Lodha Developers Ltd. · NSE:LODHA
Lodha Developers — Q2 FY2027 Earnings Presentation
57 slides from Lodha Developers's earnings presentation, Oct 30, 2026
Slide 1: Cover letter to stock exchanges
October 30, 2026 BSE Limited Scrip Code: 543287 Debt Segment – 976262, 976764, 976895, 976923, 977163, 977293 National Stock Exchange of India Limited Debt Segment Trading Symbol: LODHA Dear Sir/Ma’am, Sub: Investor Presentation on Unaudited Financial Results for the quarter and half year ended Sept
Slide 2: Investor Presentation Second Quarter FY 2027
INVESTOR PRESENTATION Second Quarter FY 2027 | October 2026 1
Slide 3: Disclaimer
DISCLAIMER Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual
Slide 4: Table of Contents
TABLE OF CONTENTS Highlights 7 Operational Performance 11 Financials 18 Growth Drivers 22 Company Overview 34 Annexures 43 3
Slide 5: Lodha – Delivering Profitability & Growth, With Low Risk
LODHA – DELIVERING PROFITABILITY & GROWTH, WITH LOW RISK Profit & brand focused strategy, combined with low leverage – medium term trajectory of 20% PAT CAGR Strong profitability track record Brand & Operational Excellence Conservative leverage: Net debt ceiling of FY26 highlights < 0.5x D/E • Stron
Slide 6: Brand and Operational Strength
BRAND AND OPERATIONAL STRENGTH ENABLES UNIQUE COMBINATION OF GROWTH AS WELL AS DELEVERAGING INR Bn Pre - sales PAT1 Net Debt 205 34 160 ~28 % CAGR 176 28 > 6x 145 16 93 121 18 71 13 90 54 30 40 60 5 3.5x 0.8x 0.6x 0.2x 0.2x 0.2x FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 F
Slide 7: Focus to Deliver ~20% PAT CAGR
FOCUS TO DELIVER ~20% PAT CAGR INR Bn PAT 85 + ~20 % CAGR 34 FY26 FY31 With conservative leverage – ceiling of <= 0.5x Net D/E 6
Slide 8: Highlights
01 HIGHLIGHTS 7
Slide 9: Key Performance Indicators – Q2FY27 (1/2)
KEY PERFORMANCE INDICATORS – Q2FY27 (1/2) • INR 44.7 bn ( 18% YoY) in Q2FY27 Revenue • INR 94.6 bn ( 30% YoY) in 1HFY27 Expect to easily exceed PAT guidance • INR 10.1 bn ( 28% YoY); PAT margin at 22.1% vs 20.4% in Q2FY27 for the FY PAT • INR 23.9 bn ( 63% YoY); PAT margin at 24.6% vs 19.5% in 1HFY2
Slide 10: Other Highlights – Q2FY27 (2/2)
OTHER HIGHLIGHTS – Q2FY27 (2/2) Pre-sales Collections Price Growth1 INR 50.4 bn (10% YoY) INR 34.5 bn (Flat YoY) 4% Average INR 96.7 bn in 1HFY27 (7% YoY) INR 76.5 bn in 1HFY27 (19% YoY) YTD price growth FY27 Guidance: INR 240 bn Annuity Net debt Income INR 52.8 bn INR 3.2 bn • Increase of INR 3.5bn
Slide 11: Cashflow
CASHFLOW INR Bn Particulars Q2FY27 1H FY27 Total Collections 34.5 76.6 Collections from ‘DevCo’ 33.3 74.4 Income from ‘RentCo’ 1.2 2.2 Net Collections1 31.1 69.9 Operating Expenses 22.4 42.2 Const Expense 13.2 26.5 SG&A 5.8 10.9 Taxes 3.3 4.9 Operating CashFlow 8.8 27.6 Interest 1.7 3.1 Surplus for
Slide 12: Operational Performance
02 OPERATIONAL PERFORMANCE 11
Slide 13: Market Performance for Q2FY27
MARKET PERFORMANCE FOR Q2FY27 INR Bn Average Sales Price on Saleable Market Pre-Sales1 Collections2 Construction spends Area (INR psf) MMR 24.9 22,130 22.6 9.3 Of which Extended Eastern Suburbs 4.0 7,403 4.1 2.9 Pune 5.3 10,221 4.2 2.6 Bengaluru 18.6 12,997 4.9 1.4 Others3 1.6 - 1.6 - Total 50.4 33.
