## **Table of Contents** 1. [Lodha Developers Delivers Record-Breaking Quarter](#anchor1) 2. [Financial Performance Showcases Robust Growth](#anchor2) 3. [Pre-Sales Excellence Drives Future Revenue Pipeline](#anchor3) 4. [Strategic Geographic Expansion Beyond Mumbai](#anchor4) 5. [Operational Excellence and Brand Leadership](#anchor5) 6. [Capital Allocation and Financial Discipline](#anchor6) 7. [The Bigger Picture: Sustainable Growth Trajectory](#anchor7) --- <h2 id="anchor1">Lodha Developers Delivers Record-Breaking Quarter</h2> **Lodha Developers achieves best-ever quarterly pre-sales of INR 58.9 billion in Q4FY26** **Key highlights** • Revenue grew 11.6% year-on-year to INR 47.1 billion in Q4FY26, with full-year revenue reaching INR 166.8 billion • Pre-sales hit record INR 58.9 billion in Q4FY26, marking 23% growth and the company's strongest quarterly performance • Net debt reduced by INR 8.0 billion quarter-on-quarter while maintaining healthy debt-to-equity ratio of 0.23x • Geographic expansion into NCR market with strategic project additions worth INR 600 billion GDV during FY26 [Lodha Developers](isin#INE670K01029) concluded FY26 with a defining performance that underscored its position as India's leading residential developer. The quarter represented not just strong financial delivery but a validation of the company's strategic pivot toward sustainable, profitable growth across multiple geographies. With record-breaking pre-sales and disciplined capital allocation, the results reflect a business model firing on all cylinders. <h2 id="anchor2">Financial Performance Showcases Robust Growth</h2> The financial metrics for Q4FY26 painted a picture of consistent operational excellence. Revenue climbed to INR 47.1 billion, representing an 11.6% increase from the previous year's INR 42.2 billion. This growth trajectory extended across the full year, with FY26 revenue reaching INR 166.8 billion, marking a substantial 21% increase over FY25's INR 137.8 billion. **Profitability metrics demonstrated the company's pricing power and operational efficiency.** Adjusted EBITDA for the quarter stood at INR 16.5 billion, up 13% year-on-year, while the EBITDA margin expanded by 40 basis points to 35.0%. The full-year adjusted EBITDA of INR 56.5 billion carried a healthy margin of 33.9%, reflecting the company's ability to maintain profitability while scaling operations.  ### **Bottom-Line Growth Acceleration** Profit After Tax showed strong momentum, reaching INR 10.1 billion in Q4FY26, a 9.1% increase from the prior year. The PAT margin of 20.8% for the quarter demonstrated robust conversion of revenue to bottom-line profits. For the full year, PAT growth accelerated to 24%, reaching INR 34.3 billion with a PAT margin of 20.0%. <h2 id="anchor3">Pre-Sales Excellence Drives Future Revenue Pipeline</h2> The standout performance came from pre-sales, where Lodha Developers achieved its best-ever quarterly result of INR 58.9 billion in Q4FY26. This represented a remarkable 23% year-on-year growth and capped off a year where every quarter delivered record-breaking performance. The full-year pre-sales reached INR 205.3 billion, establishing a significant milestone in the company's sales trajectory. **The embedded EBITDA margin on these pre-sales remained robust at approximately 34% for Q4FY26 and 33% for the full year.** This metric indicates the expected profitability on new sales at realized prices, suggesting that the strong margins witnessed in current operations will likely continue as these pre-sales convert to revenue in future periods. ### **Launch Activity and Market Response** The company maintained an aggressive launch schedule, introducing projects with 16.4 million square feet during FY26, including 6.7 million square feet in Q4FY26 alone. The Gross Development Value of FY26 launches reached approximately INR 369 billion, with INR 140 billion launched in the final quarter. This launch activity, combined with 5% price growth achieved during FY26, demonstrated strong market acceptance and the company's pricing power across its portfolio. <h2 id="anchor4">Strategic Geographic Expansion Beyond Mumbai</h2> FY26 marked a pivotal year for Lodha Developers' geographic diversification strategy. The company successfully entered the National Capital Region through two joint development projects, marking its first foray beyond its traditional strongholds of Mumbai Metropolitan Region, Pune, and Bengaluru. **The expansion strategy proved highly successful, with twelve new projects added across all geographies during FY26.