Lodha's April–June profit rises to ₹1,373 crore as revenue grows 43%

Lodha Developers Limited reported a sharp rise in profit for the quarter ended 30 June 2026. The board approved the unaudited consolidated results on 24 July 2026. Net profit rose to ₹1,373 crore from ₹675 crore in the same quarter a year earlier, a growth of about 103%. Revenue from operations increased 43% to ₹4,997 crore from ₹3,492 crore. The Mumbai-based company, formerly Macrotech Developers, is listed on the BSE.

Profit before tax was ₹1,775.90 crore, up 40.5% from ₹1,263.90 crore in the previous quarter. Operating profit was ₹1,922.40 crore, compared with ₹1,412.60 crore in January–March. Basic earnings per share were ₹13.73, against ₹6.76 a year earlier.

What drove the numbers

Total income rose to ₹5,097 crore from ₹3,625 crore. Total expenses fell sequentially to ₹3,323 crore from ₹3,579 crore. The company linked the fall to lower project costs and lower depreciation.

Margin figures depend on the measure used. On the reported basis, operating EBITDA margin widened to 38.47% from 28.19%. On an adjusted basis, the company's EBITDA margin was 43%, against 34.4% a year earlier. Both figures show expansion, but they are not directly comparable.

The result was ahead of pre-results expectations. One pre-results estimate had put net profit at ₹904 crore and revenue at ₹4,211 crore. Morgan Stanley had an Equal Weight rating on the stock with a target price of ₹1,130, issued on 2 July 2026 before the results. The shares rose 3.47% to ₹1,184.10 on the day after the announcement.

Balance sheet and bookings

Net debt fell by ₹446 crore to ₹4,931 crore, which the company attributed to strong operating cash flows. Net debt-to-equity was 0.2x at 30 June, below the company's internal ceiling of 0.5x. Sales bookings in the April–June quarter were ₹4,630 crore, a 4% rise on a year earlier.

Managing director Abhishek Lodha said: "We are pleased to deliver our best-ever quarterly profit in Q1FY27, continuing the strong momentum built through FY26."

What investors will watch

The company's FY27 guidance is the main test. Its stated targets are:

• Sales bookings of ₹24,000 crore for FY27
• Net profit of ₹4,100 crore, a 20% annual increase
• 21 housing projects launched by March 2027, with estimated revenue potential above ₹24,000 crore
• Revenue mix of 30–35% from new projects and 65–70% from ongoing developments

Only one project was launched in the quarter, in the MMR, covering 4 lakh sq ft with revenue potential of ₹330 crore. The company plans seven new housing projects across the MMR, Delhi-NCR, Pune and Bengaluru, covering 5.9 million sq ft with estimated revenue potential of ₹9,850 crore. It also plans new phases in 14 existing projects, covering 9.7 million sq ft and worth ₹14,210 crore. Management reaffirmed FY27 guidance despite temporary launch delays.

The company also has a data centre plan at Palava. It aims to raise ₹10,000 crore by selling 150 acres at an average of about ₹60 crore per acre. It holds about 660 acres in the park, of which around 370 acres were earmarked for sale in the first phase, and about 130 acres have already been sold. Amazon and Singapore-based STT Global Data Centers have bought land parcels there.

Investors will next see the company's annual general meeting on 14 August 2026, where a dividend of ₹4.25 per share is proposed. Six analyst and investor conferences are scheduled between 12 August and 22 September 2026. The number to watch is how many of the 21 planned launches go ahead by March 2027.