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2 Investor Presentation Third Quarter FY 2026 | 28 Jan 2026
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3 Disclaimer Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Lodha Developers Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
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4 Table of Contents Highlights 06 Growth Drivers 16 Performance Update 27 Financials 38 Company Overview 42 Annexures 49 Page no.Particulars
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5 Lodha – India’s leading real estate developer Leading Residential Platform Amongst India’s Largest Real Estate Developers ◼Delivered INR ~1.1tn of Pre-sales and INR > 1tn of collections (~95% of Pre-sales) over FY14-25 Diversified portfolio providing resilient growth ◼ ~40 operating projects contributing to sales ◼ Presence across luxury, premium & mid- income Focus on 4 cities contributing ~80% primary homes sales amongst Top 7 Indian cities ◼ MMR: ~10% market share ◼ Pune: 2nd largest – growing further ◼ Bengaluru (BLR): Entered growth phase ◼ NCR: Commencing pilot phase in FY27 Operational Excellence & Strong Brand ◼ Premium brand positioning and high recall ◼ High quality leadership team ◼ Best value from construction spends: ▪ Amongst only engineering led and engineering focused RE companies ▪ No margin leakage to GC Industry leading ESG practices & ratings Strong Financial Profile Strong profitability and operating cash flow generation enabling growth with robust capital structure FY 25 performance: ◼Sustained adj. EBITDA margin of >30% ◼ FY25 Pro-forma RoE at ~20%, achieved our target ◼ Operating cash flow: INR ~66bn ◼ Net debt at 0.2x of equity ◼ Rewarding shareholders: Steadily growing dividend: INR 4.25/sh for FY25 (+90% vs FY24) Conservative leverage: Net debt ceiling of < 0.5x D/E ◼ Net debt at INR 61.7bn, 0.28x Equity (Dec- 25), well below ceiling ◼ AA (Stable) - 7 upgrades since 2021 Annuity like cashflow from townships ◼ FY 25 sales INR ~28bn; Collections INR ~24bn ◼ Infra project completion over next 5 years to make Palava core suburb from peripheral suburb, to deliver significant growth in revenue as well as in margin ◼ ~600 mn sft dev potential. Estimated sales of US$ 175+ bn in next 3 decades with EBITDA margin expanding to 50% 3 Distinct Growth Drivers Targeting consistent 20% growth p.a. in housing ◼Trifecta of consolidation: consumer, land owner, and lender preference - a huge tailwind for Tier -1 brands ◼ Significant headroom to grow in MMR, Pune, BLR & NCR through ‘supermarket’ strategy ◼Continued scale up: Added 54 projects with GDV of INR ~1.4tn since IPO (GDV of INR ~588bn added in 9MFY26) Data center opportunity to unlock significant value ❑ 3 GW, ~400 acre shovel ready DC land with permits, power & water in place; 4x400 KV & a 220 KV EHV transmission lines ❑ AWS & STT as anchor clients ❑ Two fold strategy – 1) Achieve significant ramp up in prices in future land sales & 2) Build power shell DCs for rental income Building recurring / annuity income – targeting INR ~15bn by FY31, visibility of INR 11+bn existing portfolio ◼ Rental income from warehousing & industrial assets, high street retail & office (adjunct to our residential developments) ◼ Growing Property Management business, with digital layer, aligned to resi. growth NCR: National Capital Region; US$ 1 = INR 90; All areas in saleable area;
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6 01 HIGHLIGHTS World Towers, Ballroom
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7 Key Performance Indicators – Q3FY26 Pre-sales Embedded EBITDA Margin1 New Projects Added ESG & Brand Performance 1Embedded EBITDA Margin: Estimated EBITDA margin on Pre-sales at realized price ✓ INR 56.2 bn ( 25% YoY) in Q3FY26, best ever quarterly performance ✓ Significant launch pipeline in Q4 combined with sustenance sales gives visibility to meet our FY26 guidance of INR 210 bn ✓ ~32% for Q3, 33% for 9M ✓ Added five projects across MMR, NCR and Bengaluru with a GDV of INR 338 bn in Q3 ✓ Entered NCR market, tied up two projects with GDV of INR 33 bn and 1.1 msf using capital light approach ✓ 9MFY26 business development at INR 588bn, 2.35x of our annual guidance of INR 250 bn ✓ Partnered with the Indian Institute of Science Education and Research (IISER) Pune to launch a multi-year program identifying and nurturing high-potential students from grades 6 to 12 ✓ Kantar - Ranked 59th Most Valuable Indian Brands in 2025 with value pegged at USD 2.2bn
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8 Q3FY26 - Other Operating Highlights Price growth 4% Average YTD price growth1 Launches Handovers Net debt 1.9 msf with GDV of INR ~96bn 1,931 units • Net debt/ equity at 0.28x well below ceiling of 0.5x • Avg. cost of debt at 7.9% (down ~10 bps QoQ) INR 61.7 bn 1 On like to like pre-sales
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9 1 Net of any stamp duty, GST and Hospitality & Property Management expenses 2 Represents Land & approval cost 3 Capital invested in building annuity portfolio Cash Flow INR bn Continued investment in growth, Net Debt well within ceiling of 0.5x of equity Q3 FY26 9M FY26 ‘For Sale’ Collections 35.1 97.8 Net Collections1 32.3 88.8 Op. Expenses 16.8 49.3 ( - ) Const. Exp 8.6 29.3 ( - ) SG&A 5.2 14.6 ( - ) Taxes 3.0 5.4 Operating cash flow 15.5 39.5 ( - ) Interest payments 1.5 4.3 Surplus for Growth & Capital Providers 14.0 35.1 ( - ) Growth Investments in ‘For Sale’ business2 21.8 48.5 + Income from ‘Annuity’ 0.5 1.5 ( - ) Investment in ‘Annuity’3 0.2 5.7 Surplus for Capital Providers (7.5) (17.5) ( - ) Dividend to Equity providers 0.5 4.2 Decrease / (Increase) in Net Debt (8.0) (21.8)
