1QFY27: Presales slow but in-line; PL strong Quick Note

Research evidence excerpt

1QFY27: Presales slow but in-line; PL strong Quick Note

Global Markets Research

Lodha Developers LODH.NS LODHA IN 26 July 2026

EQUITY: PROPERTY

Rating1QFY27: Presales slow but in-line; PL strong Remains Buy

Target price INR 1,250 RemainsQuick Note

Closing priceLodhaDevelopersreportedits1QFY27earningson24July2026.Theearningscallis 24 July 2026 INR 1,144

scheduledfor27Julyat1pmIST.Overall,1)thecompany’s1QFY27pre-saleswereslow

but inlinewithourestimates atINR46.3bn(+3%y-y).2)Reported

revenue/EBITDA/PATgrewstrongly,by43%y-y/95%y-y/102%y-y,duetorevenue Research Analysts

recognitionfromDClandsales.3)ManagementmaintaineditsFY27Epre-salesguidance India PropertyofINR240bn,whichimpliesINR193bnofpre-salesfortheremainingninemonthsofthe

Akash Gupta - NFASLfinancialyear(+20%y-y).4)Accordingtomanagement,pricesforthecompany’sland akash.gupta3@nomura.com

earmarkedforDCdevelopmentcontinuetorisesharply,withthemostrecenttransaction + 91 22 40374043

takingplaceatINR425mn/acre(vsINR210mn/acreinCY25;INR26mn/acreinCY21).

Thestocktradesatan11%premiumtoNAV(vsourtargetpremiumtoNAVof21%).The

followingareourkeytakeawaysfromthequarterlyresults:

• 1QFY27 pre-sales: At INR46.3bn (+3% y-y; but in line with our estimate of INR46bn),

pre-sales were largely driven by: (1) sustenance sales from inventory as there were no

new launches in the quarter; and (2) land sales of INR10-12bn.

• FY27E pre-sales guidance intact and looks achievable: Management maintains its

pre-sales guidance of INR240bn. It expects to achieve ~40% of its pre-sales guidance

in 1HFY27F and the rest ~60% in 2HFY27F.

○ Overall, the company has INR413bn of inventory and INR240bn of launches in

pipeline. Total supply for balance 9MFY27F is INR653bn.

○ To achieve its guidance, the company has to do INR193bn in pre-sales for