Interim report
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January 28, 2026 BSE Limited Scrip Code: 543287 Debt Segment – 976262, 976764, 976895, 976923, 977163, 977293 National Stock Exchange of India Limited Debt Segment Trading Symbol: LODHA Dear Sirs, Sub: Outcome of the Board Meeting Ref: Regulation 30 , 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 , as amended (the “Listing Regulations”) In continuation to our letter dated January 22, 2026, we hereby inform that the Board of Directors of Lodha Developers Limited (‘the Company’) at its meeting held today, i.e., January 28, 2026 has, inter-alia approved the Unaudited Financial Results (Consolidated and Standalone) of the Company for the quarter and nine months ended December 31, 2025. Pursuant to Regulation 30, 33 and 52 read with Schedule III of the Listing Regulations, we enclose herewith copy of the Unaudited Financial Results (Consolidated and Standalone) of the Company along with the Limited Review Report of the Auditors. The sai d Unaudited Financial Results are also being uploaded on the Company’s websi te at www.lodhagroup.com. The meeting of Board of Directors of the Company commenced at 3:00 p.m. (IST) an d concluded at 5:30 p.m. (IST). Kindly take the above information on your record. Thanking you, Yours faithfully, For Lodha Developers Limited (Formerly known as Macrotech Developers Limited) Sanjyot Rangnekar Company Secretary & Compliance Officer Membership No. F4154 Enc.: As above
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MSKA & Associates LLP (Formerly known as MS KA & Associates) Chartered Accountants HO 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E) Mumbai 400063, INDIA Tel: +91 22 6974 0200 Independent Auditor's Review Report on consolidated unaudited financial results of Lodha Developers Limited (formerly known as "Macrotech Developers Limited") for the quarter and year to date pursuant to the Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To The Board of Directors of Lodha Developers Limited 1. We have reviewed the accompanying Statement of consolidated unaudited financial results of Lodha Developers Limited (formerly known as "Macrotech Developers Limited") (hereinafter referred to as 'the Holding Company'), its subsidiaries, (the Holding Company and its subsidiaries together referred to as the 'Group') and its share of net profit after tax and total comprehensive income of its jointly controlled entities for the quarter ended December 31, 2025 and the year to date results for the period from April 01, 2025 to December 31, 2025 ('the Statement'), attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulations'). 2. This Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting', prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with relevant rules issued thereunder ('Ind AS 34') and other recognised accounting principles generally accepted in India and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SR[) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33 (8) of the Regulations, to the extent applicable. 4. This Statement includes the results of the Holding Company and the following entities which are enumerated in Annexure 1 to the report. Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789
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MSKA & Associates LLP (Formerly known as MS KA ft Associates) Chartered Accountants 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 and other recognised accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We did not review the interim financial information of 2 subsidiaries included in the Statement, whose interim financial information (before consolidation adjustments) reflects total revenues of Rs. 0.17 million and Rs. 1.15 million, total net loss after tax of Rs. 0.86 million and Rs. 0.29 million and total comprehensive loss of Rs. 0.86 million and Rs. 0.29 million, for the quarter ended December 31, 2025 and for the period from April 01, 2025 to December 31, 2025, respectively, as considered in the Statement. These interim financial information has been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of the above matter with respect to our reliance on the work done by and report of the other auditors. For M S KA & Associates LLP (Formerly known as M S KA & Associates) Chartered Accountants ICAI Firm Registration No.105047W /W101187 ·�� 1 0- � Bhavik L. Shah Partner Membership No.: 122071 UDIN: 26122071 WRXQMT2535 Place: Mumbai Date: January 28, 2026 Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789
