Sri Lotus Developers and Realty Limited (LOTUSDEV)
Micro CapReal Estate stocks · Micro cap · NSE
Sri Lotus Developers & Realty is a Mumbai-based luxury and ultra-luxury residential and commercial developer. It focuses on asset-light redevelopment and joint development projects, known for rapid execution ahead of RERA timelines. The company reported a net cash balance of INR 697 Crs as of March 2026.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 62/100Rev +116% YoY · PAT +77% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹132 Cr | +116.4% | -57.1% |
| EBITDA | ₹48 Cr | +65.5% | -60.3% |
| Operating margin | 36.0% | -1200 bps | -300 bps |
| PAT | ₹46 Cr | +76.9% | -54.5% |
| PAT margin | 34.9% | -777 bps | +206 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
LOTUSDEV reported strong FY26 pre-sales of INR 1,157 Crs (+137% YoY) and revenue of INR 769 Crs (+40% YoY), with PAT at INR 243 Crs (31.6% margin). Q4FY26 pre-sales were INR 462 Crs, driven by new launches.
The company delivered robust FY26 performance with significant pre-sales growth and healthy profitability, supported by new launches and an asset-light model. The strong project pipeline and positive FY27 guidance suggest continued momentum in the luxury segment, though negative operating cash flow warrants monitoring.
Upcoming Projects Carpet Area by Development Type
Latest issuer-disclosed distribution across 3 reported categories.
Focus on Luxury & Ultra-Luxury Segment
The company focuses on redevelopment projects in the luxury and ultra-luxury segment in Mumbai, which offers highest sales velocity.
Asset-Light Model
The business operates on an asset-light model, with ~100% of new projects undertaken through redevelopment & Joint Development, providing financial flexibility.
Rapid Project Execution
Rapid project execution with completion of residential developments 12-18 months ahead of RERA timelines drives superior control and customer satisfaction.
Micro-Market Expansion
Strategic expansion into other micro-markets of Mumbai like Bandra, Versova, South-Central Mumbai, and Eastern Suburbs, leveraging an established foothold.
FY26 New Project Additions
During FY26, the company added nine new projects with a cumulative GDV of ~INR 8,500–9,000 Crs.
Q4FY26 Project Launch
Project Celestia (Versova) was launched in Q4FY26 with an estimated GDV of ~INR 1,400-1,500 Crs, achieving INR 155 Crs in bookings.
GIFT City Flagship Project
A mixed-use project in GIFT City area with ~1 Mn. Sq. Ft. carpet area and estimated GDV of INR 2,000-2,200 Crs is expected to commence in Q1 FY28.
FY27 Planned Launches
The company plans to launch six projects in FY27 with an estimated GDV of ~INR 5,000–5,500 Crs.
Strong Demand in Luxury Segment
Management noted resilience of demand in the luxury and ultra-luxury residential portfolio. The luxury segment (> ₹2.5 cr.) in India grew from 3% in CY21 to 22% in Q1CY25.
MMR Market Leadership
MMR (Mumbai Metropolitan Region) is leading in launches (31-35%) and absorption (32-34%) in the Indian real estate market.
Demand for Commercial Spaces
Strong demand from financial institutions, fintech firms, and allied sectors for Grade-A commercial spaces, particularly for the upcoming GIFT City project.
Negative Operating Cash Flow
UNDER_STRESSNet Cash from Operating Activities was negative at -325.8 Crs in FY26, a significant deterioration from -19.5 Crs in FY25, primarily due to changes in working capital.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial for assessing overall growth and project cadence in the real estate sector, which often has lumpy revenues. QoQ is relevant for evaluating sequential momentum from new launches and collections.
Presales
FY26 Pre-Sales stood at INR 1,157 Crs, registering a strong 137% YoY growth. Q4FY26 Pre-Sales stood at INR 462 Crs, up 177% YoY.
Collections
FY26 Collections were INR 376 Crs. Q4FY26 Collections were INR 82 Crs, up 68% YoY.
Launches
During Q4FY26, Project Celestia in Versova was launched, witnessing bookings of INR 155 Crs. During FY26, nine new projects were added.
Realization (ASP)
ASP per sq. ft was ~INR 69,000/- in FY26.
FY27 Pre-Sales Guidance
Management is guiding for pre-sales of ₹1,800–2,000 crore for FY27.
FY27 Revenue & Profitability Growth
Management expects strong growth in revenue and profitability for FY27, with guidance of ~55-60% YoY growth for both.
Continued Pipeline Enhancement
The company intends to continue adding new projects and developments to enhance its future pipeline.
Core Business Model Principles
The business model is built around capital discipline, strong project selection, premium micro-market positioning, and execution excellence.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Pre-Sales | INR 1,157 Crs (FY26) | Achievement of FY27 guidance of INR 1,800-2,000 Crs. |
| Operating Cash Flow | -325.8 Crs (FY26) | Improvement towards positive cash generation from operations. |
| Project Launches & GDV | 9 projects added in FY26 (GDV ~INR 8,500-9,000 Crs) | Execution of 6 planned FY27 launches (GDV ~INR 5,000-5,500 Crs) and commencement of GIFT City project in Q1 FY28. |
| Net Cash Balance | INR 697 Crs (March 2026) | Maintenance of the net cash position amidst ongoing project investments and working capital needs. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
85Strong Bullfull bull SMA stack · SMA20 +2.5% / mo · MACD + · near 52W high
Technical chart
LOTUSDEVdaily · 1Y · AUTO+52.7%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 64.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~2.4% over last month) — short-term momentum positive.
- RSI(14) at 64 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 7% off 52W high · 89% 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.
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 23/25 to the score.
- Balance sheet contributes 11/15 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -2.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
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.
Score history
12 stored score snapshots. Latest stored move: -5 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 89th percentile within Real Estate. Main check: cash conversion is weak at 40/100.
Healthy Trust Lite: Promoter holding is 81.9%. Key concern: Operating cash flow is negative at ₹-326 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Real Estate: 89th pctile, median 61 · Micro: 50th pctile, median 73
26 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 81.9%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.07.
- ▸ROCE is 21.2%.
Trust risks
- ▸Operating cash flow is negative at ₹-326 Cr.
- ▸ROCE trend is -9.5%.
- ▸OPM spread across recent quarters is 28%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 36.80
- P/B
- 4.94
- EV/EBITDA
- 31.81
- Market Cap
- 9445.00Cr
Profitability
- ROE
- 16.70%
- ROCE
- 21.20%
- ROA
- 11.19%
- Dividend Y
- 0.26%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 29.00%
- Revenue 3Y
- 66.00%
- EPS 3Y
- 72.50%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 149.50×
- Altman Z
- 8.18
- Book Value
- 39.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -326.00 Cr
- EPS TTM
- 5.26
Shareholding
- Promoter Hold
- 81.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 86%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Real Estate, ranked by similarity
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.