News ArticleLodha Developers Reports 28% Q2 FY2027 PAT Growth to INR 10.1 Billion Amid Strong Sales and Margin Expansion
Company posts 18% revenue growth to INR 44.7 billion and targets debt-free developer status in coming years with net debt at INR 52.8 billion
Lodha Developers Limited announced robust unaudited financial results for Q2 FY2027, reporting a 28% year-on-year PAT increase to INR 10.1 billion and revenue of INR 44.7 billion. The company maintains a strong balance sheet with net debt at INR 52.8 billion and a low net debt-to-equity ratio of 0.21x. It expects to surpass its FY2027 PAT guidance of INR 34.85 billion with ongoing launches across multiple cities and a substantial unsold GDV of INR 2000 billion, supporting medium-term growth.
Lodha Developers Limited
Investor Presentation
Lodha Developers Limited announced its unaudited financial results for the quarter ended September 30, 2026, reporting a 28% year-on-year increase in profit after tax (PAT) to INR 10.1 billion. Revenue for the quarter rose 18% to INR 44.7 billion with operating margins improving, highlighting steady growth and operational efficiency.
The company recorded a PAT margin of 22.1% in Q2 FY2027 compared to 20.4% in the same quarter last year. Earnings before interest, taxes, depreciation and amortization (Adj. EBITDA) margin improved to 36%.
Lodha Developers achieved pre-sales of INR 50.4 billion in the quarter and INR 96.7 billion in the first half of FY2027. Collections during Q2 FY2027 stood at INR 34.5 billion, supporting strong cash flows.
The company’s net debt remained conservative at INR 52.8 billion, representing a low net debt-to-equity ratio of 0.21x, well below its ceiling of 0.5x, with an average cost of debt steady at 7.8%.
Lodha’s unsold gross development value (GDV) stood at approximately INR 2000 billion, enough to sustain business growth for the next five years. The company has a robust project launch pipeline across Mumbai Metropolitan Region (MMR), Pune, Bengaluru and National Capital Region (NCR).
The company aims for a medium-term PAT compounded annual growth rate (CAGR) around 20% while targeting to become debt free at the developer company (DevCo) level in the next few years.
Highlights
- Q2 FY2027 PAT increased 28% year-on-year to INR 10.1 billion with 22.1% PAT margin.
- Q2 FY2027 revenue rose 18% year-on-year to INR 44.7 billion; Adj. EBITDA margin improved to 36%.
- Pre-sales in Q2 FY2027 stood at INR 50.4 billion; collections were INR 34.5 billion.
- Net debt stable at INR 52.8 billion with a net debt-to-equity ratio of 0.21x, below the 0.5x ceiling.
- Unsold GDV of approx. INR 2000 billion supports growth pipeline for the next 5 years.
- Strong project launch plans across MMR, Pune, Bengaluru, and NCR for FY2027.
Key Data Snapshot
What happened
- Lodha Developers reported unaudited financial results for Q2 FY2027 ending September 30, 2026.
- The company posted a Profit After Tax (PAT) of INR 10.1 billion, up 28% from the prior year quarter.
- Revenue was INR 44.7 billion for the quarter, an 18% increase year-on-year, with improved EBITDA and PAT margins.
Financial performance
- Profit after tax margin improved to 22.1% in Q2 FY2027 from 20.4% the previous year.
- Adjusted EBITDA margin expanded to 36%, reflecting operating leverage.
- The company achieved pre-sales of INR 50.4 billion in Q2 and INR 96.7 billion in the first half of FY2027.
- Collections in Q2 totaled INR 34.5 billion, supporting cash flow and working capital.
- Net debt as of September 2026 was INR 52.8 billion, with a net debt-to-equity ratio of 0.21x, well below the threshold of 0.5x.
Operational performance
- Lodha's unsold gross development value (GDV) stands at approximately INR 2000 billion, sufficient to support growth for the next five years.
- The company has a robust project launch pipeline planned across Mumbai Metropolitan Region, Pune, Bengaluru, and National Capital Region in FY2027.
- Annuity income increased with steady rental income contributing to diversified revenue streams.
- Average sales prices remain strong across key markets including Mumbai and Bengaluru.
- The company maintains a disciplined approach to leverage and cost of capital.
Strategic context
- Lodha aims to sustain a medium-term PAT compounded annual growth rate near 20%.
- The company targets to become debt free at the developer company level within the next few years.
- Robust unsold inventory and strong brand position provide a runway for continued sales growth and cash flow generation.
- The company was listed among the world's most trustworthy companies by Newsweek for the second consecutive year.
Highlights
- Q2 FY2027 PAT increased 28% year-on-year to INR 10.1 billion with 22.1% PAT margin.
- Q2 FY2027 revenue rose 18% year-on-year to INR 44.7 billion; Adj. EBITDA margin improved to 36%.
- Pre-sales in Q2 FY2027 stood at INR 50.4 billion; collections were INR 34.5 billion.
- Net debt stable at INR 52.8 billion with a net debt-to-equity ratio of 0.21x, below the 0.5x ceiling.
- Unsold GDV of approx. INR 2000 billion supports growth pipeline for the next 5 years.
- Strong project launch plans across MMR, Pune, Bengaluru, and NCR for FY2027.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Source Information
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