Slide 1: Corporate Presentation Mar 2025
Corporate PRESENTATION Mar 2025
Slide 2: 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 3: Leading Indian housing platform with robust growth opportunities
Lodha: Leading Indian housing platform with robust growth opportunities The Platform Growth Opportunities – Low investment annuity income streams Facility Residential Digital Infra. Rental Portfolio Management ▪ Amongst India’s ▪ Developing ▪ Growing facilities ▪ Developing premium largest residenti
Slide 4: Continued strong performance
Continued strong performance ▪ Q4FY25 pre-sales at lNR 48.1bn (14% YoY), best ever quarterly pre-sales Sales Momentum ▪ FY25 pre-sales at INR 176.3bn (21% YoY), best ever year surpassing our annual guidance of INR 175bn ▪ Added two projects with INR 43bn of GDV in Pune; achieved INR ~237bn GDV in FY
Slide 5: Industry tailwinds
O1 Industry tailwinds =LODHA = = = = £ = ee = MMAMMALAA
Slide 6: Transition to middle income: Real Estate to grow ~2x faster than economy
Transition to middle income: Real Estate to grow ~2x faster than the Indian economy GDP Growth USD ~3tn USD ~7-8tn ~2.5x FY22 FY31 FY22-31 Doubling of Real Estate Contribution 6-7% 13-15% to GDP FY22 FY31 contribution FY22-31 ~5x Real Estate Industry Size USD 200bn USD ~1tn FY22 FY31 (20% CAGR) FY22
Slide 7: 75-100 mn new households to become home ownership capable
75-100 mn new households to become ‘home ownership capable’ this decade Annual 2021 2030 Per capital income seen rising HH HH GDP: USD 3tn GDP: USD 7-8tn Income Category ~2.5x over FY20-32 HH: 296mn HH: 386mn (INR mn) >2.8 High Per Capital Income (USD) 9mn 23mn (6%) (3%) 6,000 68mn 5,000 4,819 0.5-2
Slide 8: Strong affordability drives conversion of housing need to demand
Strong affordability drives conversion of housing need to demand Rapid urbanization to create need for quality urban housing Family nuclearization India – Urbanization (%) Urban Household size 5.6 60 50 5.2 40 4.8 30 20 4.4 10 0 4.0 2011 1981 1991 2001 2021E 2026E 1990 2000 1950 1960 1970 1980 2010
Slide 9: Robust job creation to sustain housing demand
Robust job creation to sustain housing demand …has led to robust job creation, more than offsetting Increasing presence of GCC1 in India…. slowdown in hiring by IT services companies Jobs supported by GCC (in mn) 2.80 2,200 30% 50% 1,700 1,580 1.90 1,300 1.66 1,050 1.30 760 0.80 0.46 FY12 FY16 FY20
Slide 10: Supply side consolidating - unlikely to keep pace with demand
Supply side consolidating - unlikely to keep pace with accelerating demand …has led to market share gains for listed and leading Consolidation wave due to policy reforms and liquidity crisis… non-listed developers 60% >50% 34% Incremental supply from Developers count branded developers 2x 17% Remain
Slide 11: Housing increasingly becoming a branded consumer product
‘Housing’ increasingly becoming a branded ‘Consumer Product’ Brand matters the most Consumed over decades Highest Investment value in lifestyle purchase upgrade of life Branded home Provides Tool for aspirational wealth address creation Provides quality assurance over long period 11
Slide 12: Steady as it goes: Mortgage an enabler, not inducer of demand
Steady as it goes: Mortgage an enabler, not inducer of demand ✓ Conservative Central Bank, low risk mortgage market: LTV < 85%, no teaser rates Mortgage as % of GDP 89% ✓ Rate cycle on downward 68% trajectory 52% ✓ Strong performance of mortgages 44% 45% 39% through all parts of the cycle - 34% Inte
Slide 13: 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 14: Moderate construction cost inflation
