LODHA Developers Limited
Lodha or Macrotech Developers (formerly known as Lodha Developers) is an Indian multinational real estate company headquartered in Mumbai, India. It was founded in 1980 by Mangal Prabhat Lodha. It has developed residential and commercial properties in Mumbai, Thane, Hyderabad, Pune and London. Some of its notable projects include Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai and Lodha Park.The company is also credited for developing Palava, an integrated smart city near Mumbai. The company was listed as Macrotech Developers on 19 April 2021.
Key Business:
- Easy Lease
- Loyalty Program
- Home Loan Support
- Registration Support
- Facility Management
- NRI Services
Shareholding Pattern (Dec 2025)
Financial Summary:
| Particulars | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 |
| Sales | 5,449 | 9,233 | 9,470 | 10,316 | 13,780 |
| Sales Growth % | -56.21% | 69.46% | 2.57% | 8.93% | 33.57% |
| Expenses | 4,066 | 7,047 | 7,406 | 7,651 | 9,793 |
| Operating Profit | 1,383 | 2,186 | 2,064 | 2,665 | 3,987 |
| OPM % | 25% | 24% | 22% | 26% | 29% |
| Other Income + | -140 | 293 | -1,037 | 48 | 390 |
| Net Profit | 48 | 1,208 | 490 | 1,554 | 2,767 |
| EPS in Rs | 0.51 | 12.49 | 5.05 | 15.58 | 27.71 |
| Dividend Payout % | 0% | 0% | 20% | 14% | 15% |
Synopsis of Financials:
Q3FY26 Performance Snapshot (Operational + Financial):
- Revenue from operations INR 46.6bn (+29% YoY; excluding prior-year lumpy land sale impact).
- Adjusted EBITDA INR 14.9bn (+23% YoY); ~32% margin.
- PAT INR 9.5bn.
- Net debt: INR 61.7bn, 0.28x equity (well below 0.5x ceiling). Management expects further moderation: “hopeful that we will further moderate this ratio.”
Final Outlook:
Lodha Developers has shown a strong turnaround in recent years. Sales, profits, and margins have improved steadily, while debt has reduced significantly. The company is benefiting from strong housing demand, disciplined pricing, and better execution of projects. With record pre-sales and a healthier balance sheet, Lodha is now in a much stronger position compared to earlier years. However, being a real estate business, it remains sensitive to interest rates and economic conditions.
Recent Performance (Q3 FY26 – Easy View):
- Revenue: ₹4,660 Cr (+29% YoY)
- EBITDA margin: ~32% (very healthy for real estate)
- Net Profit: ₹950+ Cr
- Record quarterly pre-sales of ₹56,000 Cr
- Net debt to equity at 0.28x, much lower than management limit
Final Verdict: HOLD
Lodha Developers is a well-performing real estate company with strong sales momentum, improving profitability, and falling debt.
👉 HOLD for medium- to long-term investors who are comfortable with real estate sector cycles.
