Key Quantitative Figures - Q1 FY27 Financial Performance

Profitability:

  • Revenue: INR 50.0 billion, up 43.1% YoY (Q1FY26: INR 34.9bn)
  • Adjusted EBITDA: INR 21.5 billion, up 79.1% YoY (Q1FY26: INR 12.0bn)
  • Adjusted EBITDA Margin: 43.0%, expanded by 860 basis points YoY (Q1FY26: 34.4%)
  • Profit After Tax (PAT): INR 13.7 billion, up 103.3% YoY (Q1FY26: INR 6.8bn); described as "best ever quarterly PAT"
  • PAT Margin: 26.9%, expanded by 830 basis points YoY (Q1FY26: 18.6%)
  • The Q1 PAT represents 33% of the full-year guidance of INR 41 billion (which implies 20% growth over FY26 PAT of INR 34.3bn)

Balance Sheet (as of June 30, 2026):

  • Net Worth: INR 248.3 billion
  • Net Debt: INR 49.3 billion
  • Net Debt-to-Equity: 0.20x
  • Total Assets: INR 597.0 billion
  • Total Equity: INR 248.3 billion
  • Total Liabilities: INR 348.7 billion
  • Key Asset Line Items: Inventories (INR 393.8bn), Trade Receivables (INR 37.6bn), Cash and Bank Balances (INR 34.3bn), Loans (INR 34.1bn), Investments (INR 28.0bn)

Operational Performance - Q1 FY27

Pre-Sales and Collections:

  • Total Pre-Sales: INR 46.3 billion
  • Total Collections: INR 42.1 billion
  • Net Collections (net of Stamp Duty, GST, Hospitality & Property Management): INR 38.8 billion
  • Market-wise Breakdown:
  • MMR: Pre-Sales INR 40.9bn, Collections INR 31.6bn, Avg. Sales Price INR 30,083 psf
  • Pune: Pre-Sales INR 2.2bn, Collections INR 4.0bn, Avg. Sales Price INR 10,764 psf
  • Bengaluru: Pre-Sales INR 2.0bn, Collections INR 3.0bn, Avg. Sales Price INR 13,412 psf
  • Offices & Retail (Rent): Collections INR 0.8bn
  • Warehousing & Industrial: Collections INR 0.3bn

Construction and Cash Flow:

  • Total Construction Spends: INR 13.5 billion
  • Operating Cash Flow: INR 18.9 billion
  • Interest Paid: INR (1.4) billion
  • Surplus for Growth & Capital Providers: INR 17.5 billion
  • Growth Investments in 'DevCo' business (Land & approval cost): INR (11.5) billion
  • Investment in 'RentCo' (annuity portfolio): INR (1.5) billion
  • Net Debt decreased by INR 4.5 billion in the quarter

Business Development and Launches:

  • New Business Development in Q1: Added 1.9 million sq.ft. saleable area in Pune with estimated GDV of INR 23 billion
  • Launches in Q1: One new phase launched in MMR (0.4 million sq.ft.) with estimated GDV of INR 3.3 billion
  • Robust Launch Pipeline for rest of FY27: 15.6 million sq.ft. across 21 projects with total estimated GDV of INR 240.6 billion
  • MMR: 7.7 million sq.ft., INR 130.4bn GDV (6 owned + 5 JDA projects)
  • Pune: 2.3 million sq.ft., INR 22.7bn GDV (2 owned + 1 JDA projects)
  • Bengaluru: 4.5 million sq.ft., INR 57.9bn GDV (3 owned + 2 JDA projects)
  • NCR: 1.1 million sq.ft., INR 29.5bn GDV (2 JDA projects; starting operations in FY27)

Growth Drivers and Strategic Assets

Development Company (DevCo):

  • Unsold GDV: ~INR 2,000 billion (excluding land forming part of LandCo), stated as sufficient for next 5 years growth
  • Market share: <3.5% in value terms in primary housing sales in Top 6 cities
  • Operating across ~40 locations in MMR, Pune, Bengaluru & NCR

Rental Company (RentCo) - Annuity Income Growth Target:

  • FY26 Annuity Income: INR 2.9 billion
  • Target: 10x growth in annuity income over next six years (by FY32)
  • Annuity Portfolio Breakdown:
  • Data Center: Plan to build 1 GW powered shell; already signed MOUs with AWS, STT, and Digital Edge (latest in Jun-26)
  • Retail & Office: 3.9 million sq.ft. total area; 2.1 million sq.ft. completed; 1.3 million sq.ft. leased generating INR 1.8bn annualized rental income; target FY32 income: INR 6.0bn
  • Warehousing & Industrial: 5.1 million sq.ft. total area; 2.4 million sq.ft. completed; 2.61 million sq.ft. leased generating INR 1.2bn annualized rental income; target FY32 income: INR 4.0bn
  • Total target FY32 annual rental income: INR 30.0+ billion

Land Company (LandCo):

  • ~3,700 acres of high quality land at Palava & Upper Thane in MMR
  • Described as "largest major metro land holding of any developer in India"
  • Focus on maximizing value from this land other than required for DevCo up to FY31 and earmarked for DC Park
  • Expected to deliver INR 10+ trillion of sales over next three decades with ~50% EBITDA margins

Data Center Opportunity:

  • ~660 acre shovel-ready DC land around Navi Mumbai (DC Park)
  • 3 GW power currently available, plans to augment further
  • Approved under Green Integrated Data Centre Park Policy by Maharashtra Government with significant fiscal incentives
  • Anchor tenants already signed: Amazon Web Services (AWS), ST Telemedia (STT), and Digital Edge (signed June 2026)
  • Latest land transaction with Digital Edge at INR ~425 million/acre

Infrastructure Development Impact

Multiple infrastructure projects are noted as enhancing the attractiveness of Palava and Upper Thane locations:

  • Mulund-Airoli-Palava Freeway: Opening soon, expected to reduce travel time to 15-20 minutes to Airoli and 25 minutes to Mumbai
  • Mumbai-Ahmedabad Bullet Train: First stop after BKC at Palava, expected opening 2028/29
  • Navi Mumbai Airport: Inaugurated October 2025, 40-minute drive from Palava, full operations expected in CY26
  • Kalyan-Taloja Metro Line 12: Three stations within Palava, expected CY28

ESG & Brand Performance

  • S&P Global Corporate Sustainability Assessment 2025: Scored 78/100, retaining position in top 10 globally
  • MSCI ESG Rating: 'A' (on AAA-CCC scale)
  • Featured in Newsweek's "World's Most Trustworthy Companies 2025"
  • Member of FTSE4Good Index Series
  • Launched Lodha Theoretical Physics Institute, India's first privately funded institution of its kind
  • Completed 4th edition of Lodha Genius Programme with over 400 students
  • Achieved carbon neutrality for Scope 1, Scope 2, and select Scope 3 categories for FY2025 (ISO 14068-1 verified)
  • ~72.5 million sq.ft. of area certified under green building certifications

Management and Board

Key management highlighted includes Abhishek Lodha (Managing Director) and Shaishav Dharia (Whole-time Director). The board comprises eminent directors including Mukund Chitale (Independent Director and Chairman), Harita Gupta, Sushil Kumar Modi, Rajeev Bakshi, Rajinder Pal Singh, Lee Polisano, and Akhil Gupta.

Forward-Looking Statements

The document contains forward-looking statements subject to risks and uncertainties including regulatory changes, economic developments, and technological risks. The company undertakes no obligation to update these statements.