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Lodha Developers reported strong Q1FY27 financial results. Revenue surged 43% YoY to 5,000 Cr, while Profit After Tax (PAT) more than doubled, growing over 2x YoY to 1,370 Cr, with PAT margin expanding to 26.9%. Operating cash flow stood at 1,890 Cr.
**Growth Drivers or Strategy:**
The company is aggressively expanding into the NCR market from FY27, complementing its strong presence in MMR, Pune, and Bengaluru. A key long-term focus is monetizing its vast land bank, especially at Palava and Upper Thane, which benefit from significant infrastructure upgrades. They are also building an annuity income stream from data centers, retail, office, and warehousing assets, targeting a 10x growth by FY32.
**Recent Developments:**
Lodha launched a new phase in MMR valued at 330 Cr and added new projects in Pune (estimated GDV 2,300 Cr). In its Data Centre Park, it recently signed Digital Edge, following AWS and STT, with land value appreciating to 42.5 Cr/acre. The company also launched the Lodha Theoretical Physics Institute.
**Key Financial Metrics:**
Q1FY27 Pre-sales stood at 4,630 Cr, with collections at 4,210 Cr (up 46% YoY). Net debt decreased by 450 Cr QoQ to 4,930 Cr, maintaining a conservative 0.20x Net Debt/Equity. Annuity income was 300 Cr (annualized exit rental).
**Management Commentary / Outlook:**
Management targets ~20% PAT CAGR over the medium term and expects FY27 pre-sales of 24,000 Cr. The company aims to be debt-free at the DevCo level in the next few years. Unsold GDV of ~2,00,000 Cr provides strong growth visibility for the next 5 years.