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The market expects Lodha Developers to do better than it ever has.
At today’s share price, buyers are assuming Lodha Developers grows about 24% a year, forever. Over the last ten years it actually grew about 19% a year. So the share price only makes sense if the business improves on its own track record. If it simply carries on as before, buyers today have paid for something they will not get.
- How it is valued: Discounted cash flow.
- What the price assumes: 24% growth, against 19% the model takes from its own record.
- Ten-year record: Between FY2021 and FY2026, Lodha Developers' revenue went from ₹5,449 crore to ₹16,676 crore — it compounded at about 25% a year over 5 years.
- Biggest swing factor: Pre-sales growth. Main risk: Mumbai concentration.
01From Macrotech to Lodha Developers
Lodha Developers, renamed from Macrotech Developers in 2025, is a Mumbai-based developer controlled by the Lodha family and listed in 2021. It builds homes across price points in the Mumbai region and Pune, from luxury towers to mid-income projects.
Its Palava township near Mumbai is one of India's largest planned cities, and it is building industrial and warehousing parks there. A large land bank lets it launch projects without heavy land purchases.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the growth that price implies for Lodha Developers, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03Lodha Developers' record, in plain numbers
Between FY2021 and FY2026, Lodha Developers' revenue went from ₹5,449 crore to ₹16,676 crore — it compounded at about 25% a year over 5 years. Net profit grew from ₹48 crore to ₹3,431 crore, about 135% a year — faster than revenue, so margins widened. In FY2026 it kept 20.6% of revenue as net profit — its best year in the period. The latest year added 21.0% to revenue, well behind its own long-run pace.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2021 | 5,449 | 48 | 0.9% |
| FY2022 | 9,233 | 1,209 | 13.1% |
| FY2023 | 9,470 | 489 | 5.2% |
| FY2024 | 10,316 | 1,554 | 15.1% |
| FY2025 | 13,780 | 2,767 | 20.1% |
| FY2026 | 16,676 | 3,431 | 20.6% |
04How Lodha Developers gets valued — and why
Discounted cash flowThis business is valued on the cash it is expected to generate, discounted back at its cost of capital — with growth taken from its own ten-year record rather than from guidance.
05What decides Lodha Developers' value
Pre-sales growth
Bookings drive future revenue and cash.
Debt reduction
Lower debt has cut interest costs and risk.
Land bank
Owned land supports launches at good margins.
Annuity income
Warehousing and office rentals add steady cash.
06What could go wrong
- Mumbai concentration. Most sales come from one region.
- Rate cycles. Higher mortgage rates slow buying.
- Execution. Delays hurt cash flow.
07What the full Lodha Developers valuation shows
Sign in free to see the complete Lodha Developers valuation
- ✓Fair value per share — from a ten-year discounted cash flow, every step shown
- ✓The Workbench — change revenue growth, the discount rate or terminal growth and watch Lodha's value move
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against DLF, UltraTech Cement and Asian Paints
- ✓Downloadable report — the full write-up, yours to keep
08Compare Lodha Developers with peers
The same valuation, run side by side.
Lodha Developers vs DLFThe two largest listed developers, on different regional books.→Lodha Developers vs UltraTech CementThe developer against the cement it builds with.→Lodha Developers vs Asian PaintsBoth geared to the same housing-completion cycle.→09Questions people ask about Lodha Developers
Is Lodha Developers the same as Macrotech?
Yes. Macrotech Developers renamed itself Lodha Developers in 2025.
What is Palava?
Lodha's large planned township near Mumbai.
Lodha or DLF — which is better value?
The two largest listed developers, compared side by side on their own page.
Is Lodha Developers overvalued?
At ₹1,220 the market is pricing in roughly 24% sustained growth, against the ~19% its own record supports. That is more than it has delivered, so the price is justified only if the business can hold a rate it has not previously sustained.
What is the intrinsic value of Lodha Developers?
It is computed from the filed financial statements using the method that fits this business (discounted cash flow), with every assumption shown alongside the result. The per-share figure and the full working are in the report.
How much debt does Lodha Developers carry?
Debt to equity stands at 0.17, down from 0.19 at the start of the period — the balance sheet is a core input to the cost of capital used here.