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10 Guidance for FY26 FY25 Actuals FY26 Guidance 9MFY26 Actuals Pre-Sales 176 210 146 Operating Cashflow 66 77 39 Business Development (GDV of New Projects) 237 250 588 Net Debt/Equity 0.20x < 0.5x 0.28x INR bn Revised full year projection: INR 70bn (+/- 5%)
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11 Robust launch pipeline for Q4FY26 Micro-market Own/ JDA Project New Projects New Phase of existing projects Total (Q4FY26) Area (Mn .Sq.ft) Est. GDV (INR bn) No of Projects Area (Mn .Sq.ft) Est. GDV (INR bn) No of Projects Area (Mn .Sq.ft) Est. GDV (INR bn) No of Projects MMR - South & Central JDA 1.5 73.1 2 - - - 1.5 73.1 2 MMR – Thane Owned - - - 0.9 10.7 2 0.9 10.7 2 MMR - Extended Eastern Suburbs Owned 0.7 5.4 1 0.6 4.2 1 1.3 9.6 2 MMR - Eastern Suburbs JDA - - - 0.4 7.3 1 0.4 7.3 1 Pune Owned 1.6 13.8 1 0.2 1.8 1 1.8 15.6 2 Pune JDA - - - 0.3 3.2 1 0.3 3.2 1 Bangalore Owned - - - 0.3 3.6 1 0.3 3.6 1 Bangalore JDA - - - 0.4 5.0 1 0.4 5.0 1 Total 3.8 92.3 4 3.2 35.9 8 7.0 128.2 12
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12 Initiating Pilot in NCR Figures in each circle is CY2024 housing sales in INR bm; Source: PropEquity 60 1 2 3 4 5 ✓ Rationale • Second largest real estate markets of India with absorption of INR 1,355bn • Dearth of trusted developers offering a premium quality product ✓ Signed two projects with GDV of INR 33 bn and development potential of 1.1 msf through JDA, launch in FY27 ✓ Creating dedicated team with local capability based in NCR ✓ Appointed Mr. Amandeep Singh (ex-DLF and Godrej Properties) as CEO for the market 85 240 10 960
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13 Palava – Large Scale Data Centre Opportunity (1/2) ✓ Large integrated DC Park with reliable infra o Shovel ready land: ~400 acres contiguous land with approvals in place o Most reliable power network in India: 3 GW power availability with 4 x 400 KV and a 220 KV EHV power lines, including national grid, going through site o Recycled water for cooling: ~100 MLD from nearby Industrial Park o 5 optic fiber routes (existing) - will increase further Suitable for setting up Tier 4 data center ✓ Approved under Green Integrated Data Centre Park Policy by Maharashtra – significant fiscal incentives for operators ✓ Lowest cost with fiscal incentives o Capex reduction up to 15% with cost US$ ~6 million / MW for turnkey shell compared to $8-12 / MW for turnkey shell globally o Opex reduction of 30+% with 90% green power bringing power costs to ~US$0.06/KWH compared to ~US$0.10- 0.12/KWH in the US ✓ Anchor operators — Amazon Web Services (AWS); ST Telemedia (STT) – part of Temasek, a Singapore Govt. venture
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14 Palava – Large Scale Data Centre Opportunity (2/2) ✓ Our two-pronged strategy: o Continue selling land to DC operators and achieve price points of INR 0.5 - 0.6 bn/acre over the next few years o Build powered shell on rental basis for global clients. Scaling up team for this. Signed two MOUs with Govt. of Maharashtra to invest and facilitate investment of Rs 130,000 crores (~USD 14 bn) in our Data Centre Park
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15 Budding digital ecosystem has led to land value scale up at Palava 2021 2022 2023 2024 INR mn/acre ✓ Two global large data centre player have signed up at Palava; last land transaction at INR ~210mn/acre 26 29 50 120 210 Lodha Morgan Stanley JV Lodha GDIP Coldchain Logistic Co. Leading Global Hyperscale Data Centre Player - 1 Leading Global Hyperscale Data Centre Player - 2 8x in ~4 years These land sales were prior to Central government Data Centre policy draft, and tie-up with Maharashtra Govt. under its Green Data Centre policy. Land value expected to grow significantly. 2025
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16 02 GROWTH DRIVERS Palava
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17 ‘20:20’ Action Plan Focus to deliver ~20% Pre-sales CAGR & 20% RoE with net debt ceiling of 0.5x D/E 176 500 FY25 FY31 ~20 % CAGR Pre-Sales Annuity Income* 2.5 15.0 FY25 FY31 6x * Basis exit rental as of Mar-25 and area already leased Embedded EBITDA of ~33% for FY25 with RoE of ~20%. INR bn
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18 Significant headroom for our growth in existing markets MMR Pune Bengaluru Likely market share by decade end FY31 Pre-sales potential ~130 Guiding Pre-sales of INR ~500bn (20% CAGR) by FY31 against INR 840bn of potential in just 4 cities - 40+% cushion Market Size ~5% (#2)~10% (#1) ~2%FY25 market share (Rank by pre-sales) ~1,000 ~2,350 FY22 FY31 ~10 % CAGR ~350 ~850 FY22 FY31 ~10 % CAGR ~400 ~950 FY22 FY31 ~10 % CAGR INR Bn ~20% ~15% ~12% ~120~470 NCR Pilot phase in FY27 ~1,350 ~2,400 FY25 FY31 ~10 % CAGR ~5% ~120
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19 Palava is at the epicenter of Mumbai Metropolitan Region (MMR)’s infrastructure upgrades Navi Mumbai International Airport Palava ~40 min Drive Proximity to new airport Enhancing attractiveness of Palava (Inaugurated in Oct-25, operations at scale in CY26) Tunnel Through Parsik Hills Airoli Katai Naka Corridor Airoli – IT Hub Mulund – Airoli - Palava in ~20 mins Opening: FY26 Palava to Airoli ~20 mins Palava Katai Naka Bullet Train Station Palava First Bullet Train station after BKC at Palava (Opening: 2028/29) To BKC Towards Ahmedabad ~10-15 mins ~5 mins Please note the above maps are at different scales Kalyan-Taloja Metro, Virar-Alibaug Multimodal corridor and other road upgrade projects will also support Palava’s evolution Mulund
