Buy Lodha Developers; target of Rs 1335: Motilal Oswal

Buy

Motilal Oswal's research report on Lodha Developers

In 3QFY26, Lodha Developers’ (LODHA) presales rose 25%/23% YoY/QoQ to INR56.2b (9% below estimates). In 9MFY26, they rose 14% YoY to INR146.4b. The company launched 1.9msf of area with INR96b of GDV worth of projects. Collections declined 17% YoY to INR35.6b (33% below estimates) due to one-off inflows from large land and office sales that occurred in the same period last year, while showing a 2% sequential increase. In 9MFY26, collections dipped 1% YoY to INR99.3b.

Outlook

We have rationalized our valuation methodology for LODHA by removing the previously assigned premium to NAV. This is a normalization of valuation rather than any change in fundamentals, which continue to remain strong. Reiterate BUY with a revised TP of INR1,335.

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