Slide 1: Exchange filing cover letter
April 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 Audited Financial Results for the quarter and financial year ended March 31
Slide 2: Lodha
=LODHA
Slide 3: Investor Presentation Fourth Quarter FY 2026
Investor Presentation Fourth Quarter FY 2026 | 24 April 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 9 Growth Drivers 17 Performance Update 27 Financials 38 Company Overview 41 Annexures 49 4
Slide 6: 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: ▪ Strong brand –
Slide 7: Brand and operational strength enables growth as well as deleveraging
Brand and operational strength enables unique combination of growth as well as deleveraging INR bn Pre-sales PAT Net Debt 34 28 160 205 >6x ~28 % CAGR 176 16 18 93 145 121 13 71 54 90 30 40 5 60 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 FY23
Slide 8: 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 7
Slide 9: Guidance for FY27
Guidance for FY27 INR bn FY26 Actuals FY27 Guidance Pre-Sales 205 240 Embedded EBITDA Margin 33% 32-34% 8
Slide 10: Highlights
World Towers, Ballroom 01 HIGHLIGHTS 9
Slide 11: Key Performance Indicators – Q4FY26 and FY26 (1/2)
Key Performance Indicators – Q4FY26 and FY26 (1/2) ✓ INR 58.9 bn ( 23% YoY) in Q4FY26, best ever quarterly performance, thereby all the quarters Pre-sales delivered their best ever ✓ INR 205.3 bn ( 16% YoY) in FY26: March saw select deferral of sales due to the Iran war Embedded ✓ ~34% for Q4, 33% f
Slide 12: Q4FY26 & FY26 - Other Operating Highlights (2/2)
Q4FY26 & FY26 - Other Operating Highlights (2/2) Price growth Launches FY26 (Q4’26) 5% Area: 16.4 msf (6.7 msf) FY26 price growth1 GDV: INR ~369bn (~140bn) Handovers Net debt INR 53.8 bn • Net debt/ equity at 0.23x well below FY26: 6,373 units ceiling of 0.5x (Q4’26: 1,759 units) • Reduction of INR
Slide 13: Best-in-class ESG performance
Best-in-class 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’ Member of the FTSE4Good Index the position in top 10 globally in real Scored 6.2/10 Series estate space 12
Slide 14: Cash Flow
Cash Flow INR bn Q4 FY26 FY26 Collections 51.8 149.6 Net Collections (ex-RentCo)1 49.1 137.8 Income from ‘RentCo’ 0.8 2.9 Op. Expenses 20.2 69.5 ( - ) Const. Exp 11.5 40.8 ( - ) SG&A 5.6 20.2 ( - ) Taxes 3.2 8.6 Operating cash flow 29.6 71.2 ( - ) Interest payments 1.7 6.0 Surplus for Growth & Capit
Slide 15: Robust DevCo launch pipeline for FY27
Robust DevCo launch pipeline for FY27 New Projects New Phase of existing projects Total (FY27) Own/ JDA Micro-market Area Est. GDV No of Area Est. GDV No of Area Est. GDV No of Project (Mn .Sq.ft) (INR bn) Projects (Mn .Sq.ft) (INR bn) Projects (Mn .Sq.ft) (INR bn) Projects MMR - South & Central I J
Slide 16: Palava – Large Scale Data Centre Opportunity
Palava – Large Scale Data Centre Opportunity ✓ Large integrated DC Park with reliable infra - 400 Acres of shovel ready land with approvals o Highly reliable power supply: 3 GW power availability (from state and national grid) o 5 optic fiber routes (existing) - will increase further ✓ Approved unde
Slide 17: 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 in Gurgaon – To st
Slide 18: Growth Drivers
Palava 02 GROWTH DRIVERS 17
Slide 19: Significant headroom to grow
Significant headroom to grow Primary Home Sales in Top 6 cities – CY251: INR 5,900 Bn Lodha Pre-Sales: 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 Source (Market Data): Anarock CY2025 18
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 imminently
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 three part project o Part A (Mulund - Airoli) – Opening soon 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 Mulund 25k -30k Goregan 35k -40k Palava & Upper Thane set to deliver INR 10+ tn of sales over next three
Slide 23: 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 24: Gradually building annuity income pool (1/4)
Gradually building annuity income pool (1/4) ◼ Build 1 GW power shell DC on BTS basis Data Center ◼ Focus on developing premium high street retail adjunct to residential developments Annuity income ◼ Select high quality offices ◼ 3.7 msf area under ◼ 5 locations with ~5.1 msf development with rental
Slide 25: Strong pipeline of rental income (2/4)
Strong pipeline of rental income from Office, Retail, Warehousing & Industrial (2/4) 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)
Slide 26: Retail & Office – High Quality Completed Developments (3/4)
Retail & Office – High Quality Completed Developments (3/4) 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 25 World Towers
Slide 27: Warehousing & Industrial – Steady growth potential (4/4)
Warehousing & Industrial – Steady growth potential (4/4) ✓ Net leasing of 0.5 msf in FY26 o Added marquee names like Tesla, GXO Logistics, DP World & FM Logistics, Compass etc. One of MMR’s largest warehousing parks - Palava India’s largest warehousing box operationalized by Skechers 26