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20 Mulund – Airoli – Palava Freeway likely to open soon ✓ Airoli as well as Mumbai to come closer to Palava with Mulund-Airoli-Palava freeway ✓ This freeway is three part project o Part A (Mulund - Airoli) - Completion by FY26 o Part B (Airoli to Kalyan Shil Phata) - Completion by FY26 o Part C (Kalyan Shil Road - Katai) – Preliminary work has begun ✓ With completion of Part A and B, travel time from Palava to Airoli will be down to 15-20 min and to Mumbai (Eastern Express Highway / Mulund) down to 25 mins Images as of Oct-25 Part A is significantly progressed Tunnel which is in Part B is largely complete, work underway on exit side
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21 Palava: Large housing price arbitrage compared to Mumbai’s core suburbs. Substantial growth in revenues and margins to come over next 5 years. Numbers in the circle indicate FY25 average selling price in INR/sf carpet area in those suburbs BKC 55k-70k Palava & Upper Thane set to deliver US$ ~175bn of sales over next 3 decades with ~50% EBITDA margins Airoli 18k-22k Thane 18k-22k Palava 11k Goregaon 35k -40k Mulund 25k -30k
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22 Gradually building annuity income pool (1/5) ◼ Focus on developing premium high street retail adjunct to residential developments ◼ Select high quality offices ◼ 3.8 msf area with rental potential of INR 5.7bn by FY31 ◼ 5 locations with ~5.1 msf leasable area and annual rental potential of INR 2.9bn by FY31 ◼ Developed Bellevie app – enabled for: • Growing facilities management business • Facilitating near commerce • Data tracking for third party businesses such as HFCs ◼ Have a captive base of ~70,000 households, growing inline with our residential business Targeting net annual income of INR ~15bn by FY31 Annuity income Warehousing & Industrial Facilities Management Office & Retail ◼ To build powered shell data center for global clients Data center
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23 Strong visibility of rental income (2/5) Annuity Asset Type Total Area Completed Area Area leased Annualized Rental income from area leased Estimated FY31 Annual Rental income Already invested (Related to cashflow) Balance investment (Related to cashflow) Msf INR bn Retail & Office 3.8 1.6 1.4 1.7 5.7 18.2 11.4 Warehousing & Industrial 5.1 2.2 2.5* 1.0 2.9 17.4 6.9 Facilities Management (incl. Digital App) 0.3 3.0 Grand Total 8.9 3.8 3.9 3.1 11.6 35.6 18.4 Further scale up + Data Center opportunity will help achieve INR 15bn rental income target for FY31 As of Dec-25; *Includes ~0.4 msf of pre-leased area in under construction asset
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24 Retail & Office – Annuity stream adjunct to our core resi. business (3/5) Our office building One Lodha Place at World Towers Xperia Mall at Palava High street retail at Palava High street retail at our marquee development World Towers
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25 Warehousing & Industrial – Steady growth potential (4/5) ✓ Net leasing of 0.4 msf in 9MFY26 o Added marquee names like Tesla, GXO Logistics, DP World & FM Logistics, Compass etc. India’s largest warehousing box operationalized by Skechers One of MMR’s largest warehousing ecosystem at Palava
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26 Facility Management– Steady growth potential (5/5) ✓ Growing facilities management business on the back of rising number of households staying in Lodha developments o Captive base of ~70,000 households o Strong understanding of consumers and their spending patterns ✓ Added digital layer to already established facility management business to provide seamless customer experience through integrated platform and offer: o Home improvement products and services o Near Commerce (not serviced by legacy e-commerce) o Real estate services e.g. resale/ rental o Data tracking for third party businesses such as HFCs ✓ Onboarded other premium developments (other than those in direct competition) and adding a critical mass of consumers ✓ Successfully rolled out across our developments Strategic business opportunity to generate recurring service / fee income
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27 03 PERFORMANCE UPDATE Upper Thane
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28 Operational Performance Pre-Sales Collections 45.1 56.2 Q3FY25 Q3FY26 25% 128.2 146.4 9MFY25 9MFY26 14% 42.9 35.6 Q3FY25 Q3FY26 -17% 100.6 99.3 9MFY25 9MFY26 -1% INR Bn
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29 Pro-forma P&L (basis operating performance) Particulars FY25 FY26E 9M FY26 INR Bn % INR Bn % INR Bn % Pre-sales 176.3 210.0 146.4 Embedded EBITDA 59.0 33% 69.3 33% 47.6 33% D&A 2.7 2.6 2.4 Finance Cost 5.1 5.5 4.3 PBT 51.3 29% 61.2 29% 40.9 28% Taxes (assumed rate: 25.2%) 12.9 15.4 10.3 PAT 38.4 22% 45.8 22% 30.6 21% RoE ~20% ~21% 20%* * Calculated on a TTM basis
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30 Financial Performance Adj. PAT Revenue Adj. EBITDA Adj. EBITDA = After Grossing up of Finance cost included in cost of project Adj. EBITDA margin & PAT margin Adj. PAT = before impact of Forex and Exceptional Items net of taxes Low Adj. PAT growth and fall in Adj. EBITDA due to lower contribution from land sales 95.6 119.6 9MFY25 9MFY26 25% 15.9 14.9 Q3FY25 Q3FY26 39% 32% -6% 35.0 40.0 9MFY25 9MFY26 37% 33% 14% 9.5 9.6 Q3FY25 Q3FY26 23% 20% 1% 18.4 24.2 9MFY25 9MFY26 19% 20% 31% xx% 40.8 46.7 Q3FY25 Q3FY26 14% INR Bn