Moderate construction cost inflation Mar’21 to Mar’25 Commodity/Component % Share in total cost % Change Weighed Impact Steel 11.7% -7.7% -0.9% Flooring materials 5.2% 19.1% 1.0% Electrical 3.9% -1.8% -0.1% Plumbing 2.2% 2.2% 0.0% Labour 34.0% 18.0% 6.1% External Windows 3.3% 11.6% 0.4% RMC 12.3% 14
Slide 15: Lodha's Right-to-win
O2 Lodha’s Right-to-win LODHA
Slide 16: Differentiated business model to deliver superior returns (1/2)
Differentiated business model to deliver superior returns (1/2) Predictable and consistent Pre-sales growth from diversified presence ▪ Not dependent on any single segment, location or project Pre-sales • Presence across all segments - luxury, premium, mid-income & affordable • ~40 operating project
Slide 17: Differentiated business model to deliver superior returns (2/2)
Differentiated business model to deliver superior returns (2/2) Superior Returns & Robust Cashflows ▪ Bring to market expeditiously- launch within 9-12 months of land acquisition Fastest land to cash ▪ Accelerated monetization of land through product innovations – Apartments, plots & cycle villas, b
Slide 18: '20:20' Action Plan
‘20:20’ Action Plan INR bn Focus to deliver ~20% Pre-sales CAGR & 20% RoE with net debt ceiling of 0.5x D/E Pre-Sales Annuity Income* 500 15.0 ~20 % CAGR 6x 176 2.5 FY25 FY31 FY25 FY31 Embedded EBITDA of ~33% for FY25 with RoE of ~20% 18 * Basis exit rental as of Mar-25 basis area already leased
Slide 19: ~20% ROE through mix of owned & JDA projects
~20% ROE through mix of ‘owned’ & ‘JDA’ projects Share of pre-sales in steady PBT Margin Profile ROE Profile state Owned land projects ~60% 27-30% 15% to 20% Joint Development Agreement ~40% 17-19% 30+% (JDA) Overall ~20% 19
Slide 20: Significant headroom for growth in our existing markets
Significant headroom for growth in our existing markets INR bn MMR Pune Bangalore FY24 market share ~10% ~5% ~2% ~2,350 ~850 ~950 ~10 % ~10 % ~10 % CAGR CAGR CAGR ~1,000 ~350 ~400 Market Size FY22 FY31 FY22 FY31 FY22 FY31 Likely market share ~20% ~15% ~12% by decade end FY31 Pre-sales ~470 ~130 ~120
Slide 21: Business Strategy
Business Strategy ✓ Micro-market focused growth strategy in MMR, Pune & Bangalore through capital light JDA model ✓ MMR: Largest developer with dominant presence in just three of the seven micro-markets o Holding market share in the three micro-markets o Growing significantly in micro-markets with l
Slide 22: Establishing presence across MMR through 'Supermarket' strategy
Establishing presence across MMR 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 135bn Absorption: INR 85bn Mira Road Ghodbunder 4 5. Extended Eastern Suburbs Kalyan
Slide 23: Pune – Will contribute to growth in a sustainable manner
Pune – Will contribute to growth in a sustainable manner Accelerating growth in INR 550bn market by establishing presence across multiple locations 1. Pimpri-Chinchwad 4. Central Pre-IPO, had 1 project Added 1 project with GDV of INR ~4bn With annual sales potential of INR >2bn Added 1 project with
Slide 24: Bengaluru – Entered growth phase, aiming ~15% market share
Bengaluru – Entered growth phase, aiming ~15% market share in medium term ✓ Launched two projects in last 15 months to strong consumers response - achieved INR 19bn of sales ✓ Lodha – received as premium brand, reflected in price premium ✓ Construction in full swing ✓ Local empowered team in place o
Slide 25: Bengaluru – Good start to two pilot projects
Bengaluru – Good start to two pilot projects 1. North Added 2 projects with GDV of INR 36bn Absorption: INR 125bn 4. East Potential growth market for Lodha 2. West Absorption: INR 170bn Potential growth market for Lodha Absorption: INR 40bn 5. South Added 3 projects with GDV of INR 50bn 3. Central A
Slide 26: Exponential growth in presales – Supermarket strategy
