Lodha Developers

LODHA

NSE

BSE

SectorRealty

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Company insights, generated from the most recent coverage.

Macrotech's average cost of debt at 7.8% provides a 4-7% competitive advantage over unlisted peers borrowing at 12-15%, supporting price maintenance during demand weakness.
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Macrotech maintains net debt-to-equity of ~0.2x against a 0.5x ceiling, funding all growth from operations while simultaneously deleveraging.
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Pricing growth calibrated at 5-7% annually, kept below white-collar salary growth of 9-10% to sustain affordability and demand.
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The Quarter story

The two most recent quarterly results, compared side-by-side.

Lodha Developers delivers strong profit growth and rising rental income, while managing debt costs effectively despite higher project funding needs.

Adj. EBITDA margin rises from 34.4% in Q1 FY26 to 43% in Q1 FY27, showing stronger pricing power

Borrowings rise from ₹78.4 Cr in Q1 FY26 to ₹102.8 Cr in Q1 FY27, signaling aggressive project funding

Annuity income grows from ₹0.4 Cr in Q1 FY26 to ₹3.0 Cr in Q1 FY27, reflecting successful rental portfolio scaling

Pune collections fall from ₹4.7 Cr in Q1 FY26 to ₹4.0 Cr in Q1 FY27, indicating regional demand softening

Operating cash flow increases from ₹9.5 Cr in Q1 FY26 to ₹18.9 Cr in Q1 FY27, ensuring steady liquidity generation

Trade receivables grow from ₹26.4 Cr in Q1 FY26 to ₹37.6 Cr in Q1 FY27, reflecting higher credit sales

Net debt to equity falls from 0.24x in Q1 FY26 to 0.20x in Q1 FY27, indicating improved leverage management

Office collections dip from ₹1.0 Cr in Q3 FY26 to ₹0.8 Cr in Q1 FY27, showing leasing cycle volatility

About the company

Macrotech Developers Limited, formerly Lodha Developers Limited, is an Indian multinational real estate company founded in 1995 and headquartered in Mumbai. The company develops residential and commercial properties in Mumbai, Thane, Hyderabad, Pune, and London. It operates under various brands including Lodha, CASA by Lodha, and Crown - Lodha Quality Homes for different market segments. Macrotech Developers has completed over 90 projects totaling 80 million square feet and is currently developing more than 50 projects across 75 million square feet. The company is known for luxury developments like The World Towers and Lodha Altamount, as well as affordable housing projects. It also develops commercial real estate and is creating an 800-acre logistics and industrial park near Palava. Macrotech Developers went public in 2021 and is listed on the BSE and NSE. The company has expanded through acquisitions, partnerships, and investments in various projects across India and London.

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