Lodha Developers Ltd. · NSE:LODHA
Lodha Developers — Q3 FY2026 Earnings Presentation
63 slides from Lodha Developers's earnings presentation, Jan 28, 2026
Slide 1: Exchange filing cover letter
January 28, 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 and nine months ended Decembe
Slide 2: Lodha
=LODHA
Slide 3: Investor Presentation Third Quarter FY 2026
Investor Presentation Third Quarter FY 2026 | 28 Jan 2026 2
Slide 4: 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 5: Table of Contents
Table of Contents Particulars Page no. Highlights 06 Growth Drivers 16 Performance Update 27 Financials 38 Company Overview 42 Annexures 49 4
Slide 6: Lodha – India's leading real estate developer
Lodha – India’s leading real estate developer Leading Residential Platform Strong Financial Profile 3 Distinct Growth Drivers Targeting consistent 20% growth p.a. in housing Amongst India’s Largest Real Estate Developers Strong profitability and operating cash flow ◼ Delivered INR ~1.1tn of Pre-sale
Slide 7: Highlights
World Towers, Ballroom 01 HIGHLIGHTS 6
Slide 8: Key Performance Indicators – Q3FY26
Key Performance Indicators – Q3FY26 ✓ INR 56.2 bn ( 25% YoY) in Q3FY26, best ever quarterly performance Pre-sales ✓ Significant launch pipeline in Q4 combined with sustenance sales gives visibility to meet our FY26 guidance of INR 210 bn Embedded ✓ ~32% for Q3, 33% for 9M EBITDA Margin1 ✓ Added five
Slide 9: Q3FY26 - Other Operating Highlights
Q3FY26 - Other Operating Highlights Price growth Launches 4% Average 1.9 msf with GDV YTD price growth1 of INR ~96bn Handovers Net debt INR 61.7 bn • Net debt/ equity at 0.28x well 1,931 units below ceiling of 0.5x • Avg. cost of debt at 7.9% (down ~10 bps QoQ) 8 1 On like to like pre-sales
Slide 10: Cash Flow
Cash Flow INR bn Q3 FY26 9M FY26 ‘For Sale’ Collections 35.1 97.8 Net Collections1 32.3 88.8 Op. Expenses 16.8 49.3 ( - ) Const. Exp 8.6 29.3 ( - ) SG&A 5.2 14.6 ( - ) Taxes 3.0 5.4 Operating cash flow 15.5 39.5 ( - ) Interest payments 1.5 4.3 Surplus for Growth & Capital Providers 14.0 35.1 ( - ) G
Slide 11: Guidance for FY26
Guidance for FY26 INR bn FY25 Actuals FY26 Guidance 9MFY26 Actuals Pre-Sales 176 210 146 Revised full year projection: INR 70bn (+/- 5%) Operating Cashflow 66 77 39 Business Development (GDV 237 250 588 of New Projects) Net Debt/Equity 0.20x < 0.5x 0.28x 10
Slide 12: Robust launch pipeline for Q4FY26
Robust launch pipeline for Q4FY26 New Projects New Phase of existing projects Total (Q4FY26) 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 - South & Central JDA 1
Slide 13: Initiating Pilot in NCR
Initiating Pilot in NCR ✓ Rationale • Second largest real estate markets of India with absorption of INR 1,355bn 1 • Dearth of trusted developers offering a 2 premium quality product 85 60 ✓ Signed two projects with GDV of INR 33 bn and development potential of 1.1 msf through JDA, launch in FY27 3
Slide 14: Palava – Large Scale Data Centre Opportunity (1/2)
Palava – Large Scale Data Centre Opportunity (1/2) ✓ Large integrated DC Park with reliable infra o Shovel ready land: ~400 acres contiguous land with approvals in place o Most reliable power network in India: 3 GW power availability with 4 x 400 KV and a 220 KV EHV power lines, including national g
Slide 15: Palava – Large Scale Data Centre Opportunity (2/2)
