Lodha Developers Limited profit rises 28% as revenue grows 18%

Lodha Developers Limited reported consolidated net profit of Rs 1,013.5 crore for the quarter ended 30 September 2026, up 28% from Rs 789.8 crore a year earlier, as revenue from operations rose 18% to Rs 4,467.4 crore. Profit was, however, 26% below the Rs 1,373.1 crore reported in the June 2026 quarter.

How did Lodha Developers perform in the September quarter?

Lodha Developers increased consolidated net profit by 28% year on year to Rs 1,013.5 crore in the September 2026 quarter, while revenue from operations rose by Rs 668.9 crore to Rs 4,467.4 crore. Total income increased to Rs 4,584.9 crore from Rs 3,878.9 crore in the September 2025 quarter.

Profit before tax rose to Rs 1,342 crore from Rs 960.8 crore a year earlier. Lodha Developers also recorded a Rs 4.4 crore share of profit from associates and joint ventures, compared with a Rs 0.5 crore loss in the comparable quarter. Total comprehensive income was Rs 1,017.9 crore, against Rs 790.5 crore a year earlier.

Sequentially, the September-quarter figures were lower than those for the June 2026 quarter. Revenue from operations declined 11% from Rs 4,996.7 crore, while net profit fell 26% from Rs 1,373.1 crore. Profit before tax decreased from Rs 1,775.9 crore and total income fell from Rs 5,096.7 crore.

What changed in Lodha Developers’ costs and margins?

Lodha Developers’ total expenses rose 11% year on year to Rs 3,247.3 crore in the September quarter, compared with Rs 2,917.6 crore, which was below the 18% rise in revenue from operations. Cost of projects increased to Rs 2,523.1 crore from Rs 2,199.1 crore, employee benefits expense rose to Rs 193.5 crore from Rs 171 crore, and finance costs increased to Rs 185.3 crore from Rs 156.5 crore.

The reported operating margin was 36.12%, compared with 34.44% a year earlier and 43.11% in the June quarter. Net profit margin was 22.11%, up from 20.36% in September 2025 but down from 26.94% in June 2026. The filing defines operating margin as earnings before interest, depreciation, impairment, amortisation and tax, less other income, divided by revenue from operations.

Tax expense was Rs 328.5 crore in the September quarter, comprising Rs 167.9 crore of current tax and Rs 160.6 crore of deferred tax. This compared with total tax expense of Rs 402.8 crore in June 2026. Depreciation, impairment and amortisation increased to Rs 82.9 crore from Rs 71.4 crore a year earlier, while other expenses declined to Rs 262.5 crore from Rs 319.6 crore.

Basic earnings per share, not annualised except at year end, was Rs 10.14, compared with Rs 7.90 in the year-earlier quarter and Rs 13.73 in June. Diluted earnings per share was Rs 10.12, against Rs 7.87 and Rs 13.70 respectively. Lodha Developers allotted 291,397 equity shares with a face value of Rs 10 each during the quarter after employee stock options were exercised.

What do Lodha Developers’ six-month figures show?

Lodha Developers reported revenue from operations of Rs 9,464.1 crore for the six months ended 30 September 2026, up 30% from Rs 7,290.2 crore in the corresponding prior-year period. Net profit increased 63% to Rs 2,386.6 crore from Rs 1,464.9 crore, while profit before tax rose to Rs 3,117.9 crore from Rs 1,864.3 crore.

Total income for the first half increased to Rs 9,681.6 crore from Rs 7,503.6 crore, while total expenses rose to Rs 6,569.9 crore from Rs 5,638.6 crore. Cost of projects was Rs 5,065.6 crore, compared with Rs 4,294.1 crore, and finance costs rose to Rs 364.4 crore from Rs 304.3 crore.

The six-month operating margin was 39.81%, compared with 34.42% in the same period a year earlier, and net profit margin was 24.65%, against 19.52%. Basic earnings per share rose to Rs 23.87 from Rs 14.66. Lodha Developers reports one segment, real estate development, in its consolidated financial results.

How did Lodha Developers’ cash flow and balance sheet change?

Lodha Developers generated Rs 1,372.2 crore of net cash from operating activities in the six months ended 30 September 2026, compared with net cash used in operating activities of Rs 515.4 crore in the prior-year period. Operating profit before working-capital changes increased to Rs 3,565 crore from Rs 2,214.3 crore, and cash generated from operations was Rs 1,875 crore after working-capital movements.

Investing activities used Rs 2,410.6 crore, compared with Rs 804.3 crore a year earlier, including Rs 1,011.5 crore for bank deposits on a net basis and Rs 862.4 crore for current investments. Financing activities used Rs 396.2 crore, versus an inflow of Rs 1,759.2 crore in the prior-year period. Borrowing proceeds were Rs 3,006.9 crore and repayments were Rs 2,497.3 crore.

Cash and cash equivalents stood at Rs 1,268 crore at 30 September 2026, down from Rs 2,702.6 crore at 31 March 2026. Total assets increased to Rs 62,709.2 crore from Rs 58,936.6 crore, including inventories of Rs 40,400 crore, compared with Rs 40,253.8 crore. Investment property rose to Rs 2,377.9 crore from Rs 1,196.7 crore, while investment property under development increased to Rs 646.9 crore from Rs 255.8 crore.

Conclusion

Lodha Developers’ September-quarter results show higher year-on-year revenue, profit before tax and net profit, although all three measures were lower than in the preceding June quarter. The first-half figures also show revenue growth of 30%, a 63% increase in net profit and an operating cash-flow reversal from an outflow to an inflow.

The filing does not disclose a forward target, plan or scheduled operating event. The next issue to watch is whether operating cash generation remains positive while Lodha Developers manages cash and cash equivalents, which fell by Rs 1,434.6 crore in the first half as investing and financing activities used cash.