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MSKA & Associates LLP (Formerly known as MS KA & Associates) Chartered Accountants Annexure 1- List of entities included in the results Sr. No Name of the Entity 1 Bellissimo lnduslogic Bengaluru 1 Private Limited 2 Cowtown lnfotech Services Limited 3 Noverra Hospitality Private Limited (Formerly Known as Cowtown Software Design Private Limited) 4 DigiRealty Technologies Private Limited 5 G Corp Homes Private Limited 6 National Standard (India) Limited 7 Roselabs Finance Limited 8 Sanathnagar Enterprises Limited 9 Simtools Private Limited 10 Thane Commercial Tower A Management Private Limited 11 Goel Ganga Ventures India Private Limited 12 Siddhivinayak Realties Private Limited 13 V Hotels Limited 14 Opexefi Services Private Limited (upto June 22, 2025) 15 One Box Warehouse Private Limited (upto June 22, 2025) 16 Corissance Developers Private Limited 17 Bellissimo Digital Infrastructure Investment Management Private Limited 18 Bellissimo Digital Infrastructure Development Management Private Limited 19 Janus Logistic and Industrial Parks Private Limited (uoto June 22, 2025) 20 Bellissimo Finvest Private Limited 21 Bellissimo Developers Private Limited (formerly known as "Chaitanya Bilva Private Limited") (w.e. f. October 13, 2025) 22 Bellissimo In City FC Mumbai 1 Private Limited 23 Palava lnduslogic 4 Private Limited 24 Palava lnduslogic 2 Private Limited 25 Opexifi Services Private Limited (w.e.f. June 23, 2025) 26 One Box Warehouse Private Limited (w.e. f. June 23, 2025) 27 Janus Logistics and Industrial Parks Private Limited (w.e.f. June 23, 2025) Relationship with Holding Company Subsidiaries Joint Ventures Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789
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LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) CIN: L45200MH199SPLC093041 Registered Office: 412, Floor- 4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, For!, Mumbai - 400001 Corporafe office: One Lodha Place, near Lodha World Towers, Senapafi Bapat Marg, Mumbai 400 013 Tel : +9122 6133 4400; Email : invesfor.relations@lodhagroup.com UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2025 (tin million) Quarter ended Nine Months ended Year ended Sr. No. Particulars 31-Dec-25 30-Sep-25 31-Dec-24 31-Dec-25 31-Dec-24 31-Mar-25 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Income a) Revenue From Operations 46,725 37,985 40,830 1.19,627 95,552 1,37,795 b) Other Income 1,029 804 636 3,163 1,943 3,903 Total Income 47,754 3B,789 41,466 1,22,790 97,495 1,41,698 2 Expenses a) Cost of Projects 27.425 21,991 23,995 70,366 56,824 82.496 b) Employee Benefits Expense 1,719 1,710 1,314 4,949 4,117 5.433 c) Finance Costs 1,850 1,565 1.441 4,893 3,978 5,495 di Deoreciation, lmoairment and Amortisation Exoense 975 714 672 2,348 1,941 2,719 e) Other Expenses 3,430 3,196 2.462 9,229 6,938 9,986 Total Expenses 35,399 29,176 29,884 91,785 73,798 1,06,129 3 Profit before Share of Profit in Associate and Joint Venture (1 12,355 9,613 11,582 31,005 23,697 35,569 21 4 Share of Net Profit/ {Lossl in Associates and Joint Venture 76 (5 3 69 (7 (141 5 Profit before tax (3-4) 12,431 9,608 11,585 31,074 23,690 35,555 6 Tax credit/ (exoensel for the oeriod/vear a) Current Tax (3,01 l) (1,747) (2,283) (7,063) (4,684) (7,055) b) Deferred Tax 157 37 146 215 (568) (834) 7 Net Profit for the oeriod / vear (5-6) 9,577 7,898 9,448 24,226 18,438 27,666 8 Other Comprehensive Income/ (Loss) A) Items that will not be reclassified to Statement of Profit and 10 7 6 (11) (22) (25) Loss Re-measurement of defined benefit olans 14 10 8 (14 (29 (34 Income Tax effect (4) (3) (2) 3 7 9 8) Items that will be reclassified to Statement of Profit and Loss - . - - 9 Total Comprehensive Income for the period / year (7+8) 9,587 7,905 9,454 24,215 18,416 27,641 10 Profit for the period/ year attributable to: 9,577 7,898 9,448 24,226 18,438 27,666 (i) Owners of the Company 9,569 7,887 9.444 24,203 18.426 27,643 (ii) �lnn.r-nntrnllino lntArnd R II � ?, I? ?, 11 Other Comprehensive Income / (Loss) for the period/ year 10 7 6 (11) (22) (25) attributable to: (i) Owners of the Company 10 7 6 (11) (22) (25) (ii) Non-controlling Interest . . . 