Lodha Developers Q2 FY27: PAT ₹1,373 Cr & Rev ₹4,997 Cr

1 Financial Results 🔴 High Importance ✨ Positive 📄 PDF

Investor Takeaways

Profit after tax surged 2x to ₹1,373 crores in Q1FY27

Revenue grew 43% to ₹4,997 crores year-on-year

Net debt reduced by ₹446 crores to ₹4,931 crores

20% CAGR profit growth target announced for long term

OPM improved to 31.98% in Q1FY27 from previous quarter's 26.59%

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹4,997 Cr	43%
Net Profit	₹1,373 Cr	2x
EBITDA	Not available	Not available
EPS	[amount not verified]	2x
OPM	31.98%	Increased from 26.59%

What Changed

The company demonstrated significant financial improvement in Q1FY27, with profit after tax increasing twofold to ₹1,373 crores compared to the same period last year. Revenue growth of 43% to ₹4,997 crores was driven by robust project execution and land value appreciation. Net debt declined by ₹446 crores to ₹4,931 crores, reflecting successful deleveraging efforts. The business model is showing improved operational efficiency, as evidenced by operating profit margin expansion from 26.59% in Q4FY24 to 31.98% in Q1FY27. Management highlighted strategic initiatives including new data center and foundation projects to support future growth.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Lodha Developers	33.53	N/A	N/A	84,909.91
DLF Limited	35.01	N/A	N/A	1,40,288.48
The Phoenix Mills	46.02	N/A	N/A	62,174.6
Oberoi Realty	22.79	N/A	N/A	58,801.75

Lodha Developers trades at a discount to DLF and The Phoenix Mills based on P/E ratio, while commanding a premium to Oberoi Realty.

Risks & Concerns

No specific risks identified in the provided filing data

Market volatility in real estate sector remains a sector-wide consideration

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	4,083	944.8	31.98
Q2FY25	2,625.7	423.1	26.83
Q1FY25	2,846.5	475.9	26.59
Q4FY24	4,018.5	667	26.05

2 Financial Results 🔴 High Importance ✨ Positive 📄 PDF

📢 Key Event
Lodha Developers reported Q1 FY27 PAT of ₹13.7bn (103.3% YoY growth) with margin expansion to 26.9% and net debt ratio of 0.20x.

🔄 What Changed
PAT margin expanded by 830 bps YoY to 26.9% and net debt ratio improved to 0.20x (well below 0.5x ceiling).

🔮 What's Next
Targets 20% PAT CAGR through low leverage and 10x growth in annuity income by FY32.

💡 Investor Takeaway
Strong PAT growth and margin expansion reflect operational efficiency and low leverage, supporting sustainable profitability.

Lodha Developers reported Q1 FY27 revenue of ₹50.0bn (43% YoY growth) and PAT of ₹13.7bn (103.3% YoY), with PAT margin expanding to 26.9% (830 bps increase) and net debt ratio at 0.20x (well below 0.5x ceiling). The company highlighted robust cash flow (INR 18.9bn operating cash flow), pre-sales of INR 46.3bn, and a conservative leverage profile. Strategic growth drivers include a data center park (660 acres, 3 GW power, anchor tenants like AWS), infrastructure upgrades in Palava, and a pipeline of new projects across MMR, Pune, Bengaluru, and NCR. The firm targets 20% PAT CAGR through low leverage and annuity income growth, with 10x growth expected in 6 years.

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About Lodha Developers Limited (LODHA)

Realty · Realty · Listed on NSE

Market Cap: ₹84,909.91 Cr P/E: 33.5

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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