Slide 1: Lodha
=LODHA
Slide 2: Investor Presentation First Quarter FY 2026
Investor Presentation First Quarter FY 2026 | 26 July 2025 2
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 Particulars Page no. Highlights 6 Growth Drivers 13 Performance Update 25 Financials 35 Company Overview 38 Annexures 47 4
Slide 5: 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 enabling growth with robust capital structure in h
Slide 6: Highlights
01 HIGHLIGHTS World Towers, Ballroom 6
Slide 7: Key Performance Indicators – Q1FY26
Key Performance Indicators – Q1FY26 ✓ INR 44.5bn ( 10% YoY) in Q1FY26, despite 'loss’ of activity for ~2 weeks due to Pre-sales geopolitical tensions Embedded ✓ ~33% for Q1 EBITDA Margin1 ✓ Added five new projects across MMR, Pune and Bengaluru with GDV of New Projects Added INR 227bn in Q1, >90% of
Slide 8: Q1FY26 - Other Operating Highlights
Q1FY26 - Other Operating Highlights Price growth Launches 2% Average 3.9 msf with GDV Q1FY26 price growth1 of INR ~83bn Handovers Net debt INR 50.8 bn • Net debt/ equity at 0.24x well below 1,287 units ceiling of 0.5x • Avg. cost of debt at 8.3% (down ~40 bps QoQ) 8 1 On like to like pre-sales
Slide 9: Cash Flow
Cash Flow INR bn Q1FY26 FY25 ‘For Sale’ Collections 28.4 143.4 Net Collections1 25.3 130.7 Op. Expenses 15.7 65.4 ( - ) Const. Exp 10.5 42.2 ( - ) SG&A 3.9 17.4 ( - ) Taxes 1.3 5.8 Operating cash flow 9.5 65.3 ( - ) Interest payments 1.3 5.3 Surplus for Growth & Capital Providers 8.2 60.0 ( - ) Grow
Slide 10: Guidance for FY26
Guidance for FY26 INR bn FY25 Actuals FY26 Guidance Q1FY26 Actuals Pre-Sales 176 210 44.5 Plan is 40-45% in H1 and balance in H2 Operating Cashflow 66 77 9.5 New Project Additions 237 250 227 Net Debt/Equity 0.20x < 0.5x 0.24x On track to deliver guidance on all the above KPIs 10
Slide 11: Robust launch pipeline for the rest of FY26
Robust launch pipeline for the rest of FY26 New Projects New Phase of existing projects Total (Jul’25 – Mar’26) Own/ JDA Micro-market Project 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 - So
Slide 12: Sustained wage growth to keep supporting housing demand
Sustained wage growth to keep supporting housing demand ✓ White collar wage growth in India has been >9% for more than a decade barring the covid year o Significantly higher than average housing price growth, leading to improved affordability ✓ 2025 wage growth expected at 9.2% by AON, 9.9% by Korn
Slide 13: Growth Drivers
02 GROWTH DRIVERS Palava 13
Slide 14: '20:20' Action Plan
‘20:20’ Action Plan Focus to deliver ~20% Pre-sales CAGR & 20% RoE with net debt ceiling of 0.5x D/E INR bn 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%. 14 * Basis exit rental as of Mar-25 and area already leased
Slide 15: Significant headroom for our growth in existing markets
Significant headroom for our growth in existing markets INR Bn MMR Pune Bangalore FY24 market share ~10% (#1) ~5% (#2) ~2% (Rank by pre-sales) ~2,350 ~850 ~950 ~10 % ~10 % ~10 % CAGR CAGR CAGR Market Size ~350 ~400 ~1,000 FY22 FY31 FY22 FY31 FY22 FY31 Likely market share by decade end ~20% ~15% ~12%
Slide 16: Palava 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 ~10-15 mins ~5 mins Palava Airoli Tunnel Through ~20 mins Parsik Hills Airoli – To BKC Navi Mumb
Slide 17: 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 Q3FY26 o Part B (Airoli to Kalyan Shil Phata)
Slide 18: 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 19: Palava: Large housing price arbitrage compared to Mumbai's core suburbs
Palava: Large housing price arbitrage compared to Mumbai’s core suburbs. Substantial growth in revenues and margins to come over next 5 years. Palava 10k Thane 16k-21k BKC Airoli 50k-65k 18k-22k Goregaon 32k -40k Mulund 22k -26k Palava & Upper Thane set to deliver US$ ~175bn of sales over next 3 dec
Slide 20: Gradually building annuity income pool
Gradually building annuity income pool ◼ Focus on developing premium high street retail adjunct to residential developments ◼ Select high quality offices ◼ 3.1 msf area with rental potential of INR 5.6bn by FY31 Office & Retail ◼ Developed Bellevie app – enabler for: , • Growing facilities managemen
Slide 21: Strong visibility of rental income from already acquired assets
Strong visibility of rental income from already acquired assets Potential Annual Rental Already invested Balance investment Annuity Asset Type Total Area (msf) Area leased (msf) income (FY31) (INR bn) (INR bn) (INR bn) Retail & Office 3.1 0.9 5.6 15.8 8.2 Warehousing & Industrial 5.3 2.3 2.8 7.7 15.
