Lodha Developers Ltd. share price target

In 3QFY26, Lodha Developers’ (LODHA) presales rose 25%/23% YoY/QoQ to INR56.2b (9% below estimates). In 9MFY26, they rose 14% YoY to INR146.4b. The company launched 1.9msf of area with INR96b of GDV worth of projects.

Lodha Developers’ (LODHA) presales are expected to clock a 22% CAGR, supported by healthy collections and debt at comfortable levels of 0.25x by the end of 1HFY26, despite aggressive BD additions of INR250b.

LODHA’s presales are expected to clock a 22% CAGR, supported by healthy collections and debt at comfortable levels of 0.25x by the end of 1HFY26, despite aggressive BD additions of INR250b.

In 2QFY26, Lodha Developers (LODHA)’s presales rose 7%/3% YoY/QoQ to INR45.7b (in line). In 1HFY26, its presales grew 8% YoY to INR90.2b.

In 1QFY26, Lodha Developers (LODHA)’s presales were up 10% YoY to INR44.5b (12% below our estimate). Collections rose 7% YoY to INR28.8b (34% below our estimates), and OCF improved 44% YoY to INR9.5b.

LODHA’s presales are expected to clock a 20% CAGR, led by healthy collections and a comfortable debt level of 0.2x as of 4QFY25 end.

In line with our expectations, Macrotech Developers (LODHA) has achieved strong Q4FY25 sales bookings of INR 48.1bn (up 14% YoY).

In Q4FY25, pre-sales rose 14% YoY/7% QoQ to INR48.1b, while volumes grew 4% YoY/15% QoQ to 3.6msf. In FY25, pre-sales grew 21% YoY to INR176.3b, surpassing the guidance. For FY26, the company has guided for pre-sales of INR210b and volumes of 11msf.

LODHA achieved 3QFY25 bookings of INR45b (2% below our estimate), up 32% YoY. Among key markets, south and central regions, extended eastern suburbs, and western suburbs outperformed with 2x YoY growth in presales.

Along expected lines, Macrotech Developers (LODHA) achieved strong Q1FY25 sales bookings of INR 40.3bn (up 20% YoY). After having achieved FY24 sales bookings of INR 145bn.

In FY24, LODHA reported pre-sales of INR145b, up 20% YoY and in line with
its medium-term growth strategy. While bookings in its core markets of
South & Central Mumbai, Thane and extended eastern suburbs grew by 6%
YoY, a large part of the growth was led by new markets.

Macrotech Developers (LODHA) achieved bookings of INR42.3b (in line with
estimate), up 40%/24% YoY/QoQ. Further, the company achieved its
guidance, recording pre-sales of INR145b for FY24, up 20% YoY.

Macrotech Developers (LODHA) achieved strong Q2FY24 sales bookings of INR35.3bn (up 12% YoY) – which is its best-ever Q2 (Jul-Sep) performance – in spite of new locations seeing launches during the quarter. With H1FY24 sales bookings of INR69bn, the company has already achieved 48% of its FY24 sales booking guidance of INR145bn (I-sec estimate of INR134bn).

Macrotech Developers (LODHA) achieved strong Q1FY24 sales bookings of INR33.5bn (up 17% YoY) driven by the micro-markets of South/Central Mumbai (INR11.6bn) and extended Eastern suburbs (INR6.1bn). The company has balance launches of 9.4msf in FY24E having GDV of INR125.6bn which should enable the company to sustain sales momentum going ahead.

Macrotech Developers (LODHA) achieved its best-ever annual sales bookings in FY23 worth Rs120.6bn (up 34% YoY) and higher than its guidance of Rs115.0bn at the beginning of FY23. Further, the company’s India business net debt reduced by Rs22.3bn YoY in FY23 to Rs70.7bn as of Mar’23.