Slide 14: Market Performance for 1H FY27
MARKET PERFORMANCE FOR 1H FY27 INR Bn Average Sales Price on Market Pre-Sales1 Saleable Area Collections2 Construction spends (INR psf) MMR 65.7 25,552 54.2 19.4 Of which Extended Eastern Suburbs 22.9 7,241 21.5 6.3 Pune 7.5 10,372 8.2 4.9 Bengaluru 20.6 13,033 7.9 2.2 Others3 2.9 - 3.9 - Total 96.7
Slide 15: Launches in 1H FY27
LAUNCHES IN 1H FY27 New Project / Location New Phase Total Launch Market Period Area (Mn Est. GDV No of Area (Mn Est. GDV No of Area (Mn Est. GDV No of .Sq.ft) (INR bn) Projects .Sq.ft) (INR bn) Projects .Sq.ft) (INR bn) Projects MMR Q1 - - - 0.4 3.3 2 0.4 3.3 2 MMR Q2 - - - 0.8 10.8 3 0.8 10.8 3 Pu
Slide 16: Robust DevCo Launch Pipeline for Rest of FY27
ROBUST DEV CO LAUNCH PIPELINE FOR REST OF FY27 New Projects New Phase of existing projects Total Market Area Est. GDV No of Area Est. GDV No of Area Est. GDV No of (Mn .Sq.ft) (INR bn) Projects (Mn .Sq.ft) (INR bn) Projects (Mn .Sq.ft) (INR bn) Projects MMR 1.5 29.0 2 4.1 78.8 7 5.6 107.8 9 Pune 1.0
Slide 17: Business Development 1H FY27
BUSINESS DEVELOPMENT 1H FY27 Market Period Added Saleable Area (msf) Est. GDV (in INR bn) Pune Q1 1.9 23 MMR Q2 0.9 48 Total 2.8 71 Unsold GDV of INR ~2,000bn (excl. land forming part of LandCo), large enough for next 5 years growth 16
Slide 18: Market Wise Supply
MARKET WISE SUPPLY Planned Inventory Launches Residual Collections Completed Ongoing In next 12 months1 12 to 60 months from Sold unsold unsold Market Land Bank units Own Land JDA Projects Own Land JDA Projects INR bn msf Largest land MMR 199.4 3.9 12.6 5.3 4.5 46.8 10.0 ~600 msf bank amongst any Re
Slide 19: Financials
FINANCIALS 03 18
Slide 20: Financial Performance
INR Bn FINANCIAL PERFORMANCE Adj. EBITDA PAT Revenue 44.7 16.1 10.1 18% 7.9 28% 38.0 24% 13.1 34% 36% 20% 22% Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 94.6 37.6 23.9 30% 73.0 50% 63% 25.1 14.6 34% 40% 20% 25% 1H FY26 1H FY27 1H FY26 1H FY27 1H FY26 1H FY27 Expansion in Adj. EBITDA & PAT margin in Q
Slide 21: P&L Particulars Q2FY27
P&L INR bn Particulars Q2FY27 Q2FY26 Growth % 1H FY27 1H FY26 Growth % Revenue 44.7 38.0 17.6% 94.6 72.9 29.8% Adj. EBITDA1 16.1 13.1 23.5% 37.6 25.1 50.1% Adj. EBITDA (%) 36.2% 34.4% 180 Bps 39.8% 34.4% 540 Bps PAT 10.1 7.9 28.3% 23.9 14.6 62.9% PAT (%) 22.1% 20.4% 170 Bps 24.6% 19.5% 510 Bps Netwo
Slide 22: Balance Sheet
BALANCE SHEET INR bn As at As at As at As at EQUITY AND LIABILITIES ASSETS Sept - 26 Mar - 26 Sept - 26 Mar - 26 Equity Share Capital 10.0 10.0 Tangible Assets 40.6 24.2 Other Equity 242.9 222.9 Intangible Assets 2.2 2.3 Non-Controlling Interests 0.7 1.4 Investments 25.1 14.5 Total Equity 253.6 234.