Exponential growth in presales – Supermarket strategy paying good dividend in targeted micro-markets INR bn Pune Western Suburbs 25.2 24.2 18.0 ~13x ~12x 11.3 9.5 10.3 8.5 5.5 2.0 1.8 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 26
Slide 27: Ongoing infra projects to supercharge Palava's growth
Ongoing infra projects (Airport, Metro, Bullet Train, Multi-modal Corridor etc.) to supercharge Palava’s growth Mumbai – Ahmedabad Virar Extended Eastern Virar – Alibaug Multimodal High-Speed Rail (CY28/CY29) Suburbs Corridor (CY30) 1st station after BKC at Palava, Extended Western Puts Palava at ce
Slide 28: Palava & Upper Thane set to deliver US$175-200 bn of sales
Palava & Upper Thane set to deliver US$175-200 bn 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
Slide 29: Palava is at the epicenter of MMR's infrastructure upgrades
Palava is at the epicenter of Mumbai Metropolitan Region (MMR)’s infrastructure upgrades Towards Ahmedabad Palava Palava Katai Naka Bullet Train Station ~40 min Drive Airoli Katai Naka Corridor Palava to Airoli ~10-15 mins ~5 mins Palava ~20 mins Tunnel Through Parsik Hills Airoli – To BKC Navi Mumb
Slide 30: Mulund-Airoli-Palava Freeway to open by FY26-end
Mulund- Airoli –Palava Freeway to open by FY26-end Part A is significantly progressed ✓ Airoli as well as Mumbai to come closer to Palava with Mulund-Airoli-Palava freeway ✓ This freeway is a three part project o Part A (Mulund - Airoli) - Completion by Q2/Q3FY26 o Part B (Airoli to Kalyan Shil Phat
Slide 31: Value scale up at Palava has commenced
Value scale up at Palava has commenced ✓ Two global large data centre player checks into Palava with land transaction at @ INR ~210mn/acre ✓ Palava to undergo paradigm shift in value unlocking with o Ongoing significant traction from high-value add economic activities o Launched premium housing deve
Slide 32: 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 10k Thane 16k-21k BKC Airoli 50k- 18k- 65k 22k Goregaon 32k -40k Mulund 22k -26k Palava & Upper Thane set to deliver US$175-200 bn of sales over next 3 decades wi
Slide 33: Data centres a huge opportunity for value creation in Palava
Data centres a huge opportunity for value creation in Palava ✓ Large userbase, affordable data packs, 3rd largest startup ecosystem makes India capable of becoming a major Data Centre market ✓ MMR, with nine cable landings, is preferred location for establishing large scale data centres; accounts fo
Slide 34: Club Lakeshore @ Palava – Opened 2017
Actual Photograph Club Lakeshore @ Palava – Opened 2017
Slide 35: Lodha Villa Royale @ Upper Thane – Opened 2022
Actual Photograph Lodha Villa Royale @ Upper Thane – Opened 2022
Slide 36: Pro-forma P&L (basis operating performance)
Pro-forma P&L (basis operating performance) FY25 FY26E Particulars INR Bn % INR Bn % Pre-sales 176.3 210.0 Embedded EBITDA 59.0 33% 69.3 33% D&A 2.7 2.6 Finance Cost 5.1 5.5 PBT 51.3 29% 61.2 29% Taxes (assumed rate: 25.2%) 12.9 15.4 PAT 38.4 22% 45.8 22% RoE ~20% ~21% 36
Slide 37: Guidance for FY26
Guidance for FY26 INR bn FY25 Actuals FY26 Guidance Pre-Sales 176 210 Operating Cashflow 66 77 New Project Additions 237 250 Net Debt/Equity 0.20x < 0.5x 37
Slide 38: Strong management team
Strong management team Shaishav Dharia Rajesh Sahana Sushil Kumar Modi CEO – Extended Eastern Suburbs, President – Customer Experience Executive Director - Finance Thane, Annuity Assets ◼ Formerly worked with Globacom, ◼ Formerly worked at GMR, Aditya 27+ ◼ Formerly worked with McKinsey & Reliance J
Slide 39: Building annuity streams with low investments
03 Building annuity streams with low investments 39
Slide 40: Gradually building annuity income pool
