Lodha Developers FY31 annuity target: ₹1,500 crore plan

Key updates in focus

Lodha Developers has outlined a clearer long-term roadmap around pre-sales growth and a larger annuity-income base, alongside reporting strong recent quarterly operating metrics. The company recorded its best-ever quarterly pre-sales at ₹5,620 crore in the December quarter, supported by what it described as strong housing demand. It also reported collections of ₹3,560 crore during the same period. Alongside these operating numbers, the company reiterated confidence in meeting its annual sales target of ₹21,000 crore, even as other disclosures pointed to a selective deferral of sales in March. A major strategic emphasis is now on building rental and annuity income streams across data centres, retail, warehousing and offices. The company’s stated aim is to reach ₹1,500 crore in net annual annuity income by FY31, with a mix of commercial and services-led contributions.

Record quarterly pre-sales and collections

The December quarter pre-sales number of ₹5,620 crore was described as the company’s best-ever quarterly performance. The figure represented 25% year-on-year growth, as stated in the provided details. Collections in the quarter stood at ₹3,560 crore, providing another reference point for cash flow conversion from bookings. Lodha Developers also indicated it remained confident of meeting its annual sales target of ₹21,000 crore. The company attributed the momentum to strong demand for housing properties. This set of quarterly metrics is important because it connects demand conditions to the company’s ability to meet full-year pre-sales targets.

Profitability and EPS snapshot from provided data

The provided Profit and Loss table (figures in ₹ crore) showed net profit of ₹122.14 crore (Mar 2021), ₹1,133.6 crore (Mar 2022), ₹456 crore (Mar 2023), ₹1,163.8 crore (Mar 2024), and ₹2,189.6 crore (Mar 2025). Adjusted EPS (₹) in the same table was listed as 1.54 (Mar 2021), 11.77 (Mar 2022), 4.73 (Mar 2023), 11.7 (Mar 2024), and 21.95 (Mar 2025). Separately, Basic EPS (₹) was listed as 21.99, 12.04, 6.34, 24.77, and 3.09 across the same Mar-year columns in the provided excerpt. The dataset also mentioned “Net Profit (attributable to owners)” at ₹1,007.9 crore and ₹921.7 crore (estimated), with a change of 9.35%, without specifying the period in the provided text. Another quarterly reference in the text stated net profit stood at ₹674.70 crore, down 26.80% quarter-on-quarter from ₹921.70 crore, while also being up 41.95% year-on-year.

Q2FY26 profit surge and margin expansion

For Q2FY26, the company disclosed that Profit After Tax (PAT) increased 87% year-on-year to ₹790 crore (₹7.9 billion) from ₹420 crore (₹4.2 billion) in Q2FY25. It also said the PAT margin expanded to 20.4% from 15.8% in Q2FY25. The increase was attributed to 45% revenue growth along with “significant operating and financial leverage,” as stated in the provided quote. These metrics frame the recent profitability trajectory in a way that is distinct from full-year numbers and the annual P&L table. For investors, margin movement is often monitored because it indicates whether growth is being delivered with improving profitability. The disclosure also provides an anchor for comparing profitability outcomes against management’s longer-term guidance.

Pre-sales guidance, deferrals, and the stated shortfall

The material included a note that the company missed pre-sales guidance of ₹21,000 crore due to “selective deferral of sales in March,” linked in the text to the Iran war. The shortfall was stated as ₹470 crore. At the same time, another part of the provided text said the company remained confident in meeting its annual sales target of ₹21,000 crore, which highlights that the ₹21,000 crore figure appears in multiple contexts within the provided information. Separately, future guidance targets were listed as FY27 pre-sales of ₹24,000 crore. The roadmap also included a stated objective of PAT growth at a 20% CAGR by FY31 to “over ₹8,500 crore,” as provided. In addition, the company presented a stated financial discipline framework: about 20% pre-sales growth, about 20% return on equity, and net debt-to-equity well below 0.5x.

Annuity income strategy: ₹1,500 crore by FY31

A key long-term element in the provided material is Lodha Developers’ plan to expand annuity income, which it defined as rents from leased commercial assets. The company’s annuity income was stated at ₹250 crore in the last fiscal year in the provided excerpt. In a letter to shareholders, MD and CEO Abhishek Lodha said the aim is to have ₹15 billion, or ₹1,500 crore, annuity income by FY31. The text also stated this targeted annuity income would be enough to cover almost the entire interest and salary costs of the company. It further broke down an expectation from the “current portfolio” of total annuity income of ₹1,150 crore in FY31, comprising about ₹550 crore from office and retail, nearly ₹300 crore from warehousing parks, and ₹300 crore from facilities management. In a separate guidance note, annuity income (data centres, retail, warehousing, offices) was described as targeted to grow 10x over the next six years, with FY26 referenced at ₹290 crore.

Operational scale and recent annual income disclosure

The provided information said Lodha Developers has built more than 100 million square feet and is developing more than 110 million square feet under its ongoing and planned portfolio. It also stated that net profit increased to ₹2,764.3 crore in 2024-25 from ₹1,549.1 crore in the preceding year. Total income was stated to have grown to ₹14,169.8 crore in the last fiscal year from ₹10,469.5 crore in 2023-24. These figures were presented alongside the company’s annuity-income plan and its intent to expand the commercial portfolio. In addition, the text included standalone and consolidated net sales snapshots for FY26 quarters: standalone September 2025 net sales at ₹2,983.40 crore (up 16.52% year-on-year), consolidated September 2025 net sales at ₹3,798.50 crore (up 44.67% year-on-year), and consolidated June 2025 net sales at ₹3,491.70 crore (up 22.67% year-on-year). These figures provide additional checkpoints for tracking revenue momentum.

Key figures table

Why this matters for investors and the sector

The mix of strong quarterly pre-sales and an annuity-income roadmap signals a twin focus: maintaining housing-led booking momentum while building steadier, rental-like income streams. Pre-sales and collections are important operating indicators in residential real estate, and the December quarter numbers provide a clear datapoint on demand and execution. At the same time, the annuity targets and the breakdown across office and retail, warehousing parks, and facilities management outline how the company wants to diversify cash flows. The Q2FY26 PAT growth and margin expansion add near-term context to profitability, while the longer-term guidance frames management’s targets on growth, return metrics, and leverage. The note about deferring March sales and the stated shortfall of ₹470 crore is also relevant because it shows how timing decisions can affect headline guidance comparisons. With multiple disclosures spanning pre-sales, net sales, and annuity income, the most useful investor task is to track whether these stated milestones show up consistently across upcoming quarterly updates.

What to watch next

Investors will likely track updates on the FY27 pre-sales guidance of ₹24,000 crore and how management reconciles annual targets with any further sales deferrals. The ramp-up path for annuity income toward ₹1,500 crore by FY31 is another key monitorable item, especially the split between office and retail, warehousing, and facilities management. Future disclosures on the commercial portfolio build-out, including leased-area additions and stabilization timelines, will matter for validating annuity assumptions. Updates on net debt-to-equity, given the stated aim to keep it well below 0.5x, will also be important alongside growth plans. Any further quarterly reporting that repeats the combination of strong pre-sales and expanding margins will provide additional confirmation of the operating narrative. The company has already laid out numeric targets for FY27 and FY31, so subsequent results announcements and shareholder communications are the next scheduled checkpoints.