Lodha Developers Q4 FY26: FY27 ₹24,000-crore target

What stood out in Lodha Developers’ Q4 results

Lodha Developers ended FY26 with higher revenue, steady profitability, and record quarterly pre-sales. The March quarter also came with a small caveat from management: a portion of March sales was deferred, which the company linked to the Iran war. Despite that timing impact, Lodha delivered its best-ever Q4 pre-sales and said every quarter in FY26 was the strongest for that respective quarter. The company’s FY27 guidance kept the focus on predictable growth, with a higher pre-sales target and a stable embedded margin range.

Q4 FY26 financial performance: revenue and profit increased

For Q4 FY26, consolidated revenue rose to ₹4,710 crore from ₹4,220 crore a year ago, a year-on-year increase of 11.6%. Adjusted EBITDA increased to ₹1,650 crore, up 13.0%, with an adjusted EBITDA margin of 35.0%. Profit after tax (PAT) came in at ₹1,010 crore, up 9.1%, with PAT margin at 20.8%.

The dataset also included an operating margin (excluding other income) of 29.97% for the quarter, alongside a PAT margin of 21.39% under that presentation, highlighting that reported margin metrics can differ based on definitions used in summaries.

FY26 full-year numbers: sharper growth than the quarter

For FY26, Lodha’s revenue increased 21.0% year on year to ₹16,680 crore. Adjusted EBITDA rose 13.9% to ₹5,650 crore, with margin at 33.9%. PAT grew 24.0% to ₹3,430 crore, translating into a PAT margin of 20.0%.

Management positioned the FY26 outcome as a sign that a profit-focused strategy is playing out while keeping leverage conservative. Separately, the company’s executive director (finance) said sales grew at a 28% CAGR from about ₹6,000 crore in FY21 to about ₹20,500 crore now.

Pre-sales remained the key operating highlight

Operationally, FY26 pre-sales reached ₹20,530 crore, up 16% year on year. Q4 FY26 pre-sales were ₹5,890 crore, up 23% year on year, which Lodha described as its best quarter on record.

The company also said March saw select deferral of sales due to the Iran war. In its operational update, Lodha quantified this impact, stating pre-sales were about ₹470 crore below guidance because of those deferrals, suggesting a timing issue rather than a broad slowdown.

Collections growth lagged pre-sales, a metric to watch

Collections grew more modestly than pre-sales during FY26. Full-year collections were ₹15,160 crore, up 5% year on year. In Q4, collections were ₹5,230 crore, up 18%.

The difference between pre-sales and collections matters for working capital and debt in a project-based business. Lodha’s narrative for FY26 was that it invested in growth and approvals while staying within its leverage ceiling.

Geography and execution: MMR anchored, Pune and Bengaluru added scale

Lodha said its developer business remains the main earnings and cash generator, with embedded EBITDA margin around 33% for FY26 and about 34% for the quarter. The portfolio spans the Mumbai Metropolitan Region, Pune, Bengaluru, and the company also flagged a new foothold in NCR from FY27.

Within the city split provided, Pune delivered pre-sales of ₹2,260 crore, while Bengaluru delivered ₹2,400 crore. The company’s broader message remained consistent: brand strength and execution capability are core to maintaining a predictable growth model.

Balance sheet and leverage: net debt and leverage ratios

Net debt was reported at ₹5,380 crore. Another update noted the company reduced net debt by about ₹800 crore during the quarter, with total net debt around ₹5,370 crore and a net debt to equity ratio of 0.23x.

These figures were framed as evidence of lower leverage versus a few years ago, even as Lodha continues to add projects and build a launch pipeline.

FY27 guidance: ₹24,000 crore pre-sales, margins steady

For FY27, Lodha guided for pre-sales of ₹24,000 crore, implying 17% growth over FY26’s ₹20,530 crore. It also guided an embedded EBITDA margin range of 32% to 34%.

The company reiterated a medium-term trajectory of roughly 20% PAT CAGR and shared a longer-range target of FY31 PAT of ₹8,500 crore or more, from FY26 PAT of about ₹3,500 crore.

Strategic additions: NCR entry and annuity income

The company flagged expansion into the National Capital Region through joint development agreements (JDAs), aimed at widening its geographic reach. Lodha also identified its RentCo business as a future revenue driver, with annuity income of ₹290 crore in FY26.

Another strategic theme mentioned was monetising land at Palava and Upper Thane through a LandCo approach, alongside project additions during FY26.

Key numbers snapshot (all amounts in ₹ crore)

Market and stock cues mentioned alongside the results

One market summary in the provided material noted Lodha’s shares were around ₹840.95 on the result day, down 1.78%, and close to a 52-week low of ₹832.20, versus a 52-week high of ₹1,534.25. The same note cited a 45.19% decline from the 52-week high.

Separately, Abhishek Lodha, MD and CEO, said the company delivered record profitability in FY26, adding that performance came despite multiple geopolitical headwinds in the last 12 months, which in his view underscored the resilience of demand for top brands.

Why the FY26 print and FY27 guidance matter

The FY26 numbers show that Lodha is pairing pre-sales growth with double-digit growth in revenue, EBITDA, and PAT, while maintaining PAT margin around 20%. The FY27 guidance keeps the bar high on bookings at ₹24,000 crore, and the embedded margin range suggests the company is not signalling an aggressive trade-off between growth and profitability.

The key operational thread to track, based on the data shared, is the pre-sales to collections spread. With collections rising slower than pre-sales in FY26, execution and cash conversion remain important to keep net debt within stated comfort levels.

Conclusion

Lodha Developers’ Q4 FY26 results were led by record pre-sales of ₹5,890 crore and higher year-on-year profitability, while FY26 closed with pre-sales of ₹20,530 crore and PAT of ₹3,430 crore. The company has guided FY27 pre-sales at ₹24,000 crore and an embedded EBITDA margin of 32-34%, alongside stated plans to expand its footprint, including a new entry into NCR from FY27.