Construction - Real Estate · Founded 1995 · www.lodhagroup.com · BSE 543287 · NSE LODHA · ISIN INE670K01029
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Business
Lodha Developers Ltd. (now Macrotech Developers Ltd. post-listing, though often referred to by its brand "Lodha") is one of India's largest real estate developers. Its core business model involves acquiring land, planning, designing, developing, marketing, and selling residential, commercial, and retail properties. The company generates revenue primarily through the sale of these developed properties, catering to various income segments from affordable to luxury housing, as well as office spaces and retail outlets.
Revenue Mix
The primary revenue driver for Lodha Developers is the residential segment, which includes a range of offerings from premium and luxury apartments, villas, and plotted developments to mid-income and affordable housing. While the company also has a presence in commercial (office spaces) and retail developments, the residential sector typically constitutes the significant majority of its sales and revenue. Specific contribution percentages are not publicly disclosed in granular detail in the prompt.
Industry
The Indian real estate industry is highly fragmented, cyclical, and influenced by economic conditions, government policies, and access to finance. Lodha Developers is positioned as one of the leading and most organized players in this industry, particularly dominant in the Mumbai Metropolitan Region (MMR). It has also expanded its presence to other major Indian cities like Pune, Hyderabad, and Bengaluru. Its positioning is generally premium-to-luxury, though it has also diversified into mid-income and aspirational housing through various brands and projects.
MOAT
Brand Recognition: "Lodha" is a well-established and recognized brand in the Indian real estate market, often associated with scale, project execution, and quality (relative to the industry).
Scale and Land Bank: The company possesses a significant land bank and the capacity to undertake large-scale integrated township developments, which provides a competitive edge in project size and scope.
Execution Capabilities: A track record of developing diverse projects across various segments and geographies demonstrates robust execution capabilities.
Access to Capital: As a large, listed entity, Lodha generally has better access to institutional funding and capital markets compared to smaller, unorganized developers.
Growth Drivers
Urbanization and Population Growth: India's rapid urbanization and growing population continue to fuel demand for housing and commercial spaces.
Rising Disposable Incomes: Increasing affluence and aspirational buying drive demand, especially in the premium and luxury segments.
Favorable Government Policies: Initiatives like RERA (Real Estate Regulatory Authority) have brought transparency and trust, benefiting organized players. Government focus on infrastructure development also supports real estate growth.
Consolidation in the Industry: The market is increasingly consolidating towards larger, more reputable developers post-RERA and demonetization, benefiting established players like Lodha.
Lower Interest Rates (historically/cyclically): Favorable home loan interest rates can stimulate buyer demand.
Risks
Cyclical Nature of Real Estate: The sector is highly sensitive to economic downturns, interest rate hikes, and inflation, which can impact demand and project costs.
High Leverage/Debt: Real estate development is capital-intensive and often involves significant debt, posing financial risk if sales slow or interest rates rise.
Regulatory & Clearance Risks: Delays in obtaining various government approvals, changes in development regulations, or environmental clearances can impact project timelines and costs.
Execution & Construction Risks: Project delays, cost overruns due to raw material price fluctuations, labor issues, or quality control problems.
Competition: Intense competition from other large developers and regional players can pressure pricing and margins.
Customer Sentiment: Shifts in buyer confidence or affordability can directly impact sales velocity.
Management & Ownership
Lodha Developers is primarily promoted and led by the Lodha family. Mr. Mangal Prabhat Lodha is the founder, and Mr. Abhishek Lodha serves as the Managing Director and CEO, representing the second generation. The company is promoter-controlled, with institutional investors and the public holding a significant stake post its initial public offering (IPO). The management team generally comprises experienced professionals from the real estate and financial sectors.