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31 Micro-market performance for Q3 FY26 1Pre-sales includes DM Sales of INR 0.6bn 2Collections from DM sales not included 3Land sales to govt. Micro-markets Pre-Sales1 Average Sales Price (INR psf) Collections2 Construction spends MMR - South & Central 37.3 57,493 12.3 1.7 MMR - Western Suburbs 4.2 28,512 2.5 0.9 MMR – Thane 2.9 11,597 2.6 0.7 MMR - Extended Eastern Suburbs 3.0 7,480 4.6 2.5 MMR - Eastern Suburbs 4.4 20,134 5.7 0.8 Pune 2.1 12,981 4.9 1.6 Bengaluru 2.3 13,689 2.0 0.4 Offices & Retail (for rent) - 1.0 Land Sales3 - - Total 56.2 35.6 8.8 INR Bn
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32 Micro-market performance for 9M FY26 1Pre-sales includes DM Sales of INR 1.8bn 2Collections from DM sales not included 3Land sales to govt. Micro-markets Pre-Sales1 Average Sales Price (INR psf) Collections2 Construction spends MMR - South & Central 56.2 44,823 30.3 6.6 MMR - Western Suburbs 10.0 28,710 7.9 3.0 MMR – Thane 9.5 11,388 7.2 2.6 MMR - Extended Eastern Suburbs 16.8 7,153 16.8 8.5 MMR - Eastern Suburbs 14.6 19,922 12.9 2.7 Pune 15.7 9,991 14.7 5.1 Bengaluru 22.7 12,472 6.7 1.4 Offices & Retail (for rent) 2.4 Land Sales3 0.8 0.4 Total 146.4 99.3 29.8 INR Bn
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33 Launches in 9M FY26 Micro-market Launch Period Own/ JDA Project New Project / Location New Phase Total Area (Mn .Sq.ft) Est. GDV (INR bn) No of Projects Area (Mn .Sq.ft) Est. GDV (INR bn) No of Projects Area (Mn .Sq.ft) Est. GDV (INR bn) No of Projects MMR – South & Central Q1 Own - - - 0.5 9.7 1 0.5 9.7 1 MMR – South & Central Q1 JDA 0.4 21.7 2 - - - 0.4 21.7 2 MMR - Western Suburbs Q1 Own - - - 0.2 16.8 1 0.2 16.8 1 MMR – Thane Q1 Own 0.6 6.6 1 - - - 0.6 6.6 1 MMR – Extended Eastern Suburbs Q1 Own - - - 0.5 4.0 1 0.5 4.0 1 MMR - Eastern Suburbs Q1 JDA - - - 0.2 5.4 1 0.2 5.4 1 Pune Q1 JDA 0.1 0.7 1 - - - 0.1 0.7 1 Bengaluru Q1 Own - - - 0.6 7.5 1 0.6 7.5 1 Bengaluru Q1 JDA 0.8 10.9 1 - - - 0.8 10.9 1 MMR – South & Central Q2 JDA 0.4 15.2 1 - - - 0.4 15.2 1 MMR – Extended Eastern Suburbs Q2 Own - - - 0.5 3.5 1 0.5 3.9 1 Pune Q2 Own 0.5 3.9 1 0.5 3.9 1 Pune Q2 JDA 1.2 12.0 1 - - - 1.2 12.0 1 Bengaluru Q2 JDA 1.2 14.5 1 - - - 1.2 14.5 1 MMR - South & Central Q3 JDA 0.8 73.3 1 - 0.0 - 0.8 73.3 1 MMR – Western Suburbs Q3 Own 0.4 8.4 1 0.1 8.9 1 0.5 17.3 2 MMR – Extended Eastern Suburbs Q3 Own - 0.0 - 0.3 2.0 1 0.3 2.0 1 MMR - Eastern Suburbs Q3 Own - 0.0 - 0.3 3.6 1 0.3 3.6 1 Total 6.0 163.4 10 3.7 65.4 10 9.7 228.8 20
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34 Business Development 9M FY26 Micro-market Period Added Saleable Area (msf) Est. GDV (in INR bn) MMR – South & Central Q1 2.4 65 MMR – South & Central Q1 0.3 9 MMR – Western Suburbs Q1 2.3 44 Pune – North East Q1 2.4 25 Bengaluru – North East Q1 7.0 84 MMR – Western Suburbs Q2 1.0 23 MMR – South & Central Q3 2.0 209 MMR – South & Central Q3 0.8 74 Bengaluru – North East Q3 1.4 22 NCR Q3 0.8 19 NCR Q3 0.3 14 Total 20.6 588 Achieved GDV of INR 588 bn in 9M FY26 which is 2.35x of our full year guidance of INR 250bn
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35 Micro-market wise supply Value of Ready Unsold and Ongoing Unsold is INR ~89bn and INR ~347bn respectively 1as on Dec - 25 Largest land bank amongst any Real Estate company in India' Micro-markets Residual Collections from Sold units Completed unsold Ongoing unsold Planned Inventory Launches Land Bank In next 12 months1 12 to 60 months Own Land JDA Projects Own Land JDA Projects INR bn Mn. Sq. ft. MMR - South & Central 72.6 0.5 2.3 0.3 2.3 0.5 9.7 - MMR - Western Suburbs 26.9 0.1 1.4 0.2 1.3 1.4 1.0 - MMR - Thane 13.7 0.3 1.7 0.9 - 2.6 - - MMR - Extended Eastern Suburbs 27.8 3.4 3.2 3.2 - 47.2 - ~600 MMR - Eastern Suburbs 26.1 0.0 2.1 - 1.3 1.1 0.7 - MMR - Extended Western Suburbs 0.0 0.0 0.0 - - - - - Pune 24.3 0.1 3.6 3.7 0.9 2.6 - - Bengaluru 25.6 0.0 1.7 1.7 2.6 0.7 8.1 - NCR - 0.0 0.0 - 1.0 - 0.2 Offices & Retail (for rent) - 1.6 1.6 - - - 0.1 - Warehousing & Industrial Park - 2.2 1.3 1.6 - - - Total 217.1 8.1 18.9 11.5 9.4 56.0 20.0 ~600
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36 Market wise completion plan for ongoing ‘for sale’ projects (1/2) Mn. Sq. ft. *Sold/ Unsold data is as of Dec-25 Micro-market Total area Sold/ Unsold1 Q4FY26 FY27 FY28 =>FY29 Own JDA Own JDA Own JDA Own JDA MMR - South & Central 4.17 Sold-PCM - - 0.11 0.06 - - - - Sold-POCM - - 0.11 0.79 0.13 0.10 0.24 0.38 Unsold - - 0.04 0.34 0.15 0.26 0.55 0.91 MMR - Western Suburbs 2.90 Sold-PCM - - 0.15 - - - - - Sold-POCM - - 0.34 0.52 - 0.04 0.12 0.36 Unsold - - 0.43 0.31 - 0.07 0.43 0.13 MMR - Thane 3.58 Sold-PCM 0.08 - 0.01 - 0.00 0.03 - - Sold-POCM 0.12 - 0.70 - 0.31 0.34 0.33 - Unsold - - 0.49 - 0.74 0.21 0.23 - MMR – Extended Eastern Suburbs 7.39 Sold-PCM 0.23 - 0.08 - - - 0.01 - Sold-POCM 1.31 - 0.99 - 0.44 - 1.09 - Unsold 0.50 - 0.28 - 0.68 - 1.80 -
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37 Market wise completion plan for ongoing ‘for sale’ projects (2/2) Mn. Sq. ft. *Sold/ Unsold data is as of Dec-25 Micro-market Total area Sold/ Unsold1 Q4FY26 FY27 FY28 =>FY29 Own JDA Own JDA Own JDA Own JDA MMR - Eastern Suburbs 5.19 Sold-PCM - 0.02 - 0.25 - 0.11 - - Sold-POCM - 0.13 - 0.81 - 0.91 0.42 0.44 Unsold - 0.01 - 0.35 - 0.62 0.55 0.58 MMR - Extended Western Suburbs 0.37 Sold-PCM 0.31 - - - - - - - Sold-POCM 0.02 - - - - - - - Unsold 0.03 - - - - - - - Pune 10.61 Sold-PCM - 0.28 0.00 0.67 - - - - Sold-POCM - 0.23 0.19 3.07 0.02 1.37 0.06 1.13 Unsold - 0.02 0.19 0.58 0.31 0.92 0.40 1.18 Bengaluru 5.18 Sold-PCM - - - - - - - - Sold-POCM - - 0.69 - 0.62 - 1.01 1.15 Unsold - - 0.02 - 0.03 - 0.75 0.90 Total 41.03 Sold-PCM 0.62 0.30 0.35 0.99 0.00 0.13 0.01 - Sold-POCM 1.45 0.36 3.03 5.20 1.52 2.75 3.26 3.46 Unsold 0.53 0.02 1.45 1.58 1.90 2.08 4.71 3.70
