Lodha Developers (LODHA) Q4 24/25 earnings summary

Executive summary

• Achieved record pre-sales of INR 176.3 billion in FY25, up 21% year-over-year, surpassing guidance.

• Embedded EBITDA margin for FY25 was 33%, exceeding guidance, with pro-forma RoE at ~20%.

• Net debt reduced to INR 39.9 billion (0.2x net debt to equity), with a credit rating upgrade to AA and cost of funds at 8.7%.

• Revenue for FY25 was INR 137,795 million, up 33.6% year-over-year; Adjusted EBITDA at INR 49.6 billion (36% margin); PAT at INR 27.7 billion, up 71.2%.

• Audited consolidated and standalone financial results for FY25 were approved with an unmodified opinion; final dividend of ₹4.25 per share recommended.

Financial highlights

• Collections for FY25 were INR 144.9 billion, a 29% year-over-year increase.

• New launches totaled INR 137 billion for the year, with only 30% of sales from new launches, highlighting model predictability.

• Price growth for FY25 was 4% for like-to-like projects, below the 5%-6% guidance.

• Q4FY25 pre-sales reached INR 48.1 billion, a 14% increase year-over-year.

• Offices & Retail contributed INR 2.6 billion in pre-sales.

Outlook and guidance

• FY26 pre-sales guidance set at INR 210 billion, targeting 20% growth and operating cash flow of INR 77 billion.

• Expected EBITDA margin of 33% and EBITDA over INR 6,500 crore for FY26.

• New GDV addition guidance at INR 250 billion for FY26.

• Net debt to remain well below 0.5x equity.

• Targeting annuity income of INR 15 billion by FY31.