Lodha books ₹5,037 crore in pre-sales in July–September quarter, up 10%

Lodha Developers Limited booked pre-sales of ₹5,037 crore in the July–September quarter of FY27, up 10% from ₹4,570 crore a year earlier. The Mumbai-based developer, formerly known as Macrotech Developers Limited, announced the results on 30 October 2026. The company attributed the growth to strong housing demand despite global uncertainties.

Revenue from operations rose 17.6% to ₹4,468 crore from ₹3,798 crore. Consolidated net profit was ₹1,013 crore, up 28.3% year on year, and the profit after tax margin for the quarter was 22.1%. For the first half of FY27, profit after tax reached ₹2,386 crore, up 63%. Pre-sales for April to September rose 7% to ₹9,670 crore.

Bookings against the full-year target

The company said first-half pre-sales are more than 40% of its original full-year guidance, in line with its initial projections. The FY27 sales-bookings target is ₹24,000 crore, about 17% above the ₹20,530 crore booked in FY26. Reaching that figure would require ₹14,330 crore of bookings in the second half, after ₹9,670 crore in the first. Managing Director Abhishek Lodha said the company expects to easily exceed its full-year profit guidance. He said the demand response reaffirmed robust demand for the brand and helped allay concerns about AI-led disruption affecting segments beyond affordable housing. This view on demand is the company's own.

Debt and interest rates

Net debt stood at ₹5,279 crore as of 30 September 2026, compared with ₹5,080 crore in the year-earlier quarter. The net debt-to-equity ratio was largely stable at 0.2x, well below the company's ceiling of 0.5x. The exit cost of debt for the quarter remained stable at 7.8%. Lodha said rising interest rates were unlikely to have a direct impact on housing demand in the segments it serves. It also said it remains concerned about the continuing conflict in the Middle East and is tracking its implications.

Abhishek Lodha said the rental business could grow through data centres and AI infrastructure, with annuity income expected to rise from about ₹300 crore now to ₹3,000 crore by FY32. This is a company projection, not a reported result.

What investors will watch

• Progress toward the ₹24,000 crore sales-bookings target for FY27.
• Execution of the 15.6 million square feet launch pipeline for the rest of FY27.
• The first Delhi-NCR pilot project, which the company plans to launch during the festive season. No date, location or size has been disclosed.
• Growth in annuity rental income toward the ₹3,000 crore projected for FY32.
• Future disclosures on collections and net debt.

The next test is whether the festive-season launches add enough bookings to keep the company on pace for ₹24,000 crore. The results announcement did not give buyer-facing terms such as prices or offers for any project.