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38 04 Financials Lodha Amara, Clubhouse
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39 1Adjusted EBITDA = After Grossing up of Finance cost included in cost of project 2Adjusted PAT = PAT ex. Forex & Exceptional Items net of taxes Financial highlights for Q3FY26 INR bn Particulars Q3FY26 Q3FY25 Growth % 9M FY26 9M FY25 Growth % Revenue 46.7 40.8 14.4% 119.6 95.6 25.2% Adj. EBITDA1 14.9 15.9 (5.8)% 40.0 35.0 14.2% Adj. EBITDA (%) 32.0% 38.9% (690) Bps 33.5% 36.7% (320) Bps Adj. PAT2 9.6 9.5 1.4% 24.2 18.4 31.4% Adj. PAT (%) 20.1% 22.8% (270) Bps 19.7% 18.9% 80 bps Networth 223.2 Net D/E (x) 0.28
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40 Consolidated Summary Balance Sheet INR bn ASSETS As at Dec-25 As at Sep-25 Tangible Assets 23.8 24.1 Intangible Assets 2.7 3.0 Investments 13.4 21.7 Loans 23.9 23.4 Inventories 365.4 363.8 Trade Rec. (Incl. accrued rev.) 32.4 27.6 Cash and Bank Balances 28.1 24.0 Other Financial Assets 27.2 30.9 Non-Current Tax Assets 0.7 0.3 Deferred Tax Assets 2.6 2.5 Other Assets 12.4 14.4 Total Assets 532.6 535.8 EQUITY AND LIABLITIES As at Dec-25 As at Sep-25 Equity Share Capital 10.0 10.0 Other Equity 212.5 202.8 Non-Controlling Interests 0.7 0.7 Total Equity 223.2 213.5 Borrowings 94.7 96.2 Lease Liability 0.1 0.1 Trade Payables 34.2 31.2 Other Financial Liabilities 67.0 69.0 Provisions 0.5 0.5 Current Tax Liabilities (Net) 0.7 0.6 Deferred Tax Liabilities (Net) 3.2 3.2 Other Liabilities 108.9 121.5 Total Liabilities 309.4 322.3 Total Equity and Liabilities 532.6 535.8
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05 Company Overview Palava
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42 Empowered Board of Directors Abhishek Lodha Managing Director Holds a master’s degree in science - industrial and systems engineering (supply chain & logistics) from Georgia Institute of Technology Worked with McKinsey & Company, USA Mukund Chitale, Independent Director and Chairman ◼ Formerly Director on the Board of L&T ◼ Former President of ICAI and Chairman of Ethics Committee of BSE Rajinder Pal Singh, Non-Executive Director ◼ Formerly Director on the Board of Maruti Suzuki ◼ Former Chairman and Managing Director of Punjab & Sind Bank and Chairman of NHAI Lee Polisano, Independent Director ◼ Founding partner & President of PLP Architecture, UK; Fellow member of the American Institute of Architects ◼ Globally recognized for architectural and urban design work, emphasizing on concern for environment Rajeev Bakshi, Independent Director ◼ Former MD & CEO of Metro Cash & Carry and formerly associated with Pepsico, Cadbury Schweppes ◼ Currently on the board of Dalmia Bharat Sugar Harita Gupta, Independent Director ◼ Formerly associated with Microsoft and NIIT Technologies ◼ Currently leading APAC and Global Enterprise Business at Sutherland Global Services ◼ Currently on the Board of Whirlpool of India and Route Mobile Shaishav Dharia, Whole-time Director, CEO - Extended Eastern Suburbs, Thane & Annuity Assets ◼ 27+ years of experience, holds MBA from Booth School of Business, University of Chicago ◼ Formerly worked with McKinsey & Company Sushil Kumar Modi, Whole-time Director – Finance ◼ ~30 years of experience, qualified CA, CFA (India), CS & CWA with expertise in fund raising and M&A ◼ Formerly worked with GMR, Aditya Birla Group & JSW Steel
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43 Decentralized Org. structure – High quality management team xx Experience in the industry Rajib Das President - Eastern Suburbs & Navi Mumbai Formerly worked with Godrej Group, Indiabulls Properties Tikam Jain CEO – Pune Grown at Lodha with 25 years of association, last position held as Head CPT Rajendra Joshi CEO – Bengaluru Formerly associated with Brigade Enterprises, Mahindra Lifespaces Sushil Kumar Modi Executive Director – Finance Formerly worked at GMR, Aditya Birla Group & JSW Steel30+ Prashant Bindal Chief Sales Officer Formerly part of Spice Mobilitiy, Walmart India and Hindustan Coca Cola Beverages 28+ Janhavi Sukhtankar President – Human Resources Formerly held senior positions at Sanofi India and GlaxoSmithKline28+ Rajesh Sahana Chief Customer Officer Formerly worked with Globacom, Reliance Jio, Bharti Airtel, ABN Amro & Bank of America Rajesh Agrawal President - Procurement Formerly served as Group CPO at Adani Ent. & held senior positions at RIL, JSW 39+ Shyam Kaikini President – Hospitality & Property Management Formerly associated with Taj Hotels, Jumeirah International 30+ Const. Mgmt. Team COOs Satish Shenoy: Ex-Arabtec. Yogendra Bohra: Ex- L&T Palwinder Singh: Ex- L&T Raunika Malhotra President - Marketing & Corporate Communications Formerly worked with ECS Limited and Adayana Learning Solutions Shaishav Dharia CEO – Extended Eastern Suburbs, Thane & Annuity Assets Formerly worked with McKinsey & Company 22+ Piyush Vora Head – Business Development Formerly Partner at BDO India 43+ 22+ 33+ 27+ 34+ Deepak Chitnis Chief Designer Previously served as senior architect at Oberoi Constructions Pvt Ltd Sanjay Chauhan Chief Financial Officer Formerly worked with Adani Group, Essar and Deloitte 29+ 32+ 21+ Anubhav Gupta CEO - Retail Formerly associated with DLF, Godrej Properties, RMJM - Hongkong, RTKL Associates - UK Siddhant Mehta Head - Strategy Formerly worked with Boston Consulting Group (BCG) & KPMG International Amandeep Singh CEO - NCR Formerly associated with DLF, Godrej Properties 30+ 24+ 23+ 15+
