LODHA Q3 FY26 earnings call.
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Revenue
₹4,666 Cr
verified against source
Revenue YoY
29%
reported change
EBITDA
₹1,490 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Lodha Developers delivered a record Q3 FY26 with pre-sales of Rs 5,600 crore (+25% YoY), driven by strong demand in Mumbai, Pune, and Bangalore markets. Revenue from operations came in at Rs 4,666 crore with 29% YoY growth, while adjusted EBITDA stood at Rs 1,490 crore (32% margin) and PAT at Rs 950 crore. The company added Rs 34,000 crore of GDV through business development in the quarter, taking 9-month total to Rs 60,000 crore, significantly ahead of targets. Collections declined 17% YoY to Rs 3,566 crore due to lumpy land sales in the base quarter and delayed environmental clearances now resolved. The Palava data center park is gaining traction with anchor tenants AWS and STT, targeting 50-60 crore per acre land values over 3 years. The company remains on track for FY26 pre-sales guidance of Rs 21,000 crore. Key risks include potential margin pressure from stubborn land prices amid moderating price growth, and volume weakness in the broader industry entry-level segment.
Colored figures show movement against the previous available record.
Guidance to track
- 9-month pre-sales of Rs 14,600 crore represents 70% achievement; company expects to meet full-year guidance driven by strong Q4 launch pipeline of Rs 12,000 crore.
- Management reaffirms ~33% embedded EBITDA margin target with ~20% ROE on TTM basis, consistent with medium-term outlook.
- Operating cash flow guidance lowered from Rs 77 billion to Rs 70 billion due to environmental clearance delays and construction timeline extensions of 4-6 months at certain sites.
- After completing pilot phase, Bangalore is now in growth phase with full-year sales expected to exceed Rs 2,500 crore, demonstrating rapid scaling capability in new markets.
Risks flagged
- Analyst raised concern that while sector price growth has moderated, land values remain sticky, potentially impacting profitability of newly signed projects. Management responded that their disciplined underwriting approach and balance sheet strength will help secure better land deals as market froth subsides.
- Analyst noted that Q3 sales were concentrated in a few projects in South Central Mumbai rather than distributed across markets. Management clarified that non-launch weekly sales of ~Rs 300 crore were consistent, but launch timing created concentration. This raises execution risk if future launches underperform.
- Management acknowledged that the affordable housing segment (below Rs 75 lakh) has seen declining supply and sales at industry level, impacting overall volume metrics. While Lodha has moved upmarket, this signals structural shifts in demand that could affect total addressable market size.
- Q3 collections declined 17% YoY due to lumpy land sales in base quarter and environmental clearance delays. Full-year OCF guidance revised down by ~9% to Rs 70 billion from Rs 77 billion. Construction spending of Rs 8.66 billion was the lowest in 7 quarters, raising questions about execution velocity.
Key quotes
- This is the first time that the company has crossed Rs 5,000 crore in quarterly pre-sales and also highlight that the performance in Q1, Q2 and Q3 has been the best ever for those respective quarters and that shows the underlying strength of the brand as well as of the markets that we are operating in.
- We have frontloaded business development and that will give us the opportunity to be more profit focused when we do newer business development and hopefully that is margin enhancing. We are not going to spend as much money on business development in the next 24 months as we've done in the last 24 months.
- I think the market is moving towards the best place players because consumers who are buying want the assurance of getting a high quality product and from the best brands. At the very bottom end of the market homes below 75 lakhs there has been a decline in both supply as well as in sales in that sort of entry-level affordable housing segment.
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