Slide 23: Growth Drivers
GROWTH DRIVERS 04 22
Slide 24: 14 Million New Homes Required for High Income Households
14 MILLION NEW HOMES REQUIRED FOR HIGH INCOME HOUSEHOLDS THIS DECADE VS LIKELY SUPPLY OF ~2.75 MILLION 2021 2030 Annual HH GDP: USD 3tn GDP: USD 7-8tn Housing completions in Top-7 cities: Income HH HH: 296mn HH: 386mn Cumulative 2.75 mn units over CY21-30 in the (AHI) Category high-income segment we
Slide 25: DevCo Has Significant Headroom to Grow
DEVCO HAS SIGNIFICANT HEADROOM TO GROW Primary Home Sales in Top 6 cities – CY251: INR 5,900 Bn Lodha Pre-Sales2: INR 205 Bn Market share in Top 6 cities at ~3.5%, significant runway for growth 1. In top 6 Cities: MMR, NCR, Bengaluru, Pune, Hyderabad, Chennai; 2. FY26 pre-sales 24 Source (Market Dat
Slide 26: Palava – Epicenter of MMR's Infrastructure Upgrades
PALAVA - THE EPICENTER OF MMR’S INFRASTRUCTURE UPGRADES Towards Ahmedabad Palava Palava Katai Naka Bullet Train Station ~40 min Drive Airoli Katai Naka Corridor Palava to ~10-15 mins ~5 mins Palava Airoli Tunnel Through ~20 mins Parsik Hills Airoli – To BKC Navi Mumbai IT Hub International Airport M
Slide 27: Mulund – Airoli – Palava Freeway
MULUND – AIROLI – PALAVA FREEWAY Likely to open imminently • Airoli as well as Mumbai to come closer to Palava with Mulund-Airoli-Palava freeway This freeway is a three part project: • Part A (Mulund - Airoli) – Opening soon • Part B (Airoli to Kalyan Shil Phata) – Opening Part A soon • Part C (Kaly
Slide 28: Palava: Large Housing Price Arbitrage vs Mumbai's Core Suburbs
PALAVA: LARGE HOUSING PRICE ARBITRAGE VS MUMBAI’S CORE SUBURBS Substantial growth in revenues & margins to come over next 5 years Palava 11k - 14k Thane 18k - 25k BKC Airoli 52k - 16k - 72k 26k Mulund 25k - 33k Goregaon 33k - 47k Palava & Upper Thane set to deliver INR 10+ tn of sales over the next
Slide 29: Large Scale Data Centre Opportunity
LARGE SCALE DATA CENTRE OPPORTUNITY • Large integrated ~660 acres DC Park around Navi Mumbai with reliable infra and approvals o Highly reliable power supply: 5 GW power availability (from state and national grid), further increase feasible o 5 existing optic fiber routes, further augmentation plann
Slide 30: Budding Digital Ecosystem
BUDDING DIGITAL ECOSYSTEM Has led to value scale up at Palava • Three large global data centre player have checked into our DC Park o Latest transaction with Digital Edge at INR ~425mn/acre (Jun-26), substantially higher than previous transaction at INR ~210mn acre in CY25 425 INR mn / acre 16x in ~
Slide 31: Gradually Building Annuity Income Pool (1/4)
GRADUALLY BUILDING ANNUITY INCOME POOL (1/4) ◼ Build 1 GW power shell DC on ~90 acres on BTS basis, rental potential of INR 20.0+bn by FY32 Data center Annuity income ◼ Focus on developing premium high street retail adjunct to residential developments ◼ 5 locations with ~5.1 msf ◼ Select high qualit
Slide 32: Rental Income Planned to Grow 10x by FY32
RENTAL INCOME PLANNED TO GROW 10X BY FY32 (VS FY26) Data Center, Retail & Office and Warehousing & Industrial (2/4) Annualized Rental income Estimated FY32 Annuity Asset Total Completed Already Balance Unit Area leased from area Annual Rental Type Area/Capacity invested investment Area leased as of
Slide 33: Retail & Office
RETAIL & OFFICE High Quality Completed Developments (3/4) Our head office: One Lodha Place High street retail at One Lodha Place Xperia Mall at Palava High street retail at Palava 32
Slide 34: Warehousing & Industrial
