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Lodha Developers Ltd (LODHA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543287 NSE: LODHA Construction - Real Estate | Mid Cap | Lodha Developers Share Price

₹1,109 -63.00 (-5.38%)

As on 11-Sep'26 15:15

Lodha Developers Ltd (LODHA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543287 NSE: LODHA Construction - Real Estate | Mid Cap | Lodha Developers Share Price

₹1,109 -63.00 (-5.38%)

As on 11-Sep'26 15:15

Key Metrics
Valuation Multiples
Market Cap
₹1,17,122 Cr.
Current Price
₹1,109
52-Week Low / High
₹651 / 1,344
TTM EPS
₹41.3
TTM Sales
₹18,181 Cr.
Book Value per Share
₹240.9
P/E Ratio
28.39
Lower than its 5-year historical median
Industry PE
44.5
Price to Book (P/B)
4.86
Lower than its 5-year historical median
Price to Sales (P/S)
6.44
Lower than its 5-year historical median
EV/EBITDA
19.69
Lower than its 5-year historical median
Dividend Yield
0.38%
Profitability Efficiency
Return on Equity (ROE)
16.21%
Outperforms industry median
Return on Capital Employed (ROCE)
16.89%
Outperforms industry median
Return on Assets (ROA)
6.34%
Operating Profit Margin
29.5%
Net Profit Margin
20.57%
Gross Profit Margin
28.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
9.28%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
23.96%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
24%
Asset Quality
Promoter Holding
70.31%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹23,074 Cr.
Equity
₹999.3 Cr.
Face Value
₹10
All Time Low / High
₹210.57 / 1648.00

Lodha Developers stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good
Check detailed performance

Valuation

Fair

Check Valuation charts

Price Trend

Semi Strong
Check Price chart
Q.1 Is Lodha Developers Ltd a good quality company?
Lodha Developers Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Lodha Developers Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Lodha Developers Ltd vs industry peers?
Lodha Developers Ltd revenue CAGR is 19.67%, compared to the industry median CAGR of 19.67%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Lodha Developers Ltd?
Promoters hold 70.31% of the Lodha Developers Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Lodha Developers Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 17.59% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Lodha Developers Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ7.4%8.4%12.5%7%5%9.4%4.2%9%14.9%14.8%-
Value Creation
Index ⓘ		-0.3-0.3-0.1-0.5-0.7-0.2-0.6-0.20.30.3-

Growth Parameters ⓘ
Sales ⓘ5,8657,4439,5168,1155,9268,3539,2259,46013,30714,54215,570
Sales YoY Gr.-26.9%27.9%-14.7%-27%41%10.4%2.5%40.7%9.3%-
Adj EPS ⓘ4.26.315.79.94.112.113.112.823.32933.3
YoY Gr.-49.4%148.7%-37.3%-58.8%197.5%8.2%-2%82.2%24.4%-
BVPS (₹) ⓘ48.55840.349.352.1121.5124.9165190.7216.5226.9
Adj Net
Profit ⓘ		3355011,2457813221,1631,2591,2732,3282,9013,325
Cash Flow from Ops. ⓘ1,9208359482,0003,8181,9611,6331,7801,6101,486-
Debt/CF from Ops. ⓘ6.51917.98.54.15.56.34.857.2-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ10.6%19.7%16.4%9.3%
Adj EPS ⓘ23.9%48.2%30.5%24.4%
BVPSⓘ18.1%33%20.1%13.6%
Share Price - 16.4% 11.6% -6%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		9.111.328.819.67.213.910.28.612.713.915
Op. Profit
Mgn % ⓘ		18.91825.922.320.310.521.47.328.126.628.5
Net Profit
Mgn % ⓘ		5.76.713.19.65.413.913.713.517.52021.4
Debt to
Equity ⓘ		3.33.55.34.33.80.90.90.50.40.5-
Working Cap
Days ⓘ		1,4481,2691,1421,4371,9651,4521,3911,4991,2021,198649
Cash Conv.
Cycle ⓘ		9308948051,1261,5131,0811,0121,070824758261

