Real estate firm Lodha Developers Ltd reported a 14.4% year-on-year rise in revenue from operations to ₹4,672.5 crore and a 1.36% increase in net profit to ₹957.7 crore in the December quarter, the Mumbai-based company said in a regulatory filing on Wednesday.
In real estate, revenue recognition happens when project construction milestones are met.
Lodha Developers recorded its best-ever quarterly pre-sales or sales bookings of ₹5,620 crore in the third quarter of 2025-26, up 25% from a year ago, driven by robust sustenance sales (sales of existing inventory) as well as launches. In the first nine months of FY26, its pre-sales stand at ₹14,640 crore.
The developer has a significant launch pipeline planned for the fourth quarter, which is expected to support the achievement of its full-year pre-sales guidance of ₹21,000 crore.
“Lodha continues its journey of business growth on all fronts. Crossing the ₹5,000 crore mark in quarterly pre-sales is a milestone for the company. We are on a firm footing to achieve the annual pre-sales guidance,” Sushil Kumar Modi, executive director-finance, Lodha Group, told Mint in an interview.
For the March quarter, Lodha Developers has a launch pipeline of projects worth ₹13,000 crore. There are two project launches in Mumbai, and one in Pune, Modi added.
Balance sheet improvement
Lodha’s net debt rose to ₹6,170 crore during the quarter, compared to ₹5,370 crore as on 30 September 2025 on account of multiple land transactions.
On the business development front, the company added five new projects during the December-ended quarter with a gross development value (GDV) of ₹33,800 crore across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), and Bengaluru.
In the nine-month period of April-December, its business development momentum has been strong, adding projects worth ₹58,000 crore.
Lodha Developers has also commenced a pilot in NCR with two projects on a joint development basis.
“With the front-loading of business development, we now expect to moderate land investment in the next few quarters and further strengthen our balance sheet,” managing director and chief executive Abhishek Lodha said in a statement.
Modi said debt in the March-ended quarter should decline by about ₹ 5,000 crore.
Strongest fiscal year
While the overall real estate market is showing some signs of plateauing, the country’s top four bestselling developers continue to sell well. India’s top four developers—DLF Ltd, Godrej Properties Ltd (GPL), Lodha Developers, and Prestige Estates Projects Ltd—are collectively aiming to cross ₹1 trillion in residential sales in FY26, marking the strongest year yet for branded players.
GPL has set the highest sales target of ₹32,500 crore for FY26 among the top four developers.
In the pecking order of Q3 pre-sales bookings, Lodha stands second, after GPL, which reported the highest sales bookings of ₹8,421 crore. Bengaluru-based Prestige Estates Projects Ltd reported ₹4,183.6 crore of sales, followed by DLF Ltd, which clocked around ₹419 crore during the quarter.
All four developers are confident they will meet their sales guidance this fiscal year.
