Lodha Developers (LODHA) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue was ₹44,674m, adjusted EBITDA ₹16.1bn and PAT ₹10.1bn; H1 revenue was ₹94.6bn and PAT ₹23.9bn, up 29.8% and 62.9% YoY.

• H1 pre-sales reached ₹96.7bn; September net debt was ₹52.8bn, or 0.21x equity.

Financial highlights

• Q2 revenue rose 17.6% YoY; adjusted EBITDA increased 23.5% to ₹16.1bn, with margin up 180 bps to 36.2%.

• Q2 PAT increased 28.3% to ₹10.1bn, with margin up 170 bps to 22.1%; H1 PAT rose 62.9% to ₹23.9bn.

• H1 adjusted EBITDA was ₹37.6bn, up 50.1%, with margin of 39.8%; H1 pre-sales were ₹96.7bn, up 7%.

• Q2 pre-sales were ₹50.4bn, up 10%; Q2 collections were ₹34.5bn, flat, while H1 collections rose 19% to ₹76.5bn.

• Consolidated H1 total income was ₹96,816m and EPS ₹23.87; Q2 total income was ₹45,849m and profit before tax ₹13,420m.

Outlook and guidance

• FY27 pre-sales guidance remains ₹240bn; H1 achieved 40.3% of the target, with ₹6,000–7,000 crore of development pre-sales expected in each of Q3 and Q4.

• FY27 PAT is expected to exceed prior growth guidance; the FY31 PAT target is ₹85bn+ versus ₹34bn in FY26, implying ~20% CAGR.

• FY27 remaining launches total 11.1msf and estimated GDV of ₹190.7bn across 17 projects; H2 planned launches were also cited at just under ₹20,000 crore.

• Annuity income is targeted to grow 10x by FY32 versus FY26, with planned annual rental income of ₹30bn+ across data centres, retail, offices and warehousing.

• Full-year operating cash flow is expected to reach about ₹85bn, with construction spend expected to rise from H1 levels.