Pre-sales (Q4 FY26)
₹58.9B
+23% YoY
Strongest quarter in history, driven by premium and luxury segments.
LODHADEVELOPERS
Other
28 Apr 2026
Lodha Developers Limited — Q4 FY26
Lodha Developers reported a strong Q4 FY26 with pre-sales of ₹58.9B, up 23% YoY, and full-year PAT of ₹34.3B (margin 20%), driven by robust demand in premium segments and successful business development adding ₹600B GDV.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Lodha Developers reported a strong Q4 FY26 with pre-sales of ₹58.9B, up 23% YoY, and full-year PAT of ₹34.3B (margin 20%), driven by robust demand in premium segments and successful business development adding ₹600B GDV. The company guided to FY27 pre-sales of ₹240B (17% growth) and PAT growth of ~20% CAGR, with a focus on free cash flow as business development spend moderates. Key growth drivers include infrastructure catalysts in Palava (freeway, airport, bullet train) and NCR expansion. Risks include Middle East tensions causing NRI deferrals and construction cost inflation of 3-5%, though margin impact is estimated at <0.35%.
Key Numbers
Pre-sales (FY26)
₹205B
+16% YoY
Full-year pre-sales grew 16% despite macro headwinds and clearance delays.
Business Development GDV Added
₹600B
+2.4x guidance
12 projects added at 2.4x the guided run-rate, enhancing visibility.
Net Debt to Equity
0.23x
-0.07x YoY
Well within self-imposed ceiling of 0.5x; devco on track to become debt-free.
Management Guidance
FY27 pre-sales guidance of ₹240B
Management guided to pre-sales of approximately ₹240 billion for FY27, implying ~17% growth over FY26's ₹205B.
Management guidance revenueEmbedded EBITDA margin of 32-34% for FY27
Guidance for embedded EBITDA margin between 32% and 34%, including a single-digit percentage contribution from land sales.
Management guidance marginsPAT growth of ~20% CAGR over medium term
Medium-term goal of 20% PAT CAGR, moving from ~₹34B in FY26 to >₹85B by FY31.
Management guidance growthMuted business development spend over next 2 years
With sufficient supply visibility, new business development investment will be muted, leading to higher free cash flow.
Management guidance capexKey Risks
Middle East geopolitical tensions impacting sales
March saw deferrals from NRI buyers and luxury segment due to Middle East escalation; management assumes normalization by end of Q1 FY27.
medium · management_commentaryConstruction cost inflation from Middle East crisis
Cost increases of 3-5% in gas-dependent materials (tiles, paints, PVC) could impact margins by up to 1.7% if persistent.
low · analyst_questionDelay in infrastructure projects impacting Palava sales
Extended eastern suburbs sales have been flattish at ₹20-25B due to delayed freeway and airport connectivity; any further delay could defer the expected step-up.
medium · analyst_questionEnvironmental clearance delays recurrence
Past clearance delays caused 9-month disruption; while resolved, any future regulatory hurdles could impact launch pipeline.
low · data_observationNotable Quotes
We have grown at scale while simultaneously deleveraging. That combination we believe is genuinely rare in this sector.
The Indian housing market is in the early stages of a structural expansion that is likely to last for decades.
Please think about our business as one which is most focused on profitability and resilience and predictability rather than driven by headline sales.
Frequently Asked Questions
What was Lodha Developers's revenue in Q4 FY26?
Lodha Developers reported revenue of ₹4,714 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Lodha Developers management give for FY27?
FY27 pre-sales guidance of ₹240B: Management guided to pre-sales of approximately ₹240 billion for FY27, implying ~17% growth over FY26's ₹205B. Embedded EBITDA margin of 32-34% for FY27: Guidance for embedded EBITDA margin between 32% and 34%, including a single-digit percentage contribution from land sales. PAT growth of ~20% CAGR over medium term: Medium-term goal of 20% PAT CAGR, moving from ~₹34B in FY26 to >₹85B by FY31. Muted business development spend over next 2 years: With sufficient supply visibility, new business development investment will be muted, leading to higher free cash flow.
What are the key risks for Lodha Developers in FY27?
Key risks include Middle East geopolitical tensions impacting sales — March saw deferrals from NRI buyers and luxury segment due to Middle East escalation; management assumes normalization by end of Q1 FY27.; Construction cost inflation from Middle East crisis — Cost increases of 3-5% in gas-dependent materials (tiles, paints, PVC) could impact margins by up to 1.7% if persistent.; Delay in infrastructure projects impacting Palava sales — Extended eastern suburbs sales have been flattish at ₹20-25B due to delayed freeway and airport connectivity; any further delay could defer the expected step-up.; Environmental clearance delays recurrence — Past clearance delays caused 9-month disruption; while resolved, any future regulatory hurdles could impact launch pipeline..
Did Lodha Developers meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Lodha Developers Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.