Lodha H1 FY27 profit rises 63%, expects to beat guidance

Lodha Developers Limited reported profit after tax (PAT) of ₹2,386 crore for H1 FY27, a 63% year-on-year increase. Lodha also reported ₹1,013 crore of PAT in Q2 FY27 and ₹4,468 crore of quarterly revenue, leading Managing Director Abhishek Lodha to say the company expects to exceed its full-year profit guidance.

What was Lodha’s H1 FY27 profit?

Lodha’s H1 FY27 PAT was ₹2,386 crore, up 63% from the corresponding half year, according to its October 30, 2026 announcement. The company did not disclose the prior-year H1 PAT amount in the release, but reported a lower 28% year-on-year growth rate for Q2 FY27 PAT.

For the quarter ended September 30, 2026, Lodha reported PAT of ₹1,013 crore. The announcement did not provide a separate Q1 FY27 PAT figure, a half-year revenue figure, or a reconciliation of profit by city, project or business segment.

The disclosed growth rates show that H1 FY27 PAT rose faster than Q2 FY27 PAT. Lodha reported 63% H1 PAT growth against 28% Q2 PAT growth, although the release does not provide enough half-year revenue information to calculate an H1 margin or explain the difference between the two growth rates.

How did Lodha’s Q2 FY27 operating metrics perform?

Lodha reported Q2 FY27 revenue of ₹4,468 crore, up 18% year on year, and pre-sales of ₹5,037 crore, up 10% year on year. Q2 PAT was ₹1,013 crore and the stated PAT margin was 22.1%, according to Managing Director Abhishek Lodha.

Revenue grew 8 percentage points faster than pre-sales in Q2 FY27, based on Lodha’s reported year-on-year rates of 18% and 10%, respectively. Pre-sales were ₹569 crore above revenue in the quarter, but the release treats them as separate measures and does not disclose prior-year rupee values, project-wise bookings or revenue-recognition details.

Management said the ₹1,013 crore Q2 PAT reflected continued operating and financial performance. The release did not identify a specific development, transaction or non-recurring item behind the quarter’s 22.1% PAT margin, and it did not disclose a comparable margin for Q2 FY26.

Is Lodha expected to exceed FY27 guidance?

Lodha expects to exceed its full-year profit guidance, with management citing the ₹2,386 crore H1 FY27 PAT result. The company did not state the numerical amount of its full-year profit guidance or announce a revised target in the October 30 release.

On sales, Lodha said H1 FY27 pre-sales were more than 40% of its full-year guidance. Management said this progress was in line with the guidance given at the start of the year, but the announcement did not disclose either the H1 pre-sales amount or the full-year pre-sales target.

Management linked its full-year visibility to planned festive-season launches in new locations. Lodha said another North Bengaluru launch in Q2 FY27 received a successful response, while its National Capital Region, or NCR, pilot was progressing and had a launch planned during the festive season.

The filing does not give the North Bengaluru project’s name, booking value, unit sales or launch date. It also does not disclose the NCR pilot’s investment, site size, sales potential or a specific festive-season launch date, so the contribution of these projects to FY27 guidance cannot be quantified from the announcement.

What is Lodha’s data-centre annuity plan?

Lodha said its self-funded data-centre annuity strategy would enter execution over the next six months. Management described the initiative as part of RentCo, its rental business, and said it would participate in artificial-intelligence infrastructure build-out through data centres.

Management said it sees annuity income increasing tenfold, from ₹300 crore in FY26 to ₹3,000 crore in FY32. This is a management outlook rather than a reported FY27 result, and the announcement does not disclose capital expenditure, data-centre capacity, locations, customers or construction milestones.

The ₹3,000 crore FY32 target would represent an increase of ₹2,700 crore from the ₹300 crore FY26 starting point cited by management. Lodha referred to its development operations as DevCo and said the RentCo plan would augment that business, but it gave no revenue or profit split between the two operations.

What was Lodha’s debt position at September 30, 2026?

Lodha’s net debt stood at ₹5,279 crore as of September 30, 2026, and its net debt-to-equity ratio was largely stable at 0.2 times. The company said the ratio remained below its stated ceiling of 0.5 times.

Lodha’s exit cost of debt for Q2 FY27 was 7.8%, which the company said was stable. The release does not provide a prior-quarter borrowing cost, maturity schedule, debt mix, interest expense or cash balance, limiting comparison beyond the company’s statement of stability.

Management said a recent rise in Indian interest rates was unlikely to have a direct effect on housing demand in the segments Lodha serves, while it would monitor second-order effects. It also said it was tracking the geopolitical and macroeconomic implications of the continuing Middle East conflict, without providing a numerical sales, demand or financing forecast.

Conclusion

Lodha’s H1 FY27 disclosure combines a 63% increase in PAT to ₹2,386 crore with Q2 FY27 revenue growth of 18%, pre-sales growth of 10% and a 22.1% PAT margin. Net debt of ₹5,279 crore and a 0.2-times net debt-to-equity ratio provide the financing context for management’s expectation that full-year profit guidance will be exceeded.

The next milestones are festive-season launches, including the planned NCR pilot launch, and the move to execution on the self-funded data-centre strategy within six months. Management’s annuity-income outlook of ₹3,000 crore in FY32, from ₹300 crore in FY26, depends on the execution of that plan, while the company has not disclosed a numerical FY27 profit-guidance target.