12 Total Comprehensive Income for the period / year 9,587 7,905 9,454 24,215 18,416 27,641 attributable to: (i) Owners of the Company 9,579 7,894 9,450 24,192 18.404 27,618 (ii) Non-controlling Interest 8 11 4 23 12 23 13 Paid-up Equity Share Capital 9,988 9,985 9,970 9,988 9,970 9,976 Face Value of� 10/- oer share I 14 Other Eauitv (Excludina Revaluation Reserve I 2,08, l 43 1,98,374 1,77,780 2,08, l 43 1,77,780 1,87.409 15 Net Worth 2, 18,849 2,09,076 1,88.467 2, 18,849 1.88.467 1.98, 102 16 Earnings Per Share (EPSJ ( amount in fl not annualised except vear end EPS) Basic 9.59 7.90 9.48 24.25 18.51 27.76 Diluted 9.56 7.87 9.45 24.23 18.46 27.67 17 Current Ratio (Refer Note 4) 1.88 1.83 1.66 1.88 1.66 1.69 18 Lona term l)ebt to Work1na Capital /i<eter Nole 41 0.19 1n1 006 0.19 006 0.06 19 Current Liability Ratio (Refer Note 4) 0.84 0.83 0.94 0.84 0.94 0.94 20 Total Debts to Total Assets {Refer Note 41 0.18 0.18 0.16 0.18 0.16 0.14 21 Debt Eauitv Ratio {Refer Note 4) 0.43 0.46 0.41 0.43 0.41 0.36 22 Net Debt Equity Ratio !Refer Note 4) 0.28 0.28 0.23 0.28 0.23 0.20 23 Debt Service Coveraae Ratio* {Refer Note 4) 1.35 1.22 1.40 1.94 1.7 4 1.96 24 Interest Service Coveraae Ratio* (Refer Note 4) 6.05 3.90 3.89 4.39 3.26 3.51 25 Debtors Turnover* {Refer Note 41 5.27 4.85 5.68 14.12 12.17 17.48 26 lnventorv Turnover* {Refer Note 41 0.78 0.51 0.46 1.62 1.17 1.65 27 Bad Debt to Account Receivable Ratio* {Refer Note 41 . . 28 Ooeratina Morain %* {Refer Note 41 31.97% 34.44% 38.85% 33.46% 36.67% 36.03% 29 Net Profit Morain %' (Refer Note 41 20.05% 20.36% 22.78% 19.73% 18.91% 19.52% • Not Annualized except for year ended on 3 l-March-2025
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Notes to unaudited Consolidated Financial Results : The above unaudited consolidated financial results for the quarter and nine months ended 3 l-December-2025 have been reviewed by the Audit Committee and approved by the Board of Directors ('the Board') at their respective meetings held on 28-January-2026. The statutory auditors of the Company have carried out the limited review of above financial results of the Group and expressed an unmodified conclusion. 2 During the quarter ended on 3 l-December-2025, the Company has alloted 2,57,854 equity shares having a face value of� 1 O each upon exercise of options granted under the Lodha Developers Limited - Employee Stock Option Schemes. 3 The Government of India has implemented four new Labour Codes ("Code") with effect from 21-November-2025, namely Code on Wages 2019, Code on Social Security, 2020, Industrial Relations Code, 2020, and Occupational Safety, Health and Working Conditions Code, 2020, however all set of rules are yet to be notified. The Group has assessed the impact of the new Code based on the best available information and has accounted for the incremental impact based on actuarial valuation, which is not material. While the process of evaluation continues, including for contract workforce, the Group monitors the notifications and publications of final rules and clarification in this regard, the impact of which is unlikely to be material. 4 Definitions for Ratios: a) Current Ratio b) Long term Debt to Working Capital Ratio c) Current Liability Ratio d) Total Debts to Total Assets Ratio e) Debt Equity Ratio f) Net Debt Equity Ratio g) Debt Service Coverage Ratio* h) Interest Service Coverage Ratio* i) Debtors Turnover* j) Inventory Turnover* k) Bad Debt to Account Receivable Ratio I) Operating Margin% m) Net Profit Margin% : Current Assets/ Current Liabilities : Long Term Debt/ Working Capital : Current Liabilites / Total Liabilities : Total Debts/ Total Assets : Total Debt/ Total Equity (Share Capital+ Applicable Reserves) : Total Debt less Cash & Cash Equivalent, Fixed Deposits and Liquid _Investments/ Total Equity (Share Capital + Applicable Reserves) : Earnings before Interest Expenses#, Depreciation and Tax (excludes Exceptional !tern) / (Interest Expenses+ Principal Repayment (excluding refinancing, prepayment and group debt)) : Earnings before Interest Expenses#, Depreciation and Tax (excludes Exceptional Item) / Interest cost : Revenue from Operations / Average Trade Receivables : Cost of Sales/ Average Finished Inventory : Bad Debt/ Average Trade Receivables : Earnings before Interest Expenses#, Depreciation.Tax, & Exceptional Item less Other Income/ Revenue from Operation : Profit After tax/ Total Income # Interest expenses represents Finance cost debited to Statement of Profit and Loss and Interest cost charged through cost of projects. * in times 5 The Group operates in only one reportable segment i.e. Real estate development and accordingly the financial results are reported as single reportable segment. The Group's operations are confined to India.
