Lodha Developers Q3 FY26 pre-sales up 25% as NCR pilot starts

Key update from the quarter

Lodha Developers reported its best-ever quarterly pre-sales in the third quarter of FY26, supported by continued sales momentum in existing projects and a large launch pipeline. Pre-sales for the December quarter came in at INR56.2 billion, reflecting 25% year-on-year growth. The company also reported collections of INR35.6 billion during the same period. Management said it remains on track to meet its full-year pre-sales guidance of INR210 billion for FY26. Alongside the operating update, Lodha said it is moving from a completed pilot in Bengaluru into a growth phase and is now starting a pilot phase in NCR.

Q3 FY26 pre-sales: strongest quarter so far

In a regulatory filing, Lodha Developers said Q3 FY26 pre-sales rose 25% year-on-year to INR56.2 billion. The comparable quarter last year recorded INR45.1 billion in pre-sales. The company described the Q3 number as its best-ever quarterly pre-sales. The update highlighted that sales momentum in ongoing projects remained strong through the quarter. The company also linked confidence on the full-year target to a “significant launch pipeline” scheduled for the current quarter and subsequent months.

Collections and cash flow indicator

Lodha Developers reported collections of INR35.6 billion for the December quarter. While the company did not provide a detailed split by project or geography in the provided information, collections are typically watched as a marker of execution and cash conversion in residential real estate. The company’s commentary stayed focused on its ability to sustain sales momentum and bring new launches to market. The quarter’s collections figure was presented alongside the pre-sales growth and FY26 guidance reaffirmation.

Full-year guidance stays at INR210 billion

Lodha reiterated that it is on track to achieve its full-year pre-sales guidance of INR210 billion for FY26. The confidence was attributed to strong sales in existing projects and a sizable launch pipeline. Separate disclosures in the provided text also indicate FY26 guidance is higher than FY25 pre-sales, cited as INR172.37 billion in one instance. Another figure mentioned for the previous fiscal is INR176.3 billion, compared with INR145.2 billion in the preceding year. The company’s position, as stated, is that the combination of launches and continuing demand in key markets supports the FY26 goal.

Launch pipeline: INR170 billion planned over remaining FY26

Lodha said it is preparing to launch residential projects valued at INR170 billion in the remaining months of FY26. Projects worth INR80 billion have already been launched in the first quarter, with the remaining INR170 billion scheduled across upcoming quarters and expected to go live by March 2026. At the start of FY26, Lodha had projected INR180 billion in new launches. After acquiring five new land parcels during the June quarter, the company said the total potential pipeline has increased to approximately INR250 billion for the full year.

Land additions and visibility into FY27

According to Sushil Kumar Modi, Executive Director (Finance) at Lodha, the land deals completed during Q1 provide development visibility for future quarters. The company’s statement, as captured in the provided text, is that this helps sustain launch momentum into FY27. The emphasis here is on maintaining a steady cadence of launches rather than relying on a small number of large releases. The broader message is that land acquisition during the year has expanded the launch pipeline beyond the initial plan.

NCR pilot: two locations and INR33 billion GDV

Lodha said it has completed the pilot phase in Bengaluru and is now in a growth phase, while starting a pilot phase in NCR. It has signed up two locations in NCR with a total gross development value (GDV) of about INR33 billion. The company expects to start sales of this project over the next 12 months. Lodha also said that with its presence in the Mumbai metropolitan region, Bengaluru, Pune, and NCR, it can reach about 80% of home sales by value. In another statement included in the provided text, Lodha said the NCR entry will enable it to serve nearly 80% of the housing demand across the top seven Indian cities.

What the geographic expansion signals

The NCR pilot is positioned as an expansion step after the Bengaluru pilot phase was completed. For investors, the key signal is the company’s attempt to extend its playbook into a new major market while maintaining activity in existing core regions. The “two locations” detail and INR33 billion GDV indicate the initial scale of NCR efforts, without suggesting a full roll-out across the region at this stage. The company’s commentary frames the move as improving addressable market coverage, measured by value share of home sales and overall housing demand across large cities.

Summary table of disclosed figures

Market impact and why it matters

The Q3 pre-sales print of INR56.2 billion and the reaffirmed FY26 guidance of INR210 billion keep the focus on execution over the remaining quarters. The announced launch pipeline of INR170 billion for the rest of FY26, after INR80 billion in Q1 launches, suggests the company is leaning on new supply to support bookings. The NCR pilot adds a second growth lever, especially as the company links this move to reaching around 80% of home sales by value across its four markets. Separately, it has framed NCR entry as a way to serve nearly 80% of housing demand across the top seven Indian cities. Taken together, the disclosed numbers put the spotlight on sustained demand in key housing markets and Lodha’s ability to time launches and convert them into pre-sales and collections.

Conclusion

Lodha Developers’ Q3 FY26 update combines record quarterly pre-sales, steady collections, and reiterated full-year guidance of INR210 billion. The company is also scaling up its launch calendar to INR170 billion for the remaining months of FY26 and expanding market coverage with an NCR pilot anchored by two signed locations with about INR33 billion GDV. The next operational milestones, as stated, are the start of sales in NCR over the next 12 months and the rollout of planned launches through March 2026.