Mumbai-based real estate giant Lodha Developers Ltd has announced robust financial performance for the December quarter, demonstrating strong growth across key metrics. The company reported a significant 14.4% year-on-year increase in revenue from operations, reaching ₹4,672.5 crore, alongside a 1.36% rise in net profit to ₹957.7 crore, according to regulatory filings submitted on Wednesday.
Record-Breaking Pre-Sales Performance
The standout achievement for Lodha Developers during the third quarter of fiscal year 2025-26 was its best-ever quarterly pre-sales performance. The company recorded sales bookings worth ₹5,620 crore, marking an impressive 25% increase compared to the same period last year. This milestone represents the first time Lodha has crossed the ₹5,000 crore mark in quarterly pre-sales.
This exceptional performance was driven by robust sustenance sales, which involve selling existing inventory, combined with successful new project launches. For the first nine months of FY26, Lodha's cumulative pre-sales stand at an impressive ₹14,640 crore, putting the company on a strong trajectory toward its annual targets.
Aggressive Launch Pipeline for Final Quarter
Looking ahead to the crucial fourth quarter, Lodha Developers has outlined an ambitious launch pipeline valued at approximately ₹13,000 crore. According to Sushil Kumar Modi, executive director-finance at Lodha Group, this includes two significant project launches in Mumbai and one in Pune. These strategic launches are expected to provide substantial momentum toward achieving the company's 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," Modi stated in an interview with Mint, expressing confidence in the company's strategic direction.
Business Development and Expansion
During the December-ended quarter, Lodha Developers demonstrated aggressive business development by adding five new projects with a substantial gross development value (GDV) of ₹33,800 crore. These projects span key metropolitan regions including the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), and Bengaluru, reflecting the company's pan-India expansion strategy.
The business development momentum has been particularly strong throughout the fiscal year, with projects worth ₹58,000 crore added during the nine-month period from April to December. In a strategic move, Lodha has also commenced a pilot initiative in NCR with two projects developed on a joint development basis, exploring new partnership models.
Balance Sheet Management and Debt Outlook
On the financial management front, Lodha's net debt increased to ₹6,170 crore during the quarter, up from ₹5,370 crore as of September 30, 2025. This rise was primarily attributed to multiple strategic land transactions undertaken to support future growth.
However, company leadership remains optimistic about improving the balance sheet in coming quarters. Managing director and chief executive Abhishek Lodha emphasized, "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."
Supporting this outlook, Modi projected that debt should decline by approximately ₹5,000 crore during the March-ended quarter, indicating proactive financial management strategies.
Industry Context and Competitive Landscape
While broader real estate markets show signs of plateauing, India's top developers continue to demonstrate remarkable resilience and growth. The country's four leading developers—DLF Ltd, Godrej Properties Ltd (GPL), Lodha Developers, and Prestige Estates Projects Ltd—are collectively targeting to cross the ₹1 trillion mark in residential sales during FY26, potentially marking the strongest year yet for branded real estate players.
In the competitive pecking order for third-quarter pre-sales bookings, Lodha secured the second position among these industry leaders. Godrej Properties Ltd reported the highest sales bookings at ₹8,421 crore, followed by Lodha's ₹5,620 crore. Bengaluru-based Prestige Estates Projects Ltd recorded ₹4,183.6 crore in sales, while DLF Ltd reported approximately ₹419 crore during the quarter.
Notably, GPL has set the most ambitious sales target among the top four developers at ₹32,500 crore for FY26. All four market leaders express confidence in meeting their respective sales guidance for the current fiscal year, reflecting overall industry optimism despite macroeconomic challenges.
The real estate sector's revenue recognition follows specific accounting principles where revenue is recognized upon achieving predetermined project construction milestones. This framework ensures that reported financials accurately reflect project progress and completion stages, providing investors with transparent performance metrics.