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6 The figures for the corresponding previous year/periods have been regrouped/ reclassified, wherever considered necessary, to make them comparable with current periods classification. Place : Mumbai Date : 28-January-2026 For and on behalf of the Board of Directors of Lodha Developers limited Managing Director and CEO DIN: 00266089
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MSKA & Associates LLP (Formerly known as MS KA 6: Associates) Chartered Accountants HO 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E) Mumbai 400063, INDIA Tel: +91 22 6974 0200 Independent Auditor's Review Report on standalone unaudited financial results of Lodha Developers Limited (formerly known as "Macrotech Developers Limited") for the quarter and year to date pursuant to the Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To The Board of Directors of Lodha Developers Limited 1. We have reviewed the accompanying Statement of standalone unaudited financial results of Lodha Developers Limited (formerly known as "Macrotech Developers Limited") (hereinafter referred to as 'the Company') for the quarter ended December 31, 2025 and the year to-date results for the period from April 01, 2025 to December 31, 2025 ('the Statement') attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ('the Regulations'). 2. This Statement, which is the responsibility of Company's Management and has been approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting', prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with relevant rules issued thereunder ('Ind AS 34'), and other recognised accounting principles generally accepted in India, and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" Issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789
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MSKA & Associates LLP (Formerly known as MS KA & Associates) Chartered Accountants 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 and other recognised accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement. For M S KA & Associates LLP (Formerly known as M S KA & Associates) Chartered Accountants ICAI Firm Registration No. 105047W /W101187 Bhavik L. Shah Partner Membership No.: 122071 UDIN: 26122071TVLTFP3519 Place: Mumbai Date: January 28, 2026 Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789
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LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) CIN: L45200MH1995PLC093041 Registered Office: 412, Floor- 4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai - 400 001 Corporate office: One Lodha Place, near Lodha World Towers, Senapali Bapat Marg, Mumbai 400 013 Tel: +9122 6133 4400; Email: investor.relations@lodhagroup.com UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2025 (f in million) Quarter Ended Nine Months Ended Year Ended Sr. No . Particulars 31-Dec-25 30-Sep-25 31-Dec-24 31-Dec-25 31-Dec-24 31-Mar-25 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Refer Note 3) (Refer Note 3) (Refer Note 3) 1 Income a) Revenue From Operations 43,073 29,834 40,158 1.06,400 94.166 1,33.066 b) Other Income 3,989 639 872 6,085 2,730 4,280 Total Income 47,062 30,473 41,030 1, 12,485 96,896 1,37,346 2 Expenses a) Cost of Projects 25,436 19,394 23,769 65,282 56,299 80,339 b) Employee Benefits Expense 1,569 1,567 1,293 4,538 4,052 5,383 c) Finance Costs 2.125 1,871 1,859 5,723 5,036 6,644 d) Depreciation, Impairment and Amortisation Expense 988 654 660 2,270 2,015 2,661 e) Other Expenses 2,787 2,694 2,383 7,542 6,926 9,981 Total Expenses 32,905 26,180 29,964 85,355 74,328 1,05,008 3 Profit before tax (1-2) 14,157 4,293 11,066 27,130 22,568 32,338 4 Tax credit /(expense) for the period/year a) Current Tax (2,778) (1,009) (2,203) (5,992) (4,569) (6,452) b) Deferred Tax 78 72 (548) 118 (1,233) (1,704) 5 Net Profit for the period / year (3-4) 11,457 3,356 8,315 21,256 16,766 24,182 6 Other Comprehensive Income / (Loss) Items that will not be reclassified lo Statement of 7 6 6 (13) (22) (25) Profit and Loss Remeasurements of Defined Benefit Plans 10 8 8 (17) (29) (34) Income tax effect (3) (2) (2) 4 7 9 7 Total Comprehensive Income for the period/ year 11,464 3,362 8,321 21,243 16,744 24,157 (5+6) 8 Paid-up Equity Share Capital 9,988 9,985 9,970 9,988 9,970 9,976 (Face Value of a!' 10/- each) 9 Other Equity (Excluding Revaluation Reserve) 1,99,510 1,87.792 1,73,749 1,99,510 1,73,7 49 1,81,470 10 Net Worth 2,10,416 1.98.695 1,84,637 2,10.416 1,84,637 1,92,364 11 Earnings Per Share (EPS) ( amount in f) (not annualised except year end EPS) Rnsir 11,46 JV, R 1� ?1 ?9 1A R4 ?4 ?R Diluted 11.45 3.35 8.32 21.27 16.80 24.22 12 Current Ratio (Refer Note 7) 1.79 1.74 1.60 1.79 1.60 1.62 13 Long term Debt to Working Capital (Refer Note 7) 0.21 0.23 0.07 0.21 0.07 O.D7 14 Current Liability Ratio (Refer Note 7) 0.85 0.84 0.95 0.85 0.95 0.95 15 Total Debts to Total Assets (Refer Note 7) 0.20 0.21 0.17 0.20 0.17 0.16 16 Debt Equity Ratio (Refer Note 7) 0.50 0.55 0.45 0.50 0.45 0.42 17 Net Debt Equity Ratio (Refer Note 7) 0.37 0.39 0.32 0.37 0.32 0.30 18 Debt Service Coverage Ratio* (Refer Note 7) 2.12 1.06 1.66 1.98 1.90 2.00 19 Interest Service Coverage Ratio* (Refer Note 7) 6.20 2.29 3.66 3.76 3.02 3.13 20 Debtors Turnover* (Refer Note 7) 5.43 4.15 5.73 13.66 12.33 17.66 21 Inventory Turnover* (Refer Note 7) 0.72 0.45 0.46 1.51 1.16 1.64 22 Bad Debt to Account Receivable Ratio' (Refer Note 71 23 Operating Margin %' (Refer Note 7) 30.37% 25.11% 36.37% 29.81% 33.97% 33.42% 24 Net Profit Margin %" (Refer Note 7) 24.34% 11.01% 20.27% 18.90% 17.30% 17.61% • Not Annualized except for year ended on 31-March-2025.