Slide 28: Performance Update
Upper Thane 03 PERFORMANCE UPDATE 27
Slide 29: Operational Performance
Operational Performance INR Bn 23% 16% 205.3 58.9 48.1 Pre-Sales 176.3 Q4FY25 Q4FY26 FY25 FY26 18% Collections 5% 151.6 52.3 44.4 144.9 Q4FY25 Q4FY26 FY25 FY26 28
Slide 30: Financial Performance
Financial Performance INR Bn 47.1 166.8 42.2 12% 137.8 21% Revenue Q4FY25 Q4FY26 FY25 FY26 16.5 56.5 14.6 13% 49.6 14% Adj. EBITDA 35% 35% 36% 34% Q4FY25 Q4FY26 FY25 FY26 10.1 34.3 9.2 9% 27.7 24% PAT 21% 21% 20% 20% Q4FY25 Q4FY26 FY25 FY26 Fall in Adj. EBITDA margin in FY26 due to lower contributio
Slide 31: Micro-market performance for FY26
Micro-market performance for FY26 INR Bn Average Sales Price Micro-markets Pre-Sales1 Collections2 Construction spends (INR psf) MMR - South & Central 79.2 44,225 43.1 9.1 MMR - Western Suburbs 16.5 36,812 11.7 4.3 MMR – Thane 13.7 11,914 11.4 3.6 MMR - Extended Eastern Suburbs 25.1 7,136 23.1 11.5
Slide 32: Micro-market performance for Q4 FY26
Micro-market performance for Q4 FY26 INR Bn Average Sales Price Micro-markets Pre-Sales1 Collections2 Construction spends (INR psf) MMR - South & Central 23.0 42,832 12.8 2.5 MMR - Western Suburbs 6.5 64,401 3.8 1.3 MMR – Thane 4.2 13,136 4.2 1.1 MMR - Extended Eastern Suburbs 8.2 6,961 6.3 3.0 MMR
Slide 33: Launches in FY26
Launches in FY26 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 – South
Slide 34: Launches in Q4FY26
Launches in Q4FY26 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 JDA 1.7 84.5 2 - - - 1.7 84.5 2 MMR – Th
Slide 35: Business Development FY26
Business Development 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 & Centr
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 84.6 0.4 3.5 - 1.3 0.7 8.3 - 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. FY27 FY28 FY29 FY30 >FY30 Total Sold/ Micro-market area Unsold1 Own JDA Own JDA Own JDA Own JDA Own JDA Sold-PCM 0.11 0.06 - - - - - - - - MMR - South & Sold-POCM 0.11 0.92 0.27 0.10 0.19 - - 0.43 - 0.12 Central 5.83 Unsol
Slide 38: Market wise completion plan for ongoing 'for sale' projects (2/2)
Market wise completion plan for ongoing ‘for sale’ projects (2/2) Sold/ FY27 FY28 FY29 FY30 >FY30 Micro-market Total area Unsold1 Own JDA Own JDA Own JDA Own JDA Own JDA Sold-PCM - 0.16 - 0.20 - - - - - - MMR - Eastern Sold- Suburbs 5.43 - 0.11 - 1.71 - 0.29 0.48 0.31 - - POCM Unsold - 0.21 - 0.66 -
Slide 39: Financials
Lodha Amara, Clubhouse 04 Financials 38
Slide 40: Financial highlights for Q4FY26
Financial highlights for Q4FY26 INR bn Particulars Q4FY26 Q4FY25 Growth % FY26 FY25 Growth % Revenue 47.1 42.2 11.6% 166.8 137.8 21.0% Adj. EBITDA1 16.5 14.6 13.0% 56.5 49.6 13.9% Adj. EBITDA (%) 35.0% 34.6% 40 Bps 33.9% 36.0% (210) Bps PAT 10.1 9.2 9.1% 34.3 27.7 24.0% PAT (%) 20.8% 20.9% (10) Bps
Slide 41: Consolidated Summary Balance Sheet
Consolidated Summary Balance Sheet INR bn EQUITY AND LIABLITIES As at As at As at As at ASSETS Mar-26 Mar-25 Mar-26 Mar-25 Equity Share Capital 10.0 10.0 Tangible Assets 24.2 10.2 Other Equity 222.9 191.8 Intangible Assets 2.3 3.5 Non-Controlling Interests 1.4 0.7 Investments 14.5 12.5 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 (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 44: 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 Akhil Gupta, Independ
Slide 45: 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 46: Lodha Foundation - 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 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 – Will contribute to growth in a sustainable manner
Bengaluru – Will contribute to growth in a sustainable manner 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 Added 3 projec
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 9-10% for long 10.7% 10.6% 10.4% 10.2% 10.4% 10.4% 10.2% Covid 9.3% 9.5% 9.3% year 9.3% 9.3% 9.1% 8.9% 6.1% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Wag
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 Multiple forces leading to consolidation developers ✓ Regulatory push: • RERA, Demonetization, GST, Amendment to Benami Act. ✓ Funding squeeze for Tier – 2 & 3 developers: 21%
Slide 59: Mortgage an enabler, not inducer of demand
Steady as it goes: Mortgage an enabler, not inducer of demand • Conservative Central Bank, low Mortgage as % of GDP risk mortgage market: LTV <85%, 89% no teaser rates 68% • Strong performance of mortgages through all parts of 52% the cycle - Intense competition 44% 45% for safe haven mortgage asset
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 FY23 to FY26 Commodity/Component % Share in total cost % Change Weighed Impact Steel 10.8% 4.1% 0.4% Flooring materials 5.0% -8.7% -0.4% Electrical 4.0% 6.3% 0.3% Plumbing 2.0% -12.6% -0.3% Labour 37.0% 25.8% 9.5% External Windows 3.6% 17.4% 0.6% RMC 11.4% -1.4%
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