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44 Board of Advisors comprising of some of India’s most esteemed professionals & intellectuals: Lodha Foundation (LF) - Contributing to nation building • LF owns ~1/5th of LDL, endowed by gift valued at INR ~200 bn* from Lodha family • One of the largest philanthropic entities in India; will enable India to benefit directly from LDL’s success • Focused on helping India become a developed nation by 2047, as measured through three metrics: 1. GDP per capita, 2. Environmental Performance Index Ratings, and 3. World Happiness Index Ranking * As of Date of Donation - 29th Oct, 2024 LMSI: Lodha Mathematical Sciences Institute , BMGF: Gates Foundation Innovation 2 Environment 3 Indian Culture 4 Four initial focus areas Education for the Gifted 1 Dr. Nachiket Mor Former India Country Director, BMGF & Former Member, Board of Directors, RBI; guiding LF on LMSI Dr. Manjul Bhargava Fields Medal Winner & Professor in Mathematics, Princeton University Sanjiv Mehta Former MD & CEO, HUL Sivakumar Sundaram CEO (Publishing), Times of India Group; guiding LF on Indian Culture Aditya Puri Former MD & CEO, HDFC Bank Prof Jerold Kayden Professor at Harvard University; guiding LF on Educational Excellence Lodha Mathematical Sciences Institute (LMSI) • Inaugurated in Aug ‘25: first thematic program led by Dr. Manjul Bhargava (Fields Medalist, Padma Bhushan) • Saw participation from 60+ leading mathematicians from 15+ countries • Second thematic program will start in Jan 2026, with participation of 70+ researchers from around the world Lodha Genius Programme • Partnership launched with IISER Pune for multiple programs (6th –12th grade students) Key Q3 FY26 updates Lakshmi Narayanan Former Vice Chairman & CEO, Cognizant; Vice- chancellor KREA University; guiding LF on LMSI
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45 W e are best-in-class globally when it comes to measured ESG performance Scored 79/100 in the S&P CSA retaining the position in top 10 globally Ranked 3rd among the 300 most influential companies globally S&P Global Corporate Sustainability Assessment 2025 Member of the FTSE4Good Index Series FTSE4Good Index Series Received relative rating ‘A’ (from AAA- CCC scale) Scored 6.5/10 MSCI ESG Rating WBA Urban Benchmarking Received ESG Rating of 72/100, Highest score in Residential, Commercial Projects Industry NSE ESG Rating
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46 Our Strategy: Do Good, Do W ell We recognize ESG issues as long-term risks that also present opportunities for value creation when strategically addressed. Our strategy enables us to identify initiatives that amplify our impact and foster collaboration with our diverse stakeholders on this journey Governance Environment Green & Open Spaces Climate Resilience Social Community Development Education Health & Safety Learning & Growth Collaboration and Engagement Unnati Lodha Genius Programme Lodha Schools Everyone Home Safe Human Rights We Care Employee Engagement L&D Initiatives Stakeholder engagement programs Best-in-class reporting Benchmarking Identify and mitigate the key material risks Board diversity and independence Code of Conduct Integrity Fairness Transparency Enterprise Risk Management Board Effectiveness Ethical Business Practices Carbon & Energy Water Air Quality Clean Mobility • Greenery & Urban Planning • Habitat Protection & Resilience • Net Positive Carbon Impact • Carbon Reduction • Water Positive Developments • Water Conservation & Reuse • Nature Based Solutions • Source Control • Walkable Communities • Reducing Vehicle emissions • Climate Resilient • Disaster Risk Reduction
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47 • Achieved carbon neutrality for Scope 1, Scope 2, and select Scope 3 categories for FY2025, verified in accordance with ISO 14068-1 • Pioneered the use of LC3 concrete in road infrastructure, a first in India, marking a major step towards sustainable urbanization and decarbonization in construction. • Currently have ~10 MW of renewable electricity PPAs across our developments; an additional 15 MW in the pipeline • ~64 msf of area certified under green building certifications; another ~78 msf currently under the certification process • Published a report on decarbonization pathway for rebar steel; released by BMTPC on World Habitat Day Anchored to the twin pillars of Harnessing Nature’s Power & Minimizing Environmental Impact, our sustainability strategy addresses six key environmental domains, ensuring a holistic and lasting impact across the urban landscape Green and Open Spaces Carbon and Energy Water Air Quality Clean Mobility Climate Resilience Our roadmap to net-zero outlines our decarbonisation strategy aligned with SBTi-validated targets. The Lodha Net Zero Urban Accelerator is our flagship decarbonisation initiative in partnership with RMI India Foundation Our Environmental Strategy: Sustainable Urbanisation through Environmental Upgradation
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48 Our Approach to Governance: Philosophy, Pillars & Goals OUR GOVERNANCE FRAMEWORK Responsible Business Conduct Integrity and Transparency Fairness Accountability Taking ethical business decisions in compliance with applicable legislation Ensuring transparency and integrity in our business dealings Clear and fair communications with stakeholders Board and the management are accountable to stakeholders PILLARS OF GOVERNANCE 1 2 3 4 5 Diverse Board which plays a crucial role in overseeing and safeguarding long term interests of stakeholders Transparent procedures and practices and informed decisions Compliance with relevant laws Well defined corporate structure that establishes checks & balances and delegated decision-making Committed to predictability and proactive communication leading to no surprises