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Notes to Unaudited Standalone Financial Results : The above unaudited standalone financial results for the quarter and Nine months ended 31-December-2025 have been reviewed by the Audit Committee and approved by the Board of Directors {'the Board') at their respective meetings held on 28-January-2026. The statutory auditors have carried out the limited review of the above financial results of the Company and expressed an unmodified conclusion. 2 During the quarter ended on 31-December-2025. the Company has allotted 2.57,854 equity shares having a face value of �10 each upon exercise of options granted under the Lodho Developers Limited- Employee Stock Option Schemes. 3 NCLT. Mumbai Bench hod approved the scheme of Merger by absorption of wholly owned subsidiaries, One Place Commercials Private Limited and Palovo City Management Private Limited. The scheme became effective from 15-May-2025. The amalgamation referred to above. being a '"'common control"" transaction. has been accounted for using the 'Pooling of Interest' method as prescribed under Ind AS 103 - "Business Combination" for common control transactions. In accordance with the requirements of para 9 (iii) of Appendix C to Ind AS 103. the standalone financial results of the Company in respect of the prior periods hove been restated as if amalgamation hod occurred from the beginning of the preceding period, irrespective of the actual dote of the combination. 4 The Board of the Company at its meeting held on 30-July-2024, hod subject to necessary approvals, considered and approved Scheme of merger by absorption of three listed subsidiaries namely Notional Standard (Indio) Limited (NSIL), Sonothnogar Enterprises Limited (SEL) and Roselobs Finance Limited (RFL) with the Company and their respective shareholders ("Scheme") under Section 232 read with Section 230 of the Companies Act. 2013. Further on 11-August-2025, the Boord hos decided modification in the Scheme for merger to continue with NSIL, RFL. excluding SEL. The scheme was approved by BSE Ltd and Notional Stock Exchange of Indio Limited on 30-December-2025. The Company is in the process of filing the merger application with the Hon'ble NCLT. Mumbai bench. The Standalone financial results have been prepared without giving impact of some. 5 The total listed secured Non-Convertible Debentures (NCDs), outstanding as on 31-December-2025 is� 22,044 million. The NCDs are secured by way of a registered morigoge over the identified project land, construction thereon and project receivables, as stated in the respective information memorandum. The security cover in respect of listed Secured NCDs as at 31-December-2025 is more than the requisite coverage of 1.5 times for NCDs of �18,544 million and 1.5 times of project land & 1.2 times of project receivables for NCO of n,500 millions. 6 The Government of Indio has implemented four new Labour Codes ("Code") with effect from 21-November-2025, namely Code on Wages 2019. Code on Social Security, 2020. Industrial Relutiuri, Cude. 2020, and Occupational Safety, Health and Wmking Conditions Code. 2020. however all set of rules are yet to be notified. The Company has assessed the impact of the new Code based on the best available information and has accounted for the incremental impact based on actuarial valuation, which is not material. While the process of evaluation continues. including for contract workforce, the Company monitors the notifications and publications of final rules and clarification in this regard. the impact of which is unlikely to be material. 7 Definitions for Ratios: a) Current Ratio b) Long term Debt to Working Capital Ratio c) Current Liability Ratio d) Total Debts to Total Assets Ratio e) Debt Equity Ratio f) Net Debt Equity Ratio g) Debt Service Coverage Ratio* h) Interest Service Coverage Ratio* i) Debtors Turnover* j) Inventory Turnover* k) Bad Debt to Account Receivable Ratio I) Operating Margin% m) Net Profit Margin% : Current Assets/ Current Liabilities : Long Term Debt/ Working Capital : Current Liabilities/ Total Liabilities : Total Debts/ Total Assets : Total Debt/ Total Equity (Share Capital + Applicable Reserves) : Total Debt less Cash & Cash Equivalent. Fixed Deposits and Liquid Investments/ Total Equity (Share Capital + Applicable Reserves) : Earnings before Interest Expenses#. Depreciation and Tax (excludes Exceptional Item)/ (Interest Expenses+ Principal Repayment (excluding refinancing. prepayment and group debt)) : Earnings before Interest Expenses#. Depreciation and Tax (excludes Exceptional !tern)/ Interest cost : Revenue from Operations/ Average Trade Receivables : Cost of Sales/ Average Finished Inventory : Bad Debt/ Average Trade Receivables : Earnings before Interest Expenses#, Depreciation, Tax. & Exceptional Item less Other Income / Revenue from Operation : Profit After tax/ Total Income # Interest expenses represents Finance cost debited to Statement of Profit and Loss and Interest cost charged through cost of projects. * in times 8 The Company operates in only one reportable segment i.e. Real estate development and accordingly the financial results are reported as single reportable segment. The Company's operations are confined to India.