Valuation of Lodha Developers - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales7,9269,67711,90712,4435,4499,2339,47010,31613,78016,676
Operating Expenses ⓘ + 6,3137,9988,74110,6704,3108,1897,5379,2809,81111,757
Manufacturing Costs6,4719,8519,724-2,8992,9045,1158,84810,09910,74613,571
Material Costs-1,136-3,209-2,34112,453701950-2,768-3,878-2,473-3,749
Employee Cost 457493390390286354424471543659
Other Costs ⓘ 5218639687264191,7711,0342,5889951,276
Operating Profit ⓘ 1,6131,6793,1661,7721,1391,0441,9331,0373,9694,919
Operating Profit Margin (%) 20.4%17.4%26.6%14.2%20.9%11.3%20.4%10.0%28.8%29.5%
Other Income ⓘ + 600288722635671,4342741,793410445
Exceptional Items ⓘ 0000-4630-1,177-10500
Interest ⓘ 7363905667401,136688479480550657
Depreciation ⓘ 460395180292737593204272345
Profit Before Tax ⓘ 1,0011,1822,4921,003331,7174532,0283,5564,371
Tax ⓘ 417388845261-15508-37473789941
Profit After Tax 5847941,647742481,2094901,5542,7673,431
PAT Margin (%) 7.4%8.2%13.8%6.0%0.9%13.1%5.2%15.1%20.1%20.6%
Adjusted EPS (₹)7.09.820.79.20.512.55.115.627.734.3
Dividend Payout Ratio (%)0%0%0%0%0%0%19.80%14.40%15.30%12.40%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 4,0335,1523,8444,5524,59912,06612,55717,32520,05323,145
Share Capital ⓘ 113396396396396482482995998999
Reserves ⓘ 3,9204,7563,4484,1564,20311,58412,07616,33019,05622,146
Debt +16,16322,60023,36218,41418,16710,9718,7107,4876,9138,148
Long Term Debt1,4672,4945142,1344,2682,7162,2571,9701,2163,716
Short Term Debt14,69620,10722,84916,28013,8998,2556,4535,5165,6974,432
Minority Interest1344353551952757606567143
Trade Payables2,3481,9252,0572,0501,5331,3861,9672,5312,9373,403
Others Liabilities ⓘ 11,25310,53119,72115,06414,27313,92515,61819,79019,62723,841
Total Liabilities ⓘ 33,93140,25149,51940,59939,09838,40538,91247,19849,59758,680

Fixed Assets

Net Fixed Assets ⓘ +1,5441,9981,9221,7331,6701,6581,6741,0239661,189
Gross Block2,6733,4883,5743,6243,6193,6713,5163,0163,2183,613
Accumulated Depreciation1,1281,4901,6521,8921,9492,0131,8431,9932,2522,425
CWIP ⓘ 10966660044266
Investments ⓘ 1,1801,3841,4051,5531,5795742462,5001,2501,454
Inventories22,20831,43441,51229,03128,30127,35830,11733,99336,47640,254
Trade Receivables6047594847946556457398007761,472
Cash Equivalents 2795226581873671,2461,8242,6351,7423,586
Others Assets ⓘ 8,0064,1483,5327,2946,5216,9244,3126,2438,38310,460
Total Assets ⓘ 33,93140,25149,51940,59939,09838,40538,91247,19849,59758,680
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 1,469696-4653,7722,5241,9982,7502,5121,566959
PBT ⓘ 1,0011,1822,4921,003331,7174532,0283,5564,371
Adjustment ⓘ 2,1883,3133,2913,2502,5271,8162,6181,331690814
Changes in Working Capital ⓘ -1276-3235-5936-399-122-1357-109-823-2066-3288
Tax Paid ⓘ -444-565-312-8286-178-211-24-614-938
Cash Flow From Investing Activity ⓘ + -1,174-655-1842124201,1391,778-2,947-90-780
Capex -65-42-99-296-33-76-166-474-250
Net Investments -555-529-44-275-88166768-2,743957261
Others ⓘ -554-85-415165021,0061,085-38-573-791
Cash Flow From Financing Activity ⓘ -31224738-4,188-2,835-2,888-3,706951-2,5061,589
Net Proceeds from Shares ⓘ + 000006,347103,2748237
Net Proceeds from Borrowing ⓘ 0000000000
Interest Paid ⓘ -2,290-3,021-2,967-3,052-1,803-1,943-1,176-851-738-825
Dividend Paid ⓘ 0000000-96-224-424
Others ⓘ 1,9783,0453,705-1,136-1,032-7,292-2,540-1,375-1,6272,802
Net Cash Flow ⓘ -166588-205109250822516-1,0311,768
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)15.5618.1440.4819.681.1615.34.1210.7215.1616.21
ROCE (%)9.146.6110.846.755.2110.554.1910.9115.9316.89
Asset Turnover Ratio0.240.260.270.280.140.240.240.240.280.31
PAT to CFO Conversion(x)2.520.88-0.285.0852.581.655.611.620.570.28
Working Capital Days
Receivable Days29.7025.7019.1018.8048.5025.7026.7027.2020.9024.60
Inventory Days995.401,011.601,118.101,034.701,920.301,100.101,107.601,134.20933.30839.70
Payable Days-727.30-242.90-310.4060.20932.80561.10-221.10-211.70-403.60-308.60

