Lodha Developers
Lodha Developers
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Key Insights
Strengths
1- Company has delivered good profit growth of 58.4% CAGR over last 5 years
Weaknesses
3- Stock is trading at 4.74 times its book value
- Promoter holding has decreased over last quarter: -1.96%
- Company has a low return on equity of 13.6% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
Lodha Developers (Macrotech Developers) has a market capitalisation of about ₹1,14,752 crore and trades at a P/E of 28 and a price-to-book of 5.05. Over five years, sales grew at a 25% CAGR and profit at a 58% CAGR. Return on equity has stayed moderate at 13-15%, and the stock has returned only 2% over the past year.
- Profit has compounded at a 58% CAGR over 5 years and 56% over 3 years, which shows strong operating leverage as the business has grown.
- Growth is still strong: TTM sales grew 26% and TTM profit grew 39%, so the company is still expanding quickly.
- Sales have compounded at 25% over 5 years and 21% over 3 years, which points to steady growth in the top line rather than a one-off jump.
- ROE rose to 15% last year, above the 3-year average of 14% and the 5-year average of 13%, suggesting capital efficiency is slowly improving.
- A P/E of 28 against 39% TTM profit growth gives a PEG ratio below 1 on trailing figures, so the valuation is roughly in line with growth.
- The stock has compounded at 16% over 5 years and 14% over 3 years, giving long-term holders positive returns.
- At about ₹1,14,752 crore, the company is one of the largest listed Indian realty firms, which can help with land acquisition, financing and brand pricing power.
- The company pays a dividend yield of 0.37%, which shows a willingness to return cash even though it is still in a heavy growth phase.
- The stock trades at 5.05x book value, which is expensive for a capital-heavy real estate developer and leaves little room for disappointments in execution or pre-sales.
- Promoter holding fell by 1.96% in the last quarter, which may point to stake sales and can weigh on sentiment.
- The 3-year average ROE of 13.6% is low for a stock valued at 5x book. It suggests the premium depends on future improvement rather than current returns.
- The stock returned only 2% over the past year while TTM profit grew 39%, a gap that may reflect worries about valuation or the sector.
- Over 10 years, sales grew at only a 7% CAGR and profit at 17%, far below recent rates. This suggests the business has been cyclical and the current high growth may not last.
- A P/E of 28 already assumes strong growth continues. Any slowdown from the 26% TTM sales growth, for example from weaker Mumbai (MMR) demand or rising interest rates, could lead to a lower valuation.
- The dividend yield of 0.37% gives little income support if the stock price falls.
- Figures for debt-to-equity, ROCE and EPS are missing from the data provided, so leverage and balance-sheet risk, a key issue given the group's past debt load, cannot be checked here.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- EGM for subsidiary merger approval Sep 4
Lodha Developers will hold an EGM on October 9, 2026 to approve merging Roselabs Finance and National Standard (India) into itself by absorption. An NCLT order dated August 6, 2026 requires separate video-conference meetings for equity shareholders and secured creditors.
- Analyst meet at Arihant conference Sep 22
Lodha Developers will join the Arihant Capital Markets Bharat Connect Conference on September 29, 2026 through an in-person group meeting with analysts and investors.
TL;DR: Both news items are routine corporate updates, so there is no clear bullish or bearish signal in this news flow. The merger looks like a group restructuring that could simplify the corporate structure, but it still needs shareholder and creditor approval and the regulatory process to finish. With no news here on pre-sales, collections, debt or launches, the trend can't be judged from this set alone. The next things to watch are any management comments at the September 29 analyst meet and the October 9 EGM vote.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,617 | 1,750 | 2,931 | 4,018 | 2,846 | 2,626 | 4,083 | 4,224 | 3,492 | 3,798 | 4,672 | 4,714 | 4,997 |
| Expenses | 1,289 | 1,338 | 2,055 | 2,972 | 2,090 | 1,922 | 2,777 | 3,004 | 2,508 | 2,690 | 3,257 | 3,301 | 3,074 |
| Operating Profit | 328 | 412 | 876 | 1,046 | 756 | 704 | 1,306 | 1,220 | 984 | 1,108 | 1,415 | 1,413 | 1,922 |
