Lodha Developers Ltd. · NSE:LODHA
Lodha Developers — Investor Presentation (March 2026)
57 slides from Lodha Developers's investor presentation, March 2026
Slide 1: Corporate Presentation March 2026
Corporate PRESENTATION March 2026
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: 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 4: 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 16 145 18 93 121 13 71 90 54 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 5: 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 5
Slide 6: Guidance for FY27
Guidance for FY27 INR bn FY26 Actuals FY27 Guidance Pre-Sales 205 240 Embedded EBITDA Margin 33% 32-34% 6
Slide 7: Lodha's Right-to-win
O1 Lodha’s Right-to-win LODHA si danddauadaaatandtaadaaiada™
Slide 8: 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 • ~40 operating locations across MM
Slide 9: 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 10: ~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% 10
Slide 11: 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 11
Slide 12: 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 Bhayander 15bn Potential growth market for Lodha 1 Absorption: INR 150bn Absorption: INR 100bn Mira Road Ghodbunder 4 5. Extended Eastern Suburbs Kalyan
Slide 13: Pune – Contributing to growth in a sustainable manner
Pune – Contributing 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 With annual sales potential of INR >2bn Added 1 project with GDV of INR ~4bn Added 1 project with GDV
Slide 14: 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 15: Initiating Pilot in NCR
Initiating Pilot in NCR ✓ Rationale • Second largest real estate markets of India with absorption of INR 1,355bn 1 2 • Dearth of trusted developers offering a 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 16: 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 Corridor High-Speed Rail (CY28/CY29) Suburbs (CY30) 1st bullet train station after BKC at Palava, Extended Western Puts
Slide 17: 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 a three part project o Part A (Mulund - Airoli) – Opening soon o Part B (Airoli to Kalyan Shil Phata) – Opening soon Part A is significan
Slide 18: 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 Electricity Pri
Slide 19: Budding digital ecosystem has led to value scale up at Palava
Budding digital ecosystem has led to value scale up at Palava ✓ Two global large data centre player have started at Palava; last land transaction at INR ~210mn/acre INR mn/acre 210 8x in ~4 years 120 50 26 29 Lodha Morgan Stanley Lodha GDIP Coldchain Logistic Co. Leading Global Leading Global JV Hyp
Slide 20: 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 Thane 18k-22k BKC Airoli 55k- 18k- 70k 22k Mulund 25k -30k Goregaon 35k -40k Palava & Upper Thane set to deliver INR 10+ tn of sales over the next three decade
Slide 21: Club Lakeshore @ Palava – Opened 2017
Actual Photograph Club Lakeshore @ Palava – Opened 2017
Slide 22: Lodha Villa Royale @ Upper Thane – Opened 2022
Actual Photograph Lodha Villa Royale @ Upper Thane – Opened 2022
Slide 23: Strong management team
Strong management team Shaishav Dharia Prashant Bindal CEO – Extended Eastern Suburbs, Sushil Kumar Modi Chief Sales Officer Thane, Annuity Assets Executive Director - Finance ◼ Formerly part of Spice Mobilitiy, Walmart ◼ Formerly worked with McKinsey & ◼ Formerly worked at GMR, Aditya India & Hindu
Slide 24: Building annuity streams
02 Building annuity streams 24
Slide 25: 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 Annuity income ◼ Focus on developing premium high street retail adjunct to residential developments ◼ 5 locations with ~5.1 msf ◼ Select high quality offices Warehousing Office & leasable area and ◼ 3.7
Slide 26: Strong pipeline of rental income from Office, Retail, Warehousing & Industrial (2/4)
Strong pipeline of rental income from Office, Retail, Warehousing & Industrial (2/4) Already Balance Annualized Estimated FY32 invested investment Annuity Asset Completed Rental income Total Area Area leased from area leased Annual Rental (Related to (Related to Type Area income cashflow) cashflow)
Slide 27: 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 World Tower High street retail at Palava 27
Slide 28: 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 28
Slide 29: Financial Highlights
0 =LODHA Financial Highlights = = WYPPT TP FF
Slide 30: Profitable Growth Focus
Profitable Growth Focus Pre-sales (INR bn) Reported Revenue (INR bn) 205 176 167 145 138 121 95 103 90 92 60 54 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 Reported EBITDA (INR bn) Adjusted EBITDA1 (INR bn) Adjusted PAT2 (INR bn) 57 34 49 50 28 40 32 34 30 18 27 16 22 21 13 14 15 28.
Slide 31: Generating significant operational cashflow for growth
Generating significant operational cashflow for growth INR bn Collections (INR bn) Operating cashflow at INR 71bn in FY26 152 71 145 66 57 57 113 106 86 40 51 FY21 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 31
Slide 32: Balance Sheet
Balance Sheet INR bn As at As at As at As at EQUITY AND LIABLITIES 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 234.3 202.4 Loans 28.
Slide 33: 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 34: 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 Unso
Slide 35: 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/ 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 - Sold- Eastern - 0.11 - 1.71 - 0.29 0.48 0.31 - - 5.43 POCM Suburbs Unsold -
Slide 36: 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 Q1 7.0 84 MMR – Western Suburbs Q2 1.0 23 MMR – South & Central Q3
Slide 37: 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 - Larges
Slide 38: Growing in sustainable manner
04 Growing in sustainable manner 38
Slide 39: Best-in-class globally on measured ESG and Brand performance
We are best-in-class globally when it comes to measured ESG and Brand performance S&P Global Corporate World’s Most Trustworthy Sustainability Assessment 2025 Companies 2025 Scored 79/100 in the S&P CSA retaining Only Indian real estate co. to feature in the the position in top 10 globally World’s M
Slide 40: 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 Abhishek Lodha Rajinder Pal Singh, Non-Executive Director Managing Director ◼ Formly Director on the Board of Maruti
Slide 41: Eminent Board of Directors
Eminent Board of Directors 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 Lee Polisano, Independent Dir
Slide 42: 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 43: 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 44: 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 45: 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-25 enabling women to participa
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: Industry tailwinds
05 Industry tailwinds =LODHA
Slide 48: 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 49: 75-100 mn new households to become 'home ownership capable' this decade
75-100 mn new households to become ‘home ownership capable’ this decade Annual HH 2021 2030 Per capital income seen rising Income HH GDP: USD 3tn GDP: USD 7-8tn (AHI) Category ~2.5x over FY20-32 HH: 296mn HH: 386mn (INR mn) Lodha target segment >2.8 High Per Capital Income (USD) 9mn 23mn (6%) (3%) 6
Slide 50: 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 51: Robust job creation to sustain housing demand
Robust job creation to sustain housing demand India average wage growth across industries has been Wage bill of 60 large listed companies (excl. large-cap IT ) sustained at ~10% for long representing 16 sectors grew in double digit2 Wage bill growth (FY25 vs FY24) Head count growth (FY25 vs FY24) 10
Slide 52: Supply side consolidating - unlikely to keep pace with demand
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: 21% RERA, Demonetization, GST, Amendment to Benami Act. ✓ Funding squeeze for Tier – 2 & 3 developers: o NBFC’
Slide 53: '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 53
Slide 54: 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 Mortgage as % of GDP 89% risk mortgage market: LTV < 85%, no teaser rates 68% ✓ Strong performance of mortgages 52% through all parts of the cycle - 44% 45% Intense competition for safe 34% 39% haven mortg
Slide 55: 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 56: 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 57: Thank You!
Thank You! For any further information, please write to investor.relations@lodhagroup.com 57
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