** These additions carried a combined GDV of approximately INR 600 billion, representing 2.4 times the company's annual guidance and demonstrating the significant opportunity pipeline being built. Even in Q4FY26, the company added one project in MMR with a GDV of INR 13 billion, showing continued momentum in project acquisition. ### **Market Penetration and Brand Recognition** The geographic expansion was supported by strong brand recognition metrics. According to Kantar analytics, Lodha emerged as the 'Top of Mind' housing brand in both Mumbai and Pune, with 100% and 93% brand awareness respectively among participants. This brand strength provides a competitive advantage as the company expands into new markets and launches new projects. <h2 id="anchor5">Operational Excellence and Brand Leadership</h2> Beyond financial metrics, Lodha Developers demonstrated operational excellence across multiple dimensions. The company handed over 6,373 units during FY26, including 1,759 units in Q4FY26, maintaining its commitment to timely project delivery. This execution capability becomes increasingly important as the company scales operations across multiple geographies. **The company's commitment to ESG excellence was recognized through its S&P Global Corporate Sustainability Assessment score of 79/100 for 2025.** This best-in-class performance led to inclusion in the S&P Global Sustainability Yearbook 2026, positioning Lodha Developers among global leaders in corporate sustainability practices. ### **Innovation and Academic Excellence** Strategic initiatives extended beyond traditional real estate development, with the company establishing the Lodha Theoretical Physics Institute headed by renowned physicist Jainendra K. Jain. This initiative reflects the company's commitment to academic excellence and community development, potentially enhancing its brand positioning and stakeholder relationships. <h2 id="anchor6">Capital Allocation and Financial Discipline</h2> The company's financial discipline was evident in its capital allocation strategy and balance sheet management. Collections remained strong at INR 51.8 billion in Q4FY26, with net collections of INR 49.1 billion. For the full year, total collections reached INR 149.6 billion, providing robust cash flow generation to fund growth initiatives. **Operating cash flow of INR 29.6 billion in Q4FY26 generated a surplus for growth and capital providers of INR 27.9 billion.** Despite investing INR 19.5 billion in DevCo business growth and INR 0.5 billion in RentCo during the quarter, the company still delivered INR 8.0 billion surplus for capital providers, demonstrating strong cash generation capabilities. ### **Debt Management and Cost Optimization** Net debt reduction of INR 8.0 billion quarter-on-quarter brought the total to INR 53.8 billion, while the net debt-to-equity ratio remained conservative at 0.23x, well below the self-imposed ceiling of 0.5x. The average cost of debt decreased by approximately 90 basis points year-on-year to 7.8%, reflecting improved credit profile and effective treasury management. <h2 id="anchor7">The Bigger Picture: Sustainable Growth Trajectory</h2> Lodha Developers' Q4FY26 performance represents more than quarterly excellence—it validates a strategic transformation toward sustainable, profitable growth across multiple markets. The company has successfully balanced aggressive expansion with financial discipline, maintaining healthy margins while building a substantial future revenue pipeline through record pre-sales. **The dual business model comprising development and rental operations provides diversified revenue streams and capital allocation flexibility.** With the rental business generating INR 2.9 billion for FY26 and a development business delivering consistent profitability, the company is well-positioned for its medium-term target of 20% PAT CAGR. The combination of strong brand recognition, geographic diversification, robust financial metrics, and disciplined capital allocation suggests Lodha Developers is entering a new phase of scaled, sustainable growth in India's residential real estate sector.