Lodha posts record Q1 profit as net income more than doubles
Published
Lodha Developers reports its strongest quarterly profit
Lodha Developers Limited, the Mumbai-based developer formerly known as Macrotech Developers, approved its unaudited consolidated results for the quarter ended June 30, 2026 at a Board meeting held on July 24, 2026. The company reported net profit of Rs 1,373 crore for the first quarter of FY27, up from Rs 675 crore in the same quarter a year earlier. Managing director Abhishek Lodha described it as the best quarterly profit in the company's history.
Revenue from operations rose to Rs 4,997 crore from Rs 3,492 crore a year earlier, a growth of about 43 per cent. Operating profit reached Rs 1,922.40 crore, and profit before tax stood at Rs 1,775.90 crore. Basic earnings per share were Rs 13.73, compared with Rs 6.76 in the first quarter of FY26. The results beat analyst expectations, which had pointed to a net profit of around Rs 904 crore for the period.
Margins, cash flow and balance sheet
Total income rose to Rs 5,097 crore from Rs 3,625 crore, while total expenses fell sequentially to Rs 3,323 crore from Rs 3,579 crore, helped by lower project costs and depreciation. On an operating basis, the EBITDA margin widened to 38.47 per cent from 28.19 per cent a year earlier. An adjusted measure used in another analysis put the margin at 43 per cent against 34.4 per cent in the first quarter of FY26.
Net debt declined by Rs 446 crore to Rs 4,931 crore, supported by stronger operating cash flows. The net debt-to-equity ratio stood at 0.2 times at the end of June, well below the company's internal ceiling of 0.5 times. Abhishek Lodha said that growth, rising profitability and return on equity, together with low leverage, set the company apart.
Sales bookings for the April to June quarter came to Rs 46.3 billion, a four per cent increase on the previous year. The results were reviewed by the Audit Committee before being presented to the Board, and the company secretary is Sanjyot Rangnekar.
Launches and the first-quarter pipeline
During the April to June period, the company launched one project in the Mumbai Metropolitan Region covering about 4 lakh square feet, with an estimated revenue potential of Rs 330 crore. The quarter's launches form part of a wider pipeline of new housing projects and phases across Mumbai, Delhi-NCR, Pune and Bengaluru.
Stock reaction
Shares of Lodha Developers rose 3.47 per cent to Rs 1,184.10 on the trading day after the results were announced, following the reported surge in consolidated net profit.
The developer
Lodha Developers is described in market reports as the country's second-largest listed developer, and its shares are listed on the BSE. Its portfolio spans Mumbai, Thane, Palava, Pune, Bengaluru, Hyderabad and Kalyan Dombivli, along with Crown Quality Homes, commercial property in Mumbai and a presence in London. The company's Palava data centre park is central to its longer-term plans, with land parcels already sold to technology firms including Amazon and Singapore-based STT Global Data Centers.
Under the plan, the company aims to raise Rs 10,000 crore by monetising about 150 acres at the park, at an average of roughly Rs 60 crore per acre. Of its holding of about 660 acres, around 370 acres were earmarked for sale in the first phase, and about 130 acres have already been monetised. The proceeds are intended to fund the build-out of around 1 gigawatt of powered shell capacity on about 90 acres, which is expected to generate more than Rs 2,000 crore of annual rental income by FY32.
What comes next
Lodha plans to launch 21 housing projects by March 2027, with an estimated revenue potential of more than Rs 24,000 crore. The company has set a sales bookings target of Rs 24,000 crore for FY27 and a net profit target of Rs 4,100 crore, a rise of about 20 per cent on the previous year. It expects 30 to 35 per cent of revenue to come from new projects and 65 to 70 per cent from ongoing developments. Management has reaffirmed its FY27 guidance.
The board has recommended a dividend of Rs 4.25 per share, to be considered at the annual general meeting on August 14, 2026. The company will also meet analysts and investors at six conferences between August 12 and September 22, 2026.