Gradually building annuity income pool ◼ Focus on developing premium high street retail as adjunct to residential developments Office & ◼ Select high quality offices Retail ◼ 3.1 msf area with rental potential of INR 5.6bn by FY31 ◼ Growing facilities management business ◼ Have a captive base of 70,
Slide 41: Strong visibility of rental income from already acquired assets
Strong visibility of rental income from already acquired assets Potential Annual Already Balance Total Area Annuity Asset Type Area leased (msf) Rental income (FY31) invested investment (msf) (INR bn) (INR bn) (INR bn) Highstreet Retail 1.7 0.1 3.0 4.8 8.5 Completed 0.2 0.1 0.4 1.2 0.0 Ongoing 1.1 -
Slide 42: Retail – Annuity stream adjunct to our core resi. business
Retail – Annuity stream adjunct to our core resi. business ✓ Creating portfolio of High Street retail across our developments o Significant contributor to our annuity stream o Enhance quality of our developments ✓ Additionally, Xperia Mall (Palava) with 0.4 msf gross leasable area ✓ Potential to gen
Slide 43: Digital Infra.: Steady growth potential
Digital Infra.: Steady growth potential ✓ Acquired ~33 acres of land in NCR ✓ Acquired ~45 acres of land in Chennai, in FY25, now present at five locations ✓ Further increased our stake in Digital Infrastructure platform ✓ Net leasing of 0.8 msf in FY25, added marquee names like Zomato, DP World & D
Slide 44: Growing facilities management business with a digital services layer
Growing facilities management business with a digital services layer ✓ Growing facilities management business on the back of rising number households staying in Lodha developments o Captive base of ~70,000 households o Strong understanding of consumers and their spending patterns ✓ Added digital lay
Slide 45: Growing in sustainable manner
04 Growing in sustainable manner 45
Slide 46: Best in class when it comes to measured ESG performance
We are best in class when it comes to measured ESG performance S&P Global Corporate MSCI ESG Rating Sustainalytics Sustainability Assessment 2024 Received relative rating ‘A’ Received ESG Risk Rating of 13.2, Included in the DJSI Emerging Markets & (from AAA-CCC scale) in our was assessed to be at “
Slide 47: Eminent Board of Directors
Eminent Board of Directors Mukund Chitale, Independent Director and Chairman ◼ Formerly Director on the Board of L&T ◼ Former President of ICAI and Chairman of Ethics Committee of BSE Rajinder Pal Singh, Non-Executive Director ◼ Formly Director on the Board of Maruti Suzuki ◼ Former Chairman and Man
Slide 48: 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 49: Strategy to achieve the overarching ESG Goals
Strategy to achieve the overarching ESG Goals • Near-term targets: • Reduce absolute scope 1 and 2 GHG emissions 97.9% by FY2028 from a FY2022 base year • Reduce scope 3 GHG emissions 51.6% per square meter of area developed by FY2030 from a FY2022 base year • Long-term target: • Maintain at least 9
Slide 50: Progress made in Environmental Sustainability
Progress made in Environmental Sustainability Overarching Achieve 97.9% reduction in Scope1, 2 emission in operations by the year 2028 Goals Align Scope 3 emissions reduction roadmap with 1.5 ℃ ambition Be resilient to climate change while not contributing to global warming Through “Lodha Net Zero U
Slide 51: Progress made in Social and Governance dimensions
Progress made in Social and Governance dimensions Governance Social Board Our People Communities Diversity & Inclusion Enabling Livelihood for Women Women represent 26%* of employee strength as Project Unnati - Aimed at empowering and Board led by an Independent of Mar-24 enabling women to participa