Outlook
Lodha Developers is a leading player in the Indian real estate market, well-positioned to capitalize on India's long-term urbanization trends and the ongoing consolidation favoring organized developers. Its strong brand, substantial land bank, and presence in key growth markets provide a solid foundation. However, the company remains susceptible to the inherent cyclicality of the real estate sector, interest rate fluctuations, and the impact of inflation on construction costs. Its ability to deleverage effectively while maintaining sales momentum will be crucial for sustained growth and profitability.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 2931 | 4019 | 2847 | 2626 | 4083 | 4224 | 3492 | 3799 | 4673 | 4714 |
| Other Income | 28 | 65 | 72 | 59 | 64 | 196 | 133 | 80 | 103 | 127 |
| Total Income | 2959 | 4084 | 2918 | 2685 | 4147 | 4420 | 3625 | 3879 | 4775 | 4841 |
| Total Expenditure | 2048 | 2972 | 2090 | 1921 | 2777 | 3004 | 2507 | 2690 | 3257 | 3301 |
| Operating Profit | 911 | 1112 | 829 | 764 | 1370 | 1417 | 1117 | 1189 | 1518 | 1540 |
| Interest | 117 | 116 | 117 | 137 | 144 | 152 | 148 | 157 | 185 | 167 |
| Depreciation | 33 | 117 | 60 | 67 | 67 | 78 | 66 | 71 | 98 | 111 |
| Exceptional Income / Expenses | -105 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 656 | 879 | 651 | 561 | 1158 | 1187 | 904 | 961 | 1236 | 1262 |
| Provision for Tax | 144 | 212 | 175 | 137 | 214 | 264 | 228 | 171 | 285 | 256 |
| Profit After Tax | 512 | 668 | 476 | 424 | 945 | 924 | 675 | 790 | 950 | 1006 |
| Adjustments | -9 | -2 | -1 | -1 | -0 | -2 | -1 | -2 | 7 | 2 |
| Profit After Adjustments | 503 | 666 | 475 | 423 | 944 | 922 | 675 | 789 | 957 | 1008 |
| Adjusted Earnings Per Share | 5.2 | 6.7 | 4.8 | 4.2 | 9.5 | 9.2 | 6.8 | 7.9 | 9.6 | 10.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 6236 | 8249 | 7926 | 9677 | 11907 | 12443 | 5449 | 9233 | 9470 | 10316 | 13780 | 16678 |
| Other Income | 422 | 512 | 600 | 288 | 72 | 263 | 567 | 1434 | 274 | 1793 | 410 | 443 |
| Total Income | 6658 | 8761 | 8526 | 9965 | 11979 | 12705 | 6016 | 10668 | 9744 | 12109 | 14189 | 17120 |
| Total Expenditure | 4766 | 6091 | 6313 | 7998 | 8741 | 10670 | 4310 | 8189 | 7537 | 9280 | 9811 | 11755 |
| Operating Profit | 1892 | 2670 | 2213 | 1967 | 3238 | 2035 | 1706 | 2478 | 2207 | 2829 | 4378 | 5364 |
| Interest | 492 | 988 | 736 | 390 | 566 | 740 | 1136 | 688 | 479 | 480 | 550 | 657 |
| Depreciation | 128 | 450 | 460 | 395 | 180 | 292 | 73 | 75 | 93 | 204 | 272 | 346 |
| Exceptional Income / Expenses | 0 | 1 | 0 | 0 | 0 | 0 | -463 | 0 | -1177 | -105 | 0 | 0 |
| Profit Before Tax | 1269 | 1198 | 1001 | 1182 | 2492 | 1003 | 33 | 1717 | 453 | 2028 | 3556 | 4363 |
| Provision for Tax | 471 | 495 | 417 | 388 | 845 | 261 | -15 | 508 | -37 | 473 | 789 | 940 |
| Profit After Tax | 798 | 703 | 584 | 794 | 1647 | 742 | 48 | 1209 | 490 | 1554 | 2767 | 3421 |
| Adjustments | -31 | -31 | -28 | -22 | -8 | -14 | -8 | -6 | -3 | -5 | -2 | 6 |
| Profit After Adjustments | 767 | 672 | 556 | 773 | 1639 | 728 | 40 | 1202 | 487 | 1549 | 2764 | 3429 |
| Adjusted Earnings Per Share | 10.1 | 8.9 | 7 | 9.8 | 20.7 | 9.2 | 0.5 | 12.5 | 5.1 | 15.6 | 27.7 | 34.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 34% | 14% | 2% | 8% |
| Operating Profit CAGR | 55% | 21% | 17% | 9% |
| PAT CAGR | 78% | 32% | 30% | 13% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -39% | 17% | 23% | NA% |
