Synopsis: Lodha Developers reported 14.44% YoY revenue growth and 21.26% QoQ profit growth in Q3 FY26. Jefferies maintains a Buy rating with a ₹1,625 target, citing strong presales growth and disciplined balance sheet management.
This Large-cap Reality Stock, engaged in developing residential, commercial, and retail real estate properties, along with office leasing, warehousing, logistics facilities, and digital infrastructure parks, jumped 2.49 percent after the company reported strong December quarterly results with a 23.01 percent QoQ increase in revenue, while the brokerage shared a positive view on its future outlook.
With a market capitalization of Rs. 93,339.61 crores, the share of Lodha Developers Limited has reached an intraday high of Rs. 950.95 per equity share, rising nearly 2.49 percent from its previous day’s close price of Rs. 927.85. Since then, the stock has retreated and is currently trading at Rs. 938.20 per equity share.
Q3 FY26 Result
Coming into the quarterly results of Lodha Developers Limited, the company’s consolidated revenue from operations increased by 14.44 percent YOY, from Rs. 4,083 crore in Q3 FY25 to Rs. 4,672.5 crore in Q3 FY26, and grew by 23.01 percent QoQ from Rs. 3,798.50 crore in Q2 FY26.
Further, the company’s EBITDA has decreased by 5.8 percent, from Rs. 15.9 billion in Q3 FY25 to Rs. 14.9 billion in Q3 FY26. EBITDA margin has also decreased by 690 Bps, from 38.9 percent in Q3 FY25 to 32 percent in Q3 FY26.
In Q3 FY26, Lodha Developers Limited’s consolidated net profit increased by 1.37 percent YOY, reaching Rs. 957.7 crore compared to Rs. 944.8 crore during the same period last year. As compared to Q2 FY26, the net profit has increased by 21.26 percent, from Rs. 789.8 crore.
The basic earnings per share increased by 1.16 percent and stood at Rs. 9.59 as against Rs. 9.48 recorded in the same quarter in the previous year, FY2025.
Lodha Developers Limited’s revenue and net profit have grown at a CAGR of 14.28 percent and 31.82 percent, respectively, over the last three years.
In terms of return ratios, the company’s ROCE and ROE stand at 15.6 percent and 14.7 percent, respectively. Lodha Developers Limited has an earnings per share (EPS) of Rs. 33.5, and its debt-to-equity ratio is 0.45x.
Guidance for FY26
Lodha Developers Limited expects steady growth across key business areas for FY26. The company has guided for pre-sales of around Rs. 210 billion in FY26, up from Rs. 176 billion in FY25, indicating strong demand for its projects.
Operating cash flow is expected to improve to Rs. 77 billion from Rs. 66 billion, showing better cash generation. Business development for new projects (GDV) is guided at Rs. 250 billion. The company also plans to maintain a healthy balance sheet, with net debt-to-equity kept below 0.5x.
Brokerage Viewpoint
Jefferies, a prominent brokerage firm, has recommended a “Buy” call on Lodha Developers Limited with a target price of Rs. 1,625 per share, indicating an upside potential of 75.14 percent from its previous day’s close price of Rs. 927.85.
Jefferies maintains a Buy rating on Lodha Developers Limited due to strong business momentum and financial discipline. The Q3 FY26 results were in line with expectations, while presales grew 25 percent year-on-year, exceeding the company’s annual guidance.
Improved sales traction led to an upward revision in operating cash flow guidance. In addition, Lodha continues to maintain a healthy balance sheet, with gearing well below the 0.5x ceiling, supporting long-term growth and earnings visibility.
Lodha Developers Limited, formerly known as Macrotech Developers, was established in 1980 by Mangal Prabhat Lodha. It is one of India’s leading real estate developers, with its headquarters in Mumbai.
The company is renowned for its luxury residential towers and integrated townships, such as Palava City, as well as for its commercial landmarks branded as LODHA and LODHA LUXURY. Lodha Developers thoughtfully shapes urban lifestyles across cities, including Mumbai, Thane, Pune, Bengaluru, Hyderabad, and even London.
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