DLF Ltd.
NSE: DLF
Real Estate · Real Estate - Development
₹650.00 last close on 12 Oct 2026 +0.22%
Research updated
Macrotech Developers Ltd.
NSE: LODHAReal EstateReal Estate - Development
- Last close
- ₹1,069.70
- Day change
- +₹4.90 (+0.46%)vs
- Market cap
- ₹1.07 lakh crIndian rupees
- Research updated
- 1 report
About Macrotech Developers
Macrotech Developers Ltd. is a premier real estate developer based in India, primarily recognized under its brand name, Lodha. Serving both residential and commercial sectors, the company's main mission is to develop high-quality living and working spaces across strategic locations, thereby catering to the growing urban aspirations and demand. The hallmark of Macrotech’s projects lies in its commitment to luxury, modernity, and sustainability, setting benchmarks in architectural aesthetics and construction innovation. Macrotech Developers is notably influential in the real estate industry, having developed landmark projects in various key metropolitan regions, including Mumbai, Pune, and London. Its portfolio spans affordable homes to lavish residences, alongside commercial venues and integrated urban communities. Through tailored designs and strategic planning, Macrotech continues to contribute substantially to urban landscapes, driving economic growth and aligning with governmental urban development initiatives. With a focus on innovation and customer satisfaction, Macrotech Developers Ltd. remains a pivotal entity in the real estate market, impacting housing trends and contributing robustly to the broader economy by fostering employment and infrastructural development.
- Sector
- Real Estate
- Industry
- Real Estate - Development
- Listing
- NSE: LODHA
- Chief executive
- Mr. Abhishek Mangal Prabhat Lodha
- Employees
- 5,783
- Headquarters
- Mumbai, India
- ISIN
- INE670K01029
- Website
- lodhagroup.com
Public research · Report of
Business model & financial foundation
Lodha (NSE: LODHA), Residential real estate development, land monetisation (Palava data-centre and industrial parks) and annuity assets: revenue of ₹16,676 crore in FY26 (+21.0% on FY25), an EBITDA margin of 29.5% and net profit of ₹3,428 crore.
- Revenue, FY26 (₹ crore)
- 16,676
- consolidated
- Revenue growth, FY26
- +21.0%
- on FY25
- EBITDA margin, FY26
- 29.5%
- EBITDA (revenue less cost of projects, employee and other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 3,428
- to owners
- Return on equity, FY26
- 15.7%
- on average equity
- Market capitalisation (₹ crore)
- 1,13,712
- at the close of 12 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Lodha Developers Limited (formerly Macrotech Developers Limited, Lodha Developers Private Limited) |
| Exchange and ticker | NSE: LODHA; BSE: 543287 |
| ISIN | INE670K01029 |
| CIN | L45200MH1995PLC093041 |
| Sector | Real Estate |
| Industry | Residential real estate development, land monetisation (Palava data-centre and industrial parks) and annuity assets |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | MSKA & Associates LLP |
| Market capitalisation | ₹1,13,712 crore (12 Oct 2026) |
| Shares outstanding | 99.84 crore shares (FY26) |
| Price | ₹1,065 (close, 12 Oct 2026) |
| 52-week range | ₹650.8 - ₹1,345 (to 12 Oct 2026) |
| Website | https://www.lodhagroup.com |
Corporate structure and shareholding
Parent: Promoter group: Sambhavnath Trust, Lodha Philanthropy Foundation, Hightown Constructions, Sambhavnath Infrabuild, Homecraft (70.31% at Jun 2026).
| Entity | Holding | Business |
|---|---|---|
| Cowtown Infotech Services Pvt Ltd | 100% | Construction and procurement arm for group projects |
| Bellissimo Infratech Pvt Ltd | 100% | Real estate SPV; balance 20% acquired 31 Aug 2026 for INR 73.52 cr |
| Bellissimo Digital Infrastructure entities | 100% | Palava green data-centre park and powered-shell platform |
| Palava Induslogic 4 / Bellissimo In City FC Mumbai 1 | 66.67% | Industrial and warehousing JVs with Bain Capital / partners (equity-accounted) |
| National Standard (India) Ltd | 73.94% | Listed subsidiary; merging into Lodha (NCLT scheme, swap 92:1,000) |
| Roselabs Finance Ltd | 74.25% | Listed subsidiary; merging into Lodha (swap 7:1,000) |
| Brickmart Constructions / G Corp Homes / Siddhivinayak Realties | 100% | Project SPVs in MMR |
Merger of National Standard and Roselabs approved by shareholders and secured creditors on 9 Oct 2026; pending NCLT sanction; dilution about 0.05%.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 71.87% | 71.85% | 72.27% | 70.31% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 24.10% | 23.50% | 21.25% | 23.65% |
| Domestic institutions | 2.70% | 3.20% | 4.62% | 3.57% |
| of which mutual funds | 1.55% | 1.98% | 3.37% | 1.88% |
| Retail | 1.30% | 1.50% | 1.86% | 2.46% |
| Other | 0.00% | 0.01% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Lodha Developers (formerly Macrotech) sells residential units, mainly in the Mumbai Metropolitan Region (MMR 40.9 of 46.3 bn pre-sales in Q1FY27, of which Extended Eastern Suburbs 18.9 bn), with Pune and Bengaluru growing and an NCR entry planned for H2FY27. Bookings (pre-sales, FY26 20,530 cr) are collected over construction (FY26 collections 15,160 cr) and recognised as revenue on delivery, so reported revenue (FY26 16,676 cr) follows earlier bookings. A second engine is the Palava/Upper Thane land bank (~4,500 acres): land sold to data-centre operators (Digital Edge at ~42 cr/acre in Q1FY27, versus ~12 cr/acre in Q2FY25) is booked at once and lifts margins. Annuity income (exit rate ~300 cr) is to grow to >3,000 cr by FY32 via data-centre powered shells, warehousing and retail. Lodha controls land, approvals, brand and construction, but not the infrastructure timing (freeway, metro) that sets Palava pricing.
