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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹88087 Cr.
Stock P/E
31.8
P/B
3.9
Current Price
₹881.8
Book Value
₹ 228.7
Face Value
10
52W High
₹1534.3
52W Low
₹ 650.9
Dividend Yield
0.48%

Lodha Developers Overview

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.

Lodha Developers Share Price

Live · BSE / NSE · Inception: 1995
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Lodha Developers Quarterly Results

#(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

Lodha Developers Profit & Loss

#(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

Lodha Developers Balance Sheet

#(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

Lodha Developers Cash Flow

#(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

Lodha Developers Ratios

# 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

Growth Rates

Compounded annual
# 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%

Lodha Developers Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 72.27 %
FII 21.25 %
DII (MF + Insurance) 4.62 %
Public (retail) 27.73 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.9272.1672.1372.1171.9871.9471.971.8771.8572.27
FII 21.0923.7924.1824.224.4524.6524.8924.1123.4921.25
DII 3.23.322.972.782.642.362.22.733.174.62
Public 25.0827.8427.8727.8928.0228.0628.128.1328.1527.73
Others 0000000000
Total 100100100100100100100100100100

Lodha Developers Peer Comparison

Construction - Real Estate Edit Columns

Lodha Developers Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Lodha Developers Pros & Cons

Pros

  • Company has delivered good profit growth of 30% CAGR over last 5 years
  • Debtor days have improved from -211.67 to -403.55days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 10% over the last 3 years.
  • Stock is trading at 3.9 times its book value.
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