Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 23 Sep
Source: Bse
Lodha Developers Limited (LODHA)
Large CapReal Estate stocks · Large cap · NSE
Lodha Developers (formerly Macrotech Developers) is a leading Indian housing developer across luxury, premium & mid-income segments in MMR, Pune, Bengaluru, and NCR (starting FY27). It delivered INR 205bn presales in FY26, with a 28% 5-year CAGR. The company also develops annuity income streams (RentCo) and monetizes land (LandCo).
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result25 Jul, 12:08 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Real Estate P/E 22.2 (n=72)
Technical timing lens
Trend score and candlestick chart
36BearishSMA20 -7.5% / mo · MACD − · sector -5.2pp vs Nifty 500 (3M)
Stock trend: 30
Sector RS: 45
Sector 3M: -10.8% vs Nifty 500 -5.6%
Real Estate FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
LODHAD candles · FIT view+15.4%Latest close ₹1015.00 on 2026-10-21
Bar
-2.4%
RSI
32
MACD hist
-5.86
52W pos
52%
2026-10-21O ₹1040.00H ₹1047.40L ₹1005.60C ₹1015.00Vol 12.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
LODHANifty RealtyNifty 500
- LODHA
- -15.3%
- Nifty 500
- -6.5%
- Nifty Realty
- -13.1%
- Vs Nifty 500
- -8.8 pp
Chart stats
21 Oct 2026- From 52W high
- -24.5%
- 52W range position
- 52%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.78x
- Avg traded value
- ₹181 Cr
- 20D price channel
- ₹1,005.6 - ₹1,177.5
₹1,345
₹650.8 - ₹1,345
₹36
Latest completed session
20-session average
32.4% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED64
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +43.1% · PAT +103.4% YoY
Technical
Bearish36
Price trend and sector-relative-strength timing.
Valuation
Legacy model+26.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
High Trust88
medium confidence · 7/8 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +43% YoY · PAT +103% YoY · margin expansion · +6% QoQ · operating leverage
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,997 Cr | +43.1% | +6.0% |
| EBITDA | ₹1,922 Cr | +95.3% | +36.0% |
| Operating margin | 38.0% | +1000 bps | +800 bps |
| PAT | ₹1,373 Cr | +103.4% | +36.2% |
| PAT margin | 27.5% | +815 bps | +610 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 25.60
- P/B
- 4.54
- EV/EBITDA
- 18.58
- Market Cap
- 105407.00Cr
Profitability
- ROE
- 15.50%
- ROCE
- 16.40%
- ROA
- 7.04%
- Dividend Y
- 0.40%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 58.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 56.00%
Balance Sheet
- Debt/Equity
- 0.42
- Interest Coverage
- 8.51×
- Altman Z
- 3.10
- Book Value
- 233.00
Cash Flow
- FCF Yield
- 0.95%
- FCF Positive Y
- 7/5
- OCF
- 959.00 Cr
- EPS TTM
- 41.30
Shareholding
- Promoter Hold
- 70.31%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 59%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 4,997+6.0% vs prev
Net Profit
₹ CrLatest: 1,373+36.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 32.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~8.1% over last month) — short-term momentum negative.
- RSI(14) at 32 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 25% off 52W high · 56% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
60
RS percentile
Stage 1 Base / Transition
1M return
-10.8%
3M return
-15.3%
6M return
+18.5%
1Y return
-13.9%
RS 1D
+2
RS 20D
-16
Sector rank
#14
Industry rank
#19
Stage evidence
- Price is within 0.5% of the 30-week proxy.
- The 30-week proxy changed +2.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
lagging
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 91.48-0.54%
RS vs Nifty 50091
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation6/30
Growth25/25
Quality15/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
64
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
64/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 26.2%.
- Growth contributes 25/25 to the score.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Primary lens
NAV and market cap versus project pipeline and pre-sales.
Secondary checks
Inventory age, net debt, collections, execution record.
Main risk check
Book value can overstate value if inventory is slow or debt is high.
PE
25.6
PB
4.5
EV/EBITDA
18.6
ROE
15.5%
ROCE
16.4%
FCF Yield
0.9%
Debt/Equity
0.4
MoS
+26.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
64
Previous: 64
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+26.2%
Previous: +25.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
62
62
62
62
62
62
62
62
62
62
64
64
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹465.31
-118.1% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹1,375.29
+26.2% MoS
PEG
0.45
Comparable companies
Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
OBEROIRLTY
Mid
Oberoi Realty Limited
Real Estate
match 165
55
23.4
14.6%
+30%
FAIR VALUE
SOBHA
Large
Sobha Limited
Real Estate
match 164
28
55.9
4.2%
-64%
OVERVALUED
DLF
Large
DLF Limited
Real Estate
match 164
40
36.4
9.5%
-10%
WATCHLIST
LPDC
Small
Landmark Property Development Company Limited
Real Estate
match 164
58
9.8
3.7%
+71%
FAIR VALUE
PRESTIGE
Mid
Prestige Estates Projects Limited
Real Estate
match 163
25
55.8
7.5%
-67%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T18:08:34.556Z
Management commentary snapshot
Lodha reports strong FY26 performance with presales up 16% YoY to INR 205.3bn and PAT up 24% YoY to INR 34.3bn. Q4FY26 saw best-ever quarterly presales of INR 58.9bn (+23% YoY). Net debt reduced by INR 8.0bn QoQ to INR 53.8bn, with D/E at 0.23x, well below the 0.5x ceiling.
