LODHA Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹3,798 Cr
verified against source
Revenue YoY
45%
reported change
EBITDA
₹1,300 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Lodha delivered Q2 FY26 results with revenue of ₹3,800 crore (+45% YoY), adjusted EBITDA of ₹1,300 crore (+37% YoY) at 34.4% margin, and PAT of ~₹800 crore (+87% YoY). Pre-sales of ₹4,570 crore grew 7% YoY, with H1 at ₹9,000 crore representing 43% of the ₹21,000 crore full-year guidance. Embedded EBITDA margin stood at 32% despite JDA contribution at ~50% of pre-sales (above 40% target), demonstrating margin resilience. Business development of ₹2,300 crore in H1 already exceeded the full-year ₹2,500 crore target. The company highlighted its Palava township benefiting from upcoming infrastructure (Aroli-Mulund freeway operational next quarter, bullet train connectivity by 2028-29) and a transformative data center opportunity at Palava—anchored by AWS and SDIT—with 3 GW power capacity and government incentives potentially exceeding $1 billion. Pune and Bangalore now contribute ~30% of pre-sales (up from 3% at IPO ~4.5 years ago). Net debt of ₹5,370 crore implies leverage of 0.25x equity, well below the 0.5x ceiling. The primary risk is JDA mix remaining elevated, compressing margins, while execution on Palava infrastructure and data center monetization remain key watch items for FY27 growth acceleration.
Colored figures show movement against the previous available record.
Guidance to track
- H1 achieved 43% of full-year guidance at ₹9,000 crore; management targets run rate escalation to high ₹50s or low ₹60s crore per quarter to meet annual target.
- ₹7,000-7,500 crore expected from non-launch sales with ₹4,000-4,500 crore from launches; infrastructure (Aroli-Mulund freeway) completion next quarter will benefit Palava residential next fiscal.
- New land transactions expected at ~₹30 crore/acre versus ₹0.21 crore previously; total balance land (~400 acres) valued at ~₹10,000 crore; government incentives under Maharashtra Green Digital Infrastructure Policy exceed $1 billion.
- Initial focus likely in Gurugram with other NCR locations under evaluation; follows standard model of pilot phase (2-3 years) before scaling up as done in Pune and Bangalore.
Risks flagged
- JDA contributed ~50% of pre-sales this quarter versus the 40% target. While embedded EBITDA margin of 32% was maintained, owned land margins (37-38%) are 10 percentage points higher than JDA (27%), creating margin headwinds if mix remains elevated.
- Management acknowledged the business plan is still underway and will provide details in the next quarterly update. Power shell capex (~$300-350 million for 250 MW), partnership structures, speculative vs. BTS approach, and timeline to 250 MW capacity remain undefined. Risk of overpromising on unconfirmed opportunity.
- Mumbai environmental clearances were stalled for ~12 months (Aug 2024 - Aug 2025), pushing launches to H2. Management targets returning to more spread-out launch cadence next fiscal, but execution of multiple H2 launches simultaneously carries risk.
- Pune grew from ₹200 crore (FY21) to ~₹2,500 crore (FY25). Management targets becoming #1 in Pune within 2 years and ~30% of pre-sales from non-Mumbai markets. These ambitious targets for nascent operations lack detailed milestones for external verification.
Key quotes
- We are only year four or five out of that very long cycle. It doesn't mean that we'll never have a bad year, we can of course have a bad year, but from a more structural perspective, this is a much longer cycle because the level of demand that India needs to produce to meet its housing needs is going to be a long, long time before the supply side can catch up.
- We now have a dedicated team working to capture what else can we do beyond providing the land and the infrastructure. We are exploring partnerships with entities having strong AI knowledge or networks. If we were to build 250 megawatts that is an annualized PAT of maybe ₹2,500 crore or higher at today's rates.
- Our H1 sales stand at about ₹9,000 crore, which is 43% of our full year guidance. Having delivered more than ₹4,000 crore of pre-sales consecutively for the last seven quarters, we are now expecting to move up towards a run rate in the high 50s or low 60s.
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