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06 Annexure World Towers
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50 Palava & Upper Thane set to deliver US$175bn of sales over next 3 decades with ~50% EBITDA margins 3 mega trends shaping Palava & Upper Thane to become sought after suburbs 1. Mumbai – World’s densest metropolis, sea restricts expansion in West and South 2. India going through once in a country’s lifetime transition from low to mid-income, leading to significant demand for aspirational and premium housing 3. Palava City at the epicentre of Mumbai Region (MMR)’s infrastructure upgrades: Upcoming a. Mulund – Airoli - Palava Freeway to make Airoli, Mumbai’s IT Hub, predictable 20 min drive from Palava (Est. FY26) b. First stop of Mumbai-Ahmedabad Bullet train after BKC at Palava, predictable 20 min journey to BKC (Est. CY28/29) c. Kalyan Taloja Metro – Line 12: Three station within Palava, connected to suburban metro network (CY28) Operationalized a. Navi Mumbai airport at just 40 min drive from Palava (inaugurated in Oct-25, flight operations to start Mid- December, full operations in CY26) b. Mumbai Trans Harbor Link: Brings South Mumbai closer (Operational - CY24) Actual Photograph
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51 Ongoing infra projects (Airport, Metro, Bullet Train etc.) to supercharge Palava’s growth Western Suburbs South Mumbai Thane Dombivli Virar Alibaug Kalyan Central Mumbai Eastern Suburbs Extended Western Suburbs Navi Mumbai BKC Thane Station Goregaon Mulund Airoli Katai Taloja Extended Eastern Suburbs PUNE MUMBAI Sewri Chirle Junction Upper Thane Cuts travel time b/w Mumbai/ Airoli & Palava by 20 mins 1st station after BKC at Palava, travel time -20 mins Brings Western Suburbs closer to Palava Brings South Mumbai closer Boost to economic activity around Palava (40mins) Puts Palava at center of major commercial trade route Three station within Palava, connected to suburban metro network Mumbai – Ahmedabad High-Speed Rail (CY28/29) Goregaon - Mulund Link Road (CY28) Mulund – Airoli - Palava Freeway (FY26) Mumbai Trans Harbor Link (Operational - CY24) Virar – Alibaug Multimodal Corridor (CY30) Kalyan Taloja Metro – Line 12 (CY28) Navi Mumbai International Airport (inaugurated in Oct- 25)
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52 Tied up INR 986bn of GDV and development potential of ~35 msf across 34 projects in various micro-markets of MMR Source: Absorption for FY25 basis registration data Establishing presence across MMR through ‘Supermarket’ strategy 5. Extended Eastern Suburbs 3. South & Central Mumbai 2. Western Suburbs Absorption: INR 470bn Added 9 projects with GDVof INR 213bn 1. Extended Western Suburbs Absorption: INR 100bn 7. Eastern Suburbs Absorption: INR 285bn Added 10 projects with GDVof INR ~163bn 4. Thane Absorption: INR 150bn 6. Navi Mumbai Absorption: INR 125bn Potential growth micro-market for Lodha 2 3 1 4 7 6 5 Vasai Naigaon Bhayander Mira Road Ghodbunder Thane Wagle Estate Malad Goregaon Andheri Bandra Kurla Powai Mulund Vikhroli Prabhadevi DadarWorli Lower Parel Colaba Kalyan Dombivali Asangaon Airoli Ghansoli Vashi CBD Belapur Absorption: INR 355bn Absorption: INR 130bn Potential growth market for Lodha Added 14 projects with GDVof INR 594bn Added 2 projects with GDV of INR 15bn Have ~600 msf of development potential
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53 Pune –Will contribute to growth in a sustainable manner Accelerating growth in INR 550bn market by establishing presence across multiple locations Source: Absorption for FY25 basis registration data Tied up INR ~165bn of GDV with development potential of ~18msf across 10 projects in various micro-markets of Pune 5. North-East 6. South-East Absorption: INR 70bn Added 1 projects with GDV of INR ~12bn 4. Central Absorption: INR 130bn Added 1 projects with GDV of INR ~4bn Absorption: INR 17bn Added 2 projects with GDV of INR ~45bn 2. North-West 3. South-West Absorption: INR 85bn Added 1 project with GDV of INR ~4bn 1. Pimpri-Chinchwad Absorption: INR 170bn Pre-IPO, had 1 project With annual sales potential of INR >2bn Added 1 project with GDV of INR ~13bn Absorption: INR 190bn Added 4 projects with GDV of INR ~87bn
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54 Bengaluru – Entered growth phase, aiming ~15% market share in medium term Source: Prop Equity 5. South East 3. South West 2. Central Absorption: INR 13bn Potential growth market for Lodha 1. North West Absorption: INR 73bn 4. North East Absorption: INR 409bn Absorption: INR 65bn Tied up INR ~192bn of GDV with development potential of ~16msf across 7 projects in various micro-markets of Bengaluru Absorption: INR 363bn Potential growth market for Lodha Potential growth market for Lodha Added 4 projects with GDV of INR 142bn Added 3 projects with GDV of INR 50bn
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55 75-100 mn new households to become ‘home ownership capable’ this decade Per capita income seen rising ~2.5x over FY20-32 2,000 4,819 1,000 2,000 3,000 4,000 5,000 6,000 FY20 FY22 FY24 FY26 FY28 FY30 FY32 Per Capita Income (USD) Even assuming significant industry supply growth1, supply is likely to be <10 mn units. Once in a country’s lifetime opportunity! Annual HH Income (INR mn) HH Category > 2.8 High 0.5 – 2.8 Upper Mid 0.2 – 0.5 Lower Mid < 0.2 Low 9mn (3%) 68mn (23%) 85mn (29%) 134mn (45%) 23mn (6%) 2021 GDP: USD 3tn HH: 296mn 2030 GDP: USD 7-8tn HH: 386mn Source: WEF/Future of Consumption report, EY; HH: Household; 1 - 20% CAGR in physical units delivered CY2021-2030 119mn (31%) 92mn (24%) 125mn (32%) 27mn (7%)
