LODHA

Lodha Developers Limited

Residential developer from mid-income to luxury, with a growing rental portfolio

Consumer Discretionary›Realty›Realty›Residential, Commercial Projects

lodhagroup.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1058.70
Market cap
1,05,801 Cr
Stock P/E
25.6
P/B
4.54
Dividend yield
0.4%
ROE (FY26)
14.6%
ROCE (FY26)
15.1%
Operating margin (FY26)
27.4%
Debt / equity (FY26)
0.42
OCF / EBITDA (FY26)
19.5%
OCF / EBITDA (3Y)
43.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Lodha (Lodha Developers) builds and sells homes in the Mumbai region, Pune and Bangalore, and also earns land-sale income and rent from commercial assets and a data-centre land park at Palava.

Company snapshot

2ndBy market cap

Ranked among 79 companies in Residential, Commercial Projects.

What we see

Positives
  • ✓Net margin of 20.6% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Only 43% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,750 Cr2,931 Cr4,019 Cr2,847 Cr2,626 Cr4,083 Cr4,224 Cr3,492 Cr3,799 Cr4,673 Cr4,714 Cr4,997 Cr
Operating expenses (approx.)1,334 Cr2,048 Cr2,972 Cr2,090 Cr1,921 Cr2,777 Cr3,004 Cr2,507 Cr2,690 Cr3,257 Cr3,301 Cr3,074 Cr
EBITDA416 Cr883 Cr1,047 Cr757 Cr705 Cr1,306 Cr1,221 Cr984 Cr1,109 Cr1,415 Cr1,413 Cr1,922 Cr
OPM %23.8%30.1%26.1%26.6%26.8%32.0%28.9%28.2%29.2%30.3%30.0%38.5%
Other income6 Cr28 Cr65 Cr72 Cr59 Cr64 Cr196 Cr133 Cr80 Cr103 Cr127 Cr100 Cr
Interest123 Cr117 Cr116 Cr117 Cr137 Cr144 Cr152 Cr148 Cr157 Cr185 Cr167 Cr179 Cr
Depreciation29 Cr33 Cr117 Cr60 Cr67 Cr67 Cr78 Cr66 Cr71 Cr98 Cr111 Cr69 Cr
Profit before tax265 Cr649 Cr879 Cr651 Cr560 Cr1,159 Cr1,187 Cr904 Cr961 Cr1,243 Cr1,264 Cr1,776 Cr
Tax %23.5%22.2%24.1%26.9%24.4%18.4%22.2%25.3%17.8%23.0%20.2%22.7%
Net profit203 Cr505 Cr667 Cr476 Cr423 Cr945 Cr923 Cr675 Cr790 Cr958 Cr1,008 Cr1,373 Cr
EPS (₹)₹2.09₹5.22₹6.84₹4.78₹4.25₹9.48₹9.26₹6.76₹7.90₹9.59₹10.09₹13.73

