IGI Logo

Steady quarter, launches to pick up in 2HFY26

Lodha Developers Limited (Lodha) reported quarterly pre-sales of INR 45.7bn (+7% YoY, +3% QoQ), which was 9% beat on our estimates of INR 42bn. Collections came in at INR 34.8bn for 2QFY26, growing 13% on a YoY basis. Company expects launches to accelerate in 2H and has re-iterated the bookings guidance of INR 210bn. Net debt stood at INR 53.7bn during 2QFY26, up by INR 3bn sequentially due to record BD in 1H and continued spends on approvals of ongoing projects

* Slight beat on pre-sales: Lodha reported quarterly pre-sales of INR 45.7bn (+7% YoY, +3% QoQ), which was 9% beat on our estimates of INR 42bn. The bookings for 1HFY26 stands at INR 90.2bn, up 8% YoY. Post the Hon’ble Supreme Court’s ruling on environment clearance process, company expects the launches to accelerate in 2HFY26 and has re-iterated the bookings guidance of INR 210bn for FY26. Collections came in at INR 34.8bn for 2QFY26, growing 13% on a YoY basis.

* Business development update: In 2QFY26, Lodha added one new project in MMR with GDV of INR 23bn. It has achieved the full year guidance of INR 250bn in 1HFY26 and continue to have a strong pipeline.

* Update on net debt: Net debt stood at INR 53.7bn during 2QFY26, up by INR 3bn sequentially due to record BD in 1H and continued spends on approvals of ongoing projects. However, it remains well below the target ceiling of 0.5x Net Debt/Equity.

Please refer disclaimer at https://www.jmfl.com/disclaimer

SEBI Registration Number is INM000010361