Lodha Developers Ltd.

•

lodhagroup.comBSE: 543287NSE: LODHA

Market Cap₹ 1,17,122 Cr.

Current Price

High / Low₹ 1,345 / 651

Stock P/E28.4

Book Value₹ 241

Price to Book2.98

Dividend Yield0.36 %

ROCE16.9 %

ROE16.2 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Realty

Buy

Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.

Confidence

75%

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PROS

Company has delivered good profit growth of 135.0% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 103.4% YoY, showing strong momentum
Company has delivered good sales growth of 25.1% CAGR over last 5 years
Operating margins have improved to 29.5% from 23.3%

CONS

Receivables are growing faster than sales - a possible quality concern
Total debt has risen sharply - up 39.6% year on year
Growth is decelerating - 3Y profit CAGR (91.4%) trails the 5Y trend (135.0%)
Though reporting repeated profits, the company pays out little dividend (12.4%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY NEXT 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT NIFTY 500 NIFTY 100

S.No.	Name
1.	DLF	655.00	36.47	162132.92	1.22	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1172.00	28.39	117122.07	0.36	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1890.00	52.81	67601.12	0.13	394.51	22.95	1074.94	12.80	15.41	59.77
4.	PRESTIGE	1543.95	58.39	66502.59	0.13	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1785.00	24.68	64903.00	0.45	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1869.00	35.18	56299.23	0.54	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	ANANTRAJ	608.70	37.86	21905.71	0.16	149.19	18.50	631.40	6.58	12.23	29.53
8.	BRIGADE	651.35	30.58	21250.90	0.23	216.94	37.35	1115.55	-12.93	11.02	32.33
9.	ABREL	1336.50	112.87	14928.13	0.19	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1237.20	57.37	13232.33	0.48	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	772.75	10.42	10871.51	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	MAXESTATES	557.20	788.19	9113.84	0.00	8.35	-30.00	51.91	0.86	2.05	15.65

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,617	1,750	2,931	4,018	2,846	2,626	4,083	4,224	3,492	3,798	4,672	4,714	4,997
	1,287	1,334	2,048	2,972	2,090	1,921	2,777	3,004	2,507	2,690	3,257	3,301	3,323
Operating Profit	330	416	883	1,047	757	705	1,306	1,221	984	1,109	1,415	1,413	1,674
OPM %	20.40%	23.78%	30.12%	26.05%	26.59%	26.83%	31.98%	28.90%	28.19%	29.19%	30.29%	29.97%	33.50%
	54	6	-77	65	72	59	64	196	133	80	103	127	100
Interest	124	123	117	116	117	136	144	152	148	156	185	167	179
Depreciation	24	29	33	117	60	66	67	78	66	71	98	111	69
Profit before Tax	236	269	656	879	651	560	1,158	1,187	904	961	1,236	1,262	1,776
Tax %	23.53%	23.18%	21.94%	24.06%	26.84%	24.41%	18.45%	22.21%	25.27%	17.79%	23.10%	20.28%	22.68%
Net Profit	0	0	0	0	476	423	945	923	675	790	958	1,008	1,373
	1.85	2.09	5.22	6.84	4.78	4.25	9.48	9.26	6.76	7.90	9.59	10.09	13.73

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	7,926	9,677	11,907	12,443	5,449	9,233	9,470	10,316	13,780	16,676	18,181
	6,313	7,998	8,741	10,670	4,310	8,189	7,537	9,280	9,811	11,757	12,571
Operating Profit	1,613	1,679	3,166	1,772	1,139	1,044	1,933	1,036	3,969	4,919	5,611
OPM %	20.36%	17.35%	26.59%	14.24%	20.90%	11.31%	20.41%	10.05%	28.80%	29.50%	30.86%
	600	288	72	263	104	1,434	-903	1,688	410	445	410
Interest	736	390	566	740	1,136	688	479	480	550	657	688
Depreciation	460	395	180	292	73	75	93	204	272	345	349
Profit before Tax	1,001	1,182	2,492	1,003	33	1,716	452	2,028	3,556	4,371	5,234
Tax %	41.66%	32.82%	33.91%	26.07%	-44.42%	29.60%	-8.18%	23.35%	22.19%	21.52%	21.30%
Net Profit	584	794	1,647	742	48	1,208	490	1,554	2,767	3,431	4,119
EPS	15.26	19.79	41.40	18.38	1.01	24.97	10.10	15.58	27.71	34.32	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	19.80%	14.44%	15.34%	12.38%	—

