Cr |
| Operating profit | ₹2.0k Cr | ₹2.3k Cr | ₹3.7k Cr | ₹3.9k Cr |
| Operating margin | 21.3% | 24.6% | 28.1% | 26.6% |
| Interest | ₹498 Cr | ₹543 Cr | ₹665 Cr | ₹751 Cr |
| Depreciation | ₹102 Cr | ₹251 Cr | ₹267 Cr | ₹320 Cr |
| Net profit | ₹469 Cr | ₹1.2k Cr | ₹2.4k Cr | ₹2.9k Cr |
| Net margin | 5.0% | 12.3% | 18.2% | 20.1% |
| ROCE | 9.0% | 9.0% | 14.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹396 Cr | ₹482 Cr | ₹482 Cr | ₹994 Cr | ₹998 Cr | ₹999 Cr |
| Reserves | ₹3.8k Cr | ₹11.7k Cr | ₹12.1k Cr | ₹16.0k Cr | ₹20.3k Cr | ₹21.2k Cr |
| Borrowings | ₹14.8k Cr | ₹10.8k Cr | ₹10.6k Cr | ₹8.9k Cr | ₹9.6k Cr | ₹10.7k Cr |
| Other liabilities | ₹13.0k Cr | ₹14.6k Cr | ₹17.2k Cr | ₹21.8k Cr | ₹22.7k Cr | ₹24.6k Cr |
| Total liabilities | ₹32.0k Cr | ₹37.6k Cr | ₹40.4k Cr | ₹47.6k Cr | ₹53.6k Cr | ₹57.6k Cr |
| Fixed assets | ₹1.6k Cr | ₹1.7k Cr | ₹2.0k Cr | ₹1.1k Cr | ₹2.7k Cr | ₹2.1k Cr |
| Capital work in progress | ₹6 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹191 Cr |
| Investments | ₹1.1k Cr | ₹612 Cr | ₹380 Cr | ₹2.4k Cr | ₹2.2k Cr | ₹2.9k Cr |
| Other assets | ₹29.3k Cr | ₹35.2k Cr | ₹38.0k Cr | ₹44.1k Cr | ₹48.7k Cr | ₹52.3k Cr |
| Total assets | ₹32.0k Cr | ₹37.6k Cr | ₹40.4k Cr | ₹47.6k Cr | ₹53.6k Cr | ₹57.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −1.59 pp while the public added +1.46 pp. The shareholder count grew 60% to 1,58,746.
- Promoters
- 70.3%
- FIIs
- 23.6%
- DIIs
- 3.6%
- Public
- 2.5%
Since Jun 2025
- Promoters −1.59 pp
- Public +1.46 pp
- DIIs +1.37 pp
How it drifted, 12 quarters
Over this window promoters fell from 74.9% to 70.3% — −4.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 74.9%, FIIs 20.5%, DIIs 3.5%, Public 1.1%.Dec '23: Promoters 74.9%, FIIs 21.1%, DIIs 3.2%, Public 0.8%.Mar '24: Promoters 72.2%, FIIs 23.8%, DIIs 3.3%, Public 0.7%.Jun '24: Promoters 72.1%, FIIs 24.2%, DIIs 3.0%, Public 0.7%.Sep '24: Promoters 72.1%, FIIs 24.2%, DIIs 2.8%, Public 0.9%.Dec '24: Promoters 72.0%, FIIs 24.4%, DIIs 2.6%, Public 0.9%.Mar '25: Promoters 71.9%, FIIs 24.6%, DIIs 2.4%, Public 1.0%.Jun '25: Promoters 71.9%, FIIs 24.9%, DIIs 2.2%, Public 1.0%.Sep '25: Promoters 71.9%, FIIs 24.1%, DIIs 2.7%, Public 1.3%.Dec '25: Promoters 71.8%, FIIs 23.5%, DIIs 3.2%, Public 1.5%.Mar '26: Promoters 72.3%, FIIs 21.2%, DIIs 4.6%, Public 1.9%.Jun '26: Promoters 70.3%, FIIs 23.6%, DIIs 3.6%, Public 2.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Fidelity Advisor International Capital Appriciatio Global fund house newly disclosed 1.41% held
- Nordea 1 Sicav Fund FPI fund newly disclosed 1.22% held
- Bellissimo Properties Development Private Limited newly disclosed 0.04% held
The same filing shows 3 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Lodha Developers Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sambhavnath Trust (through its trustees Abhishek Lodha and Vinti Lodha) | 23.12% | unchanged |
| Lodha Philanthropy Foundation | 18.02% | unchanged |
| Hightown Constructions Private Limited | 17.62% | −1.75 pp |
| Sambhavnath Infrabuild and Farms Private Limited | 9.27% | unchanged |
| New World Fund Inc Global fund house | 3.85% | −0.15 pp |
| Homecraft Developers and Farms Private Limited | 2.24% | −0.25 pp |
| Fidelity Advisor International Capital Appriciatio Global fund house | 1.41% | newly disclosed |
| Nordea 1 Sicav Fund FPI fund | 1.22% | newly disclosed |
| Bellissimo Properties Development Private Limited | 0.04% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in LODHA
Filings to Aug 2026
0 new, 5 added, 3 trimmed, 0 sold out — net −0.08 L shares (−0.3%).
- Held by funds
- ₹322 Cr
- 10 schemes
- Biggest holder
- Nippon India ETF Nifty Next 50 Junior BeES
- ₹117 Cr · 1.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹117 Cr | +0.32 L | Sep '24 |
| SBI Quant Fund SBI Mutual Fund | ₹68 Cr | −0.44 L | Jul '26 |
| SBI Nifty Next 50 ETF SBI Mutual Fund | ₹40 Cr | +0.01 L | Sep '24 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹37 Cr | held | Dec '22 |
| SBI Nifty Next 50 Index Fund SBI Mutual Fund | ₹31 Cr | +0.10 L | Sep '24 |
| HDFC Housing Opportunities Fund HDFC Mutual Fund | ₹16 Cr | held | Jun '23 |
| Nippon India Nifty Realty Index Fund Nippon India Mutual Fund | ₹9 Cr | −0.07 L | Dec '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | −0.00 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 3 trimmed — net −8,238 shares (−0.3%)
- Funds are sitting on
- +1%
- vs est. average cost
- Held by funds
- ₹322 Cr
- 10 schemes · ≈ 0.25% of the company
- Biggest holder
- Nippon India ETF Nifty Next 50 Junior BeES
- ₹117 Cr · 1.3% of that fund
- Longest holder
- HDFC Large and Mid Cap Fund
- 3y 8m · since Dec '22
Shares held by these funds −27%
Aug '23 26.75 L shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Lodha Developers Limited
Guides on how to read this kind of business and the numbers that matter.