Lodha Developers Ltd. · NSE:LODHA
Lodha Developers — Q1 FY2027 Earnings Presentation
55 slides from Lodha Developers's earnings presentation, Jul 24, 2026
Slide 1: Stock exchange covering letter
July 24, 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 Sirs, Sub: Investor Presentation on Unaudited Financial Results for the quarter ended June 30, 2026 Pursuant to
Slide 2: Investor Presentation First Quarter FY 2027
INVESTOR PRESENTATION First Quarter FY 2027 | July 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 17 Growth Drivers 21 Company Overview 33 Annexures 41 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 35 FY26 FY31 With conservative leverage – ceiling of <= 0.5x Net D/E 6
Slide 8: Highlights
01 HIGHLIGHTS 7
Slide 9: Key Performance Indicators – Q1FY27 (1/2)
KEY PERFORMANCE INDICATORS – Q1FY27 (1/2) Revenue • INR 50.0 bn ( 43% YoY) in best ever quarterly performance • INR 13.7 bn ( >2x YoY), best ever quarterly PAT; 33% of full year guidance of 41 bn (INR 34.3 bn in FY26 + 20% growth) PAT • PAT margin at 26.9% vs 18.6% in Q1FY26 • Launched Lodha Theoret
Slide 10: Other Highlights – Q1FY27 (2/2)
OTHER HIGHLIGHTS – Q1FY27 (2/2) Pre-sales Collections Price Growth1 INR 46.3 bn (4% YoY) FY27 Guidance: INR 240 bn INR 42.1 bn (46% YoY) 3% in Q1FY27 H1 to be low 40s% of sales, balance in H2 Annuity Net debt Income INR 49.3 bn INR 3.0 bn • Reduction of INR 4.5bn QoQ • Net debt/ equity at 0.20x well
Slide 11: Cashflow
CASHFLOW INR Bn Particulars Q1FY27 Total Collections 42.1 Collections from ‘DevCo’ 41.1 Income from ‘RentCo’ 1.0 Net Collections1 38.8 Operating Expenses (19.9) Const Expense (13.3) SG&A (5.1) Taxes (1.5) Operating CashFlow 18.9 Interest (1.4) Surplus for Growth & Capital Providers 17.5 Growth Inves
Slide 12: Operational Performance
02 OPERATIONAL PERFORMANCE 11
Slide 13: Market Performance for Q1FY27
MARKET PERFORMANCE FOR Q1FY27 INR Bn Average Sales Price on Market Pre-Sales1 Saleable Area Collections2 Construction spends (INR psf) MMR 40.9 30,083 31.6 10.2 Of which Extended Eastern Suburbs 18.9 6,979 17.4 3.4 Pune 2.2 10,764 4.0 2.2 Bengaluru 2.0 13,412 3.0 0.8 Offices & Retail (for rent) - -
Slide 14: Launches in Q1FY27
LAUNCHES IN Q1FY27 New Project / Location New Phase Total Own/ JDA Market Project 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 Own - - - 0.4 3.3 1 0.4 3.3 1 Total - - - 0.4 3.3 1 0.4 3.3 1 13
Slide 15: Robust Dev-Co Launch Pipeline for Rest of FY27
ROBUST DEV-CO LAUNCH PIPELINE FOR REST OF FY27 New Projects New Phase of existing projects Total Own/ JDA Market Area Area Area Project Est. GDV No of Est. GDV No of Est. GDV No of (Mn (Mn (Mn (INR bn) Projects (INR bn) Projects (INR bn) Projects .Sq.ft) .Sq.ft) .Sq.ft) MMR Owned 0.3 9.0 1 4.1 38.1
Slide 16: Business Development 1QFY27
BUSINESS DEVELOPMENT 1QFY27 Market Period Added Saleable Area (msf) Est. GDV (in INR bn) Pune Q1 1.9 23 Total 1.9 23 Unsold GDV of INR ~2,000bn (excl. land forming part of LandCo), large enough for next 5 years growth 15
Slide 17: Market Wise Supply
MARKET WISE SUPPLY Planned Inventory Launches Residual Completed Ongoing In next 12 months1 12 to 60 months Collections unsold unsold Market from Sold units Land Bank Own Land JDA Projects Own Land JDA Projects INR bn msf MMR 193.7 3.9 12.8 5.3 3.4 47.6 10.2 ~600 msf Pune 22.7 0.0 4.2 1.7 0.6 5.4 -
Slide 18: Financials
FINANCIALS 03 17
Slide 19: Financial Performance
FINANCIAL PERFORMANCE INR Bn Revenue Adj. EBITDA PAT 50.0 21.5 13.7 43% 79% >2x 34.9 12.0 6.8 34% 43% 19% 27% Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Expansion in Adj. EBITDA & PAT margin in Q1FY27 due to higher contribution from land sales Adj. EBITDA = After adding finance cost included in cost
Slide 20: P&L
P&L INR bn Particulars Q1FY27 Q1FY26 Growth % FY26 FY25 Growth % Revenue 50.0 34.9 43.1% 166.8 137.8 21.0% Adj. EBITDA1 21.5 12.0 79.1% 56.5 49.6 13.9% Adj. EBITDA (%) 43.0% 34.4% 860 Bps 33.9% 36.0% (210) Bps PAT 13.7 6.8 103.3% 34.3 27.7 24.0% PAT (%) 26.9% 18.6% 830 Bps 20.0% 19.5% 50 Bps Networt