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Lodha Developers Ltd FAQs

The current trading price of Lodha Developers on 11-Sep-2026 15:15 is ₹1,109.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Lodha Developers stood at ₹1,17,122.1 Cr

The latest P/E ratio of Lodha Developers as of 10-Sep-2026 is 35.22.

The latest P/B ratio of Lodha Developers as of 10-Sep-2026 is 5.16.

The 52-week high of Lodha Developers is ₹1,344 and the 52-week low is ₹650.9.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Lodha Developers is ₹15,570 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Lodha Developers Ltd is a average quality company.

The key valuation ratios of Lodha Developers Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Lodha Developers Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Lodha Developers Ltd

Macrotech Developers is one of the largest real estate developers in India, by residential Sales value for the financial years 2014 to 2020. Currently, it has residential projects in the MMR and Pune. In 2019, it forayed into the development of logistics and industrial parks and entered into a joint venture with ESR Mumbai 3 Pte. (ESR), a subsidiary of ESR Cayman, an Asia Pacific focused logistics real estate platform. It also develops commercial real estate, including as part of mixed-use developments in and around its core residential projects.

The company’s customer-centric business model focuses on designing and developing its ‘branded products’ to address consumer needs across locations and price points. Its core competency lies in professionally managing the real estate value chain as it has in-house capabilities to deliver a project from conceptualization to completion. It has a strong focus on de-risking projects and improving its return on investment with fast turnaround time from acquisition to launch to completion.

The company’s brands include “Lodha”, “CASA by Lodha” and “Crown - Lodha Quality Homes” for its affordable and mid-income housing projects, the “Lodha” and “Lodha Luxury” brands for its premium and luxury housing projects, and the “iThink”, “Lodha Excelus” and “Lodha Supremus” brands for its office spaces. Its inhouse sales team is supported by a distribution network of multiple channels across India as well as key non-resident Indian (NRI) markets, such as the Gulf Cooperation Council, United Kingdom, Singapore and the United States. The company’s large ongoing portfolio of affordable and mid-income housing projects include Palava (Navi Mumbai, Dombivali Region), Upper Thane (Thane outskirts), Amara (Thane), Lodha Sterling (Thane), Lodha Luxuria (Thane), Crown Thane (Thane), Bel Air (Jogeshwari), Lodha Belmondo (Pune), Lodha Splendora (Thane) and Casa Maxima (Mira Road).

Business area of the company

The company is primarily engaged in affordable residential real estate developments and in 2019, it entered into the development of logistics and industrial parks and also develop commercial real estate.