Slide 22: Retail & Office – Annuity stream adjunct to our core resi. business
Retail & Office – 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 ✓ Also ha
Slide 23: Warehousing & Industrial – Steady growth potential
Warehousing & Industrial – Steady growth potential ✓ Further increased our stake in rental income from the business ✓ Net leasing of 0.2 msf in Q1FY26 o Added marquee names like Tesla, DP World & FM Logistics etc. Area leased Particulars Area (msf) (msf) Completed 1.9 1.8 Under 1.3 0.5 construction
Slide 24: Facility Management– Steady growth potential
Facility Management– Steady growth potential ✓ Growing facilities management business on the back of rising number of households staying in Lodha developments o Captive base of ~70,000 households o Strong understanding of consumers and their spending patterns ✓ Added digital layer to already establi
Slide 25: Performance Update
03 PERFORMANCE UPDATE Upper Thane 25
Slide 26: Operational Performance
Operational Performance INR Bn 21% 176.3 10% 44.5 Pre-Sales 145.2 40.3 Q1FY25 Q1FY26 FY24 FY25 Collections 7% 29% 28.8 144.9 26.9 112.6 Q1FY25 Q1FY26 FY24 FY25 26
Slide 27: Pro-forma P&L (basis operating performance)
Pro-forma P&L (basis operating performance) FY25 FY26E Q1FY26 Particulars INR Bn % INR Bn % INR Bn % Pre-sales 176.3 210.0 44.5 Embedded EBITDA 59.0 33% 69.3 33% 14.7 33% D&A 2.7 2.6 0.7 Finance Cost 5.1 5.5 1.3 PBT 51.3 29% 61.2 29% 12.7 29% Taxes (assumed rate: 25.2%) 12.9 15.4 3.2 PAT 38.4 22% 45
Slide 28: Financial Performance
Financial Performance INR Bn 34.9 137.7 23% 34% 28.5 Revenue 103.2 Q1FY25 Q1FY26 FY24 FY25 12.0 49.7 25% 9.6 Adj. EBITDA 45% 34.3 34% 34% 33% 36% Q1FY25 Q1FY26 FY24 FY25 6.8 27.7 42% 72% 4.8 16.2 Adj. PAT 16% 19% 15% 20% Q1FY25 Q1FY26 FY24 FY25 Adj. PAT Margin expands on operating and financial leve
Slide 29: Micro-market performance for Q1FY26
Micro-market performance for Q1FY26 INR Bn Average Sales Price Micro-markets Pre-Sales1 Collections2 Construction spends (INR psf) MMR - South & Central 10.1 33,317 8.7 2.5 MMR - Western Suburbs 4.1 35,033 2.3 1.0 MMR – Thane 4.3 11,542 1.6 1.0 MMR - Extended Eastern Suburbs 9.5 7,276 4.5 3.2 MMR -
Slide 30: Launches in Q1FY26
Launches in Q1FY26 New Project / Location New Phase Total Own/ JDA Micro-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 – South & Central Own - - - 0.5 9.7 1 0.5 9.7 1 MMR – Sout
Slide 31: Business Development Q1FY26
Business Development Q1FY26 Micro-market Saleable Area (msf) Est. GDV (in INR bn) MMR – South & Central 2.4 65 MMR – South & Central 0.3 9 MMR – Western Suburbs 2.3 44 Pune – North East 2.4 25 Bangalore – North 7.0 84 Total 14.3 227 Achieved >90% of full year guidance of INR 250bn in Q1 itself 31
Slide 32: 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. MMR - South & Central 47.3 0.7 1.8 0.3 1.9 0.5 11.7 - MM
Slide 33: 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 Total Sold/ Micro-market area Unsold1 Own JDA Own JDA Own JDA Own JDA Sold-PCM - - 0.11 0.06 - - - - MMR - South & Sold-POCM - - 0.10 0.60 0.17 0.05 0.09 - Central 2.94 Unsold 0.05 - 0.05 0.53 0.42 0.
