Lodha Developers Q1 FY27 Results (NSE: LODHA)
Signal: Margin expansion
The read
Q1FY27: Best-ever quarterly PAT of ₹933 Cr (up 103% YoY) on revenue of ₹4,977 Cr (up 43% YoY), driven by strong pre-sales of ₹4,629 Cr, gross margin expansion of 430bps, and operating leverage leading to EBITDA margin expansion of 736bps. Net debt reduced by ₹446 Cr to ₹4,931 Cr. Company guides for 20% long-term PAT CAGR.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,977.2 Cr | 43% | N/A |
| EBIT | ₹1,222 Cr | 104.3% | |
| Net profit | ₹933.2 Cr | 103.5% | |
| EPS | ₹3.02 | 104.1% | |
| EBIT margin | 24.6% |
P&L walk
Revenue grew 43% YoY driven by strong pre-sales; gross margin expanded 430bps to 66.0% on favorable mix; EBITDA margin expanded 736bps to 24.6% on operating leverage; finance costs grew moderately; PAT doubled YoY aided by higher other income.
Segments
Real estate segment drove performance with revenue up 42.8% YoY and segment result up 105% YoY; others segment remains small.
Key positives
- Best-ever quarterly PAT of ₹933 Cr, up 103% YoY
- Revenue growth of 43% YoY to ₹4,977 Cr
- Gross margin expanded 430bps YoY to 66.0%
- EBIT margin expanded 736bps YoY to 24.6%
- Net debt reduced by ₹446 Cr to ₹4,931 Cr; net debt/equity 0.2x
- Pre-sales of ₹4,629 Cr, collections up 46% YoY to ₹4,205 Cr
Key concerns
- QoQ revenue growth decelerated from Q4FY26 (₹4,714 Cr) to ₹4,977 Cr, implying only 5.6% sequential growth
- Other income doubled and contributed materially to PAT growth; sustainability uncertain
- Press release PAT (₹1,373 Cr) diverges from P&L reported PAT (₹933 Cr); needs clarification
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