Palava – Large Scale Data Centre Opportunity (2/2) ✓ Our two-pronged strategy: o Continue selling land to DC operators and achieve price points of INR 0.5 - 0.6 bn/acre over the next few years o Build powered shell on rental basis for global clients. Scaling up team for this. Signed two MOUs with Go
Slide 16: Budding digital ecosystem has led to land value scale up at Palava
Budding digital ecosystem has led to land value scale up at Palava ✓ Two global large data centre player have signed up at Palava; last land transaction at INR ~210mn/acre INR mn/acre 210 8x in ~4 years 120 50 26 29 Lodha Morgan Lodha GDIP Coldchain Logistic Leading Global Leading Global Stanley JV
Slide 17: Growth Drivers
Palava 02 GROWTH DRIVERS 16
Slide 18: '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%. 17 * Basis exit rental as of Mar-25 and area already leased
Slide 19: Significant headroom for our growth in existing markets
Significant headroom for our growth in existing markets INR Bn MMR Pune Bengaluru NCR ~10% (#1) Pilot phase in FY25 market share ~5% (#2) ~2% FY27 (Rank by pre-sales) ~2,400 ~2,350 ~850 ~950 ~10 % ~10 % ~10 % ~10 % CAGR CAGR CAGR CAGR ~350 ~400 ~1,350 Market Size ~1,000 FY22 FY31 FY22 FY31 FY22 FY31
Slide 20: 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 21: Mulund – Airoli – Palava Freeway likely to open soon
Mulund – Airoli – Palava Freeway likely to open soon ✓ Airoli as well as Mumbai to come closer to Palava with Mulund-Airoli-Palava freeway ✓ This freeway is three part project o Part A (Mulund - Airoli) - Completion by FY26 Part A is significantly progressed o Part B (Airoli to Kalyan Shil Phata) -
Slide 22: 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 11k Thane 18k-22k BKC Airoli 55k-70k 18k-22k Goregaon 35k -40k Mulund 25k -30k Palava & Upper Thane set to deliver US$ ~175bn of sales over next 3 dec
Slide 23: Gradually building annuity income pool (1/5)
Gradually building annuity income pool (1/5) ◼ Focus on developing premium high street retail adjunct to residential developments ◼ Select high quality offices ◼ To build powered shell data center for global clients ◼ 3.8 msf area with rental potential of INR 5.7bn by FY31 Data center Office & Retai
Slide 24: Strong visibility of rental income (2/5)
Strong visibility of rental income (2/5) Annualized Rental Already Balance Estimated FY31 Total Completed income from area invested investment Annuity Asset Type Area leased Annual Rental Area leased (Related to (Related to Area income cashflow) cashflow) Msf INR bn Retail & Office 3.8 1.6 1.4 1.7 5
Slide 25: Retail & Office – Annuity stream adjunct to core resi. business (3/5)
Retail & Office – Annuity stream adjunct to our core resi. business (3/5) Our office building One Lodha Place at World Towers Xperia Mall at Palava High street retail at our marquee development High street retail at Palava 24 World Towers
Slide 26: Warehousing & Industrial – Steady growth potential (4/5)
Warehousing & Industrial – Steady growth potential (4/5) ✓ Net leasing of 0.4 msf in 9MFY26 o Added marquee names like Tesla, GXO Logistics, DP World & FM Logistics, Compass etc. One of MMR’s largest warehousing ecosystem at Palava India’s largest warehousing box operationalized by Skechers 25
Slide 27: Facility Management– Steady growth potential (5/5)
Facility Management– Steady growth potential (5/5) ✓ 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 e