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56 Robust job creation to sustain housing demand 10.7% 10.2% 10.4% 10.4% 10.2% 9.3% 9.5% 9.3% 6.1% 9.3% 10.6% 10.4% 9.3% 9.2% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Covid year Source: Aon 11.5% 7.3% Excl. large-cap IT All companies 6.3% 4.0% Excl. large-cap IT All companies Wage bill growth (FY25 vs FY24) Head count growth (FY25 vs FY24) Wage bill of 60 large listed companies (excl. large-cap IT ) representing 16 sectors grew in double digit India’s average wage growth across industries has been sustained at ~10% for long
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57 Supply side consolidating – unlikely to keep pace with accelerating demand Multiple forces leading to consolidation ✓ Regulatory push: RERA, Demonetization, GST, Amendment to Benami Act. ✓ Funding squeeze for Tier – 2 & 3 developers: • NBFC’s exiting market after large losses – wholesale lending bubble popped after IL&FS implosion • Inability to sell during construction ✓ Consumer loss of confidence with Tier – 2 & 3 developers: • Having burnt their lifetime savings • Failure to deliver or untimely delivery with poor quality Consolidation wave due to policy reforms and liquidity crisis… …has led to market share gains for Top 15 listed developers Source: Anarock, Prop Equity • Remaining Tier - 2 & 3 players develop: • Small-sized projects (< INR 5bn) • One at a time • Take longer (5-7 years) to complete 60% Developers count >50% Incremental supply from branded developers Accelerating demand: Housing sales in top 7 cities to reach 1mn by 2030 ~300K~360K ~480k~460k~396k ~1 mn CY21 CY22 CY23 CY24 CY25 CY30 ~15% CAGR 13% 21% FY20 FY25 While no of units sold declined in CY25, primarily in affordable segment, industry has grown in value terms
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58 Steady as it goes: Mortgage an enabler, not inducer of demand Source: HDFC Limited, IMF • Conservative Central Bank, low risk mortgage market: LTV <85%, no teaser rates • Rate cycle on downward trajectory • Strong performance of mortgages through all parts of the cycle - Intense competition for safe haven mortgage assets leading to plentiful availability • A floating rate product; rate cycle well understood by homebuyers. Interest rate change modifies tenure, not EMI • Salary growth of 8-10% enables mortgage repayment in 7-8 years Low penetration of mortgage provides significant room for growth 11% 18% 20% 34% 39% 44% 45% 52% 68% 89% India China Thailand Malaysia Japan Singapore Germany USA UK Netherlands Mortgage as % of GDP Housing sales driven by fundamental need and nominal price growth, not by mortgage inducement
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59 Low risk to margins from construction cost inflation ✓ Construction costs typically forms 25% to 45% of the sales price • Of which, one-third is related to low skilled and semi-skilled labor: plentiful supply through migration from rural areas (250+ mn people estimated to be ‘underemployed’ in agriculture). Tend to see moderate inflation providing significant cushion to overall cost ✓ Commodity inflation, though often sharp, generally of short cycles as demand and supply adjust to new normal, bringing price moderation in the short term • Spurt in commodity price due to Russia-Ukraine war reversed to large extent ✓ 3-4 years of construction provides flexibility to manage costs across the project lifecycle ✓ Ready and advance under-construction inventory provides hedge against the commodity price inflation
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60 Moderate construction cost inflation Commodity/Component % Share in total cost Mar’21 to Sep’25 % Change Weighed Impact Steel 11.7% -13.2% -1.6% Flooring materials 5.2% 15.2% 0.8% Electrical 3.8% -3.5% -0.1% Plumbing 2.2% -12.6% -0.3% Labour 34.2% 25.8% 8.8% External Windows 3.3% 13.1% 0.4% RMC 12.3% 10.8% 1.3% Lifts & Elevators 3.7% 13.8% 0.5% Carpentry Materials 2.3% 15.4% 0.4% Painting 0.8% 6.3% 0.1% CP Fittings 2.4% 15.7% 0.4% Firefighting 1.7% 22.8% 0.4% Gypsum 1.4% 55.6% 0.8% Overall 11.8% Construction cost increase since 1st April 21 at ~2% annualized rate This, in turn, implies impact on COGS of <2% p.a. for our portfolio
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61 Multiple benefits of consistent housing price increase below wage growth ✓ Improves affordability leading to increased volumes ✓ Leads to significant wealth creation for home owning middle class (‘Wealth Effect’) • Boosts consumption as consumer confidence increases • Housing is a vehicle for generating retirement surplus; rising home prices enable older population to maintain spending power • Creates an inflation hedge especially for young home owners ✓ Rising home prices have a positive impact on the housing and allied industries which in turn has a big multiplier effect on the economy • Has the highest labor to output ratio • Housing is among the largest employment generators • Has among the biggest multiplier effects on SME segment through supply chain • Highest ability to pull the unskilled masses from the farm & convert them into skilled workforce over time
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62 Thank You! For any further information, please write to investor.relations@lodhagroup.com