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9 The figures for the corresponding previous year/period's have been regrouped/ reclassified, wherever considered necessary, to make them comparable with current period's classification, Place : Mumbai Date: 28-January-2026 Far and on behalf of the Board of Directors of Lodh ;,,.,:e Managing Director and CEO DIN: 00266089
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MSKA & Associates LLP (Formerly known as M S KA & Associates) Chartered Accountants To The Board of Directors, Lodha Developers Limited 412, 4th Floor, 17G, Vardhman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai-400 001. AUDITOR'S CERTIFICATE HO 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E) Mumbai 400063, INDIA Tel: +91 22 6974 0200 Independent Auditor's Report on Statement of Security cover in respect of its Listed, Secured, Redeemable, Non-convertible debentures pursuant to Regulation 54 read with Regulation 56(1 )(d) of the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 (as amended) and S�BI Master Circular dated August 13, 2025. 1. This Report is issued in accordance with mandate letter dated January 22, 2026 with Lodha Developers Limited (formerly known as "Macrotech Developers Limited") (hereinafter the "Company"). 2. We, MS KA & Associates LLP (Formerly known as MS KA & Associates), Chartered Accountants, are the Statutory Auditors of Lodha Developers Limited and have been requested by the Management of the Company to examine the accompanying Annexure I containing details of 'Security Cover as per the terms of Information Memorandum and/ or Debenture Trust Deed' in respect of its 25,000 Listed, Secured, Redeemable, Non-convertible debentures (NCDs) having face value of Rs. 1 Lakh each, aggregating to Rs. 2,500 million as at December 31, 2025 ("the Statement"). The Statement has been prepared by the Company on the basis of the unaudited standalone financial results, underlying books of account and other relevant records and documents maintained by the Company as at December 31, 2025, in respect uf it� NCO� �Laleu auuve, i11 LUIIIIJlidllLt' wiLl1 LIit' Rt'gUldLIUI_I �4 lt'dtl WILii Rt'gUldLIUII �6(1)(tl) ur LIit' Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 (as amended) and SEBI vide Master circular no. SEBI/HO/DDHS-PoD-1 /P/CIR/2025/117 dated August 13, 2025 (hereinafter together referred to as "the SEBI Regulations and SEBI Master Circular"). The Statement has been initialed by us for identification purposes only. 3. The Report is required by the Company for the purpose of onward submission with Axis Trustee Services Limited (hereinafter the "Debenture Trustee") of the Company to ensure compliance with SEBI Regulations and SEBI Master Circular in respect of its 25,000 Listed, Secured, Redeemable, Non convertible debentures (NCDs) having face value of Rs. 1 Lakh each, aggregating to Rs. 2,500 million as at December 31, 2025. Page 1 of 4 Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789
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MSKA & Associates LLP (Formerly known as MS KA & Associates) Chartered Accountants Management's Responsibility for the Statement 4. The preparation of the Statement is the responsibility of management of the Company, including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. 5. The management of the Company is also responsible for ensuring that the Company complies with all the relevant requirements of the SEBI Regulations and SEBI Master Circular including providing all relevant information to the Company's Debenture Trustee as prescribed in the respective Debenture Trust Deeds entered into between the Company and its Debenture Trustee in respect of its NCDs. Auditor's Responsibility 6. Pursuant to the requirements of the SEBI Regulations a'nd SEBI Master Circular, it is our responsibility to obtain limited assurance and form a conclusion as to whether the book values of the assets of the Company contained in Columns 'C' and 'F' of the Statement have been accurately extracted and ascertained from the unaudited standalone financial results of the Company and other relevant records and documents maintained by the Company, and whether the Company has maintained the asset cover as per the Debenture Trust Deed. Our responsibility does not include the evaluation of adherence by the Company with all the applicable Regulations. 7. A limited assurance engagement involves making inqumes, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. The procedures performed vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. 8. We have performed a limited review of the unaudited standalone financial results of the Company for the period ended December 31, 2025 prepared by the Company pursuant to the requirements of the Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended and issued an unmodified conclusion dated January 28, 2026. Our review of these financial results was conducted in accordance with Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India ("ICAI"). 9. Accordingly, we have performed the following procedures in relation to the Statement: a) Obtained and read the Debenture Trust Deed and Information memorandum in respect of the NCDs and noted the security cover percentage required to be maintained by the Company in respect of such NCDs; Page 2 of 4 . 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789
