Lodha Developers (LODHA) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly pre-sales of INR 56.2 billion in Q3FY26, up 25% year-on-year, with nine-month pre-sales at INR 146 billion, supporting full-year guidance of INR 210 billion.

• Embedded EBITDA margin for the quarter was approximately 32%, with pro forma PAT of INR 12 billion and PAT margin of 21%.

• Net debt stood at INR 61.7 billion (0.28x equity), well below the ceiling of 0.5x, and average cost of funds declined to 7.9%.

• Expanded into NCR with two pilot projects using a capital-light approach, adding INR 33 billion GDV, and total GDV added this year approaches INR 600 billion.

• Unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed without qualification by the auditors.

Financial highlights

• Revenue from operations for Q3FY26 was INR 46.7 billion, up 29% year-on-year, with 9M FY26 revenue at INR 119.6 billion.

• Adjusted EBITDA for Q3FY26 reached INR 14.9 billion (margin 32%), and adjusted PAT was INR 9.6 billion.

• Net debt at INR 61.7 billion, with net debt/equity at 0.28x, well below the ceiling of 0.5x.

• Dividend for FY25 at INR 4.25/share, up 90% from FY24.

• Earnings per share (EPS) for Q3 FY26 stood at ₹9.59 (consolidated, basic) and ₹11.48 (standalone, basic).

Outlook and guidance

• On track to achieve full-year pre-sales guidance of INR 210 billion and embedded EBITDA margin of 33%.

• ROE expected to remain around 20% on a pro forma basis.

• Launch pipeline for Q4 exceeds INR 120 billion.

• Operating cash flow guidance for FY26 at INR 77 billion; 9M actuals at INR 39 billion.

• Expect significant improvement in collections and construction momentum in the coming quarters as environmental issues are resolved.