1. At a Glance – Blink and You’ll Miss the Scale
Lodha Developers Ltd is that one real-estate name which refuses to stay “just big.” Market cap around ₹93,240 crore, current price hovering near ₹934, and a recent 3-month return that looks like it had a rough monsoon (-22%ish). But scratch the surface and Q3 FY26 drops numbers like a mic: ₹56.2 bn pre-sales, ₹46.7 bn revenues, ₹9.6 bn PAT, and five new projects adding ₹338 bn of GDV. ROCE sits at a respectable ~15.6%, ROE ~14.7%, debt-to-equity ~0.45x.
Yes, valuation looks chunky at ~28x earnings and ~4.4x book, but this is not a sleepy builder selling two towers and calling it diversification. This is scale, velocity, and pipeline on steroids. Question is: are you paying for execution or for the Lodha surname premium? Hold that thought.
2. Introduction – From Mumbai Muscle to National Ambitions
Established in the 1980s, Lodha Developers didn’t just grow with Mumbai — it ate Mumbai’s residential market share for breakfast. By FY24, over 85 msf developed, ~40 operating projects, and ~95 msf under development across ongoing and planned projects. About 60% of revenues come from affordable and mid-income housing, which is ironic because the brand name screams luxury to most aunties.
FY24 pre-sales stood at ₹145.2 bn, with aggressive project additions (~₹210 bn GDV). Fast-forward to FY26 Q3, and the company is still launching like there’s no tomorrow — Pune behaving well, MMR being the cash cow, and Bengaluru slowly learning Marathi.
So is this just cyclical real-estate luck? Or a structurally de-risked machine that converts land bank into cash flows like a factory line? Let’s dig.
3. Business Model – WTF Do They Even Do?
At its core, Lodha is a volume + brand + land bank
arbitrage machine.
They acquire or control land (often early), brand it aggressively, segment it smartly (CASA, Crown, Luxury Lodha, etc.), and sell fast enough to recycle capital. Affordable and mid-income projects fund the luxury dreams. Luxury projects, in turn, fund balance-sheet optics and brand halo.
Then comes the side quests:
- Office spaces (iThink, Excelus, Supremus, Signet)
- Rental retail and warehousing
- And now… data centres and digital infrastructure, because why not turn land into servers instead of sofas?
Explaining Lodha to a lazy investor: “They buy land cheap, sell homes fast, rent some stuff, and now want to store the internet on their plots.”
4. Financials Overview – Numbers Don’t Lie, But They Do Smirk
Q3 FY26 Snapshot (₹ crore)
| Metric | Latest Q3 FY26 | YoY Q3 | Prev Q2 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 4,672 | 4,083 | 3,798 | ~14% | ~23% |
| EBITDA | 1,415 | 1,306 | 1,108 | ~8% | ~28% |
| PAT | 958 | 945 | 790 | ~1% | ~21% |
| EPS (₹) | 9.58 | 9.47 | 7.90 | ~1% | ~21% |
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4 ≈ ₹33–34, which broadly matches TTM EPS shown.
Commentary: Revenues and operating profits are doing bhangra. PAT YoY looks modest because last year’s base was already chunky. This is not stagnation; this is high-base math bullying your expectations.
5. Valuation Discussion – Fair Value Range (Not a Crystal Ball)
Method 1: P/E Band