Slide 21: Balance Sheet
BALANCE SHEET INR bn As at As at As at As at EQUITY AND LIABILITIES ASSETS June - 26 Mar - 26 June - 26 Mar - 26 Equity Share Capital 10.0 10.0 Tangible Assets 24.1 24.2 Other Equity 236.8 222.9 Intangible Assets 2.2 2.3 Non-Controlling Interests 1.4 1.4 Investments 28.0 14.5 Total Equity 248.3 234.
Slide 22: Growth Drivers
GROWTH DRIVERS 04 21
Slide 23: 14 Million New Homes Required for High Income Households This Decade
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 24: 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 23 Source (Market Dat
Slide 25: 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 26: 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 is significantly pr
Slide 27: 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 28: Large Scale Data Centre Opportunity
LARGE SCALE DATA CENTRE OPPORTUNITY • Large integrated DC Park with reliable infra - 660 Acres of shovel ready land around Navi Mumbai, with approvals o Highly reliable power supply: 3 GW power availability (from state and national grid), to augment further o 5 optic fiber routes (existing) - will i
Slide 29: 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 30: 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 31: 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 32: 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 31
Slide 33: Warehousing & Industrial
WAREHOUSING & INDUSTRIAL Steady growth potential (4/4) ✓ 5.1 msf area spread across 5 locations under development o Host to marquee names like Sketchers, Tesla, Zomato, Owens Corning, Schlumberger, DHL, NX Logistics, GXO Logistics, DP World & FM Logistics, Compass etc. One of MMR’s largest warehousi
Slide 34: Company Overview
05 COMPANY OVERVIEW 33
Slide 35: Best-in-Class ESG Performance
BEST- IN - CLASS ESG PERFORMANCE S&P Global Corporate World’s Most Trustworthy Sustainability Assessment 2025 Companies 2025 Scored 78/100 in the S&P CSA retaining the Only Indian real estate co. to feature in the position in top 10 globally World’s Most Trustworthy Companies’ by Newsweek MSCI ESG R
Slide 36: 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 • Former V
Slide 37: Strong Management Team
STRONG MANAGEMENT TEAM Shaishav Dharia Sushil Kumar Modi Prashant Bindal Director Group Finance Director CEO – Lodha Residences 28 | 15 30 | 6 28 | 10 McKinsey & Company Aditya Birla Group & JSW Steel Walmart India & Coca Cola Beverages Rajib Das Sanjay Chauhan Rajesh Sahana CEO – Mumbai Suburbs Chi
Slide 38: 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 39: 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 40: Our Environmental Strategy
OUR ENVIRONMENTAL STRATEGY: Sustainable Urbanization through Environmental Upgradation Anchored to the twin pillars of Harnessing Nature’s Power & Minimizing Environmental Impact, our sustainability strategy addresses six key environmental domains, ensuring a holistic and lasting impact across the u
Slide 41: 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 42: Annexure
ANNEXURE 06 41
Slide 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: Steady As It Goes: Mortgage an Enabler
STEADY AS IT GOES Mortgage an enabler, not inducer of demand Mortgage as % of GDP 89% ✓ Conservative Central Bank, low risk mortgage market: LTV < 85%, no teaser rates 68% 52% ✓ Strong performance of mortgages 44% 45% through all parts of the cycle - 34% 39% Intense competition for safe haven mortga
Slide 52: 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 53: 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 54: 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 55: Thank You!
THANK YOU! FOR ANY FURTHER INFORMATION, PLEASE WRITE TO INVESTOR.RELATIONS@LODHAGROUP.COM 54