WAREHOUSING & INDUSTRIAL Steady growth potential (4/4) ✓ 5.1 msf area spread across 5 locations under development o Leased out ~0.2 msf to Bluestar during the quarter o Host to marquee names like Sketchers, Tesla, Zomato, Owens Corning, Schlumberger, DHL, NX Logistics, GXO Logistics, DP World & FM L
Slide 35: Company Overview
05 COMPANY OVERVIEW 34
Slide 36: Best-in-Class ESG Performance
BEST- IN - CLASS ESG PERFORMANCE S&P Global Corporate World’s Most Trustworthy Sustainability Assessment 2025 Companies 2026 Scored 78/100 in the S&P CSA retaining the Only Indian real estate company to feature in position in top 10 globally the World’s Most Trustworthy Companies’ List by Newsweek,
Slide 37: Eminent Board of Directors
EMINENT BOARD OF DIRECTORS Abhishek Lodha Mukund Chitale Akhil Gupta Managing Director Independent Director and Chairman Independent Director • MSc. in Industrial & Systems engineering from • CA with >45 years of experience • CA with +40 years of experience Georgia Institute of Technology • Chairman
Slide 38: Strong Management Team
STRONG MANAGEMENT TEAM Shaishav Dharia Sushil Kumar Modi Prashant Bindal Director Group Finance Director CEO – Lodha Residences 28 | 16 31 | 6 29 | 10 McKinsey & Company Aditya Birla Group, Arcelor Mittal Walmart India & Coca Cola Beverages Rajib Das Sanjay Chauhan Rajesh Sahana CEO – Mumbai Suburbs
Slide 39: Lodha Foundation (LF)
LODHA FOUNDATION (LF) Contributing to nation building 1 2 3 4 Four initial Education for the focus areas Innovation Environment Indian Culture Gifted Board of Advisors comprising of some of India’s most esteemed Key Programmes professionals & intellectuals: Lodha Theoretical Physics Institute (LTPI)
Slide 40: Our Sustainability Strategy: Do Good, Do Well
OUR SUSTAINABILITY STRATEGY: DO GOOD, DO WELL We recognize ESG issues as long-term risks that also present opportunities for value creation when strategically addressed. Our strategy enables us to identify initiatives that amplify our impact and foster collaboration with our diverse stakeholders on
Slide 41: Environmental: Our Performance
ENVIRONMENTAL: OUR PERFORMANCE On track to achieve our SBTi target on Scope 1,2 & 3 Scope 1 and 2 emissions (in tCO₂e) 74.5 mn sq ft 10 MW >60,000 units Green certified buildings, 5 star AC installed for a Renewable electricity up from 24 mn sqft in 15,243 capacity of more than PPAs across our FY22
Slide 42: Social: Our Performance
SOCIAL: OUR PERFORMANCE Employees 3rd year in a row 87 58% 63% Great Place to Work (GPTW) - Amongst 100 best companies Employee NPS score Roles filled within company - Reduction in lost-time to in India up from 59 in FY23 up from 25% in FY22 injuries since FY22 Community 2026 ~18k unique ~400 studen
Slide 43: Our Approach to Governance
OUR APPROACH TO GOVERNANCE Philosophy, Pillars & Goals PILLARS OF GOVERNANCE OUR GOVERNANCE FRAMEWORK Diverse Board which plays a crucial role in 1 overseeing and safeguarding long term interests of stakeholders Responsible Integrity and Transparent procedures and practices and 2 Business Conduct Tr
Slide 44: Annexure
ANNEXURE 06 43
Slide 45: Palava & Upper Thane Set to Deliver INR 10+ Tn of Sales
PALAVA & UPPER THANE SET TO DELIVER INR 10+ TN OF SALES over next 3 decades with ~50% EBITDA margins 3 mega trends shaping Palava & Upper Thane to become sought after suburbs 1. Mumbai – World’s densest metropolis, sea restricts expansion in West and South 2. India going through once in a country’s
Slide 46: Ongoing Infra Projects
ONGOING INFRA PROJECTS (Airport, Metro, Bullet Train, Multi-modal Corridor etc.) to supercharge Palava’s growth Mumbai – Ahmedabad Virar Extended Eastern Virar – Alibaug Multimodal Corridor High-Speed Rail (CY28/CY29) Suburbs (CY30) 1st bullet train station after BKC at Palava, Extended Western Puts
