Financial Performance Highlights

Q2 FY27 Results (Standalone and Consolidated):

  • Pre-sales: ₹470 crore, up 83% YoY (vs. ₹257 crore in Q2 FY26)
  • Total Revenue: ₹269 crore, up 53% YoY
  • EBITDA: ₹107 crore, up 113% YoY (vs. ₹50 crore in Q2 FY26)
  • EBITDA Margin: 39.9%
  • PAT: ₹89 crore, up 91% YoY (vs. ₹46 crore in Q2 FY26)
  • Collections: ₹60 crore for the quarter

H1 FY27 Results:

  • Pre-sales: ₹879 crore, up 176% YoY (vs. ₹319 crore in H1 FY26)
  • Total Revenue: ₹401 crore, up 69% YoY
  • EBITDA: ₹155 crore, up 95% YoY
  • EBITDA Margin: 38.8%
  • PAT: ₹134 crore, up 86% YoY (vs. ₹72 crore in H1 FY26)
  • Collections: ₹209 crore for the half year

Business Development and Project Updates

New Projects Added in Q2:

  • Lotus Impressa at Shivaji Park, Dadar West
  • Lotus Stellar in Versova
  • Lotus Supremus in Juhu
  • Combined estimated GDV: ₹2,700-2,800 crore

Current Pipeline:

  • 24 ongoing and upcoming projects
  • Aggregate GDV: Approximately ₹20,000 crore
  • 19 projects are redevelopment-led
  • Estimated project-level surplus: ₹9,500 crore over development cycle

Upcoming Launches for H2 FY27:

  • Lotus Aurelia
  • Lotus Sky Plaza
  • Lotus Portofino
  • Lotus Odyssey
  • Combined estimated GDV: ₹3,500-4,000 crore

Specific Project Performance:

  • Lotus Trident (Andheri West commercial): Pre-sales of ₹178 crore in first full quarter since June launch
  • Lotus Aquaria (Prabhadevi): Healthy inquiry levels, expected traction in coming quarters
  • Lotus Celestia: 36% sales within six months of launch
  • Amara project: RCC completed, expecting OC this quarter or definitely within FY27
  • Athena project: RCC stage, expecting OC before March 2027

Market Context and Strategy

Mumbai Real Estate Market:

  • Mumbai remains India's largest housing market with sales in first nine months of 2026 at highest since 2018
  • Luxury segment leading with homes priced above ₹10 crores reaching record ₹18,500+ crores in H1 2026
  • Prime residential prices rose 6.2% YoY, more than twice global average
  • Demand driven by end users upgrading to larger homes in better locations
  • Scarce land in prime micromarkets makes redevelopment principal route to new supply

Interest Rate Impact:

  • RBI raised repo rate by 25 bps to 5.5% in October 2026 (first increase since early 2023)
  • Luxury segment considered less sensitive to borrowing costs as buyers rely less on home loans
  • Management does not expect material demand alteration in their operating micromarkets

Financial Position and Capital Deployment

Balance Sheet:

  • Net cash position: ₹494 crore as of September 30, 2026
  • Provides financial flexibility for ongoing projects, upcoming launches, and new development opportunities

IPO Proceeds Utilization:

  • Raised approximately ₹792 crore through fresh issue (net proceeds ₹732 crore after issue expenses)
  • ₹550 crore earmarked for subsidiary (Amalfi, Arcadian, and Varun projects)
  • ₹305 crore deployed as of September 30, 2026
  • On track with planned utilization schedule

Management Guidance and Outlook

FY27 Guidance Reaffirmed:

  • Pre-sales: ₹1,800-2,000 crore
  • Revenue growth: 55-60% over FY26 levels
  • PAT growth: 55-60% over FY26 levels
  • EBITDA margin: 35-40%
  • PAT margin: 25-30%

Medium-term Outlook:

  • Project completion timeline: 2.5-3.5 years typically
  • Plan to complete current pipeline of ₹20,000 crore GDV over next 4-4.5 years
  • Continuous project addition expected every quarter

Operational Philosophy and Competitive Advantages

  • Project selection based on location strength and margins, not scale
  • Full oversight of every development stage from design to customer engagement
  • Net debt-free company with no interest burden
  • Minimal marketing expenses
  • Fast project cycle (2.5-3.5 years completion)
  • Efficient fund deployment and sales velocity
  • Premium pricing policy
  • Strong credibility with housing societies and development partners

GIFT City Project Details

  • 5.5-acre land parcel on river Sabarmati in GIFT area
  • Ownership land with GIFT City as planning authority
  • Expected mixed-use development (commercial, retail, residential)
  • Expected development: 1.3-1.5 million square feet
  • Awaiting town planning scheme declaration for approvals

Q&A Session Key Points

Margin Sustainability:

  • Attributed to net debt-free status, minimal marketing expenses, fast project cycles, efficient fund deployment, and premium pricing
  • Expected to continue at guided levels

Collections Timeline:

  • Collections linked to construction milestones (5-10% at launch, ~25% at plinth level)
  • H1 collection of ₹209 crore represents ~25% of ₹879 crore pre-sales
  • Expect improved collections in H2 as projects progress beyond basement level
  • Three projects expected to be completed next year, which should yield 95-100% collection

Commercial Projects:

  • Five commercial projects in portfolio
  • Commercial redevelopment becoming more significant part of pipeline
  • Margins similar to guided 33-35% EBITDA range

Project Timelines:

  • Some timeline extensions due to regulatory approvals and multiple party involvement
  • Lotus Monarch extended by one year due to multiple parties (society, trust, Charity Commissioner, Government)
  • Ghatkopar Salona project timeline extended
  • Guidance remains unchanged despite timeline adjustments

Cash Flow Outlook:

  • New project development requires 8-10% of project cost upfront
  • Q2 business development spending of ~₹300 crore included upfront government fees to secure cost savings
  • Sufficient cash balance available for new projects
  • Operating cash flow positivity depends on project mix and stage
  • Project-level cash positivity achievable as projects reach advanced stages

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