Company Update : Lodha Developers by Motilal Oswal Financial Services Ltd
Below estimates but steady presales and strong BD
Operational performance
* In 1QFY26, presales were up 10% YoY at INR44.5b (12% miss).
* Collections were up 7% YoY at INR28.8b (34% below our estimate).
* OCF rose 44% YoY to INR9.5b.
* Five new projects were added in MMR, Pune, and Bengaluru, with a total GDV of INR227b, achieving 91% of its FY6 business development guidance in 1Q.
* Launched 3.9msf with GDV of INR83b.
* Net debt increased by INR11b to INR51b in 1QFY26 due to investment in business development, yet net debt/equity was below the ceiling of 0.5x.
Financial performance
* Revenue stood at INR34.9b, +23% YoY/-17% QoQ (12% below estimate).
* EBITDA (excl. other income) came in at INR9.8b, +30% YoY/-19% QoQ, (13% below our estimate). Reported EBITDA margin stood at 28%. According to management, the embedded EBITDA margin for pre-sales stood at ~33%. Adjusted EBITDA (excluding interest charge-off and capitalized interest) stood at INR12b, with a margin of 34.4%.
* Adjusted PAT came in at INR6.7b, up 42% YoY and down 27% QoQ (16% below estimates), with a margin of 19.5%.
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