Slide 34: Market wise completion plan for ongoing 'for sale' projects (2/2)
Market wise completion plan for ongoing ‘for sale’ projects (2/2) 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 - 1.32 - 0.28 0.28 0.31 Suburbs 5.09 Unsold - 0.06 - 0.85 - 0.25 0.43 0.71 Sold
Slide 35: Financials
04 Financials Lodha Amara. Clubhouse 35
Slide 36: Financial highlights for Q1FY26
Financial highlights for Q1FY26 INR bn Particulars Q1FY26 Q1FY25 Growth % FY25 FY24 Growth % Revenue 34.9 28.5 22.7% 137.7 103.2 33.5% Adj. EBITDA1 12.0 9.59 25.3% 49.7 34.3 44.8% Adj. EBITDA (%) 34.4% 33.7% 70bps 36.1% 33.3% 280bps Adj. PAT2 6.8 4.8 41.9% 27.7 16.2 71.7% Adj. PAT (%) 18.6% 16.3% 23
Slide 37: Consolidated Summary Balance Sheet
Consolidated Summary Balance Sheet INR bn As at As at As at As at EQUITY AND LIABLITIES ASSETS 30-Jun-25 31-Mar-25 30-Jun-25 31-Mar-25 Equity Share Capital 10.0 10.0 Tangible Assets 11.6 10.2 Other Equity 198.8 191.8 Intangible Assets 3.2 3.5 Non-Controlling Interests 0.7 0.7 Investments 10.1 12.5 T
Slide 38: Company Overview
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Slide 39: Empowered Board of Directors (1/2)
Empowered Board of Directors (1/2) 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 ◼ Formerly Director on the Board of Maruti Suzuki Abhishek Lodha
Slide 40: Empowered Board of Directors (2/2)
Empowered Board of Directors (2/2) Harita Gupta, Independent Director ◼ Formerly associated with Microsoft and NIIT Technologies ◼ Currently leading APAC and Global Enterprise Business at Sutherland Global Services ◼ Currently on the Board of Whirlpool of India and Route Mobile Rajendra Lodha, Whole
Slide 41: Decentralized Org. structure – High quality management team
Decentralized Org. structure – High quality management team Shaishav Dharia Sushil Kumar Modi Prashant Bindal CEO – Extended Eastern Suburbs, Executive Director – Finance Chief Sales Officer Thane & Annuity Assets Formerly worked at GMR, Aditya Formerly part of Spice Mobilitiy, Formerly worked with
Slide 42: Lodha Foundation (LF) - Contributing to nation building
Lodha Foundation (LF) - Contributing to nation building • LF owns ~1/5th of LDL, endowed by gift valued at INR ~249 bn* from Lodha family • One of the largest philanthropic entities in India; will enable India to benefit directly from LDL’s success • Focused on helping India become a developed natio
Slide 43: Best-in-class globally when it comes to measured ESG performance
We are best-in-class globally when it comes to measured ESG performance S&P Global Corporate Sustainability Assessment 2024 MSCI ESG Rating FTSE4Good Index Series Selected for S&P Sustainability Yearbook Received relative rating ‘A’ (from AAA- Member of the FTSE4Good Index in Top 10% S&P Global CSA
Slide 44: Our Strategy: Do Good, Do Well
Our 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 this journey Gr
Slide 45: Our Environmental Strategy: Sustainable Urbanisation
Our Environmental Strategy: Sustainable Urbanisation 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 46: Our Approach to Governance: Philosophy, Pillars & Goals
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 T
Slide 47: Annexure
06 Annexure World Towers
Slide 48: Palava & Upper Thane set to deliver US$175bn of sales over next 3 decades
Palava & Upper Thane set to deliver US$175bn 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 li
Slide 49: Ongoing infra projects to supercharge Palava's growth
Ongoing infra projects (Airport, Metro, Bullet Train etc.) to supercharge Palava’s growth Virar Extended Eastern Mumbai – Ahmedabad Suburbs High-Speed Rail (CY28/29) Virar – Alibaug Multimodal 1st station after BKC at Extended Western Corridor (CY30) Palava, travel time -20 mins Suburbs Puts Palava
Slide 50: Establishing presence across MMR through 'Supermarket' strategy
Establishing presence across MMR through ‘Supermarket’ strategy 4. Thane 1. Extended Western Suburbs Vasai Added 2 projects with GDV of INR Naigaon 15bn Bhayander Potential growth market for Lodha 1 Absorption: INR 135bn Absorption: INR 85bn Mira Road Ghodbunder 4 Kalyan 5. Extended Eastern Suburbs
Slide 51: 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 projects with GDV of INR ~4bn With annual sales potential of INR >2bn Absorption: INR 15bn
Slide 52: Bengaluru – Entered growth phase, aiming ~15% market share
Bengaluru – Entered growth phase, aiming ~15% market share in medium term 1. North Added 3 projects with GDV of INR 120bn 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 wit
Slide 53: 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 HH HH GDP: USD 3tn GDP: USD 7-8tn Income Category HH: 296mn HH: 386mn Per capita income seen rising (INR mn) ~2.5x over FY20-32 Per Capita Income > 2.8 High 23mn (6%) (USD) 9mn (3%) 6,000 5,000 4,819 Upper 68mn
Slide 54: 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 34% 60% >50% Incremental supply from 2x Developers count branded developers 17% • Rema
Slide 55: 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 trajectory 68% • Strong performance of 52% mortgages through all parts of 39% 44% 45% the cycle - Intense c
Slide 56: 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 • 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 57: Moderate construction cost inflation
Moderate construction cost inflation Mar’21 to Jun’25 Commodity/Component % Share in total cost % Change Weighed Impact Steel 11.7% -6.3% -0.7% Flooring materials 5.2% 15.2% 0.8% Electrical 3.8% -3.3% -0.1% Plumbing 2.2% -11.9% -0.3% Labour 34.2% 15.7% 5.4% External Windows 3.3% 12.3% 0.4% RMC 12.3%
Slide 58: Multiple benefits of consistent housing price increase below wage growth
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 59: Thank You!
Thank You! For any further information, please write to investor.relations@lodhagroup.com 59