Lodha: Rs 9,670 Crore in Pre-Sales & a 660-Acre Data Centre

LODHA Macrotech Developers (NSE : LODHA) , known as Lodha, is India’s second-largest listed real estate company. It operates across three segments: residential development (DevCo), annuity rental assets (RentCo) and strategic land holdings (LandCo). Its residential business spans Mumbai, Pune and Bengaluru, with a new entry into Gurugram. What happened: In Q2FY27, revenue grew 17.6% year on year to Rs 4,467 crore. Adjusted EBITDA rose 23.5% to Rs 1,610 crore, margin at 36.0%. Net profit grew 28.3% to Rs 1,010 crore. Operating cash flow was Rs 880 crore. Net debt stood at Rs 5,280 crore; net debt-to-equity at 0.20x. H1FY27 pre-sales were Rs 9,670 crore. ROE was 15.5% and ROCE was 16.4%. Why it matters: Lodha is building a 660-acre Data Centre Park at Palava, Navi Mumbai, with 5 GW of approved input power. AWS, ST Telemedia and Digital Edge India are anchor tenants, each developing over 1 GW at the site. Lodha has sold 132 acres and plans to monetise 143 more over 3-4 years, targeting Rs 9,000 crore in land revenue. A Built-to-Suit programme targets Rs 2,000 crore in annual rental income by FY32. What I am watching: Substation construction at the company’s own expense is the capex pressure point. First BTS contracts are targeted in FY27, with tenant delivery in FY29. Whether land sale proceeds fund the substation build on time will determine how the data centre timeline holds. My stance: Lodha trades at 18.5 times EV/EBITDA, below its 5-year median of 28.7 times. The residential business is generating strong pre-sales and cash flow. The data centre opportunity is real but rental income is FY29 at the earliest. The gap between the announced rental target and actual cash flows is wide. I do not hold a position in Lodha at the time of writing. This is not investment advice.