| OPM % | 20% | 24% | 30% | 26% | 27% | 27% | 32% | 29% | 28% | 29% | 30% | 30% | 38% |
| Other Income | 54 | 6 | -77 | 65 | 72 | 59 | 64 | 196 | 133 | 80 | 110 | 129 | 102 |
| Interest | 124 | 123 | 117 | 116 | 117 | 136 | 144 | 152 | 148 | 156 | 185 | 167 | 179 |
| Depreciation | 24 | 29 | 33 | 117 | 60 | 66 | 67 | 78 | 66 | 71 | 98 | 111 | 69 |
| PBT | 235 | 265 | 649 | 878 | 651 | 560 | 1,158 | 1,186 | 904 | 961 | 1,243 | 1,264 | 1,776 |
| Tax % | 24% | 24% | 22% | 24% | 27% | 24% | 18% | 22% | 25% | 18% | 23% | 20% | 23% |
| Net Profit | 179 | 203 | 505 | 667 | 476 | 423 | 945 | 923 | 675 | 790 | 958 | 1,008 | 1,373 |
| EPS in Rs | 1.85 | 2.09 | 5.22 | 6.69 | 4.78 | 4.25 | 9.47 | 9.24 | 6.76 | 7.9 | 9.58 | 10.09 | 13.73 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,236 | 8,249 | 7,926 | 9,677 | 11,907 | 12,443 | 5,449 | 9,233 | 9,470 | 10,316 | 13,780 | 16,676 | 18,181 |
| Expenses | 4,769 | 6,123 | 6,313 | 7,995 | 8,728 | 10,526 | 4,066 | 7,047 | 7,406 | 7,651 | 9,791 | 11,753 | 12,323 |
| Operating Profit | 1,467 | 2,126 | 1,614 | 1,682 | 3,179 | 1,917 | 1,383 | 2,186 | 2,064 | 2,665 | 3,989 | 4,923 | 5,858 |
| OPM % | 24% | 26% | 20% | 17% | 27% | 15% | 25% | 24% | 22% | 26% | 29% | 30% | 32% |
| Other Income | 423 | 510 | 584 | 285 | 72 | 119 | -140 | 293 | -1,037 | 48 | 390 | 452 | 422 |
| Interest | 492 | 988 | 736 | 390 | 568 | 740 | 1,136 | 688 | 482 | 482 | 552 | 659 | 688 |
| Depreciation | 128 | 450 | 460 | 395 | 194 | 292 | 73 | 75 | 93 | 204 | 272 | 345 | 349 |
| PBT | 1,269 | 1,198 | 1,001 | 1,182 | 2,489 | 1,003 | 33 | 1,716 | 452 | 2,028 | 3,556 | 4,371 | 5,244 |
| Tax % | 37% | 41% | 42% | 33% | 34% | 26% | -44% | 30% | -8% | 23% | 22% | 22% | — |
| Net Profit | 798 | 703 | 584 | 794 | 1,644 | 742 | 48 | 1,208 | 490 | 1,554 | 2,767 | 3,431 | 4,129 |
| EPS in Rs | 18.46 | 16.25 | 12.91 | 10.03 | 20.66 | 9.19 | 0.51 | 12.49 | 5.05 | 15.58 | 27.71 | 34.32 | 41.3 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 20% | 14% | 15% | 12% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 108 | 108 | 113 | 396 | 396 | 396 | 396 | 482 | 482 | 994 | 998 | 999 |
| Reserves | 3,186 | 3,865 | 3,920 | 4,756 | 3,445 | 4,156 | 4,203 | 11,624 | 12,181 | 16,475 | 19,180 | 22,287 |
| Borrowings | 11,852 | 13,835 | 16,183 | 22,616 | 25,641 | 18,423 | 18,193 | 11,537 | 9,060 | 7,698 | 7,094 | 9,896 |
| Other Liabilities | 12,752 | 13,173 | 13,715 | 12,483 | 20,382 | 17,717 | 16,516 | 14,763 | 17,399 | 22,031 | 22,325 | 25,497 |
| Total Liabilities | 27,898 | 30,981 | 33,931 | 40,251 | 49,864 | 40,693 | 39,308 | 38,404 | 39,122 | 47,198 | 49,597 | 58,680 |
| Fixed Assets | 2,290 | 1,899 | 1,753 | 2,197 | 2,139 | 2,021 | 1,946 | 1,923 | 1,828 | 1,169 | 1,368 | 2,641 |
| CWIP | 4 | 176 | 109 | 6 | 6 | 6 | 6 | 0 | 0 | 4 | 4 | 10 |
| Investments | 595 | 611 | 1,180 | 1,384 | 1,405 | 1,553 | 1,579 | 574 | 246 | 2,500 | 1,250 | 1,454 |
| Other Assets | 25,008 | 28,295 | 30,888 | 36,664 | 46,314 | 37,112 | 35,776 | 35,908 | 37,048 | 43,524 | 46,976 | 54,575 |
| Total Assets | 27,898 | 30,981 | 33,931 | 40,251 | 49,864 | 40,693 | 39,308 | 38,404 | 39,122 | 47,198 | 49,597 | 58,680 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | 387 | 1,469 | 696 | -463 | 3,772 | 2,524 | 1,998 | 2,750 | 2,512 | 1,566 | 959 |
| Investing | — | -854 | -1,174 | -651 | -175 | 182 | 420 | 1,139 | 1,789 | -2,947 | 47 | -780 |
| Financing | — | 330 | -312 | 24 | 736 | -4,188 | -2,835 | -2,888 | -3,706 | 951 | -2,506 | 1,589 |
| Net Cash Flow | — | -137 | -16 | 69 | 97 | -234 | 109 | 250 | 834 | 516 | -893 | 1,769 |
| Free Cash Flow | — | 289 | 1,405 | 654 | -562 | 3,743 | 2,530 | 1,965 | 2,674 | 2,346 | 1,091 | 709 |
| CFO/OP | — | 34 | 119 | 75 | -5 | 201 | 176 | 100 | 143 | 95 | 55 | 39 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 63 | 30 | 28 | 29 | 15 | 23 | 44 | 26 | 28 | 28 | 21 | 32 |
| Cash Conversion Cycle | 63 | 30 | 28 | 29 | 15 | 23 | 44 | 26 | 28 | 28 | 21 | 32 |
| Working Capital Days | 655 | 590 | -166 | -262 | 0 | -31 | 114 | 360 | 387 | 442 | 441 | 420 |
| ROCE % | — | 13% | 9% | 7% | 11% | 6% | 7% | 10% | 9% | 11% | 15% | 16% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY15–FY27.
Documents
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Company Information
Lodha Developers Ltd is primarily engaged in the business of real estate development. It is among the largest real estate developers in terms of presales and development pipeline in India with a presence in MMR, Pune and entered in Bengaluru market in Nov'23.[1]
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