Slide 28: Performance Update
Upper Thane 03 PERFORMANCE UPDATE 27
Slide 29: Operational Performance
Operational Performance INR Bn 14% 25% 146.4 56.2 Pre-Sales 128.2 45.1 Q3FY25 Q3FY26 9MFY25 9MFY26 -17% Collections -1% 42.9 100.6 99.3 35.6 Q3FY25 Q3FY26 9MFY25 9MFY26 28
Slide 30: Pro-forma P&L (basis operating performance)
Pro-forma P&L (basis operating performance) FY25 FY26E 9M FY26 Particulars INR Bn % INR Bn % INR Bn % Pre-sales 176.3 210.0 146.4 Embedded EBITDA 59.0 33% 69.3 33% 47.6 33% D&A 2.7 2.6 2.4 Finance Cost 5.1 5.5 4.3 PBT 51.3 29% 61.2 29% 40.9 28% Taxes (assumed rate: 25.2%) 12.9 15.4 10.3 PAT 38.4 22%
Slide 31: Financial Performance
Financial Performance INR Bn 46.7 119.6 40.8 14% 95.6 25% Revenue Q3FY25 Q3FY26 9MFY25 9MFY26 15.9 40.0 14.9 35.0 -6% 14% Adj. EBITDA 39% 32% 37% 33% Q3FY25 Q3FY26 9MFY25 9MFY26 9.5 9.6 24.2 1% 18.4 31% Adj. PAT 23% 20% 19% 20% Q3FY25 Q3FY26 9MFY25 9MFY26 Low Adj. PAT growth and fall in Adj. EBITDA
Slide 32: Micro-market performance for Q3 FY26
Micro-market performance for Q3 FY26 INR Bn Average Sales Price Micro-markets Pre-Sales1 Collections2 Construction spends (INR psf) MMR - South & Central 37.3 57,493 12.3 1.7 MMR - Western Suburbs 4.2 28,512 2.5 0.9 MMR – Thane 2.9 11,597 2.6 0.7 MMR - Extended Eastern Suburbs 3.0 7,480 4.6 2.5 MMR
Slide 33: Micro-market performance for 9M FY26
Micro-market performance for 9M FY26 INR Bn Average Sales Price Micro-markets Pre-Sales1 Collections2 Construction spends (INR psf) MMR - South & Central 56.2 44,823 30.3 6.6 MMR - Western Suburbs 10.0 28,710 7.9 3.0 MMR – Thane 9.5 11,388 7.2 2.6 MMR - Extended Eastern Suburbs 16.8 7,153 16.8 8.5 M
Slide 34: Launches in 9M FY26
Launches in 9M FY26 New Project / Location New Phase Total Launch Own/ JDA Micro-market Period 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 Q1 Own - - - 0.5 9.7 1 0.
Slide 35: Business Development 9M FY26
Business Development 9M FY26 Micro-market Period Added Saleable Area (msf) Est. GDV (in INR bn) MMR – South & Central Q1 2.4 65 MMR – South & Central Q1 0.3 9 MMR – Western Suburbs Q1 2.3 44 Pune – North East Q1 2.4 25 Bengaluru – North East Q1 7.0 84 MMR – Western Suburbs Q2 1.0 23 MMR – South & Ce
Slide 36: Micro-market wise supply
Micro-market wise supply Planned Inventory Launches Residual Collections Completed Ongoing In next 12 months1 12 to 60 months Land Micro-markets from Sold unsold unsold Bank units JDA JDA Own Land Own Land Projects Projects INR bn Mn. Sq. ft. MMR - South & Central 72.6 0.5 2.3 0.3 2.3 0.5 9.7 - MMR
Slide 37: 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. Q4FY26 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 - - 0.11 0.79 0.13 0.10 0.24 0.38 Central 4.17 Unsold - - 0.04 0.34 0.15
Slide 38: Market wise completion plan for ongoing 'for sale' projects (2/2)
Market wise completion plan for ongoing ‘for sale’ projects (2/2) Q4FY26 FY27 FY28 =>FY29 Sold/ Micro-market Total area Unsold1 Own JDA Own JDA Own JDA Own JDA Sold-PCM - 0.02 - 0.25 - 0.11 - - MMR - Eastern Sold-POCM - 0.13 - 0.81 - 0.91 0.42 0.44 Suburbs 5.19 Unsold - 0.01 - 0.35 - 0.62 0.55 0.58
Slide 39: Financials
Lodha Amara, Clubhouse 04 Financials 38
Slide 40: Financial highlights for Q3FY26
Financial highlights for Q3FY26 INR bn Particulars Q3FY26 Q3FY25 Growth % 9M FY26 9M FY25 Growth % Revenue 46.7 40.8 14.4% 119.6 95.6 25.2% Adj. EBITDA1 14.9 15.9 (5.8)% 40.0 35.0 14.2% Adj. EBITDA (%) 32.0% 38.9% (690) Bps 33.5% 36.7% (320) Bps Adj. PAT2 9.6 9.5 1.4% 24.2 18.4 31.4% Adj. PAT (%) 20