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MSKA & Associates LLP (Formerly known as MS KA & Associates) Chartered Accountants b) Traced and agreed the principal amount and the interest thereon of borrowings outstanding in respect of debt securities and assets available for debt securities as at December 31, 2025 to the unaudited standalone financial results of the Company and other relevant records and documents maintained by the Company as at December 31, 2025; c) Obtained and read the list of security cover in respect of NCDs outstanding as per the Statement and traced the value of assets from the Statement to the unaudited standalone financial results of the Company and other relevant records and documents maintained by the Company as at December 31, 2025; d) Understood the nature of charge (viz exclusive charge or pari-passu charge) on the asset of the Company by obtaining the list and value of assets placed under lien or encumbrance for the purpose of obtaining any other loan and determined that such assets are not included in the calculation of Security Cover in respect of secured listed non-convertible debt security; e) Examined and verified the arithmetical accuracy of the computation of security cover ratio (based on book values) mentioned in the accompanying Statement; f) Compared the Security Cover with the Security Cover required to be maintained as per Debenture Trust Deed; g) Obtained the list of security created in the register of charges maintained by the Company and 'Form No. CHG-1 /CHG-9' filed with Ministry of Corporate Affairs ('MCA'). Traced the value of charge created against Assets to the Security Cover in the attached Statement. h) Obtained the workings of assets and liabilities presented in the columns 'C' and 'F' in the Statement and verified the same from the unaudited standalone financial results of the Company and other relevant records and documents maintained by the Company as at December 31, 2025; and i) Performed necessary inquiries with the management and obtained necessary representations. 10. We conducted our examination of the Statement in accordance with the 'Guidance Note on Reports or Certificates for Special Purposes' ("the Guidance Note") issued by the Institute of Chartered Accountants of India ('ICAI'). The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 11. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. Page 3 of 4 Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789
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MSKA ft Associates LLP (Formerly known as M S KA & Associates) Chartered Accountants Conclusion 12. Based on the procedures performed as referred to in paragraph 9 above and according to the information, explanations and representations provided to us by the Management of the Company, nothing has come to our attention that causes us to believe that: a. the book values of the assets of the Company contained in Columns 'C' and 'F' of the Statement are not in agreement with the unaudited standalone financial results and other relevant records and documents maintained by the Company as at December 31, 2025; and b. the security cover available for debenture holders against the outstanding listed NCDs is not in line with debenture trust deed and related documents. Restriction on Use 13. The Report is addressed to the Board of Directors of the Company solely for the purpose of onward submission to the Company's debenture trustee & Stock Exchange pursuant to the requirements of the Regulations. It should not be used by any other person or for any other purpose. This report relates only to the Statement specified above and does not extend tc:i any financial or other information of the Company. M S KA & Associates LLP (Formerly known as MS KA & Associates) shall not be liable to the Company or to any other concerned for any claims, liabilities or expenses relating to this assignment. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing. We have no responsibility to update this report for events and circumstances occurring after the date of this report. For M S KA & Associates LLP (Formerly known as MS KA & Associates) Chartered Accountants ICAI Firm Reg1strat1on No. 105047W I w, 0118/ - t Bhavik L. Shah Partner Membership No. 122071 UDIN: 261220710RHYVW3596 Place: Mumbai Date: January 28, 2026 Page 4 of 4 Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789
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LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) Annexure I In tan ible Assets 83 Intangible Assets under Oevelo enr Investments Mutual Fund 113 No 23,730 23.843 loam 29.338 29,338 Inventories 1.952 70,615 No 6.713 253.727 333.017 3,815 3,815 Trade Receivables 393 6,757 No 42 1,069 8,261 393 393 t,nh .md C-t1� E ,nva!onu 13,442 13,442 Bank Balances other than Cash and fi>eed Deposits Cash Eauivalents 581 6,600 7,181 Others 4,301 No 94.596 9889] Totill 2,345 82.367 6,765 434,011 525,488 4,208 4.208
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LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) Pel.It .,.1.:rnr1l1es to which thi� cer ti/1cale pertain� OL1w1 dl'bl !>lli>rtng pari-pJ!>W d1c1r�i.? w1lh Jbove dl.'bt Othnr Oeb1 Subordl11ocotl d"bt Bu1row111 s Othc11 lrride p.iyabhis(Current • Non· Cu11en1J ledse LiJlltlttu.:!> (lurrenl • Non Cul'rt-nt) Pruv1sron!> (Currcnl, Non-Current) Secured NCD'.,. + Interest AHrued thereon 1101 !O /.Je filled No No 3.806 O�tails of Securlt Cover as at Dec 31, 2025 9.937 5.LOO 35,697 12 489 2,461 86.., 9S3 s.100 JS,697 12 489 2,461 Anne11ure I Rsln Million .2,<16 L
