revenue growth
—
FY 2027
official guidance
LODHA DEVELOPERS LIMITED
Last · NSE₹1061.80+2.20 (+0.21%)close · yahoo · 10h ago
Market cap₹1.06T999.3M sh
P/E · TTM25.8fwd — · eps 41.20
Beta—vs S&P 500
Div yield0.40%annual · TTM
52w range
₹674.63₹1311.74
Volume1.5Msession
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong cash generation, deleveraging and data-center optionality outweigh the forward-loaded quarter and execution risks.
Buy: Lodha delivered an exceptionally strong Q1 FY27, with revenue of INR 50 billion (+43%), adjusted EBITDA of INR 21.5 billion (+79%), PAT of INR 13.7 billion (+101%), operating cash flow of INR 18.9 billion and net debt reduced below INR 50 billion. The main tension is earnings quality and second-half execution: roughly INR 600 crores of PAT came from land sales, pre-sales rose only 4% to INR 46.3 billion, and management retained—not raised—its INR 41 billion FY27 PAT and INR 240 billion pre-sales guidance.
Themes
- Q1fy27 Results
- Residential Presales
- Data Centers
- Land Monetization
- Deleveraging
- Annuity Income
Near term
Q2 pre-sales are expected to be INR 50 billion or more; H1 is guided to 40%–42% of FY27 pre-sales, leaving substantial delivery dependent on H2 launches.
More than 20 launches/phases representing approximately INR 250 billion of GDV are planned for FY27, including NCR entry and further Bangalore and Pune launches.
Post-monsoon connectivity improvements around Mulund, Airoli and Palava could support premium residential pricing, though management expects the meaningful impact mainly from early FY28.
Data-center leasing for the first powered-shell box is expected within FY27, but remains an anticipated milestone rather than a signed outcome.
Longer term
The data-center park has 660 acres, 3 GW of power tie-up and three global operators, with management targeting approximately INR 90 billion of further land sales over three to four years.
Management targets annuity income rising from an INR 3 billion June exit run rate to over INR 30 billion by FY32, including INR 20 billion-plus from data centers.
Residential diversification across MMR, Bangalore, Pune and NCR, alongside brand-led consolidation, supports the medium-term growth thesis.
Deleveraging remains a meaningful value driver: management expects the development business to become effectively debt-free within two to three years while keeping net debt-to-equity below 0.5x.
Red flags
Q1 PAT was materially helped by land monetization: approximately INR 600 crores of PAT came from roughly INR 1,200 crores of land pre-sales, while full-year margins are expected to normalize to the early 30s rather than Q1's 43% EBITDA margin.
Residential pre-sales growth was only 4% year-on-year and the INR 240 billion annual target is heavily back-end loaded, increasing dependence on H2 launches and execution.
Management did not provide firm incremental power-contract details or long-duration pricing protection; power availability and economics remain evolving.
The claimed data-center moat is not yet proven: management acknowledged that land, power and recycled water can attract competitors, while leasing and powered-shell execution remain early-stage.
Data-center infrastructure capex was described only as INR 500–700 crores over time, and the company lacks technical competence today for turnkey-shell, MEP/HVAC and rack-level operations.
Forward outlook
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
11:00 AM UTC+1
Period
Sep 2026
Est. EPS
$13.20
Est. revenue
46.5B
Earnings transcripts
Documents
FormReporting forFiledFlags