WatchTalking point
Profit and cash flow diverged
Reported profit rose 24.0% but operating cash flow fell 38.7% — worth investigating whether the profit is being collected.
Importance 73 / 95 · cash quality
Lodha Developers Limited · Research view
Lodha Developers Limited
NSE: LODHABSE: 543287ISIN INE670K01029Face value ₹10consolidated
₹1,105
−0.41% · 2026-10-01 · 52-wk ₹677–₹1,316
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Growing, but light on cash
Revenue grew 21.0% but only 0.28× of reported profit came through as operating cash.
Importance 62 / 95 · cash quality
WatchTalking point
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged 0.82× over the last 3 profit-making years versus 3.64× before that.
Importance 60 / 95 · cash quality
WatchTalking point
Volatile earnings
Profit has swung sharply over 4 years (from ₹489 to ₹3,431) — one year is a weak guide to the earnings power.
Importance 59 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Realty › Realty › Residential, Commercial Projects.
- Market cap
- ₹1.10 L cr
- FY2026 revenue
- ₹16,676 cr
- FY2026 net profit
- ₹3,431 cr
- Net worth
- ₹23,429 cr
- Total debt
- ₹9,884 cr
- EPS (basic)
- ₹34.34
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 6 residential, commercial projects.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Profit has swung sharply over 4 years (from ₹489 to ₹3,431) — one year is a weak guide to the earnings power.
Rule EARNINGS_VOLATILE
- Revenue growth per year
- +15.9%over 4 years
- Revenue growth
- +21.0%vs last year
- Net profit growth
- +24.0%vs last year
- Change in net profit since FY22
- +184%
Revenue compounded at 15.9% a year over 4 years (₹9,233 → ₹16,676).
Over 4 years profit compounded at 29.8% a year while revenue compounded at 15.9% a year — though FY2024 saw a one-off step-change of 218% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 24.0% year on year (FY2025 → FY2026).
Revenue grew 21.0% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹4,997 cr, up 43.1% from ₹3,492 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit was ₹1,373 cr, up 103.4% from ₹675 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹1,953 cr, up 85.8% from ₹1,052 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 2,626 | — | 423 | — | 16.1% |
| Q3 FY25 | 4,083 | +39.3% | 945 | +87.0% | 23.1% |
| Q4 FY25 | 4,224 | +5.1% | 923 | +38.4% | 21.8% |
| Q1 FY26 | 3,492 | +22.7% | 675 | +41.9% | 19.3% |
| Q2 FY26 | 3,799 | +44.7% | 790 | +86.7% | 20.8% |
| Q3 FY26 | 4,673 | +14.4% | 958 | +1.4% | 20.5% |
| Q4 FY26 | 4,714 | +11.6% | 1,008 | +9.2% | 21.4% |
| Q1 FY27 | 4,997 | +43.1% | 1,373 | +103.4% | 27.5% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹18,181 crTTM
- EBITDA
- ₹6,269 crTTM
- EBIT
- ₹5,921 crTTM
- PBT
- ₹5,233 crTTM
- Net profit
- ₹4,129 crTTM
C. Corporate actions
7 Aug 2026DividendFinal Dividend - Rs. - 4.2500 — ₹4.25/share
22 Aug 2025DividendFinal Dividend - Rs. - 4.2500 — ₹4.25/share
16 Aug 2024DividendFinal Dividend - Rs. - 2.2500 — ₹2.25/share
8 Sept 2023DividendDividend - Rs. - 1.0000 — ₹1.00/share
31 May 2023Bonus issueBonus issue 1:1 — 1:2
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 15.7% is the highest in 4 years (prior range 3.9% to 14.6%).
Rule ROE_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 32.2%
- 5-year range
- 23.3–32.2%
- ROE FY2026
- 15.7%
- ROCE FY2026
- 16.6%
ROE of 15.7% is well above the residential commercial projects median of 10.5%.
EBITDA margin of 32.2% is below the residential commercial projects median of 46.6%.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Reported profit rose 24.0% but operating cash flow fell 38.7% — worth investigating whether the profit is being collected.
Rule PROFIT_UP_CASH_DOWN
Operating cash flowNet profit
- Total debt
- ₹9,884 cr
- Operating cash flow ÷ net profit
- 0.28×FY2026
- Free cash flow
- ₹709 cr
- Current ratio
- 1.75×
Revenue grew 21.0% but only 0.28× of reported profit came through as operating cash.
