Lodha Q1 FY27: Profit More Than Doubles, Pre-Sales Grow 4%
Lodha Developers, listed as Macrotech Developers, has reported a strong start to FY27. Its Q1 net profit more than doubled from a year earlier, helped by higher revenue, record collections, and a big contribution from land sales. But the pre-sales number, the figure the market watches most, grew only a little. Here is what the results say and why they matter for buyers.
The headline numbers
| Metric | Q1 FY27 | Q1 FY26 |
|---|---|---|
| Net profit (consolidated) | ~₹1,373 crore | ~₹675 crore |
| Revenue from operations | ~₹4,997 crore | ~₹3,492 crore |
| Collections | ~₹4,205 crore (up ~46%) | lower base |
| EBITDA | ~₹2,150 crore (up ~79%) | lower base |
| Pre-sales (bookings) | ~₹4,629 crore (up ~4%) | ~₹4,450 crore |
The board approved the results on 24 July 2026. The EBITDA margin came in around 43%, up from about 34% a year earlier, lifted by a higher share of land sales in the quarter.
Why the profit jumped but pre-sales did not
The profit doubling looks dramatic, and it is real, but a lot of it came from revenue recognition on completed sales and from land and data-centre deals, not from a surge in new home bookings. Pre-sales, which count the value of homes actually sold to buyers in the quarter, rose only about 4%. That gap tells the real story.
After two years of record sales, the base is now very high. Growing on top of that, quarter after quarter, is hard. A 4% rise on a big base is steady, not weak, but it is far from the sharp jumps the sector saw earlier.
No new launches from the biggest players
One point stood out across the sector this quarter. The two largest listed developers, DLF and Lodha, did not launch any new project in Q1 FY27. When there are fewer fresh launches, pre-sales naturally cool, because a big part of bookings usually comes from new project openings. Most analysts expect launches to be loaded into the second half of the year, which should lift sales again.
What Lodha is guiding for FY27
Lodha has stuck to an ambitious full-year plan. It has guided for pre-sales of around ₹24,000 crore for FY27 and is targeting roughly 20% profit growth, to about ₹4,100 crore for the year. Hitting that will depend on a strong launch pipeline in the second half and steady demand in its core Mumbai and Pune markets, along with its growing Bengaluru presence. The quarter also showed the company leaning on land and data-centre deals to boost earnings, which helps profit but is separate from home sales. For a buyer, the home-sales trend is the number to watch, since that reflects real demand for the flats being built.
What it means for homebuyers
Strong results from a large developer are good news if you are buying from them or a peer. Healthy collections and profit mean the company has the cash flow to finish projects on time, which is the single biggest worry for anyone buying under construction. A financially sound builder is far less likely to stall a project midway.
The slower pre-sales growth also has a silver lining for buyers. When sales cool from red-hot to merely steady, developers compete a little harder, and the pressure for sharp price hikes eases. That can mean better payment plans or more room to negotiate on select inventory. Always tie your decision to project delivery record and RERA status, not only the developer's quarterly headline. A strong quarter for the company does not automatically mean the specific project you are eyeing is on schedule, so check the tower and phase you plan to buy in.
The bigger sector picture
Lodha's quarter fits the wider theme for FY27. Profits are healthy because past sales are now being booked as revenue, but fresh sales growth is normalising after an extraordinary run. For the market as a whole, that points to a stable year rather than another boom, with quality projects still selling well and weaker ones finding it harder. For more context, see our take on the luxury housing boom and current residential listings.
Frequently asked questions
What was Lodha's net profit in Q1 FY27?
About ₹1,373 crore on a consolidated basis, more than double the ₹675 crore reported a year earlier.
How much did Lodha's revenue grow?
Revenue from operations rose to about ₹4,997 crore, from roughly ₹3,492 crore in the same quarter last year.
Why did pre-sales grow only 4%?
The sales base is very high after two record years, and Lodha did not launch a new project in the quarter, so bookings grew only modestly.
Is Macrotech the same as Lodha?
Yes. Lodha Developers is listed on the stock exchanges as Macrotech Developers.
What is Lodha's guidance for FY27?
Pre-sales of around ₹24,000 crore and roughly 20% profit growth, to about ₹4,100 crore for the full year.
Did DLF and Lodha launch new projects this quarter?
No. Both, the two largest listed developers, held back new launches in Q1 FY27, with more expected in the second half.
Should this affect my decision to buy from Lodha?
Strong finances improve the odds of on-time delivery, which is a plus. Still base your decision on the specific project's RERA status and track record.
Company results and guidance can change, so confirm the latest filings before making any decision. This is market news, not investment advice.