COMPOUNDED SALES GROWTH

10 Years:: 7%
5 Years:: 25%
3 Years:: 21%

COMPOUNDED PROFIT GROWTH

10 Years:: 18%
5 Years:: 143%
3 Years:: 92%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 17%
3 Years:: 12%
1 Year:: -5%

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 12%
3 Years:: 14%
Last Year:: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	113	396	396	396	396	482	482	994	998	999
Minority Interest	134	43	535	519	527	57	60	65	67	143
	3,920	4,756	3,448	4,156	4,203	11,584	12,076	16,330	19,056	22,146
	16,324	22,856	23,582	18,821	18,591	11,339	8,972	7,592	7,116	8,504
Trade Payables	2,348	1,925	2,057	2,050	1,533	1,386	1,966	2,531	2,936	3,403
	11,092	10,276	19,501	14,657	13,849	13,556	15,357	19,685	19,424	23,484
Total Liabilities	33,931	40,251	49,519	40,599	39,098	38,404	38,912	47,198	49,597	58,680
	1,544	1,998	1,922	1,733	1,670	1,658	1,674	1,023	966	1,188
Capital Work in Progress	109	6	6	6	6	0	0	0	0	0
	1,180	1,384	1,405	1,553	1,579	574	246	2,500	1,250	1,454
	22,208	31,434	41,512	29,031	28,301	27,358	30,117	33,993	36,476	40,254
	0	0	0	794	655	645	739	800	776	1,472
Cash & Bank	279	522	658	187	367	1,246	1,824	2,635	1,742	3,586
	8,611	4,907	4,017	7,294	6,521	6,924	4,312	6,246	8,388	10,726
Total Assets	33,931	40,251	49,519	40,599	39,098	38,404	38,912	47,198	49,597	58,680

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,913	1,260	-153	3,772	2,524	1,998	2,750	2,512	1,566	959
Cash from Investing	-1,174	-655	-184	212	420	1,139	1,778	-2,947	-90	-780
Cash from Financing	-312	24	738	-4,188	-2,835	-2,888	-3,706	951	-2,506	1,589
	-16	65	88	-205	109	250	822	516	-1,030	1,768

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.13	72.11	71.98	71.94	71.90	71.87	71.85	72.27	70.31
	24.18	24.20	24.45	24.64	24.89	24.11	23.49	21.24	23.62
	2.96	2.78	2.63	2.36	2.19	2.73	3.17	4.62	3.56
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.73	0.91	0.93	1.05	1.01	1.28	1.48	1.86	2.47

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Allotment of Securities

2026-09-09 - Lodha Developers Limited has informed the Exchange regarding allotment of 111859 securities pursuant to ESOP/ESPS at its meeting held on September 09, 2026

2026-09-07

Copy of Newspaper Publication

2026-09-07 - Lodha Developers Limited has informed the Exchange about Copy of Newspaper Advertisement regarding NCLT Convened Meeting of Equity Shareholders and Secured Creditors (including Secured Debenture Holders) of the Company

2026-09-04

Shareholders meeting

2026-09-04 - Lodha Developers Limited has informed the Exchange regarding Notice of Court Convened General Meeting of Secured Creditors (including Secured Debenture Holders) to be held on October 09, 2026

2026-09-04

Shareholders meeting

2026-09-04 - Lodha Developers Limited has informed the Exchange regarding Notice of Court Convened General Meeting of Equity Shareholders to be held on October 09, 2026

2026-08-31

Acquisition

2026-08-31 - Lodha Developers Limited has informed the Exchange about Acquisition of balance stake in Bellissimo Infratech Private Limited (Formerly known as Solidrise Realty Private Limited)

2026-08-31

Change in Management

2026-08-31 - Lodha Developers Limited has informed the Exchange about change in Management

2026-08-21

ESOP/ESOS/ESPS

2026-08-21 - Lodha Developers Limited has informed the Exchange regarding Allotment of 44715 Shares.

2026-08-14

Shareholders meeting

2026-08-14 - Lodha Developers Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 14, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.

2026-08-12

Allotment of Securities

2026-08-12 - Lodha Developers Limited has informed the Exchange regarding allotment of 49395 securities pursuant to ESOP/ESPS at its meeting held on August 12, 2026

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