Cash conversion (CFO ÷ profit) has averaged 0.82× over the last 3 profit-making years versus 3.64× before that.
Net worth compounded at 17.8% a year over 4 years (₹12,162 → ₹23,429).
Operating cash flow was only 0.28× reported profit (FY2026).
Free cash flow has been positive in 5 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 6 residential, commercial projects (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
LODHA · 2nd of 6 · set median 14.8%
EBITDA margin
LODHA · 6th of 6 · set median 46.6%
Return on equity
LODHA · 1st of 6 · set median 10.5%
P/E ratio
LODHA · 2nd of 6 · set median 33.8×
- P / E
- 26.7×TTM to Jun 26
- P / B
- 4.7×latest book
- P / S
- 6.1×TTM sales
- Earnings yield
- 3.7%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 32.2× · P/S 6.4× · ROE 15.7%. TTM and full-year profit and EBITDA differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years profit compounded at 29.8% a year while the stock returned 11.4% a year — the FY2022 base was somewhat depressed, so part of this is recovery rather than trend.
Rule STOCK_LAGGED_EARNINGS · rebound
- 1-year return
- −3.1%
- 3-year return
- +38.1%
- 5-year return
- +109.4%
- From 52-wk high
- −16.1%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,203
- vs 200-day avg
- Above₹1,023
- RSI (14)
- 37.5neutral
- MACD histogram
- -5.5
- From 52-wk high
- −16.1%
- From 52-wk low
- +63.2%
- 30-day volatility
- 34.0%ann.
- 6-month return
- +52.1%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit and cash flow divergedReported profit rose 24.0% but operating cash flow fell 38.7% — worth investigating whether the profit is being collected.PROFIT_UP_CASH_DOWN · conviction 73
- WatchGrowing, but light on cashRevenue grew 21.0% but only 0.28× of reported profit came through as operating cash.GROWTH_WITH_WEAK_CASH · conviction 62
- WatchCash conversion trending downCash conversion (CFO ÷ profit) has averaged 0.82× over the last 3 profit-making years versus 3.64× before that.CASH_CONVERSION_DETERIORATING · conviction 60
- WatchVolatile earningsProfit has swung sharply over 4 years (from ₹489 to ₹3,431) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 59
- ConcernWeak cash conversionOperating cash flow was only 0.28× reported profit (FY2026).WEAK_CASH_CONVERSION · conviction 56
- ConcernThinner margins than peersEBITDA margin of 32.2% is below the residential commercial projects median of 46.6%.MARGIN_BELOW_PEER_MEDIAN · conviction 47
- WatchReceivables stretchingReceivable days rose from 21 to 32 — collections are slower.RECEIVABLE_DAYS_JUMP · conviction 42
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9,233 | 9,470 | 10,316 | 13,780 | 16,676 |
| Total income | 9,579 | 9,611 | 10,470 | 14,170 | 17,120 |
| EBITDA | 2,471 | 2,207 | 2,829 | 4,378 | 5,364 |
| Profit before tax | 1,716 | 458 | 2,041 | 3,557 | 4,362 |
| Net profit | 1,209 | 489 | 1,554 | 2,767 | 3,431 |
| EPS (₹) | 26.3 | 10.1 | 16.0 | 27.8 | 34.3 |
| Net worth | 12,162 | 12,722 | 17,534 | 20,245 | 23,429 |
| Total debt | 11,537 | 9,049 | 7,680 | 7,080 | 9,884 |
| Operating cash flow | 1,998 | 2,750 | 2,512 | 1,566 | 959 |
| Free cash flow | 1,965 | 2,675 | 2,346 | 1,091 | 709 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 2.6 | 8.9 | 33.6 | 21.0 |
| Profit growth YoY | — | -59.5 | 217.6 | 78.0 | 24.0 |
| Profitability | |||||
| EBITDA margin % | 26.8 | 23.3 | 27.4 | 31.8 | 32.2 |
| Net margin % | 12.6 | 5.1 | 14.8 | 19.5 | 20.0 |
| Return on equity % | 9.9 | 3.9 | 10.3 | 14.6 | 15.7 |
| Return on capital % | 10.1 | 9.3 | 11.2 | 15.6 | 16.6 |
| Leverage & cash | |||||
| Debt to equity | 0.95 | 0.71 | 0.44 | 0.35 | 0.42 |
| Cash flow ÷ profit | 1.65 | 5.62 | 1.62 | 0.57 | 0.28 |
| Current ratio | 1.47 | 1.50 | 1.62 | 1.69 | 1.75 |