Slide 47: MMR
MMR Expanding presence across through ‘SUPERMARKET’ strategy 4. Thane 1. Extended Western Suburbs Vasai Naigaon Added 2 projects with GDV of INR 15bn Potential growth market for Lodha 1 Bhayander Absorption: INR 155bn Absorption: INR 120bn Mira Road Ghodbunder 4 Kalyan 5. Extended Eastern Suburbs Th
Slide 48: Pune
PUNE Will contribute to growth in a sustainable manner 1. Pimpri - Chinchwad 4. Central Pre-IPO, had 1 project With annual sales potential of INR >2bn Added 1 project with GDV of INR ~4bn Added 1 project with GDV of INR ~13bn Absorption: INR 24bn Absorption: INR 200bn 5. North - East 2. North - West
Slide 49: Bengaluru
BENGALURU Will contribute to growth in a sustainable manner 1. North West Potential growth market for Lodha Absorption: INR 96bn 4. North East Added 4 projects with GDV of INR 142bn 2. Central Absorption: INR 462bn Potential growth market for Lodha Absorption: INR 8bn 5. South East Added 3 projects
Slide 50: NCR
NCR Initiating pilot Rationale o Second largest real estate markets of India with 1 absorption of INR 1,355bn 2 205 o Dearth of trusted developers offering a premium quality product 30 468 3 • Signed two projects with GDV of INR 33 bn and development potential of 1.1 msf through JDA in Gurgaon - To
Slide 51: Robust Job Creation to Sustain Housing Demand
ROBUST JOB CREATION TO SUSTAIN HOUSING DEMAND India’s average wage growth across industries has been sustained at 9-10% for long 10.7% 10.4% 10.4% Covid 10.6% 10.4% 10.2% 10.2% 9.5% year 9.3% 9.3% 9.3% 9.3% 9.1% 8.9% 6.1% 2026 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Wag
Slide 52: Supply Side Consolidating
SUPPLY SIDE CONSOLIDATING unlikely to keep pace with accelerating demand Multiple forces leading to consolidation…. …and market share gains for Top 15 listed developers ✓ Regulatory push: 23% RERA, Demonetization, GST, Amendment to Benami Act. ✓ Funding squeeze for Tier – 2 & 3 developers: o NBFC’s
Slide 53: Steady As It Goes: Mortgage an Enabler
STEADY AS IT GOES Mortgage an enabler, not inducer of demand Mortgage as % of GDP ✓ Conservative Central Bank, low risk 79% mortgage market: LTV < 85%, no teaser rates 57% 52% ✓ Strong performance of mortgages 44% through all parts of the cycle - 41% 35% Intense competition for safe haven 29% 31% mo
Slide 54: Multiple Benefits of Consistent Housing Price Increase
MULTIPLE BENEFITS OF CONSISTENT HOUSING PRICE INCREASE below wage growth • Improves affordability leading to increased volumes • Leads to significant wealth creation for home owning middle class (‘Wealth Effect’) • Boosts consumption as consumer confidence increases • Housing is a vehicle for genera
Slide 55: Low Risk to Margins from Construction Cost Inflation
LOW RISK TO MARGINS FROM CONSTRUCTION COST INFLATION • Construction costs typically forms 25% to 45% of the sales price o Of which, one-third is related to low skilled and semi-skilled labor: plentiful supply through migration from rural areas (250+ mn people estimated to be ‘underemployed’ in agric
Slide 56: Moderate Construction Cost Inflation
MODERATE CONSTRUCTION COST INFLATION April ’22 to June ’26 Commodity/Component % Share in total cost % Change Weighed Impact Steel 10.8% 0.0% 0.0% Flooring materials 5.0% -8.5% -0.4% Electrical 4.0% 6.9% 0.3% Plumbing 2.0% -13.3% -0.3% Labour 36.7% 26.6% 9.8% External Windows 3.4% 42.7% 1.5% RMC 11.
Slide 57: Thank You!
THANK YOU! FOR ANY FURTHER INFORMATION, PLEASE WRITE TO [email protected] 56