Lodha Developers Q1 FY27 Net Profit Doubles to Rs 1,373 Crore; Revenue Up 43%

What was announced

The Board of Directors of Lodha Developers Limited, formerly Macrotech Developers Limited, approved the unaudited consolidated and standalone financial results for the quarter ended 30 June 2026 at its meeting on 24 July 2026. The Audit Committee reviewed the statements before the Board took them up, and the auditors issued a limited review report. The company is listed on BSE under scrip code 543287.

Consolidated net profit was Rs 1,373.1 crore, against about Rs 675 crore in Q1 FY26. Some reports round the figure to Rs 1,372 crore. The rise was driven by higher revenue and lower expenses in the quarter.

Revenue, profit and expenses

Revenue from operations rose to Rs 4,997 crore from Rs 3,492 crore a year earlier. Total income was Rs 5,097 crore, up from Rs 3,625 crore. Total expenses fell sequentially to Rs 3,323 crore from Rs 3,579 crore, which the company linked to lower project costs and depreciation.

Operating profit was Rs 1,922.4 crore, up 36.09% from Rs 1,412.6 crore in the previous quarter. Profit before tax was Rs 1,775.9 crore, up 40.51% from Rs 1,263.9 crore in Q4 FY26. Basic earnings per share rose to Rs 13.73, from Rs 10.09 in Q4 FY26 and Rs 6.76 in Q1 FY26.

Margin figures depend on the basis used. On an operating EBITDA basis, the margin was 38.47%, against 28.19% a year earlier. On an adjusted basis, one analysis put adjusted EBITDA at about Rs 2,150 crore, up 79% year on year, with a margin of 43% against 34.4% in Q1 FY26.

Balance sheet

Net debt fell by Rs 446 crore to Rs 4,931 crore during the quarter, which the company attributed to operating cash flows. The net debt-to-equity ratio was 0.2x as of 30 June 2026, below the company's internal ceiling of 0.5x.

Against analyst estimates

Zee Business research had estimated net profit of Rs 904 crore and revenue of Rs 4,211 crore for the quarter. Analysts had also pegged quarterly EBITDA at Rs 1,312 crore, a margin of about 31%. The reported figures were above those estimates.

Business Standard reported that the stock rose 3.47% to Rs 1,184.10 after the results.

Management comment

Managing director Abhishek Lodha said: "We are pleased to deliver our best-ever quarterly profit in Q1FY27, continuing the strong momentum built through FY26." He added that growth, rising profitability and return on equity, together with low leverage, set the company apart.

Launches and the data centre plan

In the April-June quarter, Lodha launched one project in the Mumbai Metropolitan Region covering 4 lakh sq ft, with an estimated revenue potential of Rs 330 crore.

The company says it plans to launch 21 housing projects by March 2027, with estimated revenue potential above Rs 24,000 crore, according to its latest investor presentation. The plan covers seven new projects across the Mumbai Metropolitan Region, Delhi-NCR, Pune and Bengaluru, covering 5.9 million sq ft with revenue potential of Rs 9,850 crore, and new phases in 14 existing projects covering 9.7 million sq ft with revenue potential of Rs 14,210 crore.

Separately, Lodha aims to raise Rs 10,000 crore by selling about 150 acres at its Palava data centre park, at an average of about Rs 60 crore per acre. The park covers about 660 acres, of which around 370 acres were earmarked for sale in the first phase, and about 130 acres have already been sold under that phase. Amazon and Singapore-based STT Global Data Centers have bought land parcels there. The company says the land sales will fund about 1 gigawatt of powered shell capacity on around 90 acres, which it expects to generate more than Rs 2,000 crore of annual rental income by FY32.

Guidance for FY27

The company is targeting sales bookings of Rs 24,000 crore for FY27 and a 20% rise in net profit to Rs 4,100 crore. It expects 30-35% of revenue from new projects and 65-70% from ongoing developments. Management reaffirmed FY27 guidance despite temporary delays in some launches.

Before the results, Morgan Stanley had rated the stock Equal Weight with a target price of Rs 1,130, citing a 28% pre-sales compound annual growth rate and leverage reduced to 0.23x.

What it means for buyers, investors and the market

For investors, the quarter shows higher profit, higher revenue and lower net debt than a year earlier. The results cover the whole company, not one project, so they say little about prices in any single Mumbai location. The launch plan for the rest of FY27 is the main test for the sales and revenue targets, and the timing of launches is the main risk the company has flagged.

For home buyers, the results do not set prices or terms. The 21-project launch plan would add new supply across the four regions, if it proceeds on schedule.

What comes next

• Six analyst and investor meetings were scheduled between 12 August and 22 September 2026.
• The annual general meeting was set for 14 August 2026, with a dividend of Rs 4.25 per share.
• Lodha has said it will launch the remaining projects in its 21-project plan by March 2027.
• The company says land sales at the Palava data centre park will continue in its first phase.

As of 25 October 2026, the August meetings and the annual general meeting have already taken place, while the launch schedule and FY27 targets remain ahead.