| Peer | Why the dossier compares them |
|---|---|
| DLF (DLF) | Largest listed developer by market cap; residential plus annuity (DCCDL) model, NCR-centred |
| Godrej Properties (GODREJPROP) | Largest pre-sales national residential developer, MMR presence, asset-light JDA model |
| Prestige Estates Projects (PRESTIGE) | Pan-India residential plus annuity portfolio, entering MMR and NCR |
| Oberoi Realty (OBEROIRLTY) | Mumbai premium residential and annuity peer, closest geography |
| Phoenix Mills (PHOENIXLTD) | Mumbai-based annuity (retail/office) comparator for the RentCo ambition |
| Sobha (SOBHA) | Integrated residential developer, Bengaluru/NCR markets Lodha is entering |
| Brigade Enterprises (BRIGADE) | South India residential plus annuity developer, similar mix ambition |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 9,147 | 9,335 | 10,316 | 13,780 | 16,676 |
| Cost of revenue (vendor classification) * | 6,063 | 6,064 | 6,203 | 8,303 | 9,847 |
| Other operating costs (vendor classification) * | -443.4 | 902.8 | -667.1 | 929.1 | 1,226 |
| EBITDA (vendor classification) * | 4,780 | 2,939 | 4,923 | 4,242 | 5,243 |
| EBIT * | 3,651 | 1,781 | 3,025 | 4,192 | 5,076 |
| Finance costs | 1,935 | 1,328 | 479.8 | 549.5 | 656.7 |
| Profit before tax (after JV share) | 1,717 | 452.5 | 2,028 | 3,556 | 4,371 |
| Tax expense (current + deferred) | 508.0 | -37.0 | 473.4 | 788.9 | 940.6 |
| Profit after tax | 1,209 | 489.5 | 1,554 | 2,767 | 3,431 |
| Diluted EPS (₹) | 13.13 | 5.05 | 15.99 | 27.67 | 34.25 |
| Other income | 153.4 | 390.3 | 443.3 | ||
| Cost of projects | n.r. | 8,250 | 9,796 | ||
| Employee benefits expense | n.r. | 543.3 | 658.7 | ||
| Other expenses | n.r. | 998.6 | 1,300 | ||
| EBITDA (revenue less cost of projects, employee and other expenses) | 2,125 | 2,066 | 2,676 | 3,988 | 4,921 |
| Depreciation, impairment and amortisation | 203.9 | 271.9 | 345.4 | ||
| Exceptional items | n.r. | 0.00 | 0.00 | ||
| Share of profit/(loss) of JVs and associates | -1.40 | 9.20 | |||
| Non-controlling interest share of profit | 2.30 | 2.50 | |||
| PAT attributable to owners | 1,549 | 2,764 | 3,428 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 12,162 | 12,722 | 17,534 | 20,245 | 23,429 |
| Borrowings * | 11,537 | 9,060 | 7,698 | 7,094 | 9,896 |
| Cash and cash equivalents * | 477.1 | 1,311 | 1,827 | 933.6 | 2,703 |
| Trade receivables * | 645.1 | 739.3 | 799.9 | 776.3 | 1,472 |
| Inventories * | 27,358 | 30,117 | 33,993 | 36,476 | 40,254 |
| Trade payables * | 1,386 | 1,967 | 2,531 | 2,937 | 3,403 |
| Net property, plant and equipment * | 1,119 | 12.3 | 22.9 | 23.9 | 23.9 |
| Capital work in progress * | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total assets * | 38,479 | 39,155 | 47,225 | 49,841 | 58,937 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 3,774 | 1,663 | 1,250 | 1,892 | 959.3 |
| Free cash flow (vendor definition) * | 1,954 | 2,660 | 2,343 | 1,091 | 709.1 |
| Dividends paid (the provider's sign: an outflow is negative) * | -96.4 | -223.9 | -424.3 | ||
| Capital expenditure (the provider's sign: an outflow is negative) * | -33.0 | -75.5 | -166.1 | -474.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 91.50 | 96.33 | 96.62 | 99.58 | 99.84 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,626 | 4,083 | 4,224 | 3,492 | 3,799 | 4,673 | 4,714 | 4,997 |