The company demonstrates robust operational and financial performance, exceeding project addition guidance and maintaining conservative leverage. Strategic expansion into NCR and significant infrastructure development around Palava provide clear growth catalysts, supporting the long-term thesis.
Growth engines
Palava & Upper Thane Development
Set to deliver INR 10+ tn of sales over next three decades with ~50% EBITDA margins, driven by MMR infrastructure upgrades.
NCR Market Entry
Entered NCR, India's second largest real estate market, with two JDA projects signed in Gurgaon with GDV of INR 33 bn (1.1 msf) to start operations in FY27.
Annuity Income Pool (RentCo)
Targeting 10x growth in Annuity income over the next six years, with plans to build 1 GW power shell data center (BTS), largely self-funded from land sales.
Market Share Expansion
Current market share of <3.5% (value terms) in primary housing sales in Top 6 cities, indicating significant headroom for growth.
Capacity and execution
New Projects Added (FY26)
Added twelve projects across MMR, Pune, Bengaluru, and NCR with GDV of INR ~600 bn (21.6 msf), which is 2.4x the annual guidance of INR 250 bn.
FY27 Launch Pipeline
Robust DevCo launch pipeline for FY27 includes 19 projects (new projects and new phases) with an estimated GDV of INR 218 bn (15.0 msf).
Tailwinds
MMR Infrastructure Upgrades
Navi Mumbai International Airport (operational Oct-25), Mulund-Airoli-Palava Freeway (opening soon), Bullet Train station at Palava (CY28/29), and Kalyan-Taloja Metro (CY28) enhance Palava's attractiveness.
Digital Ecosystem at Palava
Land value at Palava scaled up 8x in ~4 years due to traction with anchor data center operators like AWS and STT, with significant fiscal incentives from Maharashtra Govt.
Housing Affordability & Wealth Effect
Consistent housing price increase below wage growth improves affordability, leading to increased volumes and significant wealth creation for homeowners.
Industry Consolidation
Regulatory push (RERA, GST) and funding squeeze for Tier 2 & 3 developers are leading to market share gains for top listed developers.
Headwinds
Geopolitical Impact on Sales
Management stated that March (Q4FY26) saw select deferral of sales due to the Iran war.
Risk radar
Regulatory Changes
Forward-looking statements are subject to certain risks and uncertainties like regulatory changes.
Local Political or Economic Developments
Forward-looking statements are subject to certain risks and uncertainties like local political or economic developments.
Technological Risks
Forward-looking statements are subject to certain risks and uncertainties like technological risks.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual growth and mitigating seasonal fluctuations inherent in the real estate sector. QoQ comparison is relevant for tracking sequential momentum in presales, collections, and debt reduction, especially given Q4FY26 was a record quarter.
Sector KPIs management disclosed
Presales
FY26: INR 205.3 bn (+16% YoY); Q4FY26: INR 58.9 bn (+23% YoY), best ever quarterly performance.
Collections
FY26: INR 149.6 bn (+5% YoY); Q4FY26: INR 51.8 bn (+18% YoY).
Launches (GDV)
FY26: INR ~369 bn (16.3 msf, 30 projects); Q4FY26: INR ~140 bn (6.7 msf, 12 projects).
Net Debt
INR 53.8 bn in FY26, reduced by INR 8.0 bn QoQ. Net D/E at 0.23x, well below the 0.5x ceiling. Average cost of debt at 7.8% (down ~90 bps YoY).
Management forward view
FY27 Guidance
Management guides for FY27 presales of INR 240 bn and Embedded EBITDA Margin of 32-34%.
PAT CAGR Target
Focus to deliver ~20% PAT CAGR from FY26 (INR 35 bn) to FY31 (INR 85 bn+).
Deleveraging Strategy
Target of debt-free DevCo in next few years, with only RentCo to have debt. Net debt ceiling of <0.5x D/E.
