Lodha Developers Q2 profit rises 28% as first-half earnings climb 63%

Lodha Developers Limited, the Mumbai-based realty firm formerly known as Macrotech Developers, reported a 28.3 per cent year-on-year rise in consolidated net profit to Rs 1,013 crore for the quarter ended 30 September 2026. The results were disclosed in an exchange filing on 30 October 2026, after the board approved the unaudited quarterly and half-year figures on the same day.

Revenue from operations rose 17.6 per cent to Rs 4,467 crore in the second quarter, compared with Rs 3,798 crore a year earlier. Profit after tax for the first half of the financial year climbed 63 per cent to Rs 2,386 crore, and first-half operating cash flow turned positive. Managing director Abhishek Lodha said the strong first-half performance means the company expects to easily exceed its full-year profit guidance.

Quarterly and half-yearly figures

The net profit margin for the quarter stood at 22.1 per cent. Consolidated net profit for the second quarter was Rs 1,013.5 crore, against Rs 788.70 crore in the same quarter of FY26. For the first half, consolidated net profit reached Rs 2,386.6 crore, up from Rs 1,464.9 crore in the corresponding period last year, while revenue from operations for the half-year rose to Rs 9,464 crore from Rs 7,290 crore.

Pre-sales in the second quarter came in at Rs 5,037 crore, a 10 per cent increase over the Rs 4,570 crore recorded in the same quarter of FY26. The company maintained its FY27 pre-sales guidance at Rs 24,000 crore.

The balance sheet remained comfortable through the period. Net debt stood at Rs 5,279 crore as of 30 September 2026, and the net debt-to-equity ratio held at 0.2 times, well below the company's 0.5 times ceiling. The exit cost of debt for the quarter was 7.8 per cent. Net worth at the end of September 2026 was Rs 24,915 crore.

Key figures at a glance

• Q2 FY27 consolidated revenue from operations: Rs 4,467 crore
• Q2 FY27 consolidated net profit: Rs 1,013.5 crore, up 28.3 per cent year-on-year
• H1 FY27 profit after tax: Rs 2,386 crore, up 63 per cent
• Q2 FY27 pre-sales: Rs 5,037 crore
• FY27 pre-sales guidance: Rs 24,000 crore
• Net debt: Rs 5,279 crore, net debt-to-equity 0.2 times

The developer and its scale

The group was founded in Mumbai in 1980 by Mangal Prabhat Lodha and was listed on the National Stock Exchange under the symbol LODHA. The company was known as Macrotech Developers after its 2021 listing and was renamed Lodha Developers Limited in June 2025. Its portfolio spans Mumbai, Thane, Pune, Bengaluru and London, with more than 60,000 homes delivered across these markets and around 112 million square feet delivered in total. A further 132 million square feet is in the pipeline.

During FY26 the company added 12 projects with a combined gross development value of Rs 60,000 crore across the Mumbai Metropolitan Region, Pune, Bengaluru and the National Capital Region, a figure the company describes as 2.4 times its annual guidance for project additions. In the second quarter, management noted continued momentum in its Bengaluru expansion following another successful launch.

Data centres and the Palava land bank

Lodha has also moved into data-centre development. A proposed build-to-suit plan aims to create close to one gigawatt of data-centre capacity over multiple phases, with the rollout to be timed according to customer demand and market requirements. In September 2025, STT Global Data Centres acquired more than 24 acres of land in the Palava region from Lodha for about Rs 500 crore.

The company's 4,000-acre landholding at Palava is positioned as a long-term asset, with its value expected to rise as new infrastructure improves connectivity to the rest of Mumbai.

Mumbai as the base for growth

Lodha is headquartered in Mumbai, which remains India's largest and most mature data-centre market. The city offers strong digital connectivity, extensive fibre networks, reliable power infrastructure and proximity to international submarine cable landing stations, factors that underpin the company's data-centre plans. The same metropolitan region is also home to the company's largest residential and mixed-use landholdings.

What comes next

Lodha will hold an analyst and investor conference call on 2 November 2026 at 1:00 PM IST to discuss the second-quarter and half-year results. The company has also announced the appointment of a new Company Secretary and Compliance Officer, effective 31 October 2026, following the early retirement of the previous officer.

With FY27 pre-sales guidance of Rs 24,000 crore maintained, the remaining months of the year will need sustained bookings. The company's stated expectation of exceeding its full-year profit guidance will be a key point of focus for investors as the year progresses.