Macrotech Developers (LODHA) delivered an inline Q2FY22 performance with sales bookings of Rs20.0bn which were up 88% YoY and 109% QoQ. With five new JDA signings in H1FY22 having potential cumulative sale value of Rs45bn of which threeprojects have been launched in Sep’21, we believe that the company is on track to achieve Rs 85-90bn of sales bookings in FY22E and also reduce its India net debt toRs100bn by Mar’22. We revise our target price to Rs1,129/share (earlier Rs927)assigning a 25% premium to our Mar’22 NAV of Rs904/share considering new JDAsignings and retain our ADD rating.