Slide 41: Consolidated Summary Balance Sheet
Consolidated Summary Balance Sheet INR bn As at As at As at As at EQUITY AND LIABLITIES ASSETS Dec-25 Sep-25 Dec-25 Sep-25 Equity Share Capital 10.0 10.0 Tangible Assets 23.8 24.1 Other Equity 212.5 202.8 Intangible Assets 2.7 3.0 Non-Controlling Interests 0.7 0.7 Investments 13.4 21.7 Total Equity
Slide 42: Company Overview
05 Palava Company Overview ft ft tt Pe tg a a ee ey ay Oe te ee ee eT oT ae ba be Va ad
Slide 43: Empowered Board of Directors
Empowered 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 ◼ Formerly Director on the Board of Maruti Suzuki ◼ Former Chairman and
Slide 44: 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 45: 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 ~200 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 46: 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 2025 MSCI ESG Rating FTSE4Good Index Series Scored 79/100 in the S&P CSA retaining Received relative rating ‘A’ (from AAA- Member of the FTSE4Good Index the position in top 10 globa
Slide 47: 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 48: 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 49: 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 50: Annexure
World Towers 06 Annexure
Slide 51: Palava & Upper Thane set to deliver US$175bn of sales
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 52: 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 53: 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 150bn Absorption: INR 100bn Mira Road Ghodbunder 4 Kalyan 5. Extended Eastern Suburbs
Slide 54: 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 17bn
Slide 55: Bengaluru – Entered growth phase, aiming ~15% market share
Bengaluru – Entered growth phase, aiming ~15% market share in medium term 1. North West Potential growth market for Lodha Absorption: INR 73bn 4. North East Added 4 projects with GDV of INR 142bn 2. Central Absorption: INR 409bn Potential growth market for Lodha Absorption: INR 13bn 5. South East Ad
Slide 56: 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 57: 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 ~10% for long 10.7% 10.4% 10.4% 10.6% 10.4% 10.2% 10.2% Covid 9.3% 9.5% 9.3% year 9.3% 9.3% 9.2% 6.1% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Wage bill of 6
Slide 58: 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 Top 15 listed Consolidation wave due to policy reforms and liquidity crisis… developers 60% >50% 21% Incremental supply from Developers count branded developers 13% • Remaining Tier - 2 & 3
Slide 59: Netherlands: 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 60: 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 61: Moderate construction cost inflation
Moderate construction cost inflation Mar’21 to Sep’25 Commodity/Component % Share in total cost % Change Weighed Impact Steel 11.7% -13.2% -1.6% Flooring materials 5.2% 15.2% 0.8% Electrical 3.8% -3.5% -0.1% Plumbing 2.2% -12.6% -0.3% Labour 34.2% 25.8% 8.8% External Windows 3.3% 13.1% 0.4% RMC 12.3
Slide 62: 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 63: Thank You!
Thank You! For any further information, please write to investor.relations@lodhagroup.com 62