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Informist, Wednesday, Apr. 22, 2026

By Astha Oriel           

NEW DELHI – Real estate major Lodha Developers Ltd. is expected to report a slight decline in the bottom line growth year-on-year despite a moderate increase in the top line, according to brokerages tracking the company. The company's net sales are likely to rise due to an increase in pre-sales in the March quarter, according to analysts.  

The company's net profit for the March quarter is expected at INR 8.83 billion, down more than 4% on year and more than 7% on quarter, according to the average of estimates from five brokerages. Kotak Securities Ltd. has the highest estimate of net profit at INR 9.63 billion, whereas the lowest estimate is INR 7.80 billion by HDFC Securities Ltd. This is likely to be the first time in eight quarters that the company's bottom line will decline year-on-year, as per the consensus estimate. 

"Iran war and stock market correction has impacted the wealth effect negatively and resulted in delay in deal closure. Our analysis suggests 25-30% of sales getting deferred owing to the above. NCR (Delhi-NCR) is worst impacted followed by luxury segment in MMR (Mumbai Metropolitan Region)," HDFC Securities said in an earnings preview report. 

Motilal Oswal Financial Services has estimated minority interest and profit or loss of associated companies to be INR 83 million, and the tax liability INR 2.5 billion. Kotak Securities Ltd. estimates the company's tax liability at INR 2.93 billion, up 11% on year. 

The real estate developer's net sales are expected at INR 46.41 billion, up nearly 10% on year, and flat on quarter, according to the average of brokerages' estimates. HDFC Securities Ltd. has the highest estimate of net sales at INR 49.25 billion, whereas Motilal Oswal Financial Services Ltd. has the lowest estimate of INR 40.35 billion. This is likely to be the 10th consecutive quarter of an increase in the company's revenue.

The company registered a presales of INR 58.9 billion in the March quarter, up 23% on year. The Mumbai-headquartered company's collections for the quarter grew 18% on year to INR 52.3 billion, led by a ramp-up in the construction activity. The company added one project in Mumbai Metropolitan Region in the March quarter, with a gross development value of INR 13 billion. 

The company's earnings before interest, tax, depreciation, and amortisation are expected at INR 13.09 billion, down more than 10% on year and more than 12% on quarter, according to the average of brokerages' estimates. The highest estimate of EBITDA is INR 14.48 billion by Kotak Securities Ltd., whereas Motilal Oswal Financial Services has the lowest estimate of EBITDA at INR 10.51 billion. 

Motilal Oswal Financial Services expects the company's EBITDA margin to fall by 500 basis points, whereas Kotak Securities expects a 140-basis-point fall on an EBITDA margin. The company's embedded EBITDA margin was 32% in the year-ago quarter. 

For the financial year 2025-26 (Apr-Mar), Motilal Oswal Financial Services expects the company's net profit at INR 32.73 billion, up more than 18% on year. The brokerage expects the company's net sales at INR 159.98 billion, up more than 16% on year. The company's EBITDA is, however, expected at INR 45.59 billion, below the company's FY26 guidance of INR 65 billion. For FY26, the real estate company's presales were INR 205.3 billion, up 16% on year. The presales were, however, below the INR 210 billion guidance by the company for FY26 due to select deferral of sales in March following the war in West Asia, the company had said earlier. In FY26, the company added 12 projects across Mumbai Metropolitan Region, Pune, Bengaluru, and the National Capital Region, with a gross development value of around INR 2 trillion. 

The company will announce its March quarter earnings on Friday. On Wednesday, shares of Lodha Developers closed at INR 884.80 on the National Stock Exchange, up more than 1%. Shares of the company have declined nearly 5% since the company reported December quarter earnings on Jan. 28. 

All the seven brokerage reports on the company available with Informist have 'buy' recommendation on the stock, with an average target price of INR 1,321. This is over 49% higher than the current share price. 

Following are the March quarter earnings estimates, in INR billion, for Lodha Developers from five brokerage firms in descending order of net profit:

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Edited by Akul Nishant Akhoury

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