Awards and Accreditations

  • 2014: The Global Leadership in Real Estate Award’ in the NDTV Property Awards.
  • 2014: The Most Trusted Real Estate Brand in the Country’ by the Brand Trust Report.
  • 2014: Ranked as one of India’s Best Companies to Work for, 2014’ by Great Places to Work.
  • 2014: India’s Most Admired Builders’ by the Construction World Architect & Builder (CWAB).
  • 2015: Special Recognition Award’ in the ET Best Realty Brands (BRB) Awards.
  • 2015: Ranked as one of India’s Best Companies to Work for, 2015 by Great Places to Work.
  • 2016 ‘Best Private Township’ in the BW Business World Smart Cities Awards.
  • 2016: Certificate of recognition for ‘Iconic Upcoming Project- World One Worli’ as the Times Realty Icon 2016 by Optimal Media Solutions.
  • 2017: Best ‘Social Media Integrated Campaign’ for the World Towers at the National Awards for Marketing Excellence by Times Network.
  • 2017: Most Respected Real Estate Brand – India’ by 2017 Grohe Hurun.
  • 2017: Scroll of Honour award for ‘Marketing Firm of the Year – India’ by CREDAI.
  • 2018: Lodha Altamount recognised as one of the ‘Best Residential Project under Ultra-Luxury Segment’ in the West Zone of India by CNBC Awaaz Real Estate Awards 2017-18.
  • 2019: Best Activation Campaign Store Launch for Lodha Xperia Mall by the Activation Venue Forum.
  • 2020: Certificate of recognition for ‘Top Developer of the Year’ as the Times Real Estate Icons, West India 2020 by Optimal Media Solutions.

Major events and milestones

  • 2005: Launched Lodha Paradise in Thane.
  • 2006: Start of acquisition of land for Palava city.
  • 2006: Macrotec Constructions Private Limited (our erstwhile Subsidiary) won the bid for Apollo Textile Mills in an auction from National Textile Corporation for Bellissimo, Primero & Excelus projects.
  • 2008: Investment of Rs 16,400 million from Deutsche Bank in Cowtown Infotech Services Private Limited.
  • 2008: Investment from ICICI Ventures in Lodha Elevation Buildcon Private Limited in respect of ‘iThink Thane’.
  • 2010: Launch of Phase I of Palava City.
  • 2011: Acquisition of Wadala land parcel through auction process conducted by Mumbai Metropolitan Region Development Authority.
  • 2011: Launch of World One project in Lower Parel, Mumbai.
  • 2012: Exit of Deutsche Bank from Cowtown Infotech Services Private Limited.
  • 2012: Launch of New Cuffe Parade project in Wadala, Mumbai.
  • 2013: Launch of South Mumbai’s largest landscape, ‘The Park’ in Worli.
  • 2013: Acquisition of Washington House for Lodha Altamount project from the US Government.
  • 2014: Expansion into UK with acquisition of two development sites in Central London, including Canadian High Commission.
  • 2015: Successful closure of international bond offering of 12% $200 million due in 2020 by its Subsidiary, Lodha Developers International Limited.
  • 2015: Launched Lodha Luxury collection for super high-end residential.
  • 2015: Acquisition of 87 acre land from Clariant Chemicals in Thane.
  • 2016: Launch of Amara in Thane.
  • 2017: Exit of HDFC Venture Fund and Tramos Limited from Shreeniwas Cotton Mills Limited.
  • 2017: Exit of ICICI Ventures (iThink Thane in Lodha Elevation Buildcon Private Limited).
  • 2017: Launch of Lincoln Square project in London.
  • 2018: Follow-on fund raising of $125 million on 12% USD Bonds due in 2020.
  • 2018: Development finance tied up for both the London properties.
  • 2018: Acquisition of five acres of land parcel in Jogeshwari.
  • 2018: Launch of Seamont project in Walkeshwar, Mumbai.
  • 2018: Launch of Upper Thane project in Thane.
  • 2019: Joint Venture with ESR Mumbai 3 Pte. Limited for developing an industrial park at Palava.
  • 2019: Sale of NCP commercial tower 1 for a total consideration of Rs 10,550 million through sale of shares of subsidiary company to Varde Group, Singapore.
  • 2020: Repaid the bond of $325 million and raised the fresh bond of $225 million due 2023 by subsidiary, Lodha Developers International Limited.
  • 2020: Launch of ‘Lodha Crown’ in Thane.
  • 2021: Launch of ‘Lodha Villa Royale’ in Thane.


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