Lodha Developers Ltd(LODHA)

NSE: LODHABSE: 543287

₹ 963-4.24%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 96,241 crWebsite: www.lodhagroup.comUpdated: 24 Oct 2026

About

Lodha Developers Ltd (formerly Macrotech Developers Limited) is an Indian residential and commercial real estate developer operating in the Mumbai Metropolitan Region (MMR), Pune, Bengaluru and NCR. It reports a single segment, real estate development, and recorded FY26 revenue of Rs 16676.2 Cr. Beyond housing, it is building a data center land park at Palava with 3 GW of power availability and an annuity income platform covering retail, office and warehousing assets.^[1][2][3]

Business segments

The company reports one segment, real estate development, as of FY25.^[2]

Pre-sales, collections and launches

FY26 pre-sales were INR 205.3bn (+16% YoY), with every quarter its best ever; Q4 FY26 alone reached INR 58.9bn (+23% YoY).^[4]
Q1 FY27 pre-sales were INR 46.3bn (+4% YoY); management said residential launches were deliberately deferred and expected H1 FY27 to be 40 - 42% of the INR 240bn full-year guidance.^[5]
Q1 FY27 collections were INR 42.1bn (+46% YoY), with operating cash flow of INR 18.9bn; FY26 collections were INR 151.6bn (+5% YoY).^[5]
FY26 launches totalled INR 368.7bn GDV; unsold GDV in the DevCo pipeline was approximately INR 2,000bn as of June 2026.^[4]
The FY27 launch calendar covers 20+ projects and phases with approximately INR 250bn GDV.^[4]

Selling prices and embedded margin

Palava sells at approximately INR 11,000 per sq ft of carpet area as of Q4 FY26, versus INR 25,000+ per sq ft in suburbs such as Mulund and Thane.^[4]
Embedded EBITDA margin was 33% for FY26 and in the early 30s excluding land sales in Q1 FY27, within the guided 32 - 34% range.^[4]
Portfolio price growth was approximately 5% in FY26; management guided 5 - 7% for FY27.^[4]

Geographic footprint and land additions

FY26 business development added 12 projects across MMR, Pune, Bengaluru and NCR with total GDV of INR ~600bn, 2.4x the INR 250bn annual guidance.^[4]
Pune and Bengaluru contributed approximately 30% of FY26 pre-sales, up from 3% at IPO roughly 4.5 years earlier.^[6]
Entered NCR in FY26 via two JDA projects in Gurgaon with combined GDV of INR 33bn; a dedicated NCR CEO was hired and the first launch is planned for H2 FY27.^[4]
Bengaluru moved from pilot to growth phase in FY26 with 9M FY26 pre-sales of INR 22.7bn; a July 2026 launch opened about 30% above prevailing market prices.^[7]

Data center land park at Palava

The park spans 660 acres with a 3 GW power tie-up; about 130 acres were sold as of June 2026 to AWS, STT (Temasek subsidiary) and Digital Edge India.^[5]
The June 2026 Digital Edge deal was at about INR 420mn per acre, nearly double the INR 210mn per acre in CY25; management put fair value at about INR 650mn per acre.^[5]
Management targets about 150 more acres to be monetised over 3 - 4 years at an average INR 600mn per acre, about INR 90bn in total.^[5]
Plans 1 GW of powered-shell build-to-suit capacity on about 90 - 100 acres; first lease expected in FY27, with rent from FY29.^[5]
Land sales are targeted at INR 2,000 - 3,000 crore a year for several years, spanning DC land, surplus Palava land and other sources.^[5]

Annuity income platform

Non-DC annuity income from retail, offices and warehousing was INR 2.9bn in FY26, with an annualised exit run-rate of INR 3.0bn as of June 2026.^[4]
The annuity pipeline totals 8.8 msf, of which 3.8 msf is complete; total annuity income including DC is targeted at INR 30+bn a year by FY32.^[4]

Debt and cash flow

Average cost of debt was 7.8% in Q1 FY27, stable QoQ and about 90 bps lower than FY25; net debt/equity was 3.5x at IPO.^[5]
Operating cash flow was INR 71.2bn in FY26 and INR 18.9bn in Q1 FY27.^[4]

Infrastructure around Palava and Upper Thane

Navi Mumbai International Airport, 40 minutes from Palava, opened in October 2025.^[4]
The Mulund-Airoli-Palava freeway and an Upper Thane connector are expected to open after the monsoon, with a sales impact expected from Q4 FY27 or early FY28.^[5]

Recent developments

On 9 October 2026, creditors and equity shareholders at NCLT-convened meetings approved the merger of Roselabs Finance Limited and National Standard (India) Limited into the company.^[8]
The company changed its name from Macrotech Developers Limited to Lodha Developers Limited, as shown in the FY26 annual report.^[1]
The board recommended a final dividend of Rs 4.25 per equity share (42.5%) for FY26.^[1]

Market Cap

₹96,241 Cr

High / Low

₹1,344 / 651

Stock P/E

23.3

Price / Book

4.1

Book Value

₹233

EPS

₹34.3

No. of Shares

99.89 Cr

ROCE

16.5%

ROE

15.8%

OPM

29.3%

Debt / Equity

0.42

Sales

₹16,676 Cr

Net Profit

₹3,431 Cr

Promoter holding

70.3%

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