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales13,527 Cr11,907 Cr12,443 Cr5,449 Cr9,233 Cr9,470 Cr10,316 Cr13,780 Cr16,676 CrSign in free for the trailing twelve months
Operating expenses (approx.)10,238 Cr8,740 Cr10,522 Cr4,077 Cr7,109 Cr7,404 Cr7,640 Cr9,792 Cr11,755 CrSign in free for the trailing twelve months
EBITDA3,290 Cr3,167 Cr1,920 Cr1,372 Cr2,125 Cr2,066 Cr2,676 Cr3,988 Cr4,921 CrSign in free for the trailing twelve months
OPM %24.3%26.6%15.4%25.2%23.0%21.8%25.9%28.9%29.5%Sign in free for the trailing twelve months
Other income199 Cr72 Cr118 Cr323 Cr346 Cr141 Cr153 Cr390 Cr443 CrSign in free for the trailing twelve months
Interest382 Cr556 Cr732 Cr1,126 Cr680 Cr479 Cr480 Cr550 Cr657 CrSign in free for the trailing twelve months
Depreciation398 Cr194 Cr306 Cr73 Cr75 Cr93 Cr204 Cr272 Cr345 CrSign in free for the trailing twelve months
Profit before tax2,710 Cr2,489 Cr1,006 Cr33 Cr1,717 Cr452 Cr2,028 Cr3,556 Cr4,371 CrSign in free for the trailing twelve months
Tax %34.0%33.9%26.0%-44.4%29.6%-8.2%23.3%22.2%21.5%Sign in free for the trailing twelve months
Net profit1,789 Cr1,644 Cr745 Cr48 Cr1,209 Cr489 Cr1,554 Cr2,767 Cr3,431 CrSign in free for the trailing twelve months
EPS (₹)₹45.10₹41.33₹18.46₹1.01₹26.28₹10.10₹16.03₹27.76₹34.34Sign in free for the trailing twelve months
Dividend payout %———0.0%0.0%0.0%6.2%8.1%12.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital396 Cr396 Cr396 Cr396 Cr482 Cr482 Cr995 Cr998 Cr999 Cr
Reserves1,823 Cr3,445 Cr4,156 Cr4,203 Cr11,624 Cr12,181 Cr16,475 Cr19,180 Cr22,287 Cr
Borrowings22,600 Cr23,362 Cr18,414 Cr18,167 Cr11,537 Cr9,049 Cr7,680 Cr7,080 Cr9,884 Cr
Other liabilities22,956 Cr22,126 Cr17,207 Cr16,015 Cr14,780 Cr17,384 Cr22,011 Cr22,515 Cr25,624 Cr
Total liabilities47,811 Cr49,864 Cr40,693 Cr39,308 Cr38,479 Cr39,155 Cr47,225 Cr49,841 Cr58,937 Cr
Fixed assets (net)1,285 Cr1,283 Cr1,185 Cr1,123 Cr1,119 Cr1,143 Cr571 Cr617 Cr970 Cr
CWIP6 Cr6 Cr6 Cr6 Cr0 Cr—0 Cr0 Cr256 Cr
Investments1,384 Cr1,405 Cr1,553 Cr1,856 Cr839 Cr400 Cr2,647 Cr1,652 Cr2,650 Cr
Loans & advances———453 Cr1,199 Cr487 Cr1,145 Cr1,843 Cr2,790 Cr
Inventories39,163 Cr41,512 Cr29,031 Cr28,301 Cr27,358 Cr30,117 Cr33,993 Cr36,476 Cr40,254 Cr
Trade receivables734 Cr484 Cr794 Cr655 Cr645 Cr739 Cr800 Cr776 Cr1,472 Cr
Cash & bank255 Cr353 Cr119 Cr228 Cr477 Cr1,311 Cr1,827 Cr934 Cr2,703 Cr
Other assets4,983 Cr4,821 Cr8,004 Cr6,688 Cr6,841 Cr4,958 Cr6,243 Cr7,543 Cr7,842 Cr
Total assets47,811 Cr49,864 Cr40,693 Cr39,308 Cr38,479 Cr39,155 Cr47,225 Cr49,841 Cr58,937 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity696 Cr-463 Cr3,773 Cr2,524 Cr1,998 Cr2,750 Cr2,512 Cr1,566 Cr959 Cr
Cash from investing-655 Cr-184 Cr212 Cr420 Cr1,139 Cr1,778 Cr-2,947 Cr-90 Cr-780 Cr
Cash from financing24 Cr736 Cr-4,190 Cr-2,835 Cr-2,888 Cr-3,705 Cr951 Cr-2,506 Cr1,589 Cr
Net cash flow65 Cr88 Cr-205 Cr109 Cr250 Cr822 Cr516 Cr-1,030 Cr1,768 Cr
Free cash flow (OCF − Capex)654 Cr-562 Cr3,744 Cr2,522 Cr1,958 Cr2,660 Cr2,343 Cr1,091 Cr709 Cr

Ratios

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %12.4%11.0%7.4%5.0%10.1%4.3%9.9%15.0%15.1%
ROE %79.2%37.4%14.4%0.8%9.9%3.8%8.8%13.7%14.6%
Debtor days201523442528282132
Inventory days10541269852189110791158200016091496
Days payable5263601025576149130126
Cash conversion cycle10221221815183210491110188015001401
OCF / EBITDA %21.2%-14.6%196.5%184.0%94.1%133.1%93.9%39.3%19.5%
OCF / EBITDA % (3 years)——47.8%90.3%153.1%130.7%105.7%78.2%43.5%
Debt / equity10.186.084.053.950.950.710.440.350.42
Current ratio1.031.041.011.111.471.501.621.691.75
Net debt / EBITDA6.797.279.5313.085.213.752.191.541.46