Lodha Developers Limited (formerly known as Macrotech Developers Limited) recorded a year-on-year growth of 10 percent in pre-cells in the first quarter of the financial year 26, which reached ₹ 44.5 billion despite about two weeks of trading losses due to geopolitical stress. The company added five new projects in MMR, Pune and Bangalore with a ₹ 227 billion gross development value (GDV).
| Details | Q1FY26 | Q1FY25 | Yoy growth |
|---|---|---|---|
| Pre-cells | 44.5 | 40.3 | 10% |
| Collections | 28.8 | 26.9 | 7% |
financial performance
The company’s embedded Ebitda margin for Q1Fy26 was around 33 percent. Lodha developers managed to maintain their place in the list of top 100 “Great Place to Work” in India, including 2,000 companies.
| Details | Q1FY26 | Q1FY25 | FY25 |
|---|---|---|---|
| Revenue | 34.9 | 28.5 | 137.7 |
| Adjusted ebitda | 12.0 | 9.6 | 49.7 |
| Adjusted ebitda margin | 34% | 34% | 36% |
| Adjusted pat | 6.8 | 4.8 | 27.7 |
Key points of operations
- Increase in price: Q1fy26 increase average price by 2 percent.
- Launch: 3.9 million square feet were launched with a GDV of about ₹ 83 billion.
- Handover: Handover of 1,287 units was done.
- Net debt: ₹ 50.8 billion, whose net date/equity ratio is 0.24x, below the 0.5X limit. The average cost of the loan is 8.3 percent, which is about 40 BPS lower at quarterly.
The company’s cash flow for Q1Fy26 and FY25 is given below:
| Details | Q1FY26 | FY25 |
|---|---|---|
| ‘For cell’ collections | 28.4 | 143.4 |
| Net collections | 25.3 | 130.7 |
| Operational expenditure | 15.7 | 65.4 |
| Construction expenditure | 10.5 | 42.2 |
| SG&A | 3.9 | 17.4 |
| Tax | 1.3 | 5.8 |
| Operation cash flow | 9.5 | 65.3 |
| Interest payment | 1.3 | 5.3 |
| Surplus for Growth and Capital Providers | 8.2 | 60.0 |
| Growth investment in ‘for cell’ business | 17.0 | 63.1 |
| Income from ‘annuity’ | 0.4 | 1.4 |
| Investment in ‘annuity’ | 2.6 | 6.0 |
| Surplus for Capital Providers | (10.9) | (7.7) |
| Equity providers dividend | – | 2.2 |
| Net debt reduction / (increase) | (10.9) | (9.9) |
Guidance for FY26
Lodha developers have provided the following guidance for FY26:
| Details | Fy25 actules | Fy26 guidance | Q1fy26 Actules |
|---|---|---|---|
| Pre-cells | 176 | 210 | 44.5 |
| Operation cashup | 66 | 77 | 9.5 |
| new projects | 237 | 250 | 227 |
| Net date/equity | 0.20x | 0.5x | 0.24x |
new projects
The company added five new projects in Q1fy26 with GDV of ₹ 227 billion in MMR, Pune and Bangalore, which is more than 90 percent of the ₹ 250 billion guidance of ₹ 250 billion.
Launch in future
The company has a strong launch pipeline for the remaining part of FY26, including new projects in various micro-markets and new stages of existing projects.
| Micro-market | new projects | New phase of existing projects | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Area (MN.SQ.FT) | Estimated GDV (₹ Arab) | Number of projects | Area (MN.SQ.FT) | Estimated GDV (₹ Arab) | Number of projects | Area (mn .sq.ft) | Estimated GDV (₹ Arab) | Number of projects | |
| MMR – South Central | 0.3 | 9.0 | 1 | 0.3 | 9.0 | 1 | |||
| MMR – South Central | 1.4 | 35.7 | 2 | 1.4 | 35.7 | 2 | |||
| MMR – Western Subfers | 0.2 | 3.7 | 1 | 0.2 | 3.7 | 1 | |||
| MMR – Western Subfers | 1.6 | 25.0 | 1 | 1.6 | 25.0 | 1 | |||
| Mmr – Thane | 0.3 | 3.8 | 1 | 0.3 | 3.8 | 1 | |||
| MMR – Extended Eastern Subfers | 1.9 | 13.9 | 1 | 1.9 | 13.9 | 1 | |||
| MMR – Eastern Sabarbs | 0.2 | 3.7 | 1 | 0.2 | 3.7 | 1 | |||
| MMR – Eastern Sabarbs | 0.4 | 8.2 | 1 | 0.4 | 8.2 | 1 | |||
| Pune | 3.4 | 30.8 | 3 | 3.4 | 30.8 | 3 | |||
| Pune | 1.0 | 7.9 | 1 | 1.0 | 7.9 | 1 | |||
| Bangalore | 2.3 | 24.0 | 2 | 2.3 | 24.0 | 2 | |||
| Bangalore | 0.4 | 4.9 | 1 | 0.4 | 4.9 | 1 | |||
| Total | 9.6 | 133.3 | 11 | 3.7 | 37.3 | 5 | 13.3 | 170.6 | 16 |
Business Development
| Micro-market | Salesable area (MSF) | Estimated GDV (in ₹ bill) |
|---|---|---|
| MMR – South & Central | 2.4 | 65 |
| MMR – South & Central | 0.3 | 9 |
| MMR – Western Subfers | 2.3 | 44 |
| Pune – North East | 2.4 | 25 |
| Bangalore – North | 7.0 | 84 |
| Total | 14.3 | 227 |