| Cost of revenue (vendor classification) * | 1,572 | 2,400 | 2,567 | 2,095 | 2,743 | 2,760 | 2,543 | |
| Other operating costs (vendor classification) * | 208.8 | 246.2 | 304.8 | 260.3 | 343.0 | 377.3 | 347.4 | |
| EBITDA (vendor classification) * | 762.9 | 1,370 | 1,416 | 1,117 | 1,526 | 1,542 | 2,024 | |
| EBIT * | 696.4 | 1,303 | 1,338 | 1,051 | 1,428 | 1,431 | 1,955 | |
| Finance costs | 136.5 | 144.1 | 151.7 | 147.8 | 156.5 | 185.0 | 167.4 | 179.1 |
| Profit before tax (after JV share) | 559.9 | 1,159 | 1,187 | 903.5 | 960.8 | 1,243 | 1,264 | 1,776 |
| Tax expense (current + deferred) | 136.8 | 213.7 | 263.7 | 228.4 | 171.0 | 285.4 | 255.8 | 402.8 |
| Profit after tax | 423.1 | 944.8 | 922.8 | 675.1 | 789.8 | 957.7 | 1,008 | 1,373 |
| Diluted EPS (₹) | 4.23 | 9.45 | 9.22 | 6.74 | 7.87 | 9.56 | 10.07 | 13.70 |
| Other income | 58.9 | 63.6 | 196.0 | 133.0 | 80.4 | 102.9 | 127.0 | 100.0 |
| Cost of projects | n.r. | 2,400 | 2,567 | 2,095 | 2,199 | 2,743 | 2,760 | 2,543 |
| Employee benefits expense | 140.3 | 131.4 | 131.6 | 152.0 | 171.0 | 171.9 | 163.8 | 184.4 |
| Other expenses | n.r. | 246.2 | 304.8 | 260.3 | 319.6 | 343.0 | 377.3 | 347.4 |
| EBITDA (revenue less operating costs) | 704.6 | 1,306 | 1,221 | 984.4 | 1,109 | 1,415 | 1,413 | 1,922 |
| Depreciation and amortisation | 66.5 | 67.2 | 77.8 | 65.9 | 71.4 | 97.5 | 110.6 | 69.2 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Share of profit of JVs/associates | -0.60 | 0.30 | -0.70 | -0.20 | -0.50 | 7.60 | 2.30 | 1.80 |
| Profit attributable to non-controlling interests | 0.20 | 0.40 | 1.10 | 0.40 | 1.10 | 0.80 | 0.20 | 1.00 |
| Profit attributable to owners | 422.9 | 944.4 | 921.7 | 674.7 | 788.7 | 956.9 | 1,008 | 1,372 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 70.9% | 2.1% | 10.5% | 33.6% | 21.0% |
| EBITDA margin | 23.2% | 22.1% | 25.9% | 28.9% | 29.5% |
| Net margin | 15.0% | 20.1% | 20.6% | ||
| Return on equity | 10.2% | 14.6% | 15.7% | ||
| Return on capital employed | 15.5% | 7.8% | 12.9% | 15.9% | 16.7% |
| Return on assets | 3.6% | 5.7% | 6.3% | ||
| Borrowings less cash (₹ crore) | 11,060 | 7,749 | 5,871 | 6,160 | 7,193 |
| Borrowings less cash / EBITDA | 5.21x | 3.75x | 2.19x | 1.54x | 1.46x |
| Interest cover | 1.89x | 1.34x | 6.31x | 7.63x | 7.73x |
| Asset turnover | 0.24x | 0.24x | 0.24x | 0.28x | 0.31x |
| Receivable days | 26 | 29 | 28 | 21 | 32 |
| Inventory days (on revenue) | 1,092 | 1,178 | 1,203 | 966 | 881 |
| Payable days (on revenue) | 55 | 77 | 90 | 78 | 74 |
| Cash conversion | 0.81x | 0.68x | 0.28x | ||
| Capex intensity | 0.4% | 0.8% | 1.6% | 3.4% | |
| Free cash flow (₹ crore) | 3,741 | 1,587 | 1,084 | 1,418 | |
| Dividend payout | 6.2% | 8.1% | 12.4% | ||
| EPS, diluted (₹) | 13.13 | 5.05 | 15.99 | 27.67 | 34.25 |
| Book value per share (₹) | 132.9 | 132.1 | 181.5 | 203.3 | 234.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cost of projects, employee and other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (revenue less cost of projects, employee and other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 12 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 13 Oct 2026.
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