Lodha Developers (LODHA) Q2 25/26 earnings summary

Executive summary

• Achieved record Q2FY26 pre-sales of INR 45.7 billion, up 7% year-on-year, with H1 sales at INR 90 billion, representing 43% of full-year guidance; significant launches planned in H2 to meet FY26 guidance of INR 210 billion.

• Embedded EBITDA margin sustained at ~32% for Q2 and H1 FY26; pro forma PAT of INR 9.3 billion and PAT margin of 20.3%.

• Net debt at INR 53.7 billion (0.25x equity), with cost of debt reduced to 8%.

• Recognized as one of Newsweek's top 1,000 most trustworthy companies globally; strong ESG ratings retained.

• Unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2025, were approved and reviewed without qualification by the auditors.

Financial highlights

• Revenues from operations at INR 38 billion for Q2FY26, up 45% year-on-year; H1 FY26 revenue at INR 72.9 billion, up 33% year-on-year.

• Adjusted EBITDA for Q2FY26 at INR 13.1 billion (34.4% margin); H1 FY26 at INR 25.1 billion (34.4% margin).

• PAT for Q2FY26 at INR 7.9 billion (20.4% margin), up 87% year-on-year; H1 FY26 at INR 14.6 billion (19.5% margin), up 62.9% year-on-year.

• Operating cash flow for Q2FY26 at INR 14.4 billion; H1 FY26 at INR 24.0 billion.

• Basic EPS (consolidated) for Q2 FY26 was ₹7.90, up from ₹4.25 in Q2 FY25; H1 FY26 EPS was ₹14.66, up from ₹9.03 year-over-year.

Outlook and guidance

• On track to meet or exceed full-year pre-sales guidance of INR 210 billion; operating cash flow guidance at INR 77 billion.

• Full-year business development guidance of INR 250 billion already achieved in H1.

• Expected Q3 pre-sales of INR 60 billion (+/- 5%); 65% of full-year launches in H2.

• Net debt/equity to remain below 0.5x; robust pipeline to outperform guidance.

• Medium-term strategy targets 20% annual growth and 20% ROE.