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MSKA ft Associ"ates LLP (Formerly known as MS KA & Associates) Chartered Accountants To The Board of Directors, Lodha Developers Limited 412, 4th Floor, 17G, Vardhman Chamber, Cawasji Patel Road, Ho rniman Circle, Fort, Mumbai-400 001. AUDITOR'S CERTIFICATE HO 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E) Mumbai 400063, INDIA Tel: +91 22 6974 0200 Independent Auditor's Report on Statement of Security cover in respect of its Listed, Secured, Redeemable, Non-convertible debentures pursuant to Regulation 54 read with Regulation 56( 1 )(d) of the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 (as amended) and SEBI Master Circular dated August 13, 2025. 1. This Report is issued in accordance with mandate letter dated January 22, 2026 with Lodha Developers Limited (formerly known as "Macrotech Developers Limited") (hereinafter the "Company"). 2. We, MS KA Et Associates LLP (Formerly known as MS KA Et Associates), Chartered Accountants, are the Statutory Auditors of Lodha Developers Limited and have been requested by the Management of the Company to examine the accompanying Annexure I containing details of 'Security Cover as per the terms of Information Memorandum and/ or Debenture Trust Deed' in respect of its 1,20,000 Listed, Secured, Redeemable, Non-convertible debentures (NCDs) having face value of Rs. 1 Lakh each, aggregating to Rs. 12,000 million as at December 31, 2025 ("the Statement"). The Statement has been prepared by the Company on the basis of the unaudited standalone financial results, underlying books of account and other relevant records and documents maintained by the Company as at December 31, 2025, in respect of its NCDs stated above, in compliance with the Regulation 54 read with Regulation 56(1 )(d) of the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 (as amended) and SEBI vide Master circular no. SEBI/HO/DDHS-PoD-1 /P/CIR/2025/117 dated August 13, 2025 (hereinafter together referred to as "the SEBI Regulations and SEBI Master Circular"). The Statement has been initialed by us for identification purposes only. 3. The Report is required by the Company for the purpose of onward submission with Catalyst Trusteeship Limited (hereinafter the "Debenture Trustee") of the Company to ensure compliance with SEBI Regulations and SEBI Master Circular in respect of its 1,20,000 Listed, Secured, Redeemable, Non convertible debentures (NCDs) having face value of Rs. 1 Lakh each, aggregating to Rs. 12,000 million as at December 31, 2025. Page 1 of 4 Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789
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LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTE:H DEVELOPERS LIMITED) Annexure I Intangible Assets under Development lm1a:U.ml!'rUi. NlutuD-1 Fund .13 No 23,730 23,843 Loans 29,338 29,338 Inventories 13.560 59,COJ No 6 723 253.72.7 333.011 I 22.51J I I I I 22.51J Trade 8.ec.eivables 3,691 3,159 No 42 1,069 8,2611 3,691 I I I I 3,691 Cash and Cash Eauivalents 13,442. 13,442 Bank Balances other than Cash and Fixed Deposits 247 034 6,600 7,181 [ I 241 I I I Cash EQuivalents 247 others 4,3Cl.l No 94 596 98 897 !Total 17,4.98 67,:14 -- 6,765 �I,___ 525.4881 26.2081 2471 . I . I 26,455
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LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) Olhcr debt sharinr, pc.1ri-p..1::.su chdrgt- wtlh above debt Sul.Jc.J1d1noled debt BonowmQs Bank 01:'b.tSf:'wLilte.s Othets llade p.:iy.:ibles(Current I Non• (l1H1.:nl) le.i!.e l1.ibil1:ic':> (Curi enl r Nun t'urri.'rll) fJrov1":>1un� (Currenl I Non-Currenl) nul ro br: /1/led Exclusive Security Cover Ratio No Pari•Passu Security Cover Ratio Deuiils of Securi Cover as at Dec 31, 2025 3.806 9,9J] 35,697 12 5.100 ]5,697 12 48S 11,750 Annexure I lblnMitllon 11,750
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MSKA & Associates LLP (Formerly known as MS KA & Associates) Chartered Accountants To The Board of Directors, Lodha Developers Limited 412, 4th Floor, 17G, Vardhman Chamber, Cawasji Patel Road, Ho rniman Circle, Fort, Mumbai-400 001. AUDITOR'S CERTIFICATE HO 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E) Mumbai 400063, INDIA Tel: +91 22 6974 0200 Independent Auditor's Report on Statement of Security cover in respect of its Listed, Secured, Redeemable, Non-convertible debentures pursuant to Regulation 54 read with Regulation 56(1 )(d) of the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 (as amended) and SEBI Master Circular dated August 13, 2025. 1. This Report is issued in accordance with mandate letter dated January 22, 2026 with Lodha Developers Limited (formerly known as "Macrotech Developers Limited") (hereinafter the "Company"). 2. We, MS KA & Associates LLP (Formerly known as MS KA & Associates), Chartered Accountants, are the Statutory Auditors of Lodha Developers Limited and have been requested by the Management of the Company to examine the accompanying Annexure I containing details of 'Security Cover as per the terms of Information Memorandum and/ or Debenture Trust Deed' in respect of its 80,000 Listed, Secured, Redeemable, Non-convertible debentures (NCDs) having face value of Rs. 1 Lakh each, aggregating to Rs. 8,000 million as at Decernber 31, 2025 ("the Statement"). The Statement has been prepared by the Company on the basis of the unaudited standalone financial results, underlying books of account and other relevant records and documents maintained by the Company as at December 31, 2025, in respect of its NCDs stated above, in compliance with the Regulation 54 read with Regulation 56(1 )(d) of the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 (as amended) and SEBI vide Master circular no. SEBI/HO/DDHS-PoD-1 /P/CIR/2025/117 dated August 13, 2025 (hereinafter together referred to as "the SEBI Regulations and SEBI Master Circular"). The Statement has been initialed by us for identification purposes only. 3. The Report is required by the Company for the purpose of onward submission with IDBI Trusteeship Services Limited (hereinafter the "Debenture Trustee") of the Company to ensure compliance with SEBI Regulations and SEBI Master Circular in respect of its 80,000 Listed, Secured, Redeemable, Non convertible debentures (NCDs) having face value of Rs. 1 Lakh each, aggregating to Rs. 8,000 million as at December 31, 2025. Page 1 of 4 Registered Office: 602, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India Tel: +91 22 6974 0200 I LLPIN: ACT-3789