Data Center Development
Plan to build 1 GW powered shell (BTS) data center, largely self-funded from land sales in DC Park.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Presales Growth | FY26: INR 205.3 bn (+16% YoY) | Achievement of FY27 guidance of INR 240 bn. |
| Net Debt/Equity | 0.23x (FY26) | Continued deleveraging towards the target of debt-free DevCo. |
| Annuity Income Growth | FY26: INR 2.9 bn | Progress towards the stated target of 10x growth in annuity income over the next six years. |
| NCR Market Penetration | Signed two JDA projects with GDV of INR 33 bn | Successful launch and sales traction in the new NCR market starting FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
revenue outlooknot yet verifiablequantified
Company is on track to meet its FY26 pre-sales guidance of INR 210 billion.
Timeframe: FY26Direction: meet guidanceConfidence: on track
"on track to meet our FY26 guidance of INR 210 bn"
revenue outlookdeliveredquantified
Company is on track to meet its FY26 pre-sales guidance of INR 210 billion.
Timeframe: FY26Direction: meet guidanceConfidence: on track
"on track to meet our FY26 guidance of INR 210 bn"
Outcome check: Revenue YoY averaged 23.0% across 3 later quarter(s).
revenue outlooknot yet verifiablequantified
Expected Q3 pre-sales of INR 60 billion (+/-5%).
Timeframe: Q3 FY26Direction: specific valueConfidence: expected
"Expected Q3 pre-sales of INR 60 bn (+/-5%)"
revenue outlookdeliveredquantified
Expected Q3 pre-sales of INR 60 billion (+/-5%).
Timeframe: Q3 FY26Direction: specific valueConfidence: expected
"Expected Q3 pre-sales of INR 60 bn (+/-5%)"
Outcome check: Revenue YoY averaged 23.0% across 3 later quarter(s).
revenue outlooknot yet verifiablequantified
Palava & Upper Thane are set to deliver approximately US$ 175 billion of sales over the next three decades with around 50% EBITDA margins.
Timeframe: next 3 decadesDirection: growth, expansionConfidence: set to deliver
"Palava & Upper Thane set to deliver US$ ~175bn of sales over next 3 decades"
revenue outlookdeliveredquantified
Palava & Upper Thane are set to deliver approximately US$ 175 billion of sales over the next three decades with around 50% EBITDA margins.
Timeframe: next 3 decadesDirection: growth, expansionConfidence: set to deliver
"Palava & Upper Thane set to deliver US$ ~175bn of sales over next 3 decades"
Outcome check: OPM moved from 29.0% to average 30.0% (+1.0 pp).
revenue outlooknot yet verifiablequantified
The company is targeting a net annual annuity income of INR ~15 billion by FY31.
Timeframe: by FY31Direction: growthConfidence: targeting
"Targeting net annual income of INR ~15bn by FY31"
revenue outlookdeliveredquantified
The company is targeting a net annual annuity income of INR ~15 billion by FY31.
Timeframe: by FY31Direction: growthConfidence: targeting
"Targeting net annual income of INR ~15bn by FY31"
Outcome check: Revenue YoY averaged 23.0% across 3 later quarter(s).
Trust Score
88High Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Management has 100% delivered/partly-delivered outcomes on 7 checked claims. It ranks around the 100th percentile of the scored universe and 100th percentile within Real Estate. No major sub-score weakness stands out.
High Trust: 7/8 extracted management claims have outcome checks; 100% were fully delivered and 0 were partially delivered. 7/7 matched management claims were delivered.
Computed 21 Oct 2026
management-trust-v1
40 extracted concalls · 7/8 claims matched
Score band
High Trust
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
Relative rank
100th percentile
overall median 67 · Real Estate: 100th pctile, median 61 · Large: 99th pctile, median 73
Evidence depth
Medium sample
7/8 claims have outcome checks.
Claim delivery
100% delivered or partly delivered
7/8 claims checked · No contradicted claim yet
How to read this Trust Score
High Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 70.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸7 years of positive FCF.
Trust risks
- ▸Promoter holding fell 1.6%.
Continue researching Lodha Developers Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Sep - Company has informed exchange regarding allotment of 1,11,859 securities pursuant to ESOP
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - Newspaper Advertisement regarding NCLT Convened Meeting of Equity Shareholders and Secured Creditors (including Secured Debenture Holders) of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 21 Aug - Company has informed exchange regarding allotment of 44,715 securities pursuant to ESOP
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 12 Aug - Company has informed exchange regarding allotment of 49,395 securities pursuant to ESOP
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Lodha Developers scheduled investor conferences on Aug 12, 17, Sep 1, 16, 21 and 22, 2026.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 10 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Jul - Company has informed exchange regarding allotment of 22,798 securities pursuant to ESOP
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Jun - Company has informed exchange regarding allotment of 34,359 securities pursuant to ESOP
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 15 Jun - Company has informed exchange regarding allotment of 57,982 securities pursuant to ESOP
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 20 May - Company has informed exchange regarding allotment of 3,164 securities pursuant to ESOP
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.