| ROE Average | 15% | 10% | 9% | 18% |
| ROCE Average | 16% | 10% | 9% | 10% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 3294 | 3973 | 4033 | 5152 | 3844 | 4552 | 4599 | 12105 | 12663 | 17469 | 20178 |
| Minority's Interest | 135 | 166 | 134 | 43 | 535 | 519 | 527 | 57 | 60 | 65 | 67 |
| Borrowings | 1840 | 1921 | 1467 | 2494 | 514 | 2134 | 4268 | 2716 | 2257 | 1970 | 1216 |
| Other Non-Current Liabilities | 657 | 784 | 634 | 743 | -75 | 330 | 230 | 502 | 74 | 266 | 320 |
| Total Current Liabilities | 21972 | 24137 | 27663 | 31820 | 44702 | 33063 | 29475 | 23025 | 23859 | 27427 | 27816 |
| Total Liabilities | 27898 | 30981 | 33931 | 40251 | 49519 | 40599 | 39098 | 38405 | 38912 | 47198 | 49597 |
| Fixed Assets | 2270 | 1883 | 1544 | 1998 | 1922 | 1733 | 1670 | 1658 | 1674 | 1023 | 966 |
| Other Non-Current Assets | 2031 | 3209 | 3955 | 641 | 908 | 5378 | 4593 | 2984 | 1488 | 1617 | 1686 |
| Total Current Assets | 23597 | 25888 | 28431 | 37612 | 46689 | 33488 | 32836 | 33763 | 35750 | 44558 | 46946 |
| Total Assets | 27898 | 30981 | 33931 | 40251 | 49519 | 40599 | 39098 | 38405 | 38912 | 47198 | 49597 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 444 | 336 | 199 | 186 | 255 | 353 | 119 | 228 | 477 | 1311 | 1827 |
| Cash Flow from Operating Activities | -776 | 387 | 1469 | 696 | -465 | 3772 | 2524 | 1998 | 2750 | 2512 | 1566 |
| Cash Flow from Investing Activities | -685 | -854 | -1174 | -655 | -184 | 212 | 420 | 1139 | 1778 | -2947 | -90 |
| Cash Flow from Financing Activities | 1354 | 330 | -312 | 24 | 738 | -4188 | -2835 | -2888 | -3706 | 951 | -2506 |
| Net Cash Inflow / Outflow | -108 | -137 | -16 | 65 | 88 | -205 | 109 | 250 | 822 | 516 | -1031 |
| Closing Cash & Cash Equivalent | 336 | 199 | 184 | 255 | 353 | 119 | 228 | 477 | 1311 | 1827 | 934 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 10.14 | 8.88 | 7.02 | 9.76 | 20.7 | 9.19 | 0.51 | 12.49 | 5.05 | 15.58 | 27.71 |
| CEPS(Rs) | 12.24 | 15.23 | 13.19 | 15.02 | 23.08 | 13.06 | 1.53 | 13.33 | 6.04 | 17.68 | 30.46 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2.25 | 4.25 |
| Book NAV/Share(Rs) | 36.92 | 45.89 | 50.94 | 59.64 | 43.12 | 52.06 | 52.65 | 120.79 | 125.82 | 169.77 | 196.61 |
| Core EBITDA Margin(%) | 23.57 | 26.15 | 20.36 | 17.35 | 26.59 | 14.24 | 20.9 | 11.31 | 20.41 | 10.05 | 28.8 |
| EBIT Margin(%) | 28.25 | 26.5 | 21.92 | 16.25 | 25.68 | 14.01 | 21.47 | 26.04 | 9.84 | 24.31 | 29.79 |
| Pre Tax Margin(%) | 20.36 | 14.52 | 12.63 | 12.21 | 20.93 | 8.06 | 0.61 | 18.59 | 4.78 | 19.65 | 25.8 |
| PAT Margin (%) | 12.8 | 8.52 | 7.37 | 8.21 | 13.83 | 5.96 | 0.88 | 13.09 | 5.17 | 15.07 | 20.08 |
| Cash Profit Margin (%) | 14.85 | 13.97 | 13.17 | 12.29 | 15.35 | 8.31 | 2.23 | 13.9 | 6.15 | 17.04 | 22.05 |
| ROA(%) | 3.14 | 2.39 | 1.8 | 2.14 | 3.67 | 1.65 | 0.12 | 3.12 | 1.27 | 3.61 | 5.72 |
| ROE(%) | 30.95 | 22.43 | 15.56 | 18.14 | 40.48 | 19.68 | 1.16 | 15.3 | 4.12 | 10.72 | 15.16 |
| ROCE(%) | 13.41 | 13.26 | 9.14 | 6.61 | 10.84 | 6.75 | 5.21 | 10.55 | 4.19 | 10.91 | 15.93 |
| Receivable days | 48.86 | 38.78 | 29.67 | 25.7 | 19.05 | 18.75 | 48.53 | 25.69 | 26.68 | 27.23 | 20.88 |
| Inventory Days | 1046.87 | 889.27 | 995.37 | 1011.63 | 1118.07 | 1034.69 | 1920.34 | 1100.14 | 1107.58 | 1134.15 | 933.31 |
