Lodha Developers Q2 FY27 Results: Consolidated Net Profit ₹1,014 Crore on Total Income of ₹4,585 Crore

Earnings
Real estate development

Blacklitt Research30 October 20263 min read

A city skyline of high-rise apartment blocks under construction with cranes, some wrapped in green netting, above low buildings and trees — Retired electrician, via Wikimedia Commons (CC0). Illustrative image.

Lodha Developers (NSE: LODHA) reported consolidated total income of ₹4,585 crore and net profit of ₹1,014 crore for the quarter ended 30 Sep 2026, it said in a filing on 30 Oct 2026. Standalone total income was ₹3,405 crore and standalone net profit ₹645 crore for the same quarter.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹4,584.90 crore, down 10.0% YoY and 38.9% QoQ
Net profit and EPS: ₹1,013.50 crore, down 26.2% YoY; basic EPS ₹10.14, down 26.1% YoY
Finance costs: ₹185.30 crore, up 3.5% YoY

Standalone

The company on its own, without its subsidiaries

Total income: ₹3,405.00 crore, down 24.2% YoY and up 11.7% QoQ
Net profit and EPS: ₹645.00 crore, down 38.5% YoY; basic EPS ₹6.45, down 38.6% YoY
Other income: ₹130.20 crore, up 12.7% YoY

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	4,585	5,097	-10.0%	7,504	-38.9%
Revenue from operations	4,467	4,997	-10.6%	7,290	-38.7%
Other income	118	100	+17.5%	213	-44.9%
	1,014	1,373	-26.2%	1,465	-30.8%
Profit before tax	1,342	1,776	-24.4%	1,864	-28.0%
Finance costs	185	179	+3.5%	304	-39.1%
Depreciation	83	69	+19.8%	137	-39.6%
Tax expense	-329	-403	+18.5%	-401	+18.1%
Net profit margin	22.11%	26.94%	-4.84 pp	19.52%	+2.58 pp
EPS, basic (₹)	10.14	13.73	-26.1%	14.66	-30.8%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Net profit fell faster than income. Total income dropped 10.0% year on year, while net profit dropped 26.2%. Revenue from operations fell 10.6%, but other income rose 17.5% to ₹117.50 crore, which is 2.6% of total income this quarter.

Depreciation rose 19.8% to ₹82.90 crore.

Against the previous quarter, consolidated total income fell 38.9% and net profit fell 30.8%. The notes do not explain the sharper drop in revenue from operations between the two quarters.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	3,405	4,493	-24.2%	3,047	+11.7%
Revenue from operations	3,275	4,378	-25.2%	2,983	+9.8%
Other income	130	116	+12.7%	64	+103.8%
	645	1,050	-38.5%	336	+92.2%
Profit before tax	848	1,377	-38.4%	429	+97.5%
Finance costs	191	199	-3.7%	187	+2.2%
Depreciation	74	65	+15.0%	65	+13.8%
Tax expense	-203	-327	+38.1%	-93	-117.8%
Net profit margin	18.94%	23.36%	-4.41 pp	11.01%	+7.93 pp
EPS, basic (₹)	6.45	10.51	-38.6%	3.36	+92.0%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit fell 38.5% year on year, more than the 24.2% fall in total income and more than the 38.4% fall in profit before tax. Revenue from operations fell 25.2% to ₹3,274.80 crore while other income rose 12.7%.

Other income of ₹130.20 crore is 3.8% of total income and 15.4% of profit before tax of ₹847.80 crore. Finance costs of ₹191.30 crore are 5.6% of total income, against 4.4% a year earlier.

Against the quarter ended 30 Jun 2026, standalone net profit rose 92.2% and total income rose 11.7%. The standalone results are prepared without giving effect to the pending merger scheme for National Standard (India) Limited and Roselabs Finance Limited, which the filing says is awaiting final NCLT approval.

Consolidated net profit of ₹1,013.50 crore is ₹369.00 crore higher than standalone net profit of ₹645.00 crore.

Inference

The filing states consolidated and standalone net worth of ₹249,150 million and ₹231,683 million at 30 Sep 2026, and records dividend payments of ₹4,246 million in the six months to 30 Sep 2026.

The filing says listed secured NCDs outstanding were ₹26,905 million at 30 Sep 2026, with security cover stated as more than the requisite coverage, and standalone cover on book value of 1.29 in one of the NCD series statements.

The filing says Ms Sanjyot Rangnekar's early retirement took effect at the close of business on 30 Oct 2026 and that Savita Kodain was appointed from 31 Oct 2026. The reason for the early retirement is not stated, and the filing does not say whether NCLT will approve the merger scheme or when.

Reference: Original filing (PDF)

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Lodha Developers Q2 FY27 Results: Consolidated Net Profit ₹1,014 Crore on Total Income of ₹4,585 Crore

Key highlights

Consolidated

Standalone

Summary

Inference

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