Transcript of Earning Conference Call held on November 2, 2026

November 5, 2026 BSE Limited Scrip Code: 543287 Debt Segment – 976262, 976764, 976895, 977163, 977293, 976923 National Stock Exchange of India Limited Debt Segment Trading Symbol: LODHA Dear Sir/Ma’am, Sub: Q2FY27 - Earnings Conference Call Transcript Ref: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’) In compliance with Regulation 30 of the Listing Regulations, we enclose herewith a copy of the transcript of the Company’s Q2FY27 Earnings Conference Call held on November 2, 2026. The transcript is hosted on the Company’s website at www.lodhagroup.com/investor-relations/financials. Kindly take the above information on your record. Thanking you, Yours faithfully, For Lodha Developers Limited (Formerly known as Macrotech Developers Limited) Savita Kodain Company Secretary & Compliance Officer Membership No. A21240 Encl.: As above “Lodha Developers Limited Q2 FY 2027 Post Results Conference Call” November 2, 2026 Management: Mr. Abhishek Lodha: Managing Director Mr. Sushil Kumar Modi: Whole-time Director, Group Finance Director Mr. Sanjay Chauhan: Chief Financial Officer Mr. Rajendra Joshi – Regional Chief Executive Officer, Bangalore Mr. Anand Kumar: Head of Investor Relations Mr. Chintan Parikh: Co-Head of Investor Relations Moderator: Ladies and gentlemen, good day, and welcome to the Lodha Developers Limited Q2 FY27 Analyst Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Chintan Parikh from Lodha Developers Limited. Thank you, and over to you, sir. Chintan Parikh: Thank you, Swapnali. Welcome to Lodha Developers Q2 FY27 Conference Call. Today, we have with us Mr. Abhishek Lodha, Managing Director; Mr. Sushil Kumar Modi, Group Finance Director; Mr. Sanjay Chauhan, Chief Financial Officer; Mr. Rajendra Joshi, CEO of Bangalore. I would now like to invite Abhishek to make his opening remarks. Over to you, Abhishek. Abhishek Lodha: Thank you, Chintan. Good afternoon, everyone, and thank you for joining us. Wishing all of you and your families a very Happy Diwali and a prosperous new year. The first half of fiscal '27 has been the strongest in Lodha's history. We've delivered profit after tax of INR 2,386 crores, which is up 63%. Our revenue at INR 9,460 crores is up 30%. Our pre-sales of INR 96 billion are up by 7%; all 3 being the highest ever in our history. We have achieved this while moderately reducing our net debt, which now stands at about INR 52 billion, about 0.2x equity. As we had told you at the start of the year, our H1 pre-sales would be about 40% to 42% in the first half and the balance in the second half. This came in at about 40.3%. The numbers for the second half of the year are likely to be coming with a mix of about INR 6000 crores to INR 7,000 crores of development company pre-sales in both Q3 as well as Q4 and 1 data center land transaction of about INR 1,500 crores in the fourth quarter for the full year number at about INR 24,000 crores of pre-sales. Having said that, we expect to easily beat our profit guidance of 20% growth which would have taken us to just over INR 4,000 crores. And in the first half, having already touched INR 2,400 crores, we feel very confident of being able to beat this guidance quite comfortably. Over the medium term, we believe that the underlying profitability of the business is getting better. And therefore, will support an improvement in our return on equity further and will also aid our DevCo to become net debt-free over the next 2 to 3 years, which is in line with our previous guidance. In terms of where we stand now, at the start of the second half, we've had a strong start to the third quarter. October, the festive season has been strong. We expect that the momentum in the market will continue through this year, and this is in spite of the fact that the adverse effects, if any, of the rising interest rates have already started. Having said that, we believe that the segments that we serve are not really affected by the change in interest rates, and hence, we feel that there will be no adverse effect of any moderate further increase in interest rates from this point onwards. I would like to highlight in terms of our Q2 performance that our new launch in Bangalore delivered significant success and therefore, Bangalore's pre-sales for the second quarter was over INR 1,800 crores. This tells you about the significance of the fact that we've delivered INR 96 billion of sales in the first half with only INR 4,000 crores of GDV of new launches. In the second half of the year, we have a further almost just under INR 20,000 crores of new launches planned. And while 1 or 2 launches may move by a month or 2, overall, the program is a very solid and dispersed across different geographies, which will enable us to deliver on our guidance for the year. I would also like to update you that we just entered and have started the pre-sales for our first project in Gurugram NCR and the start has been quite constructive; We believe that this will be the start of the for city, which will over time contribute to our growth and our profitability. In terms of other updates, the Mulund-Airoli-Palava Freeway is now clinically complete. And we think that it will open in the next few weeks. And with that, Airoli will be just 20 minutes from Palava and Mulund will be only a 25-minute travel from Palava. Both of these will make a big difference to allow our attractiveness. We expect that calendar year 2027 will lead to a significant uptick in pre-sales at Palava on account of this infrastructure improvement. Obviously, the opening of the bullet train, which is scheduled for 2029, will be a significant step further in the direction of Palava moving from a secondary suburb to becoming a primary suburb. In terms of our collections and cash flows. The first half collections were at about INR 76 billion, up 19% year-on-year, and the operating cash flow was about INR 27 billion. Q2 collections were about INR 35 billion following the usual pattern, whereas the Q1 collections obviously had the land transaction as a part of it and hence, were higher. In the second half, we expect that our operating cash flow as it was in last fiscal, will significantly crank up, and we expect full year that our operating cash flow will be put around INR 85 billion or thereabouts. In terms of our data center platform, we are seeing good progress both in the land demand as well as in the BTS boxes. We expect to have the definitive documents executed for the first BTS box of in this fiscal year and to start construction for the boxes also in this fiscal year with a view to delivering those boxes to the end tenant in fiscal '29, and therefore, starting the rental earnings from our data center BTS program in fiscal '29 itself. In addition to this, we expect the land sales to be an ongoing and continuous and predictable pattern with 1 transaction happening every 6 months or thereabout. And this will lead to a significant not only cash flow but also positive impact on profitability. Speaking of profitability, I would like to point out that the numbers that you see for Q2 are really the underlying profitability of our solid development business because there were no land sales in this quarter. Both the embedded EBITDA as well as the PAT are a real reflection of the strength of profitability of the business, driven by the strength of our brand. In terms of the industry, there are a few questions which often come up, and I would like to share our views about these. The first 1 is the war in the Middle East and how it is [Showing first 8,000 characters — download PDF for full document]