Slide 52: Lodha Foundation (LF) – Contributing to nation building
Lodha Foundation (LF) – Contributing to nation building ✓ LF now owns ~1/5th of MDL, endowed by gift valued at INR ~200 bn (as of Oct 24) from Lodha family ✓ One of the largest philanthropic entities in India; Will enable India to benefit directly from MDL’s success ✓ Focused on helping India become
Slide 53: Conclusion of dispute on Lodha brand with HoABL
Conclusion of dispute on Lodha brand with HoABL The brand dispute with HoABL has been resolved through filing of consent terms in the Hon’ble Bombay High Court. Key Highlights • Macrotech Developers Ltd. (“MDL”), is the owner of, and has the exclusive right to use, the brand names ‘Lodha’ and ‘Lodha
Slide 54: Financial Highlights
05 Financial Highlights LODHA
Slide 55: Strong execution track record
Strong execution track record Collections (INR bn) Sales (INR bn) 145 176 106 113 145 86 91 86 82 121 51 81 90 72 66 60 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Summary financials (INR bn) FY21 FY22 FY23 FY24 FY25 Revenue from operations 54.5 92.3 94.7 103.2 13
Slide 56: Generating significant operational cashflow for growth
Generating significant operational cashflow for growth INR bn Net debt well below guidance of 0.5x of net D/E; cost Operating cashflow at INR 66bn of debt on declining trajectory 12.3% 66 57 57 40 10.5% 9.8% 9.4% 8.7% 161 93 71 30 40 FY22 FY23 FY24 FY25 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 x% Average
Slide 57: Business Development FY25
Business Development FY25 Micro-market Period Added Saleable Area (msf) Est. GDV MMR – Western Suburbs Q1-25 1.1 77 MMR – Western Suburbs Q1-25 0.2 16 Pune – West Q1-25 1.4 18 Bangalore – North Q2-25 2.1 24 Bangalore – South Q2-25 1.1 14 Pune – South West Q2-25 0.3 4 Pune – Pimpri Chinchwad Q2-25 1.
Slide 58: Micro-market wise supply
Micro-market wise supply Planned Inventory Launches Residual Complet Collections Ongoing In next 12 months1 12 to 60 months Land ed Micro-markets from Sold Unsold Bank unsold JDA JDA units Own Land Own Land Projects Projects INR bn Mn. Sq. ft. Largest land MMR - South & Central 45.7 0.7 1.1 0.5 2.0
Slide 59: Revenue recognition for a financial year
Revenue recognition for a financial year Illustration for revenue recognition in FY26 Contracts entered before Contracts entered after Mar- Mar-23 (under PCM (100%)) 23 (under POCM (Progressive)) ‘FY26 Pre-sales’ basis cost incurred as percentage of total cost Under PCM (100%) for Sales done from un
Slide 60: Market wise completion plan for ongoing 'for sale' projects (1/2)
Market wise completion plan for ongoing ‘for sale’ projects (1/2) Mn. Sq. ft. FY26 FY27 FY28 FY29 Sold/ Micro-market Total area Unsold1 Own JDA Own JDA Own JDA Own JDA Sold-PCM 0.02 - 0.11 0.06 - - - - MMR - South & 2.55 Sold-POCM 0.39 - 0.10 0.57 0.16 - - - Central Unsold 0.09 - 0.06 0.56 0.43 - -
Slide 61: Market wise completion plan for ongoing 'for sale' projects (2/2)
Market wise completion plan for ongoing ‘for sale’ projects (2/2) Mn. Sq. ft. Sold/ FY26 FY27 FY28 FY29 Micro-market Total area Unsold1 Own JDA Own JDA Own JDA Own JDA Sold-PCM - 0.11 - 0.25 - 0.11 - - MMR - Eastern Sold-POCM - 0.13 - 1.18 - 0.32 0.24 0.16 Suburbs 4.88 Unsold - 0.06 - 0.98 - 0.20 0.
Slide 62: Lodha – India's leading real estate developer
Lodha – India’s leading real estate developer Leading Residential Platform Strong Financial Profile Multiple Growth Drivers Amongst India’s Largest Real Estate Strong operating cash flow generation Targeting consistent growth of ~20% p.a. Developers giving ability to grow & de-lever in tandem in hou
Slide 63: Thank You!
Thank You! For any further information, please write to investor.relations@lodhagroup.com 63