Lodha Developers Ltd

Lodha Developers Limited: Trading Window closed from October 1, 2026 till the expiry of 48 hours after declaration of the unaudited financial results for the quarter and half year ending September 30, 2026, to the public.

Meeting Details

• Date: September 29, 2026.
• Type and mode: In-person group meeting.
• Conference: Arihant Capital Markets – Bharat Connect Conference.
• Organizer: Arihant Capital Markets.
• Company participants: Company Secretary & Compliance Officer.
• Purpose: Schedule for Analysts/Investors conference meet.

Materials Availability

• Presentation will be placed on the company website.
• Intimation uploaded on the company website.

Share Allotment

• Allotted 111,859 equity shares of ₹10 each on September 09, 2026 under ESOP Scheme 2021-II.

Acquisition of Bellissimo Infratech Private Limited

• Bellissimo Infratech Private Limited (formerly Solidrise Realty Private Limited), real estate company in India.
• As of 31-Mar-2026, net worth ₹97.30 crore; turnover NIL.
• Not a related party transaction; promoter group has no interest.
• Industry: Real estate.
• Rationale: supports Lodha's growth strategy for Pune.
• Regulatory approvals: none required.
• Timeline: completion by 1-Sep-2026.
• Consideration: cash of ₹73.52 crore.
• Percentage acquired: remaining 20% stake.
• Background: BIPL incorporated 21-Mar-2025; real estate firm with no turnover.
• Presence in Pune, India.

SMP elevation: Kunal Gandhi

• Type: SMP appointment; Name: Kunal Gandhi; Role: Regional CEO, Pune; Effective: Sep 1, 2026.
• Reason: role elevation.
• Profile: IIT Bombay BTech; IIM Ahmedabad PGP; 20+ years in strategy and growth.
• Joined Lodha in 2018; Dy. Regional CEO-Pune since 2023; led customer strategy and brand.
• Relationship disclosures: Not Applicable.

SMP cessation: Tikam Jain

• Type: SMP status cessation; Name: Tikam Jain; Role: CEO-Pune; Effective: Sep 1, 2026.
• Reason: organizational restructuring; transition to operational role within the company.
• Impact: continues in an operational capacity.

Share Allocation

• Allotted 44,715 equity shares of ₹10 on 21 August 2026 under Lodha ESOP 2021-II.

Meeting Details

• Date: August 12, 2026; Conference: Emkay Investor Conference; Type: unspecified; Mode: unspecified.
• Date: August 17, 2026; Conference: Motilal Oswal Investor Conference; Type: unspecified; Mode: unspecified.
• Date: September 1, 2026; Conference: Elara India Conference; Type: unspecified; Mode: unspecified.
• Date: September 16, 2026; Conference: Jefferies India Forum; Type: In-person (one-to-one & group); Mode: In-person.
• Date: September 21, 2026; Conference: J.P. Morgan India Conference; Type: unspecified; Mode: unspecified.
• Date: September 22, 2026; Conference: Anand Rathi India Conference; Type: unspecified; Mode: unspecified.

Additional Notes

• Presentations to be discussed will be available on the company website.

Financial Performance

• Q1 revenue INR 50 billion, up 43% YoY.
• Adjusted EBITDA INR 21.5 billion, up 79% YoY; margin 43%.
• PAT INR 13.7 billion; PAT margin 26.9% vs 18.6% YoY.
• Guidance: 20% PAT growth for FY27; Q1 delivered 33% of target.
• Cash collections INR 42.1 billion; operating cash flow INR 18.9 billion.
• Net debt reduced by INR 4.5 billion to under INR 50 billion.
• Net debt to equity ~0.2x.

Data Center and Land Monetization

• 660 acres Palava data-center park; 130 acres monetized; 150 more in 3–4 years.
• 150 acres more monetizable; sales close to INR 10,000 crores.
• Phase 1 funds ~90 acres for 1 GW powered shell; INR 20B annual rent by FY32.
• 3 GW power tie-up; water from recycled sources; no freshwater.
• Fair market value estimated at ~INR 650 million per acre.
• Top tenants: AWS, STT, Digital Edge India confirming park viability.
• Leasing first boxes to conclude this fiscal year; wholesale powered-shell model.

Q&A Highlights

• Land sales ~INR 1,200 crores; revenue recognition 85–90%; PAT ~INR 600 crores.
• 660 acres now part of Maharashtra green data center; 400 acres earlier earmarked.
• 0 freshwater usage; recycled water supply 3,500 MLD.
• Palava premium pricing up 5–7% in near term; 10% conversion milestone targeted.
• 3 GW power tie-up; wholesale discussions; turnkey model not yet pursued.
• Fair market land value ~INR 650 million per acre.

Outlook and Guidance

• FY27 pre-sales guidance reaffirmed at INR 240 billion.
• H1 to contribute 40–42% of full-year sales.
• Mulund-Airoli-Palava Freeway and Upper Thane connector open after monsoon.
• DevCo debt-free in 2–3 years; RentCo target INR 30B by FY32.
• ROE at ~16% in FY26; moving toward 20%.