Lodha Developers (LODHA) Q4 25/26 earnings summary

Executive summary

• Achieved record pre-sales of INR 205.3 billion in FY26, up 16% year-over-year, with Q4FY26 pre-sales at INR 58.9 billion, up 23% year-over-year.

• PAT reached INR 34.3 billion in FY26, up 24% year-over-year and over 6x growth since FY21, with a PAT margin of 20%.

• Embedded EBITDA margin stood at 34% for Q4FY26 and 33% for FY26.

• Net debt reduced to INR 53.8 billion, with net debt/equity at 0.23x, well below the 0.5x ceiling.

• Entered NCR market with two projects and expanded presence across MMR, Pune, and Bengaluru.

Financial highlights

• Revenue for FY26 was INR 166.8 billion, up 21% year-over-year; Q4FY26 revenue was INR 47.1 billion, up 12% year-over-year.

• Adjusted EBITDA for FY26 was INR 56.5 billion, up 14% year-over-year; Q4FY26 adjusted EBITDA was INR 16.5 billion, up 13% year-over-year.

• Operating cash flow reached INR 71 billion; collections grew 5%.

• PAT for FY26 was INR 34.3 billion, up 24% year-over-year; Q4FY26 PAT was INR 10.1 billion, up 9% year-over-year.

• Average cost of debt decreased to 7.8%.

Outlook and guidance

• FY27 pre-sales guidance set at INR 240 billion, up from INR 205 billion in FY26, with embedded EBITDA margin guidance of 32%-34%.

• Medium-term PAT CAGR target of 20%, aiming for INR 85 billion by FY31.

• Launch pipeline of INR 218 billion GDV identified; first half sales expected to be in low 40% of annual guidance.

• Aims for debt-free DevCo in the next few years, with only RentCo to carry debt.

• Assumes normalization of Middle East situation by end of Q1.