| Payable days | -158.77 | -390.21 | -727.28 | -242.93 | -310.42 | 60.19 | 932.81 | 561.06 | -221.08 | -211.67 | -403.55 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45.06 | 92.12 | 72.79 | 43.19 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.66 | 3.7 | 6.68 | 6.09 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.21 | 0.2 | 0.36 |
| EV/Net Sales(x) | 1.93 | 1.71 | 2.02 | 2.32 | 2.13 | 1.5 | 3.34 | 6.98 | 5.5 | 11.42 | 9.05 |
| EV/Core EBITDA(x) | 6.36 | 5.3 | 7.24 | 11.43 | 7.84 | 9.16 | 10.68 | 26.02 | 23.59 | 41.64 | 28.49 |
| Net Sales Growth(%) | 32.37 | 32.28 | -3.91 | 22.09 | 23.04 | 4.5 | -56.21 | 69.46 | 2.57 | 8.93 | 33.57 |
| EBIT Growth(%) | 73.58 | 24.08 | -20.5 | -9.51 | 94.46 | -43 | -32.89 | 105.57 | -61.25 | 169.15 | 63.72 |
| PAT Growth(%) | 84.66 | -11.93 | -16.9 | 35.96 | 107.38 | -54.97 | -93.54 | 2423.49 | -59.5 | 217.51 | 78.01 |
| EPS Growth(%) | 76.43 | -12.42 | -20.96 | 39 | 112.14 | -55.61 | -94.48 | 2361.75 | -59.55 | 208.4 | 77.89 |
| Debt/Equity(x) | 3.6 | 3.48 | 4.01 | 4.79 | 7.51 | 4.47 | 4.36 | 0.99 | 0.75 | 0.45 | 0.36 |
| Current Ratio(x) | 1.07 | 1.07 | 1.03 | 1.18 | 1.04 | 1.01 | 1.11 | 1.47 | 1.5 | 1.62 | 1.69 |
| Quick Ratio(x) | 0.2 | 0.2 | 0.23 | 0.19 | 0.12 | 0.13 | 0.15 | 0.28 | 0.24 | 0.39 | 0.38 |
| Interest Cover(x) | 3.58 | 2.21 | 2.36 | 4.03 | 5.4 | 2.36 | 1.03 | 3.5 | 1.94 | 5.23 | 7.47 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.21 | 0.2 | 0.07 | 0.06 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.92 | 72.16 | 72.13 | 72.11 | 71.98 | 71.94 | 71.9 | 71.87 | 71.85 | 72.27 |
| FII | 21.09 | 23.79 | 24.18 | 24.2 | 24.45 | 24.65 | 24.89 | 24.11 | 23.49 | 21.25 |
| DII | 3.2 | 3.32 | 2.97 | 2.78 | 2.64 | 2.36 | 2.2 | 2.73 | 3.17 | 4.62 |
| Public | 0.78 | 0.73 | 0.73 | 0.91 | 0.93 | 1.05 | 1.01 | 1.28 | 1.48 | 1.86 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 72.26 | 71.76 | 71.76 | 71.76 | 71.76 | 71.76 | 71.76 | 71.76 | 71.76 | 72.19 |
| FII | 20.34 | 23.66 | 24.06 | 24.09 | 24.38 | 24.59 | 24.84 | 24.07 | 23.46 | 21.22 |
| DII | 3.09 | 3.3 | 2.95 | 2.76 | 2.63 | 2.36 | 2.2 | 2.73 | 3.17 | 4.61 |
| Public | 0.75 | 0.73 | 0.72 | 0.91 | 0.92 | 1.05 | 1.01 | 1.28 | 1.48 | 1.86 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 96.45 | 99.45 | 99.49 | 99.52 | 99.69 | 99.76 | 99.8 | 99.85 | 99.87 | 99.89 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +34% | +14% | +2% | +8% |
| Operating Profit CAGR | +55% | +21% | +17% | +9% |
| PAT CAGR | +78% | +32% | +30% | +13% |
| Share Price CAGR | -39% | +17% | +23% | — |
| ROE Average | +15% | +10% | +9% | +18% |
| ROCE Average | +16% | +10% | +9% | +10% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.92 | 72.16 | 72.13 | 72.11 | 71.98 | 71.94 | 71.9 | 71.87 | 71.85 | 72.27 |
| FII | 21.09 | 23.79 | 24.18 | 24.2 | 24.45 | 24.65 | 24.89 | 24.11 | 23.49 | 21.25 |
| DII | 3.2 | 3.32 | 2.97 | 2.78 | 2.64 | 2.36 | 2.2 | 2.73 | 3.17 | 4.62 |
| Public | 25.08 | 27.84 | 27.87 | 27.89 | 28.02 | 28.06 | 28.1 | 28.13 | 28.15 | 27.73 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 72.26 | 71.76 | 71.76 | 71.76 | 71.76 | 71.76 | 71.76 | 71.76 | 71.76 | 72.19 |
| FII | 20.34 | 23.66 | 24.06 | 24.09 | 24.38 | 24.59 | 24.84 | 24.07 | 23.46 | 21.22 |
| DII | 3.09 | 3.3 | 2.95 | 2.76 | 2.63 | 2.36 | 2.2 | 2.73 | 3.17 | 4.61 |
| Public | 24.19 | 27.68 | 27.73 | 27.76 | 27.93 | 27.99 | 28.04 | 28.08 | 28.11 | 27.7 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 96.45 | 99.45 | 99.49 | 99.52 | 99.69 | 99.76 | 99.8 | 99.85 | 99.87 | 99.89 |
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