Lodha Developers Q2 FY27 Earnings Call — Analysis (NSE: LODHA)
Lodha posted record H1 performance with PAT up 63% to ₹2,386 Cr and pre-sales of ₹9,600 Cr, confident of comfortably beating its full-year PAT guidance of 20% growth.
Result quality: stable — Results context unavailable. Management sentiment: optimistic.
The take
H1FY27 Revenue ₹9,460 Cr ( +30% YoY ) . Guidance raised . But missed — Data centre land value re-rating .
Results
H1FY27 Revenue reached ₹9,460 Cr (+30% YoY) and PAT jumped to ₹2,386 Cr (+63% YoY), driven by pre-sales of ₹9,600 Cr (+7% YoY) and net debt falling to ~₹5,200 Cr.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue | ₹9,460 Cr | +30% | yoy · H1FY27 · H1 YoY |
| Profit After Tax | ₹2,386 Cr | +63% | yoy · H1FY27 · H1 YoY |
| Pre-sales | ₹9,600 Cr | +7% | yoy · H1FY27 · H1 YoY |
| Collections | ₹7,600 Cr | +19% | yoy · H1FY27 · H1 YoY |
| Operating Cash Flow | ₹2,700 Cr | none · H1FY27 · H1FY27 | |
| Net Debt | ₹5,200 Cr | point_in_time · Q2FY27 · Sep-26 (0.2x equity) | |
| Collections | ₹3,500 Cr | none · Q2FY27 · Q2FY27 | |
| Bangalore Pre-sales | ₹1,800 Cr | none · Q2FY27 · Driven by Lodha Beaumont Estate launch |
Guidance
Management reaffirmed full-year pre-sales guidance of ₹24,000 Cr and operating cash flow of ~₹8,500 Cr, while guiding to easily beat its 20% annual PAT growth target.
Key themes
Robust H1 execution and data center scale-up
Operational commentary
- Launched 70-acre Lodha Beaumont Estate in North Bangalore delivering over ₹1,500 Cr in pre-sales in its first 3 months.
- Entered Gurugram NCR market with pilot commercial office pre-sales initiated on Golf Course Road, with 2 residential projects lined up.
- Data center park input power approvals increased from 3 GW to 5 GW (translating to >4 GW IT output), catering to marquee tenants STT, AWS, and Digital Edge.
- Mulund-Airoli-Palava Freeway is clinically complete and set to open within weeks, cutting travel time to Airoli to 20 minutes and expected to boost CY27 Palava pre-sales.
- H2FY27 launch pipeline stands at nearly ₹20,000 Cr of GDV across diversified geographies.
Analyst Q&A
Q. Impact of West Asia geopolitical tensions on demand and luxury sales trend
Demand impact is restricted to Gulf NRI buyers representing 4-5% of sales, mostly in ₹1-3 Cr ticket sizes; luxury and central Mumbai demand remains completely resilient.
Q. Why launch pipeline guidance for FY27 was revised down from ₹25,000 Cr to ₹23,100 Cr while maintaining pre-sales guidance
Launches naturally move by a month or two across fiscal boundaries, but strong underlying sustenance sales momentum keeps the ₹24,000 Cr pre-sales target intact.
Q. Visibility on data center park power expansion to 5 GW and distribution timeline
5 GW input power is based on approved tapping into existing surrounding transmission lines with substations funded by Lodha; no major transmission grid overhaul needed.
Q. Drivers behind medium-term margin expansion if pricing growth remains moderate
Margin expansion of 100-200 bps annually is driven by maintaining 5-7% price growth against 4% cost inflation, assisted by operational leverage and supply chain scale.
Q. Specific size and details of the upcoming BTS data center transaction
Declined to share precise MW capacity due to transaction confidentiality, confirming only that it is a multi-hundred megawatt project.
Research and educational content only. Not investment advice.