Transcript of Earning Conference Call held on July 27, 2026

July 30, 2026 BSE Limited Scrip Code: 543287 Debt Segment – 976262, 976764, 976895, 976923, 977163, 977293 National Stock Exchange of India Limited Debt Segment Trading Symbol: LODHA Dear Sirs, Sub: Q1FY27 - Earnings Conference Call Transcript Ref: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’) Pursuant to Regulation 30 of the Listing Regulations, we enclose herewith a copy of the transcript of the Company’s Q1FY27 Earnings Conference Call held on July 27, 2026. The transcript is also being uploaded on the Company’s website i.e. www.lodhagroup.com under the Investor Relations section. Kindly take the above information on your record. Thanking you, Yours faithfully, For Lodha Developers Limited (Formerly known as Macrotech Developers Limited) Sanjyot Rangnekar Company Secretary & Compliance Officer Membership No. F4154 Encl.: As above “Lodha Developers Limited Q1 FY 2027 Post Results Conference Call” July 27, 2026 Management: Mr. Abhishek Lodha: Managing Director Mr. Prashant Bindal: Chief Executive Officer, Lodha Residences Mr. Sushil Kumar Modi: Whole-time Director, Group Finance Director Mr. Sanjay Chauhan: Chief Financial Officer 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 Q1 FY27 Earnings 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 the call, please signal an operator by pressing star then zero on a touch-tone phone. I now hand the conference over to Mr. Chintan Parikh, Co-Head of Investor Relations, for opening remarks. Thank you, and over to you, sir. Chintan Parikh: Thank you, Rayo. Welcome to Lodha Developers Q1 FY27 Conference Call. Today, we have with us Mr. Abhishek Lodha, Managing Director; Mr. Prashant Bindal, CEO - Lodha Residences; Mr. Sushil Kumar Modi, Group Finance Director; Mr. Sanjay Chauhan, Chief Financial Officer. 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. I hope you're doing well. As we had laid out at the previous call, from this quarter onwards, the primary lens through which we would like you to assess Lodha is accounting profit after tax, the numbers that are audited that flow into book value and against which return on equity is actually computed. Alongside this, I would also ask you to watch operating cash flow because profit and cash together are the true reflection of any business. Please note that accounted profit will not be a trend line quarter-on-quarter. Under percentage of completion accounting, quarterly revenue is a function of three things that do not move in lockstep, receipt of minimum sale proceeds from our buyers, how much construction cost was incurred in each plant in that quarter and whether the land or annuity transactions have happened and closed within the quarter. None of these arrive evenly across 12 months. So, there will be quarters that undershoot and quarters that overshoot. Our commitment of 20% PAT growth is an annual guidance, not a quarterly one. Please do not annualize any single quarter, and that includes this one, which sits firmly at the favourable end of that variance. In terms of the highlights of the performance for this quarter, revenue for the quarter was at INR 50 billion, up 43% year-on-year. The adjusted EBITDA was INR 21.5 billion, up 79% at a margin of 43% against 34.4% a year ago. PAT was at INR 13.7 billion, more than double the INR 6.8 billion of Q1 FY26 at a PAT margin of 26.9% against 18.6% in the equivalent quarter a year ago, our best ever quarter on revenue, on EBITDA and on PAT. I would like to highlight that land monetization is not an exceptional item for this company. It is a planned recurring pillar of our business. We now hold about 660 acres in our data center park. Of this, the first phase of 370 acres, we have already monetized about 130 acres, and we intend to further monetize about 150 acres over the next 3 to 4 years, which itself will generate close to INR 10,000 crores of sales. Beyond this, we have additional approximately 300 acres of optionality in our data center park. Further through our LandCo, for shaping and coming together, we intend to monetize land for non-competing uses, for example, back office in places where we have surplus land like Palava. Thus, overall, we expect land to be between INR 2,000 crores to INR 3,000 crores of sales every year for the next several years. Secondly, the residential engine is in very good shape. As we had laid out in the previous quarter, we expected the Middle East conflict to persist through this quarter through the Q1 and end by the end of Q1. And therefore, we had deliberately postponed launches out of this quarter, and these launches generally make up about one third of pre-sales. From Q2, our launches will and already have commenced, and we are on track to deliver for our pre-sales growth on the residential side. In terms of our guidance for fiscal '27, that is 20% growth on last year's PAT of INR 34.3 billion and hence, approximately INR 41 billion of PAT. Q1 has delivered 33% of that. We are ahead of the curve. We are not raising guidance on the strength of one quarter. We will endeavour to outperform. Cash, the number I would like to also talk about. Collections for the quarter were INR 42.1 billion, up 46% Y-o-Y. That converted to INR 18.9 billion of operating cash flow. After investments, we still reduced net debt by INR 4.5 billion to now under INR 50 billion. Net debt to equity now stands at approximately 0.2x against our self-imposed ceiling of 0.5x. Net worth is just under INR 250 billion. Average cost of debt is stable at 7.8%, amongst the lowest in the industry, supported by our AA rating and upgrade since 2021. Funding all of our growth from operations while simultaneously deleveraging is, in my view, the genuine signal in this quarter, more so than any other number. Pre-sales for the quarter were INR 46.3 billion, up 4% year-on-year. That is below our trend line, and I want to explain it properly rather than quickly. This was a decision, not an outcome. We launched almost nothing on the residential side in the first quarter, except for one new phase in Mumbai of approximately 0.4 million square feet. In a normal quarter, new launches account for roughly about one third of pre-sales, and we effectively removed that one third from this quarter. In terms of where the Middle East situation stands now, the conflict has not resolved by the end of Q1 as we had assumed. Let me give you an updated assessment rather than just assume that everything is normalized. The demand impact is quite moderate. Middle East NRI buyers represent about 4% to 5% of our sales, roughly a third of our total NRI business, and sentiment there remains subdued. There is an offsetting dynamic we think that is not yet fully played out. Uncertainty abroad is and will cause NRIs to want to secure a home base in India. We expect to also see the same pattern from U.S. based buyers for immigration-related reasons. Last year, about INR 350 billion flowed from India into Dubai real estate. A material part of that will now stay in India. On the cost side, our supply chain is about 95% domestic, so availability has not been a problem. Energy-intensive input costs have risen. If this situation persists for a full year, we would expect project construction cost to rise by between 1% to 1.5%, with spread across a 3 to 4 year build period and assuming no price response; project level EBITDA impact of between 35 to 75 basis points. For context, our overall construction cost inflation since April 2022 has run a [Showing first 8,000 characters — download PDF for full document]