LODHA

Misses Guidance Despite Record Pre-Sales

closed FY26 with ₹20,530 crore in pre-sales, up 16% YoY, but fell short of its ₹21,000 crore guidance due to sales deferrals in March linked to the Iran war. Despite the miss, Lodha delivered its best-ever annual performance, supported by strong Q4 momentum and healthy collections, while continuing to expand across key markets and reduce debt. Pre-Sales & Collections - FY26 pre-sales: ₹20,530 crore, vs. ₹17,630 crore in FY25. - Q4FY26 pre-sales: ₹5,890 crore, up 23% YoY, in a seasonally strong quarter. - Customer collections: ₹5,230 crore in Q4, up 18% YoY; FY26 collections at ₹15,160 crore, up 5% YoY. - Missed guidance by ₹470 crore due to March deferrals. Project Additions - Q4FY26: one new project in MMR with GDV of ₹1,300 crore. - FY26: 12 projects added across MMR, Pune, Bengaluru, and NCR, with combined GDV of ~₹60,000 crore. - Net debt reduced by ₹800 crore to ₹5,370 crore, aided by strong collections. Sector Context - Lodha ranks among India’s top four best-selling developers, alongside Godrej Properties, DLF, and Prestige Estates. - Collectively, the top four aimed to cross ₹1 trillion in residential sales in FY26, marking a record year for branded players. - March sales softened across the sector due to war-related uncertainty. - Crisil Ratings notes the industry has entered a phase of calibrated growth after a post-pandemic surge (26% CAGR in FY22–FY25). Outlook Despite geopolitical headwinds, Lodha’s strong operating performance, healthy collections, and controlled debt levels underpin resilience. Execution of new launches and demand recovery in FY27 will be key to sustaining momentum. The broader sector may plateau, but branded developers like Lodha remain positioned to capture market share.